Estate Tax Planning in a Biden Presidency (part 1) To begin with, let’s NOT talk politics! But reality is, we are in the process of changing administrations, and possibly a change of control of the Senate. The November election has raised the very real possibility that a new tax act will be proposed by [...]
David Pyke with Pyke and Associates here, I have two things to say to you today. First, Happy New Year! And do we mean that now this year more than ever. We all wanted to see 2020 go in our rear-view mirror and I’m especially happy for that. The second thing I have [...]
I was talking to a friend recently who innocently confessed that he just didn't understand what I meant by "estate planning." I guess, like other attorneys, I take for granted that people understand what we mean by estate planning. Simply put, what I mean by estate planning is planning for the eventuality of death and [...]
If you've ever known a family that had to create a guardianship, you may have heard that the expense was extremely high. It definitely can be. Guardianship is a complex process requiring the court to involve multiple attorneys that are highly trained to find the best solutions for someone who is mentally incapacitated. So, guardianship [...]
There is a “goldilocks” time to do Medicaid planning, but it can be a wide range. You can be too young, but you can also be too late. An ideal time to consider Medicaid planning is after retirement (unless your idea of retirement is 90!), especially if you have stable income and expenses. In almost [...]
Probate sounds like a nasty thing that your family is trapped into when someone dies. Probate can be difficult and expensive, even when there is no dispute, in some countries and some states. Luckily, Texas has very modern, streamlined probate rules. But why do we have those rules at all? Probate is the process of [...]
A common question we get is: Can I Just Continue to Live in Mom’s Property that I have inherited without going through probate and eventually get title? Most people think that if they live in the property of their deceased relative or if they pay taxes on the property they will eventually own [...]
Texas, to my regret, permits common law marriage. Cohabitation is a requirement to create a common law marriage, but it is not the only requirement. There also must be an agreement to marry and the couple must hold themselves out to the public as being married. Therefore, cohabitation alone, for any length of time, does [...]
Many of our clients self-direct their investments using discount brokerage firms or low-cost mutual funds. Some of our clients have done fabulously well in handling their investments; however, almost to a person, they do not believe anybody else in their family has the skill to handle it themselves. One option is to consider "retiring" from [...]
When you hear "estate planning", you probably think wills, trusts, and powers of attorney. That's what attorneys do think about. But estate planning is about transitioning your life. There is more than just transferring your assets, it is about transitioning the things you do and the ways people rely upon you. If you are a [...]