<img height="1" width="1" src="https://www.facebook.com/tr?id=984110721638191&amp;ev=PageView &amp;noscript=1">

Blog

Do I Need A Trust?

I frequently am asked by prospective estate planning clients, "Do I need a trust?" The answer is the classic one: It depends.
 
For some people a revocable living trust is a very smart estate planning tool, and for others it is a waste of money.
 
Trusts are promoted in a lot of random general literature that the public receives. They are not a one-size-fits-all solution. Whether setting up a living trust is a good idea for you should be discussed with an estate planning attorney who has full knowledge of your assets, family circumstances, and desires.
 
Read More  

Cost Of Incorporation

If an attorney handles incorporation for you, he or she should take all of the steps necessary to set you up to go forward conducting business according to sound legal requirements to preserve the protection that is a primary goal of incorporation. This would include filing a certificate of formation with the secretary of state, drawing up initial bylaws or operating agreement (for a LLC), drawing up minutes of the organizational meeting, issuing stock or membership interests (for a LLC), and providing forms for minutes on an ongoing basis.
     


Also, the attorney usually will provide a set of instructions to you on formalities that need to be followed after incorporation to maintain protected legal status of the corporation.

Read More  

Cost Of Drawing Up A Will VS. Probate Without A Will

Many people are afraid of drawing up a will and doing other estate planning because of the perceived high cost. The truth is, drawing up a will is a small cost compared to the cost of probate of an estate if you die without a will and own almost any property.
             


For a simple “Mom and Pop” will, where spouses leave everything to each other, if surviving, or on the death of the survivor to their adult  children, the cost is not likely to be more than $500 per person. Even if trust provisions are added to the will for possible minor beneficiaries, the cost is still likely around $750 per person.

Read More  

How Prenups Dovetail With Estate Planning

How prenups dovetail with estate planning

Read More  

Prenups Aren't Just For The Rich And Famous. 6 Reasons To Have A Prenuptial Agreement

Prenups Aren't Just For The Rich And Famous. 6 Reasons To Have A Prenuptial Agreement

Read More  

What Is The Legal Process To Divide An Estate If There Is No Will?

Families frequently come to me needing to know how to figure out who gets what when a loved one dies without a will. Unfortunately, the answer is that they may be in for a lot of expense and time in a very complicated legal proceeding.

Read More  

Should I Incorporate?

Is incorporation right for my business?

 

If you ask me whether you should incorporate or not, I will give you the typical lawyer response, “it depends”. Each situation is different and depends on many factors.

Three key factors that go into making the decision of whether to incorporate or not are:

  1. Liability Protection For Personal Assets

  2. Income Tax Pro’s & Con’s

  3. Business Management Pro’s & Con’s


Learn more about these three factors below.  

Read More  

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.
Read More  

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.

Read More  

Why You Should Start Estate Planning In Your 20's

Estate planning isn't just for rich or older individuals. Even young, asset-poor 20-somethings should start thinking about how their property will be distributed in the event of a tragedy. Drawing up an estate plan is not as much an action you need to take for yourself, but one you should take for your loved ones. 

Just like an older individual, a young, single person has as much need for a will to designate who would receive anything in the event of his or her death. Whether you have a little or a lot, without a will, the State of Texas will assume your parents should receive your estate. This may not be your preference. Therefore, creating an estate plan will help ensure your wishes are met.

In addition, in the event of your passing, a loved one would also have to spend a great deal of money to go through an estate administration process. If you draw up a will, you could prevent your parents from enduring this stressful, expensive situation.

Read More