You might have questions about financial planning and your estate. Here are some of the basics of estate law.

When you die, the executor of your estate gathers your assets, has them appraised, and determines whether an estate tax return needs to be filed with the Internal Revenue Service. By reviewing your assets during your lifetime you can save your estate, your executor, and your heirs time and money.

What should I know before meeting with an attorney to plan my estate?

You should have a general sense of your goals and objectives, such as:

• Where you would like to be in terms of financial security in the next five years, next 10 years, and at retirement, as well as the age at which you plan to retire.
• Your major financial obligations, both present and future.

How you would like to provide for your family or others close to you at your death, including:

• The minimum amount you would like to leave to your spouse.
• The minimum amount you would like to leave to your children.
• Whether you would like them to receive principal, income, or both.
• The age at which you would like your children to receive their inheritance.
• Whether you would like to provide for education or business opportunities.
• Whether any child has special needs.
• Whether your spouse is capable of managing financial affairs.
• If you own a business, how you would like that business to continue after your death? For    example, would you like someone in the family or an associate to inherit it or would you like it sold and the proceeds distributed?
• Whether there are any charities to which you would like to make a gift.
• Whether you or your spouse expect to inherit anything from family members or others.
• Whether you or your spouse expect any income from Social Security.

How will my estate be calculated for estate tax purposes?

Your executor will tally your assets:

• Real estate
• Business interests
• Stocks, bonds, mutual funds, and other securities
• Life-insurance policies
• Personal property such as cars, furniture, household items, artwork, coin collections, and jewelry
• Cash, notes, checking, savings, and other bank accounts

Your executor will subtract any debts and obligations. The result is the value of your estate.

To learn more on how to make your own mark on UT's future by including RecSports in your estate plan, please contact Chris Maguire in the RecSports Development Office at 512-475-7401 or friends@utrecsports.org, or call the University’s Office of Gift Planning at 866-4UTEXAS.