Under current Texas law, a trust is not a legal entity. Instead, it is a fiduciary relationship in which the trustee holds property for the benefit of the Trust Beneficiaries. Therefore, a trust cannot be named as a grantee on a deed. This is because a trust does not exist and it is in capable …
Continue reading “Care Should be Taken With Deeding Property to a Trust”
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”
Think of your estate plan as a living entity that needs to evolve with the changes in your life. Various life events such as the birth of a child, children growing up, changes in the family dynamics, fluctuations in your investment portfolio, career shifts, health changes, or relocation can all impact your estate plan. External …
Many folks have experienced a bad real estate deal. The best way to avoid a bad real estate experience is to hire a trusted real estate agent and close through a title company. Another common real estate practice to avoid is the method of seller financing was through a Contract for Deed. In this transaction …
It was recently brought to my attention that while many adult children are serving as caretakers for their aging parents, very few receive reimbursement for their time or trouble. I am not surprised by this and personally feel this is one’s obligation to their parents. Many children and grandchildren feel that helping their aging relative …
One of the greatest concerns for my clients is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Many seniors are watching their retirement funds or “nest eggs” shrink as the financial crisis affecting our country deepens. As a …
There is a common saying “Hindsight is always better than foresight.” However truthful this maybe, it is not very consoling when you experience it. Especially when it involves a large investment like your home or investment property. When buying real estate in Texas you have the duty to have the home inspected. Texas is a …
The recent rains have resulted in flooding in areas not previously affected. While there are a number of possible reasons, highway expansion, construction of new homes/subdivisions, silt build up in area lakes and creeks, the resulting flooded areas can’t be ignored. This reminded me that it is a good practice to review your insurance policies …
Continue reading “Read Your Insurance Policy – It Is Important”
You may not be aware of this, but attorneys are required to participate in continuing legal education. The State Bar of Texas requires each attorney to participate in 15 hours of continuing legal education each year. However, if you participate in over 33 hours each year, you will qualify for membership in the State Bar …
Continue reading “Documents Commonly Reviewed as part of Probate”
