With the influx of people to Texas in the last few years, it occurs to me that many may not be familiar with the system of Probate in Texas. Probate is one of the most misunderstood words in the legal language, probate is simply the administration of a deceased person’s property or transfer of their …
As we enter a new year, it is time to remind folks of there is a sunset provision that may dramatically change the estate tax. This is because while the Tax Cuts and Jobs Act of 2017 doubled the gift and estate tax exemption, unless Congress acts before January 1, 2026, this exemption is scheduled …
Continue reading “Estate Tax Exemption Change is Coming (Maybe)”
Don’t allow ongoing political and financial uncertainties to hold you back from providing tax-free gifts that can benefit your family. Despite the speculation surrounding these matters, you still have the opportunity to make tax-free annual exclusion, medical-payment, and educational gifts. By taking advantage of these gift options, you can support and contribute to the …
When you are married to someone who is significantly older or younger than you, planning for the future can be different for each of you. To make sure you and your loved ones are protected, it’s important to have a detailed financial and estate plan. To make sure your plan works as intended, you should …
Met with a client recently to discuss the differences between a partnership, corporation and Limited Liability Corporation were. I thought that might make a good topic for this column and so I will start this week with describing a partnership. A partnership is an association of two or more persons to carry on as …
Continue reading “What is the Difference Between a Partnership and Corporation? Part 1”
Reading Consumer Reports this week, I learned the difference between hot cocoa and hot chocolate. Hot cocoa will generally include much less natural cacao fat—also called cocoa butter—than would hot chocolate. Hot chocolate is therefore a richer sensory experience. Most prefer the richer sensory experience. You can make either at home, but you will have …
A well-crafted, up-to-date estate plan will help to protect you and your family. Yet, Forbes reports that nearly half of adults over the age of 55 do not even have a will—let alone a comprehensive estate plan. 55 is not a magic age, as there are many families that start much younger and need estate …
After reading a story about a grandmother who lied to a court (did not disclose she had been convicted of theft 4 times) in order to be appointed Guardian and Trustee. Then proceeded to embezzle $50,000 from her granddaughter (she spent granddaughter’s life insurance proceeds on beer, liquor and cigarettes), I thought it would be …
Everybody thinks it won’t happen to them. Or rather, everybody knows it’s going to happen to them eventually, but nobody thinks it’s going to happen tomorrow, or next week, or even next year. The “it” of which I speak is, of course, death. It is this perceived immortality that allows so many people to put …
Continue reading “The Comfort That Comes With Planning Ahead”
As hot as it is this summer, this maybe a good time to reorganize the closets, clean out those old files in the cabinet, and get rid of all those boxes in the garage. Call it “Extended Spring Cleaning” if you will. Anytime someone “Spring Cleans” seems to be a good time to take stock …
