Successful businesses change over time. We often see this when a business gets ready for the founder or owner to exit the business. The business is often reorganized and maybe even divided up. Various tax strategies come into play to help facilitate the transfer, like the F Reorganization for S corporations. Other plans to minimize……
TX-LW Blogs
How Community Property Laws Impact the Probate Process
Community property laws are a factor in many estates that require a probate proceeding. Community property, also known as marital community property, is similar to joint tenancy. Under joint tenancy, both spouses own all property equally, and upon the death of one spouse, his or her interest in the property is automatically transferred to the…
Contesting a Probate Court Receiver Appointment
What Is a Probate Court Appointed Receiver? A probate court receiver is an impartial third party who oversees a deceased person’s estate. If you’re the executor of an estate, you may have to ask the court to appoint a probate court receiver to handle the estate. But can you contest a receiver appointed by the…
Alternatives to Probate: Collecting a Final Paycheck
Is Probate always necessary? To collect a final paycheck there is a simple and inexpensive way to do it. Many of us have all been there before. A loved one has died and you are the one to handle their estate. Probate is a process that is necessary in many cases. The Texas Estates Code…
Undue Influence and Life Insurance Beneficiary Designation
Introduction When creating a will, a person may rely on a life insurance beneficiary who will be designated to handle their affairs. A person may rely on a life insurance beneficiary if they are unable to read, write, or are in any other way inhibited from handling their affairs themselves. Having a life insurance beneficiary…
Alternatives to Probate in Texas: Small Estate Affidavit
Should You Try to Avoid Probate in Texas? Unlike other states, Texas has a plain-language and simplified probate system. This isn’t new. Some version of this layman-friendly probate system has been around since the 19th century. In many other states, people seek to avoid probate with complicated estate planning. That’s not necessary in Texas. The…
How Many Signatures Does a Will Need for Probate?
A will allows you to choose how your estate is distributed after you pass away. You can also include instructions for things like guardianship of any children, funeral arrangements and burial instructions. Your will can be as simple or complex as you want, but in most cases you’ll need at least two competent witnesses to…
Double Tax on Inter-Company Transfers
There are those who make things happen. They are usually the ones doing what it takes even when doing so is difficult, tiring, and draining. They are the ones that often make personal sacrifices and take risks to succeed. They are the ones that had the luck or grit to stick with something to see……
How Much Can an Executor in Texas Be Paid?
Does the Executor of an Estate Get Paid? The executor of an estate is responsible for settling the estate of the deceased. The executor acts on behalf of the estate and is solely liable for any debts or obligations that are not paid by the estate. An executor fee is charged for carrying out this…