Estate Planning

Six Common Power of Attorney Documents in Texas

Estate planning focuses, necessarily, on how your assets should pass to your chosen beneficiaries at your death. However, proper estate planning should also address what can be done to help you out during your lifetime, in the event you are incapacitated. If you are unconscious or otherwise laid out and cannot make your own decisions, you need to be assured that the right people are making your decisions for...

The Rule Against Perpetuities Fades Away

If you are the grantor, beneficiary, creditor, trust protector, CPA, financial advisor, attorney or trustee of a trust, or if you just generally think trusts are a nifty idea and want to learn more, then you will find this of interest. The Rule Against Perpetuities for trusts in Texas is going on life support as of September 1, 2021 and Texas dynasty trusts are now a real thing. No fooling;...

Bad Choices Defeat Standing – Beneficiary Can’t Have it Both Ways

Speaking of costly decisions……. Dad had 3 sons. He wrote a will that left one of his sons, Charlie, a savings account worth about $150,000.     Then Dad died leaving a total estate of $1.5 million. His will was admitted to probate and shortly thereafter the executor transferred the $150,000 savings account to Charlie.   After Charlie assumed ownership of the savings account, he sued to set aside the will. He calculated that his...

What is the Difference Between a Living Trust and an Estate Plan?

In the realm of estate planning, there can be a lot of confusion around terminology. Often people come into our offices asking for or about one type of legal document or another, and either they do not understand what they are asking for, or they don’t understand the interplay among various legal documents. In this article, we will address two terms which some people use interchangeably, but which are...

Wellness Checks and the Fourth Amendment: A Safety Net for the Elderly

It isn’t often that the folks on the United States Supreme Court talk about the elderly falling at home, but that is exactly what happened in a recent opinion.  What is a Wellness Check?  A wellness, or welfare, check is when police go by a person’s home to check that person’s well-being. To define the issue, we turn to the example given by Justice Kavanaugh: “Suppose that an elderly man is...

Funding of Revocable Living Trusts

Revocable living trusts are often used as an estate planning tool. They are so common, in fact, that many people do not realize they come with special concerns. Below are a few of the issues that often arise. Bank Accounts Bank accounts that are transferred into a revocable living trust can easily exceed the standard maximum deposit insurance amount (SMDIA) insured by the Federal government. That insurance is intended to cover...

The Probate Talk Administrators, Creditors and Beneficiaries Need to Know

Let’s talk probate. At some point in your life, you may find yourself an administrator, a beneficiary or a creditor of a probate estate. You may even want this information for planning your own estate. Listen up.   Administration of a Probate Estate At its most basic, probate involves assets, debts and distribution. The administration of a probate estate involves the collection of all assets owned by and all claims owing to...

Epitaph Examples – Having The Last Word

What Is An Epitaph? Epitaph n. An inscription on a tomb, showing that virtues acquired by death have a retroactive effect. Following is a touching example: Here lie the bones of Parson Platt,/ Wise, pious, humble and all that,/ Who showed us life as all should live it;/ Let that be said — and God forgive it! Short Epitaph Examples Your epitaph may be your last and best chance to rewrite your history. Do...

What Is An Inventory Sheet In A Texas Divorce?

By Jennifer Lynn Alcock, Paralegal Your petition for divorce has been filed. You are in the throes of Texas Family Law and Texas Civil Procedure. Your head is spinning and your to do list is growing. A good law firm will guide you through the divorce process but be aware that your participation will be required. One of the many possible participation opportunities for you will be creating an Inventory Sheet....

Hot Powers For the Masses – A Useful Tool That Should Be Used Carefully

What powers are so incredibly dangerous that they were deliberately omitted from a state-wide form?  “Hot powers”, of course.   When Texas developed a new statutory form for the durable power of attorney, it left out an entire section of powers that could be delegated to an agent. These are commonly known as the “hot powers.”   Hot powers were born in 2017 when Texas made its much-ballyhooed change to the durable power...

Why A Medical Power Of Attorney Is Important

Many people question whether they need to invest the time and money to have certain legal documents prepared.  Often that question arises when they don’t understand what a particular document does for them.  Here we address one of those essential documents. What Is The Medical Power of Attorney? A Medical Power of Attorney is one of several “ancillary” documents that are regularly prepared along with a Will or Trust as part...

Issues in High Net Worth Divorces

A high net worth divorce is a divorce in which the property owned by the couple has a high monetary value.  While high-asset divorces follow the same legal principles and proceedings as non-high net worth divorces, the process is much more complicated and requires a more sophisticated approach. Two issues that must be addressed in all divorce cases - but especially in the context of a high net worth divorce...