Perhaps the more important detail of this story is that the home was sold in an estate sale by heirs who appear to have let the property go for considerably less than market value. Inherited property brings with it certain important responsibilities, and that goes double and triple for executors…
Houston Estate Planning and Elder Law Attorney Blog
Heirlooms Encompass Memories for Houston Families
Time, it seems, has healed past wounds enough to leave us remembering Grandpa Oscar with a smile. Very belatedly the violin has served its purpose. We can hold on to the memories and let go of the object. Family heirlooms seem to have special powers over the family. Memories and…
Wealth Transfer Goal: Keeping the Houston Family Together
“I had this fear that wealth could dissolve the family and the business would disintegrate,” Mr. Wiener, 68, said. So he hired coaches and consultants, had family meetings and set up a family foundation — all with the goal of keeping his family together after he died. “It’s not perfect;…
Stepping Up with Portability in Estate Planning for Houston Couples
One of the key advantages of a portability-based estate plan over a credit shelter trust-based estate plan is that portability allows the married couple to obtain a second step up in basis upon the death of the second spouse. With the new ability to minimize estate taxation, known as “portability,”…
From the Birds and Bees to the “Aging Talk” with Houston Adult Kids
“This time it’s not about the beginning of life or how babies are made. It’s about the end of life — yours — and the many issues and decisions that will confront you and your children.” Back when the kids were kids, it seemed like the “birds and the bees”…
No Need For Your Life Insurance? Donate It To A Houston Charity!
There are several ways to donate a life insurance policy to charity, according to the Planned Giving Design Center, Monroe, NC. There are many advantages to life insurance as it can be a cushion against high-cost issues or a source of much-needed cash flow for your family. However, you might…
The Family Limited Partnership: Your Key To Control In Houston
FLPs offer multi-layered benefits by providing senior family members with several advantages—all without ceding control of the assets to junior family members. Estate Planning is often a game of give and take. So what if you want to give away your assets, but not just yet? As is so often…
Proper Planning For Alzheimer’s Patients in Houston
Alzheimer’s patients live for years with diminished mental skills, which makes it crucial that they make decisions early on about how their care should proceed. Planning for one’s estate and for one’s late-in-life plans requires more than a bit of wherewithal. This is not only an empirical fact but also…
Deciphering The Technical Language Of Trusts
NING, Ding, Grat. Ilit, Crat, Crut, Qtip. So what are these oddly named trusts and what do people who need them need to know? Ever been to a place where you don't understand the language? Learning a new language is no easy task. At least when it comes to French…
Do Small Family Foundations Have Big Impact in Houston?
… Large-scale strategic philanthropists are forcing family foundations of all sizes "to re-examine whether they're approaching their giving in a way that's likely to have the biggest impact." And, sometimes, as Pierce has found, a bigger impact can come from foundations of smaller sizes. Small family charities and foundations can…