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What Do I Have To Do To Foreclose On A Deadbeat Borrower?

You are carrying the note on the sale of a property, and the borrower has missed several payments, has failed to provide proof of insurance, or has not paid the property taxes. If your efforts to get them to comply have been unsuccessful, it may be time to foreclose on the property.

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What Is A Muniment Of Title Probate, And When Is It Appropriate?

Texas law provides for a shortened, less complicated, less expensive form of probate in specific circumstances called probate as a muniment of title. This funny-sounding procedure really means that your loved one’s will is officially recognized as valid by the probate court and placed of public record as notice to third parties to honor the terms of the will for transfer of property. This is a very simple process compared to a full, regular probate.

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What Is The Cost Of A Simple Estate Planning Package

People frequently delay drawing up a will or other pieces of an estate plan because of concern for the cost. However, the cost of preparing a simple estate plan package is very reasonable. Compared to the expense to handle your estate without a will or other estate planning documents, it is a bargain.

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Important Breaking Information On How The Coronavirus Is Affecting The Workplace

This is a very uncertain time for employers in Texas. One of the key issues employers are facing is how to pay employees who cannot work because they have the coronavirus, have to self-quarantine, have been ordered to shelter in place, or have children at home because school and daycare have been suspended. Guidance on these issues is coming forth daily. 

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Why You Need A Living Will And Medical Power Of Attorney

If you have ever gone through a hospital admissions process, you’ve likely been asked if you have a living will (also known as a directive to physicians) and a medical power of attorney.

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Starting A Business? Find Out Which Entity Type Is Best For You

If you are considering starting a small business, you're most likely trying to sort out the different types of businesses and trying to decide which type is best for you. Each type might be better for a specific purpose or situation, relating to taxes, liability, and your ability to control the profits and losses of the business. Sorting out the terminology can be tricky. This run-down will help navigate the choices you have.
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Slick Trick In Texas To Transfer Real Estate Without Probate

Texas law allows a slick trick to transfer title to real estate you own on your death without probate. For many people, their residence or other real estate comprises the biggest part of an estate that normally would require probate to pass title. Texas law has recognized an estate planning trick that is extremely effective and low cost, called a deed with an enhanced retained life estate or “Lady Bird” deed. This tool can be used for all types of real estate interests. If you have drawn up this deed to real property prior to your death, you might be able to avoid probate entirely, if the rest of your assets have been designated with beneficiary or payable on death arrangements.

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How Much Does It Cost To Set Up A Trust?

 

People will frequently hear about setting up a trust as part of an estate plan. Typically, this is a revocable living trust, although some situations call for an irrevocable living trust. A revocable trust is one that can be completely or partially revoked either during the lifetime of the person creating the trust or afterward. An irrevocable trust means just that: it cannot be revoked.

Another form of trust is a testamentary trust. This is one that is set up as part of a will and does not become effective until your death. The trust I will be discussing here is a living trust. If a trust is set up under a will, that fee is included under the will preparation fee. 

Not every person needs a trust. Unfortunately, some "trust salesmen" have held big seminars as they travel through town to try to convince everyone that they need a living trust. 

Generally, unless you have a complex estate, you do not need a living trust to dispose of your estate. A living trust is a good idea if you own real property or mineral interests in another state. Sometimes, also, people prefer to use a living trust rather than a will to keep the terms of their bequests private. A will, if probated, becomes a public record, whereas a trust does not. There are other instances when a living trust is a good idea and instances when it is not.

If you have determined that setting up a trust is a good idea for you, you are most likely wondering how much it will cost you. Unfortunately, the standard lawyer answer is “it depends.”

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Probate Process In Texas Is Not That Scary

The thought of having to do a probate for a deceased loved one is often scary. Although the legal process can appear complicated to a layman, an experienced probate attorney can comfortably guide you through the process. The actual court appearances and steps required of you as a client are very low-key and relaxed unless there is a Will contest. 

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You’re Not Too Young To Start The Estate Planning Process

Tragedies like the recent death of Kobe Bryant, his 13-year-old daughter, the other young parents, and some of their children bring home the tragedy of thinking you are too young to do estate planning. Hopefully, these parents had done estate planning to protect the settlement of their estates for the loved ones left behind. So many times, however, that has not happened because the parents didn’t believe they were old enough to think about this. Or, commonly, younger people believe estate planning is too expensive for them to take on at this stage in their lives. Neither of these things are true!

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