When the marriage of Gina and Edward ended in divorce and it became necessary to allocate property, the trial court charged with ruling on this matter had to sort through multiple gifts made by Gina’s father while the couple was married. Understandably, Edward generally argued as much as possible that such gifts were made to …
While making a “house call” this week that involved a family’s bitter fight over property, it occured to me how disrespectful folks have gotten. We all have elders, I was raised to respect my elders even if I did not agree. Therefore, this week I will attempt to explain the importance of a Will and …
Not only do I write Wills, I also see a lot of homemade Wills. All Wills are not the same and while there are some similarities, each situation requires thought and detail in the way their affairs are handled. Homemade or Will forms can cause many issues, so I thought I would present you …
One of the main components of a Will is the portion where the person making the Will (the Testator) names the Executor. Who and what is an Executor and what are some of the considerations you should take when selecting one is the topic this week. The Executor is the person who carries out the …
Many people misunderstand and are therefore afraid of the probate process. In an effort to avoid probate, they take many steps which may be to their families detriment if not done carefully and with guidance. I will start this week explaining what probate is. Probate is the process a person goes through in court …
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 …
If you are like me, raising your kids, working, trying to take care of yourself, and now caring for an aging parent(s)? That makes us part of the Sandwich Generation. We are not alone—almost half of America’s 40- and 50-year olds are in the same boat. Most of us have adjusted to balancing children, work …
Continue reading “How to Take Care of Yourself as You Take Care of Others”
Thinking about our own death is not an easy subject, especially if you have children. Imagining someone else raising your children feels unimaginable. It’s emotional, it’s uncomfortable, and it’s the last thing you want to picture. But as a parent, it’s a conversation you must have, and a decision you need to make. Because if …
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 folks I have counseled tell me they have added a trusted adult child to their financial accounts. Their reasoning is that it gives the child access to help them. That is a perfectly reasonable step to take, but it is important to consider the ramifications, especially as it may affect federal deposit insurance …
