Marriage makes life easier in many ways. If one partner in a marriage becomes incapacitated, then the other spouse can make important healthcare and financial decisions for that person. If one spouse passes away, then any community property passes to the remaining spouse. Unmarried couples often do not have many of these rights. As a result, estate planning for unmarried couples is considerably different from estate planning for married partners. Note that Texas law does recognize common law marriage. If your relationship meets the standards of a common law marriage, then your estate planning needs to account for that. Protecting Your Real Estate There are several ways to pass real estate to an unmarried partner and help him or her avoid probate. One way is to consider naming your partner as a joint tenant. Joint tenancy ownership means that both parties own a piece of the property. When one partner…Read More
Movie and comic book fans alike are grieving the passing of Marvel Comics former publisher and chairman, Stan Lee. The 95-year-old is known for co-creating superheroes like Captain America, the Fantastic Four, the X-Men and Spider-Man. However, in his final years, Lee was plagued by financial issues that may put his estate in jeopardy. Here are some of the estate planning lessons we can learn from the comic book icon’s life. Who Do You Trust When It Comes To Financial And Estate Planning? In an interview with the Daily Beast, Lee admitted that he made some money management mistakes in the past. When he initially began making money, he tried to manage it himself, but soon learned he needed help. When he approached individuals for assistance, he allegedly misplaced that trust, which led to him parting ways with many business partners over the years. Lee’s experience teaches us that taking…Read More
When R&B legend Aretha Franklin died, her fans and music lovers around the world were wondering why her funeral was delayed for weeks. Unfortunately, Franklin did not leave a will, and her four sons were left to determine how her assets and property would be allocated. An important component of a will is to have an executor of a will that will help the process run a lot smoother. What Do I Need To Do If I’m Named An Executor Of A Will? If you have been named the executor of a deceased person’s estate, you will have a few responsibilities that a lot of people are unaware of. First, it’s important to know what an executor is, which is a person named in a will who will carry out the wishes of a deceased person. Responsibilities might include: Giving the will to probate Protecting the estate’s assets Distributing property…Read More
Have you prepared a living trust or a will? If not, then you are not alone. A Caring.com survey estimates that only 42 percent of American adults have put together their estate planning documents. This is pretty startling considering what can happen if your estate falls into probate. Take the case of famous Texas real estate magnate James Cotter for example. A Word Of Caution For The Future Of Your Estate It was January 25, 2017 when James Cotter passed away due to cardiac arrest—he was 83. Only a year before he passed, the man’s estate was estimated as being worth $288 million. Now, his family, his estate administrators and the probate court just aren’t sure what to make of his estate. Upon his death, Cotter reportedly had $181.7 million in debts, taxes and other liabilities. This should have left around $106 million to his descendants and heirs. But the…Read More
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
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
If you have worked and managed to save large balances in retirement plans it is imperative that you properly plan for the assets to pass to named beneficiaries in order to minimize taxes. Generally the beneficiaries of retirement plans will be either your heirs or spouse. If the spouse is named the beneficiary then he or she has the option of rolling over the balance into his or her own Individual Retirement Account. If the children or heirs are the beneficiaries they do not have this option. In this article we will generally discuss retirement benefits and the inheritance issues that are posed to beneficiaries. An elder law attorney such as Austin lawyer Farren Sheehan can guide you through this complicated area of the law. Overview Of Retirement Plans There are many types of retirement plans that individuals can implement to maximize savings and minimize current income tax consequences. Generally,…Read More
When you visit a doctor’s office or have medical treatment done, most physicians’ offices now require the patient to read and sign a HIPAA authorization. What is a HIPAA release? The Health Insurance Portability and Accountability Act (HIPAA) is a federal law that includes privacy provisions intended to protect a patient’s confidential medical information. The HIPAA law requires that health care providers ensure privacy of patient health information and medical records. In this article we will discuss state and federal health privacy laws and legal forms that you may encounter. Austin probate lawyer Farren Sheehan can help explain these various legal documents and advise you on estate planning documents to protect your property and privacy. Health Insurance Portability And Accountability Act The Health Insurance Portability and Accountability Act (HIPAA) is a federal law enacted in 1996. This federal law includes requirements for protecting the privacy and security of health care…Read More
A Will is an important legal document that designates who will receive property of a testator when he dies. A Will enables property to pass to others with minimal court involvement. Under Texas law there are certain legal requirements that must be met when executing the Will. One important requirement is that the testator freely made and signed his Will without being coerced or unduly influenced by another person. Undue influence is a ground for denial of probate of a Will, which may arise after the testator’s death when a person challenges a Will in a Will contest. In this article we will discuss what undue influence is under Texas law. With the help of a probate attorney such as Austin probate lawyer Farren Sheehan, a person can make sure their Will is properly drafted and executed. Advantages Of A Will A Will is a written, legal document that goes…Read More
A Will is a valuable legal document that designates who will receive property of a testator when he dies. Under Texas law, an adult may draft a Will at any time, as long as he meets the legal requirements when executing the Will. One important requirement is that the testator was of sound mind (or had testamentary capacity) when signing his Will. This issue usually comes up after the testator’s death when a person challenges a Will in a Will contest. In this article we will discuss what is needed for testamentary capacity under Texas law. When obtaining the advice of a probate attorney such as Austin probate lawyer Farren Sheehan in drafting a Will, a probate lawyer can ask questions and make sure that testamentary capacity is in place at the time her client executes the Will. Advantages Of A Will A testator is a person who leaves a…Read More
