This week I will provide tips for getting your estate plan organized. Before you sit down with your estate planning attorney, there are a few things you should do to make the process go a simply as possible. First, you need to define your goals. If you were to pass away, who would you want …
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A transfer on death deed transfers an interest in real property from the owner to a designated beneficiary(ies) effective at the transferor’s death. This was established in 2015 by the 84th Legislature and is addressed in the Texas Estates Code §114.051. Originally, the State adopted promulgated forms for these deeds. However, in 2019, the 86th Legislature removed …
A lot of what I do as an estate planner is help you protect your assets: I help you protect your assets for your children when you die, help you protect your assets when you are elderly and need long term or nursing care, help you protect your business or investment assets from frivolous law …
Many clients have asked me how to insure that a bank account or investment account passes to a particular person (spouse or child) without having to wait until a Will is probated. First, I would like to remind you that the amount of time its takes to probate an estate in Texas depends to a …
Continue reading “Joint Accounts with Right of Survivorship”
My youngest son is attending Texas A&M Univeristy and a member of the Corps of Cadets. Due to his commitment to Texas A&M, he will not be able to come home and vote on Election Day. So, he filed out paperwork to mail in his ballet. I am proud that he values the importance of …
I am commonly asked, “how long will the probate take?” My patent response is, “that depends a great deal on how organized your loved was.” If, like so many, you are prone to disorder in the keeping of important documents, assuming that you keep them at all, you may be well past due for a …
Big Brother, Federal Government Regulation, is coming to residential real estate transactions. This is on the heals of the Corporate Transparency Act (discussed in an earlier column). Issued on February 7, 2024, with a stated purpose of “combat[ing] and deter[ing] money laundering in the U.S. residential real estate sector by increasing transparency, the Residential Rule …
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Again, this week I am writing about information that might be beneficial if you have a farm, ranch or rural property for hunting. Heck, it might even apply if you raise vegetables to sell at the Saturday Farmers Market in front of O’Reilly Auto Parts. The Texas Legislature addressed a few right to farm topics …
As of January 1, 2024, a new law known as the Corporate Transparency Act (CTA) requires that certain owners of registered entities provide personal information to anew database created by the US Treasury Department’s Financial Crimes Enforcement Network (called “FinCEN” for short). With limited exceptions, this requirement applies to all registered entitiies, like Limited Liabiity …
I have long endorsed the use of Section 1031 of the Internal Revenue Code when selling property. However, many folks do not utilize this very valuable tax deferment when selling investment property. This tax saving tool is not permanent tax savings, but a way to defer taxes at the time of sale by reinvesting in …
Continue reading “Tax-Deferred Exchange With a Farm or Ranch”
