The Law of Frying Pans
Making Your Gifts Cook
‘Tis the season for giving and receiving gifts.
So here ‘tis your first gift of the season: a primer on the law of gifts.
What Is Considered A Gift?
Simply stated, a gift is a voluntary transfer of property made gratuitously. There is, of course, a bit more to it. The owner has to intend to give the property, the property has to be delivered,...
Most people die owning stuff (assets) and owing money (debts). Some debts are attached to specific assets (such as a mortgage on a house), while other debts are general (such as credit card debt). Both the debts and the assets become part of a person’s probate estate when that person dies.
Not surprisingly, most beneficiaries under a Will want to receive their bequests unencumbered by probate debts. If the...
It’s Christmas and here’s a little secret: your family members don’t really want gift cards from you. What they really want is for you to stop procrastinating about getting your affairs in order.
How do you accomplish that? Seven easy steps.
Step 1. Make sure you have enforceable and up-to-date Texas planning documents: a will, a durable financial power of attorney, a medical power of attorney, a directive to physicians (living...
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