Recently, I met with a client who had lost their spouse. They owned a home together and had purchased the real estate 40 plus years ago. In order to sell the home, since the spouse passed without a Last Will and Testament, the surviving spouse could not sell the home. They would have to resolve …
In past columns I have discussed the importance of having a Last Will and Testament. A Will is important because it allows you to direct the distribution of your assets and enables you to name a guardian for your children. However, a Will does not take effect until you are no longer alive. What if you have …
Continue reading “Help, I’ve Fallen and Can’t Get Up! Now What?”
I recently corresponded with my good friend, Matt Crider, who practices law in California. The system of probate in California is vastly different that here in Texas. In California, transferring a person’s assets through a Will can take 2 years and the court sets the fee. Probate is simply the administration of a deceased person’s …
We all face challenges, that is life. However, sometimes events occur that result in a loved one being hospitalized or finding themselves in need of extensive care or worse, loss of a loved one. These are just some compelling reasons to work on your estate plan now. Making sure that you have an estate plan …
A good friend and client pointed out to me that I had not done a column on lettres of instruction. So, this week, that is the topic I will cover. A comprehensive estate plan often includes writing a Last Will and Testament to transfer your assets to your beneficiaries. Once you’ve passed away, the executor of …
Continue reading “Letters of Instruction in Estate Planning”
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 …
As you near retirement, your approach to estate planning is different from other stages of your life. When you no longer earn a salary and benefits from a job, how will you sustain your new lifestyle? You must be able to afford your needs while securing your family’s future during retirement. This is where smart …
Continuing from last week’s column on partnerships, this week I will discuss some of the aspects of a corporation. One key point is that a corporation survives the death of one of its shareholders or officers. Partnerships cease upon the death of a partner. Deciding whether to incorporate: In deciding what type of organization …
Continue reading “What is the Difference Between a Partnership and Corporation? Part 2”
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 …
