Texas offers some of the strongest debtor protection laws in the country. In fact, it’s the only state that provides an unlimited homestead exemption, as most of you may know. Beyond that, Texas law includes several other valuable exemptions, and with smart legal planning, you can protect almost all of your assets. One key area [...]
Here’s a helpful, often over-looked tax tip for your estate planning if you want to make a charitable gift. If you have an IRA, it may be best to make that gift directly from the IRA to help save taxes. Normally, when you withdraw funds from an IRA, you (or your beneficiaries) must [...]
In Texas, the courts have a system in place to protect people who can no longer care for themselves due to physical or mental incapacity. When someone is legally found to be incapacitated by clear and convincing evidence, and the court determines that a guardian is in their best interest, the court may appoint a [...]
When a loved one dies owning a home or land, the taxing authorities will look for a responsible party to send the tax bill to. If they send the bill to you, should you pay it? Generally, you should ensure the taxes are paid only if you’ve been appointed the estate’s executor or administrator, or [...]
In Texas, there are many ways to transfer assets after death without going through probate. Real estate can pass by a right of survivorship deed or a transfer on death deed. Retirement accounts such as IRAs and 401(k)s allow for beneficiary designations, and life insurance policies have long included beneficiary designations. Even bank accounts held [...]
Nobody wants to see their estate plan contested upon their passing, so can you tell in advance that your plan is likely to be contested? What most people think of as a Will contest is a disgruntled heir who receives substantially less than others contending that the Will is totally invalid. Unless you have made [...]
Once you have completed your estate plan with your attorney, should you have a family meeting? In most cases, it is probably a good idea talk with the persons you have appointed in the various roles. You should have appointed a financial agent, a medical agent, an executor for a Will, and possibly guardians [...]
David Pyke here with a brief update on what is now known as the One Big Beautiful Act. You probably realize that this comprehensive tax package passed the Senate and the House and was signed into law by President Trump on July 4th. The most important aspect for me is how it impacts [...]
Hi, here’s a common question we get: Can my ex-spouse interfere with my estate? And the answer is, yes, they can. They can’t do it directly because an ex-spouse is not someone who will inherit from you, and if there was ever a will that left them anything, the divorce nullifies that will. [...]
It seems obvious that a person who has a severe mental illness, such as chronic schizophrenia, would be the exact type of person for whom a guardianship would be appropriate. The Texas Estates Code seems to support this position. To create a guardianship, the person must be "incapacitated" which the statute defines for an adult [...]