A crucial part of your estate plan involves the distribution of your property and assets to your children. These instructions for your kids should be clearly laid out in your will or living trust, and so it’s important to know all of the components you should be including. What Are My Property Arrangement Options? Identify a property guardian in your will: The property guardian will manage any property that the child inherits if there is no other external system to handle it (such as a trust). You may also name a custodian under the Uniform Transfers to Minors Act (UTMA), which is another option for choosing someone to manage property you’re leaving your child. Use life insurance: Either through your child’s trust or a UTMA custodianship, you can name a property manager for your children through your life insurance. Review your life insurance policy to know how this process will…Read More
There is technically a standard agreement for commercial leases that is outlined by TAR (the Texas Association of Realtors), but if you draft a lease with your real estate attorney instead, it will give you much more leeway and allowance for detail. Your business is very likely to obtain significant agreements with your landlord, depending on how the commercial real estate market is doing. Many factors go into renting a commercial property, so there will be many factors involved in negotiating your lease. Here are some things you should try to negotiate with your landlord. Consider Rent And Rent Increases Before you lease your commercial property, consider the cost of rent. The cost of rent will fluctuate depending on the real estate market conditions and the location of your property. Depending on these factors, you will probably be able to negotiate the rental amount. Your lease should outline which terms…Read More
As a first-time homebuyer in Texas, the home buying process can seem terrifying and overwhelming. Buying a home is usually the first big purchase of a person’s life, so going into such a big and unknown process can be intimidating. However, if you go into the experience prepared, you’ll know exactly the steps to take and who to talk to. Here are some key preparation steps you or someone you know should follow when they are ready to buy their first home. Are You Financially Prepared? Before you make any big moves, it’s important to stop and get your finances in order first. Make sure you have enough cash for a down payment, any closing costs and other moving expenses. Next, hire a professional that will be with you every step of the way and can ensure that you close the deal. Get a real estate agent to help you…Read More
Death is an uncomfortable subject, but it’s an important one to talk about. It’s a given that everyone should have a legal document dictating the division of their assets upon death. But the question is, do you really need a will, or is there another option? There is – but it might not be for everyone. While most people think of a will as the document to distribute assets upon death, there are also living trusts. Only about 20 percent of Americans have living trusts. Should you? There are certain benefits of living trusts you might not find if you have a will. A living trust is a written legal document that allows you to place your assets in a trust that you can benefit from during your lifetime, but is then transferred to your designated beneficiaries upon death through your chosen representative, or successor trustee. Why consider a living…Read More
Congress has just passed, and President Trump is expected to sign the Tax Cuts and Jobs Act. Although continued study of the bill will undoubtedly reveal additional opportunities I can share with you and your family, I wanted to provide some of my immediate impressions. Significant Changes To Business Taxation If you own a business or are thinking about starting one, contact us immediately. Relying on old rules of thumb or ignoring this monumental change in business taxation as you make business plans could mean paying enormous amounts of unnecessary taxes. Many of the new, business-oriented deductions have specific rules to qualify. Although, this bill has been the subject of intense media discussion, don’t rely on television programs, blog posts, or press releases. Instead, contact us so we can analyze how to maximize your benefits under the bill. New Opportunities For Dynasty Planning And Discounted Gifting The doubling of the…Read More
Homeowners living in a sub development or condominium complex are likely to be members of a home owners association (“HOA”). HOA’s generally have the authority to set certain rules pertaining to the sub development as well as provide services to homeowners. In order to operate HOA’s are generally also authorized to collect money through assessments. This article will examine the basics of HOA assessments. If you have questions regarding HOA assessments in Austin, Pflugerville, or Round Rock, contact the real estate attorneys at the Law Office of Farren Sheehan. What Is An HOA Assessment? HOA’s typically provide a variety of services to the communities in which they operate. These often include landscaping, common area maintenance, amenity maintenance, tennis courts, playgrounds, pools, private roads, lighting, and so forth. HOA’s pay for these common operating costs by levying assessments on homeowners. There are three primary types of assessments HOA’s use to collect…Read More
Texas probate law considers a “class” as a group of persons having a common characteristic. A person may leave personal or real property to a class of persons as a group. For example, an elderly man may designate in his will to leave 200 acres of land he owns in Travis County to his children living at the time of his death. In this article we will discuss class gifts of land in Texas. If you are involved in a class gift situation, you may wish to discuss your case with Austin probate and real estate attorney Farren Sheehan to help determine how the class gifts are treated under Texas law. Essential Elements Of A Class Gift In Texas The essential elements of a class gift under Texas law are outlined as follows: (1) The group of persons in the class shares the same description so that one designation describes…Read More
Unfortunately, tenants and landlords do not always get along. Disputes often arise over rent, repairs, and the general conditions of the leased property. Occasionally, tenants may be unlikely to report legitimate violations of housing and health codes or request necessary repairs from their landlords for fear that their landlord may retaliate against them and put their living situation in jeopardy. To protect tenants in these situations Texas has passed an Anti-Retaliation Statute. This article will provide an overview of the statute and the rights and protections it provides tenants and landlords. If you have questions regarding retaliatory eviction contact the real estate attorneys at the Law Office of Farren Sheehan for a consultation. Retaliatory Eviction Basics In Texas, tenants are protected from retaliatory eviction by the Anti-Retaliation Statute . The statute provides tenants with protection for taking a variety of actions and prohibits landlords from taking a number of actions…Read More
Buyer Beware of the Quitclaim Deed! Deeds are written documents that convey real property from one owner to another. However, there are a variety of types of deeds that can be used to convey real estate in Texas. In this article, we will discuss the particular type of deed known as a Quitclaim Deed and explain how it differs from a warranty deed. When you are selling or buying real estate in Austin, Round Rock, Cedar Park or Pflugerville, you should consult an Austin real estate lawyer to help guide you as to which type of deed works best, prepare the proper documents you need, and make sure that the transaction is handled efficiently. Warranty Deeds Warranty deeds, either general warranty deeds or special warranty deeds, are the typical method of conveying real property in Texas. Warranty deeds provide assurances from the seller to the buyer that the following facts…Read More
It is a longstanding and well recognized concept that the owner of property is free to dispose of or transfer that property as they see fit. Occasionally, however, the transferor of property may attempt to place restrictions on a buyer’s future ability to sell or transfer that property. This article will briefly examine such restrictions on alienability and the validity of these restrictions in property transactions in Texas. If you are involved in a transfer of property involving a restraint on alienation in the Austin, Round Rock, or Pflugerville area, contact the real estate and probate attorneys at the Law Office of Farren Sheehan for an initial consultation. Basics Of Alienability And Restraints On Alienation In Texas Generally speaking, alienability, or the ability to freely sell or otherwise transfer property, is inherent in the ownership of property. A restraint on alienation is a term in a conveyance of real property…Read More
