Let’s say you own valuable home but do not have many other assets. You may be able to avoid probate if you did not own the home and if you take care of your bank accounts by listing your kids as the POD (Payable On Death) beneficiaries. Question – Can you...
S-Corporations are a popular business structure but not always a perfect fit. Pros: Pass-through taxation (no double taxation) Limited liability protection for owners Potential tax savings on self-employment taxes Cons: Stricter operational requirements than LLCs...
Here are the 4 typical “contingencies” you will find in contracts to purchase or sell property. Basically, contingencies will kill the deal. Pay attention to these: Financing – if buyer doesn’t get financing – no deal. Appraisal – if the property doesn’t appraise for...
It can be overwhelming when a loved one passes away. Then, throw in a probate and it can feel worse but it doesn’t have to be. Here is the simplified overview of what to expect from a probate: File the Will and an Application for Probate. Appoint an Executor. Notify...
It is critical for developers to understand zoning laws. Here are a few of the biggie areas to know for successful projects: Types of zoning classifications (residential, commercial, industrial, etc). Permitted uses within each classification. Process to change zoning...
Don’t run your business any longer without a good Buy-Sell Agreement. Buy-Sell Agreement = documents what happens when a business owner wants to leave; becomes incapacitated; or passes away. Here are 5 key elements to include: Triggering Events (death, disability,...
A person appears to have two choices for what happens to their Facebook account upon death: Have the account permanently deleted; or Appoint a “legacy contact” to look after a memorialized account. No one can log into a memorialized account if there is no legacy...
Don’t leave your family in a mess – digitally speaking. This is a new development and ongoing conversation in the estate planning world but here are a few things we would enjoy speaking with you about as far as your estate plan is concerned: Identifying and addressing...
As a small business owner in Texas, your employees are the backbone of your success. But making sure they are legally allowed to work in the U.S. and keeping your business safe from government penalties can be overwhelming. With increased federal scrutiny on...
Know this about mineral rights – Mineral rights can be owned by someone other than the owner of the surface. The owner of the minerals has a right to lease them, and this may impact the surface use (could be a problem if surface owner is a different person)....
