When Texans think about passing on their assets to others, many wish to keep assets in their family through their inheritance planning. While they may assume this will automatically occur—and there is no need to create a will or estate plan—this is not necessarily the case. Instead, there are specific…
Most people understand that it is important to have an estate plan in place from a young age. In fact, most financial planners recommend that every newly minted adult creates a basic estate plan. At the very least, it is crucial to have an estate plan in place once you…
There are unique challenges that families with adopted children face; however, most of these families do not know that estate planning is one of them. A Houston estate plan is essential for all people, but especially for families with adopted children because of the different laws they are subjected to.…
“You may have a friend, or two, who has blown a large inheritance. Some of you may have also seen a news story about a lottery winner who went bankrupt (or worse) just a few years after receiving a life-altering sum of money. If you don’t want this to be…
“Receiving an inheritance can be a double-edged sword. On the one hand, it's overwhelming, thanks to the intense emotions associated with losing a loved one combined with the confusion about what to do with the newly acquired assets. On the other, an inheritance can re-invigorate your finances and create new…
“The heirs of a philanthropist who donated a historic theater to the City of Miami want it back.” A dissolved nonprofit controlled by the heirs of Maurice Gusman sued the city of Miami recently, in an attempt to regain control of the Olympia Theater and restore it to its former…
“Call it an astute estate planning move, but I didn’t want to leave eight notebooks of baseball cards encased in plastic sleeves for my children to sort through down the road.” It may be time to sell your baseball card collection. Arizona Daily Star’s recent article entitled “The valuable lessons…
It’s a problem that most people wish they had: a sudden influx of money, sometimes a lot of money. It can be overwhelming, and the most important thing to do is—nothing, at first. The first thing to do when you are newly flush with money, is take a few deep…
There are many inheritance scenarios, where people hope that a simple solution will save them time and money. Unfortunately, that’s not always the way estate or tax laws work. A woman received joint ownership of her father’s house about a decade ago. Her father is still living there, and so…
One of the reasons for a pre-nuptial agreement, is to clarify who owns what in the marriage, and what happens to property if the marriage should dissolve. In a community property state, everything is “ours.” If you live in a community property state, like Texas, and you are married, both…