Again, this week I am writing about information that might be beneficial if you have a farm, ranch or rural property for hunting. Heck, it might even apply if you raise vegetables to sell at the Saturday Farmers Market in front of O’Reilly Auto Parts. The Texas Legislature addressed a few right to farm topics …
Many of you are aware of real estate that is leased for solar panel and windmill fields, but if you have farm or ranch property, these are not the only options for additional revenue. Carbon storage contracts are a relatively new tool that may not interfere with the current use of the property. Additionally, there …
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”
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 …
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”
As most of you are aware, my law practice if focused primarly on etate planning and helping families transfer their assets from one generation to the next. Quite often I am asked questions about Last Will and Testaments. Therefore, in this week’s column I will address some of the more frequently asked questions regarding Wills. Does a …
