With the influx of people to Texas in the last few years, it occurs to me that many may not be familiar with the system of Probate in Texas. Probate is one of the most misunderstood words in the legal language, probate is simply the administration of a deceased person’s property or transfer of their …
My youngest son is attending Texas A&M Univeristy and a member of the Corps of Cadets. Due to his commitment to Texas A&M, he will not be able to come home and vote on Election Day. So, he filed out paperwork to mail in his ballet. I am proud that he values the importance of …
I am commonly asked, “how long will the probate take?” My patent response is, “that depends a great deal on how organized your loved was.” If, like so many, you are prone to disorder in the keeping of important documents, assuming that you keep them at all, you may be well past due for a …
Big Brother, Federal Government Regulation, is coming to residential real estate transactions. This is on the heals of the Corporate Transparency Act (discussed in an earlier column). Issued on February 7, 2024, with a stated purpose of “combat[ing] and deter[ing] money laundering in the U.S. residential real estate sector by increasing transparency, the Residential Rule …
Continue reading “Federal Regulation of Residential Real Estate”
I have found it is common for families to use multiple party accounts to assist in paying bills and transferring assets. Multiple party accounts are important non-probate transfer mechanisms because these accounts are used widely, easy to understand, and inexpensive to obtain. Therefore, in this week’s column I will discuss three of the most recognized …
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 …
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”
Think of your estate plan as a living entity that needs to evolve with the changes in your life. Various life events such as the birth of a child, children growing up, changes in the family dynamics, fluctuations in your investment portfolio, career shifts, health changes, or relocation can all impact your estate plan. External …
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 …
