By Carissa Peterson | Published February 16, 2022 | Posted in Estate Planning | Leave a comment
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Estate Planning
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Estate Planning: A Sophisticated Plan for Complexities
More sophisticated estate planning may be appropriate for people that: have sufficient net worth to consider tax planning; own assets in more than one state or jurisdiction; highly prize privacy; have blended families, and/or have a history of family discord (“Complicating Factors”). In 2022, the net amount a person can have without paying estate tax Read More
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Estate Planning: A Plan for Everyone
A common misconception is that estate planning is for the wealthy, with an abundance of assets, including retirement plans, life insurance and annuities. However, the truth is that everyone over the age of 18, regardless of wealth, socioeconomic class or marital status should have a basic estate plan designed for their specific and unique situation, Read More
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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
Read MoreUnderstanding 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
Read MoreMedical 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
Read MoreABLE 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
Read More“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
Read MorePart 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
Read MoreFour 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
Read MorePart 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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Estate Planning: A Sophisticated Plan for Complexities
By Carissa Peterson / February 16, 2022
More sophisticated estate planning may be appropriate for people that: have sufficient net worth to consider tax planning; own assets in more than one state or jurisdiction; highly prize privacy; have blended families, and/or have a history of family discord (“Complicating Factors”).
In 2022, the net amount a person can have
Read More
Estate Planning: A Plan for Everyone
By Carissa Peterson / February 4, 2022
A common misconception is that estate planning is for the wealthy, with an abundance of assets, including retirement plans, life insurance and annuities. However, the truth is that everyone over the age of 18, regardless of wealth, socioeconomic class or marital status should have a basic estate plan designed for
Read More
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