The word "estate" can mean different things. To some, it means what you own. To the Internal Revenue Service, it is the property of the decedent subject to estate tax. To a probate attorney, it means those assets that are transferred by the Last Will and Testament. We call that the “probate estate.” Doesn’t [...]
Trusts are commonly used in estate plans to leave assets to minor children, incapacitated beneficiaries, or spendthrifts. To avoid the expense of guardianship for a minor, a trust is a necessary part of the estate plan for that beneficiary. Trusts are used for young adults because although the legal age of majority in Texas [...]
I have been a resident of Dallas for 61 years, so I find it amazing that there are people who don't live within ten miles of the hospital where they were born. Many, because of careers or wanderlust, move frequently from state to state. Many others who may have lived in one state for many [...]
When a loved one dies, and they own the home or other land, the taxing authorities are going to look to who they can send that tax bill to. If they send you the bill, should you pay it? You should pay it if you've been appointed the executor or administrator of the estate, or [...]
There are so many ways to transfer assets upon someone’s death. Texas now permits virtually all property, real property and otherwise, to be transferred by a right to survivorship deed or agreement. Tax deferred accounts such as IRAs and 401Ks can be transferred by beneficiary designations. Life insurance policies have always had beneficiary designations. Bank [...]
A Revocable Living Trust is a useful estate planning tool that solves problems for some people, including the ability to avoid probate when probate might be excessively cumbersome or expensive. The trust avoids probate if all the trust maker’s assets are transferred into the trust prior to death, so that the trust rules determine what [...]
If you are a beneficiary of an estate, but you have not received your inheritance, you may rightfully be concerned whether the executor or administrator of the estate is ripping you off. What can you do? If the administrator or executor has not been finally appointed, but has merely filed an application, it might be [...]
Nobody wants to see their estate plan contested upon their passing, so can you tell in advance that your plan is likely to be contested? What most people think of as a Will contest is a disgruntled heir who receives substantially less than others contending that the Will is totally invalid. Unless you have made [...]
Once you have completed your estate plan with your attorney, should you have a family meeting? In most cases, it is probably a good idea talk with the persons you have appointed in the various roles. You should have appointed a financial agent, a medical agent, an executor for a Will, and possibly guardians [...]
If you are over 65, you can choose to defer paying your property taxes on your homestead. This almost sounds too good to be true, but realize, it is a deferral of taxes, not a forgiveness of them. However, if we could defer all of our taxes until we die that would be a dream. [...]