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COMMUNITY AND SEPARATE PROPERTY IN TEXAS: OWNERSHIP AND CONTROL

COMMUNITY AND SEPARATE PROPERTY IN TEXAS: OWNERSHIP AND CONTROL Texas law characterizes property acquired by spouses either community or separate property when property is acquired, and this characterization has tremendous consequences. w defines a spouse’s “separate property” as: (1) property owned or claimed by the spouse before marriage; (2) property acquired during the marriage by Read More

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Understanding How COVID-19 May Have Affected the Value of Your Estate

The economic and personal upheaval triggered by the COVID-19 outbreak is likely to warrant a review of your estate plan, no matter how thorough you think it is. As Americans cope with health fears and financial volatility, it’s worthwhile to determine whether a will, trust, advance medical directive or other legal instrument needs to be Read More

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Medical and Financial Legal Planning for Coronavirus (COVID-19): Providing Comfort During Uncertain Times

At the Strong Firm P.C., we understand that the past few weeks (and those weeks ahead) have been trying times as our clients and their loved ones navigate the uncertainty of the Coronavirus (COVID-19) and the related volatility in the financial markets.  As attorneys, in addition to dealing with this uncertainty in our own lives, Read More

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ABLE Accounts: Creating a Better Life for the Special Needs Community

Any parent with a special needs child understands that the hardships their children face are much more than their physical disability. They also understand that the words “special needs” is one of the broadest categories in our language. “Special needs” is the same term to identify a child with muscular dystrophy who may never be Read More

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“So…What Happens to My Bitcoin When I Die?” Modern Estate Planning for Digital Assets and Cryptocurrencies

Millennials have complicated everything. Socializing in person wasn’t enough, so they created Facebook. Dollars weren’t enough, so they created Bitcoin. Every new app, technology or cryptocurrency brings with it more uncertainty legal uncertainty around these digital assets. Are they currency? Are they property? Can they be gifted? Can they be inherited? Will they receive a Read More

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Part II – Probate: Identify the Most Efficient Probate Proceeding – Muniment of Title

Texas law provides several options to transfer ownership of a deceased person’s (usually called a “decedent”) property. We previously discussed the difference between a dependent and an independent administration. The dependent and independent administrations are used when the deceased person’s estate exceeds some minimal thresholds for size or complexity, such as owing unpaid debts. Texas Read More

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Four Reasons to Fund Your Business Succession Plan

It is an incredible accomplishment for business owners to craft a business succession plan establishing the structure that will transition the business out of the hands of the current owner(s).  However, even the best business succession plan will be considered a failure without a proper funding mechanism.  The considerations in support of setting up a Read More

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Part I – Probate: Identify the most efficient probate proceeding

Probate is the process of applying to a court for authority to transfer a decedent’s property.  When the court stays involved throughout the administration of a probate (i.e. through the whole process) then the probate process is long, complex and expensive.  However, Texas has aggressively sought to create a number of more efficient (i.e. quicker Read More

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Protecting Inherited Assets from Creditors

Saving money is difficult.  It is no wonder, then, that most people are not excited about the possibility of creditors swooping in and taking the assets they leave to their heirs.  Fortunately, a well-crafted estate plan can be utilized to reduce this risk. A common tool is to be to leave assets to your children Read More

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Estate Planning for Life Part III – Directive and DNR

When most people think of estate planning they typically think wills, trusts and death.  However, the actuality is that one of the major focuses of good estate planning is for incapacity during a client’s lifetime.  In the previous Part I of this series, I outlined the purpose and benefits of a Financial Power of Attorney.  Read More

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  • Spring 2021

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COMMUNITY AND SEPARATE PROPERTY IN TEXAS: OWNERSHIP AND CONTROL

COMMUNITY AND SEPARATE PROPERTY IN TEXAS: OWNERSHIP AND CONTROL Texas law characterizes property acquired by spouses either community or separate property when property is acquired, and this characterization has tremendous consequences. w defines a spouse’s "separate property" as: (1) property owned or claimed by the spouse before marriage; (2) property acquired during
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COMMUNITY AND SEPARATE PROPERTY IN TEXAS: OWNERSHIP AND CONTROL

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