Conservatorship is a legal process in which a court appoints an individual, known as a conservator, to manage the financial and personal affairs of a person who is unable to do so themselves, known as the ward. This process is designed to protect and manage the ward’s assets and property, as well as make decisions…
TX-LW Blogs
An Appraisal is Not Always Needed for a Casualty Loss Deduction
Casualty losses are often challenged by the IRS, as they meet the “large, unusual, or questionable” (“LUQ”) standard for pulling returns for audit. On audit, the IRS insists on an appraisal from a third party that shows the difference in fair market value before and after the casualty event. Even if an appraisal is provided……
4 Steps to Administer an Estate in Texas
Administering an estate in Texas can be a complex and sometimes daunting task. Depending on the size of the estate, it can take months or even years to complete. To help simplify the process, here are four steps that you should follow when administering an estate in Texas. From filing the necessary documents to taking…
Do I Need a Comprehensive Estate Plan?
As a resident of Texas, you understand the importance of protecting your assets and providing for your loved ones. Estate planning is a critical step in ensuring that your wishes are honored and your family is taken care of after you pass. In this blog post, we’ll outline the benefits of creating a comprehensive estate…
The “First-Filed Rule” in Texas Probate Law
In the legal world, disputes can arise over a variety of issues, and when two cases with similar subjects are filed, the question of jurisdiction often arises. This was the situation in the recent case of In re McGowan, No. 03-22-00726-CV, 2023 Tex. App. LEXIS 168 (Tex. App.—Austin January 11, 2023, original proceeding), which dealt…
Can I Probate a Video Will in Texas?
The loss of a loved one is a difficult and emotional time, but when it is combined with the responsibilities of managing an estate, the process can become overwhelming. In this article, we will explore a case study of probate in Texas with a video will and highlight some of the important considerations involved. Understanding…
Affidavits of Heirship: A Real Texas Family’s Experience
When a person dies without a will, their assets are distributed according to Texas’s laws of intestacy. However, transferring ownership of these assets can be a complex and lengthy process if the proper documentation is not in place. This is where the concept of affidavits of heirship comes into play. In this blog article, we…
The Non-Taxable Return of Capital
Our tax laws acknowledge that a return of capital doesn’t trigger income tax. The fundamental concept is that when property is taken away from a taxpayer and then returned to them, it doesn’t result in an increase in their net worth. Rather, their net worth is restored to where it was before, and since there……
The Texas Probate Showdown: A Tale of Wills, Assets, and Estate Distribution
We tried to imagine how the late American novelist, Tom Wolfe, would describe the sometimes dry topic of Texas Probate Law. Let us know how we did. The Grand Texas Probate Drama Ah, probate – the grand Texas drama that unfolds when a dear soul departs this earthly plane. It’s the process of settling a…