Dual income couples often keep their finances separate. Separate bank accounts, separate investment accounts, separately titled cars, and almost anything else other than the homestead. Are these separately-titled properties separate property of the respective spouses? The hallmark rule of community property is that the character of the property (whether it is community or separate) is [...]
Would you self-diagnose your own medical problem? Sometimes as a self-help form of estate planning, family members will deed their property to their family, sometimes as a right of survivorship deed, an enhanced life estate deed (a ladybird deed), or an outright transfer. The form of a deed is fairly standard in Texas, so do [...]
Congress has actually passed an infrastructure Act -- The Infrastructure and Investment and Jobs Act “IIJA” and is working on a second spending bill titled the Build Back Better Act (“BBBA”), passed by the House and pending in the Senate. It is hard to tell whose goose is getting fat and whose turkey is getting [...]
Britney Spears, as almost everyone knows, had been under “conservatorship” in California. What does that mean? Do not try to make me understand California “law”, but if Britney was a Texan, we wouldn’t call it conservatorship. We would call it guardianship, and Ms. Spears would likely never have had a guardian for her as an [...]
House and Senate Democrats are working with the Biden administration to pass legislation to fund their infrastructure initiatives, including wide-ranging social programs, and tax legislation to pay for those programs, at least in part. The House Ways and Means Committee released their tax proposals on September 13 and they have wide-ranging effects on high income [...]
In Texas, guardianship is the legal process where one person is granted legal control over another person's affairs. There are broadly two types of guardianships: guardianship of the person and guardianship of the estate. A guardianship of the person is to be granted control over the decision-making authority of another, usually to make medical, residential, [...]
Congress has passed an infrastructure spending bill and is considering a much larger package proposed by President Biden, and with new spending comes potential new tax legislation to pay for it. Has the bill that has passed and the proposals on the table impacted estate tax planning? The simple answer is "not so far." The [...]
If you own property, your estate will be better handled if you have a Will. However, if a loved one has died without a Will, you need to know your best options. For most estates, the best answer is opening an administration and a formal declaration of heirship. Although more expensive than probating a Will, [...]
Whatever you call it -- an advanced directive, living will, a do not resuscitate order (DNR) -- they are all the same thing. Right? Although a “living will” is an imprecise term for what Texas law refers to as an advanced directive, a DNR is totally different. The Texas advanced directive law allows a person, [...]
Family farms and ranches often are intended to pass through multiple generations without being sold. If every member of the family is a model citizen, that may not be a significant problem; however, if even one member of the family has creditor or severe medical problems, that can threaten ownership of the family farm. If [...]