Wills

As we prepare to celebrate Valentine’s Day, let’s take a moment to ruminate on how judges through the ages have addressed love and affection. We’ll start with Justice Jackson of the US Supreme Court, who authored a dissenting opinion for a 1942 case involving two people who had left their homes and respective spouses and set up housekeeping as husband and wife. Jackson first lamented that the case involved three...

This year will mark the beginning of my 5th decade of practicing law. Lawyers traditionally commemorate such a major milestone by reflecting on how the practice of law has changed over the years. I won’t be doing that. The truth is that the practice of law has not changed in the last 40 years. Lawyers act today like lawyers acted 40 years ago. Judges still act like judges and clients still...

This may come as a shock, but most of us have gotten gifting wrong for years.   The problem is that we associate gifts with traditional celebrations: birthdays, anniversaries, holidays such as Christmas. It is the event, not the recipient, that sends us frantically shopping. Without the event, we likely would not have given a gift to the recipient.     Put that way, traditional gifting sure seems backwards.   It is time to repackage the...

Beware your financial institution. It can be the downfall of your estate plan. You and your financial institution have a contract. The terms of that contract can be found in your bank account signature card, beneficiary agreement or similar account agreement. You signed it when you opened your account. Financial Institution Restrictions Financial institutions can, through their contracts, impose restrictions on how you style your accounts and name beneficiaries. Those restrictions often...

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;...

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...

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...

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...

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...

While Texas is among the states that do not require you hire an attorney when buying your house, there are times where an attorney can provide significant value.  A real estate attorney can add value if you are buying a home without a real estate agent, or in the event your transaction involves one of the many complex situations that can arise when buying a house.  Real estate agents...

You have done your research, sought out and considered competent legal and tax advice, and finally decided to sign off on a revocable living trust-based estate plan. Now comes the hard part: funding the trust. What Is A Trust? To understand what and why you are doing that, you need to first visualize the basics of a trust. A trust is simply a written letter to the trustee with your instructions on...

I usually do not write about pending legislation because the language in bills can change at lightening speed and it is difficult to summarize a bill without partisan spin. This year is different. The proposed changes are so drastic and impactful on estate planning and probate that you need to know what is out there. The top 4 laws to watch are the federal estate and gift tax exemption, portability,...