The shock of COVID to our economy was dampened by the Paycheck Protection Program (PPP). You may have been beneficiary of a PPP loan because you either own a small business or your employer obtained such a loan. PPP loans are being rapidly depleted, if not already exhausted. Is that putting you in a precarious [...]
In the past, a fundamental part of estate tax planning was to imbed “bypass” trusts into wills. The purpose was to allow the surviving spouse to have the benefit of their spouse’s assets but not to have those assets merge into the survivor’s estate. So, when the estate tax exemption was only $1.5 million, incorrectly [...]
The rapidly evolving coronavirus (COVID-19) pandemic has profoundly affected the daily lives of most Americans. At the time of this writing, the State of Texas has 85 confirmed cases. Here in Dallas, the mayor recently ordered all public gatherings to be capped at 50 people, and that all restaurants to temporarily end dine in services. [...]
Texas has a legal system to protect persons who are unable to care for themselves due to physical and mental incapacity. After an individual is found to be incapacitated by clear and convincing evidence, and that it is in their best interest, the Court may appoint a guardian who has the legal authority to help [...]
On December 20, 2019, President Trump signed the Setting Every Community Up For Retirement Enhancement Act of 2019, better known as the SECURE ACT, into law. The law goes into effect on January 1, 2020 and it makes significant changes to retirement accounts. Here are some of the bigger changes. Increased RMD Age Under the [...]
The family home is often the most important asset that a family owns. Not only is it usually the most valuable, but it also can have significant emotional attachment. So, what happens to the house when someone dies? Like many legal questions, it depends! Here are some facts relating to the inheritance of a home. [...]
The basic purpose of a trust is to place authority over assets in a person other than the intended ultimate beneficiary of those assets. The goals to be achieved with trusts in place can range from creditor protection of the beneficiary, providing for an incapacitated beneficiary, preservation of a beneficiary’s government and need-based benefits, to [...]
It will of course be a shock to learn of a loved one’s diagnosis of Alzheimer’s disease or other dementia. The first step will no doubt be to immediately seek preventative medical treatment, but it is just as important to consider the impact on your loved one’s assets and to seek advice on financial and [...]
Although the legal age of majority here in Texas is 18 years old, I have yet to meet a parent that agrees with that definition! If you don’t plan in advance, your child would be able to directly access their inheritance on their eighteenth birthday. If something happens to you and your spouse, would your [...]
When it comes to our clients and their estate planning, most of them want to make sure that their children are treated equally. To that end, a typical client leaves their property in equal shares to their kids. But what about naming an executor (aka the person in charge of administering the estate)? Should [...]