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
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
