Most married couples assume that when one spouse dies, their retirement assets will automatically pass to the surviving spouse. But what happens when both spouses die within days of each other? Do Texas survival statutes requiring a beneficiary to survive the deceased by 120 hours apply to ERISA retirement plans? Or do the plan documents…
TX-LW Blogs
Software Failures Can be Reasonable Cause for IRS Penalties
What one expects as data or information a business would commonly capture and maintain has changed dramatically over time. Readers who are older will appreciate this. The truth is that businesses tracked financial ins and outs and a few other items in the 1980s and leading up to the early 2000s. It was the addition……
Income Tax Due for Business Use of Employee Tax Withholding
Business owners facing cash flow challenges sometimes look to available funds to keep operations running. When those funds include employee tax withholdings that should be remitted to the IRS, the IRS has a number of tools at its disposal to recover the withheld but un-remitted funds. For the most part this includes pursuing the business……
Contesting a Will After Filing a Waiver in the Probate
Your parent dies and you and your sibling are on good terms. There is a will. You agree that the will is valid. Your sibling is named as the executor in the will. To help facilitate and speed up the probate of the will, you sign a waiver consenting to the will being probated. This…
Does the IRS Have Authority to Certify ACA Employer Penalties?
The IRS has been sending notices to businesses about Affordable Care Act (“ACA”) penalties. The penalties are often very large in amount and, in many cases, come as a complete suprise to the business owners. This is particularly true for growing businesses that are right around the cutoff for the headcount requirements. Businesses with 50……
When Does Your Shareholders’ Agreement Expire? The 10-Year Rule in Texas
Small business owners who form a corporation often create shareholders’ agreements to govern their relationships, protect minority investors, and establish protocols for share transfers. These agreements are particularly common in family businesses or closely-held corporations with just a few shareholders. But what happens when these agreements don’t specify how long they remain in effect? In……
When Half-Sibling DNA Testing Establishes Texas Inheritance Rights
Families facing the loss of a loved one often confront unexpected challenges in the probate process. This is specially true when there is no will. This is also especially true for children born outside of marriage. This is also especially true with Texas probates, given the advanced body of probate law in Texas. These children…
Commercial Lease Terms for Recovering Attorney’s Fees
Commercial landlords and tenants routinely negotiate detailed lease agreements with provisions designed to protect their interests in case of disputes. These agreements are intended to help avoid litigation. But when litigation arises and business owners have to hire attorneys, they usually want to know who pays the attorney’s fees? While Texas generally follows the “American……
Can a Guardian of a Minor Extend Control Beyond the Ward’s 18th Birthday?
When a minor turns 18, Texas law typically requires the prompt termination of guardianship and the transfer of assets to the new adult. Yet some guardians find ways to maintain control over assets months or even years after the ward reaches adulthood. Through procedural maneuvers like motions for new trial and appeals, guardians can extend…