In the past, I have written articles on Pipelines and Eminent Domain. These were very popular and with the County announcing there is another pipeline coming through Walker County, I have written a follow up on pipeline negotiations. Thank you to Tiffany Dowell Lashmet with the Texas A&M Agrilife Extension Service for allowing me to …
In Texas, understanding portability and estate tax is not just advisable; it’s essential for anyone involved in estate planning with estates that exceed $30,000,000.00. Estates valued below $30,000,000.00 are exempt from estate taxes, but may need to consider portability. While most estates fall below $30,000,000 and that number seems like a high ceiling, with the …
Whether you’re a first-time buyer or making a change in lifestyle, purchasing a home is a major milestone. With that comes new responsibilities. In this week’s column I will address the steps you should take regarding those responsibilities. Be sure to update your address with key agencies. After settling into your new home, one of your first …
Continue reading “Important Estate Planning Steps for New Homeowners”
The inheritance you leave could be eaten away by taxes or given to the wrong person(s). This week, I will try to provide tips to avoid this. Everyone should have the basic estate plan components. A life insurance policy, a Will, a designation of agent to control disposition of remains, a durable power of attorney …
Farming and ranching aren’t just jobs. They’re a way of life, often passed down through generations. But without a proper estate plan in place, that legacy can slip away, sometimes in just one generation. All too often, land that’s been in a family for decades is sold off and developed, simply because no one made …
Greg Lehrmann wrote an excellent article on the use of a 1031 tax exchange in a divorce, so I thought this would be a good topic for this week’s column. Keep in mind, this will require the parties and their counsel to work together for the benefit of all. However, if it is a “war of …
Many of my clients have heard me tell the story of my grandfather clock. My grandmother, Pauline K. Smith (MeMe), gave me this clock. Like many families, we had Thanksgiving, Christmas and Easter with our family at MeMe’s house. These traditional family get togethers are etched in my mind. One Easter, MeMe asked all in …
When someone becomes the executor of an estate or the trustee of a trust, one of their duties is to obtain a tax identification number for the estate or trust. This is known as an EIN (Employer Identification Number) and is issued to the estate or trust by the IRS for tax administration and reporting …
Last week, I provided some basic information about what you should do when someone dies. This week I thought I would provide a list of what you should pull together after the funeral. Sometimes it is tough when you are dealing with grief and all the events related to funerals or celebrations of life. My …
Dementia is a subject close to my heart. As anyone who has ever dealt with a loved one suffering from dementia knows, the cost are high and the stress of losing your loved one is tremendous. The GUIDE program, launched by the Centers for Medicare & Medicaid Services (CMS), aims to improve the quality of …
