If someone dies without a Will, does that guarantee years of probate expense? There is no doubt that if someone dies without a Will, the cost to transfer their property will be higher than if they had a Will. In most cases, an heirship proceeding is necessary which is about double the cost of probating [...]
Do you have “Legacy Assets”? In the attached video, I discuss these assets and the issues that they present in estate planning. First of all, what do I mean by a “Legacy Asset?”. It’s an asset that your intention is to pass through multiple generations without being sold. The most common types of [...]
There is a “goldilocks” time to do Medicaid planning, but it can be a wide range. You can be too young, but you can also be too late. An ideal time to consider Medicaid planning is after retirement (unless your idea of retirement is 90!), especially if you have stable income and expenses. In almost [...]
Probate sounds like a nasty thing that your family is trapped into when someone dies. Probate can be difficult and expensive, even when there is no dispute, in some countries and some states. Luckily, Texas has very modern, streamlined probate rules. But why do we have those rules at all? Probate is the process of [...]
A common question we get is: Can I Just Continue to Live in Mom’s Property that I have inherited without going through probate and eventually get title? Most people think that if they live in the property of their deceased relative or if they pay taxes on the property they will eventually own [...]
Here’s a tax tip for you in Estate Planning. If you have an IRA and want to make a charitable gift, the IRA may be the best way to make that gift. Why is that? Well, it’s about saving taxes. You know that if you take money out of an IRA, you pay [...]
College savings accounts authorized by Section 529 of the Internal Revenue Code are interesting little beasts. They can have tax advantages, but the creator of the plan maintains control without subjecting them to being seized by creditors. So, 529 Plans can be highly advantageous for some. If you are worried about debts or liabilities and [...]
Texas, to my regret, permits common law marriage. Cohabitation is a requirement to create a common law marriage, but it is not the only requirement. There also must be an agreement to marry and the couple must hold themselves out to the public as being married. Therefore, cohabitation alone, for any length of time, does [...]
Almost everyone has heard of Living Trusts and some have suggested they are almost magical in the things they can accomplish. Living Trusts are effective at what they do, but “magic” and “law” rarely coincide. We believe that Living Trusts can be a wonderful device for some people's estate planning, but is it right for [...]
Many of our clients self-direct their investments using discount brokerage firms or low-cost mutual funds. Some of our clients have done fabulously well in handling their investments; however, almost to a person, they do not believe anybody else in their family has the skill to handle it themselves. One option is to consider "retiring" from [...]