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Revocable Living Trust or Irrevocable Living Trust: Which is Right for Me?
As the name implies, a living trust is a trust established during a person's lifetime. The person who creates a trust is called the grantor. He or she transfers assets such as personal property, business assets, real estate, insurance policies, and bank accounts to the trust.
The grantor assigns a trustee to control the trust assets and distribute the assets to the beneficiaries upon the grantor’s death. The grantor may also serve as the trustee of a trust and assign a successor trustee to take over if he or she passes away.
Living trusts are often used to transfer assets to beneficiaries without probate, which can be costly and time-consuming. However, this is just one of the many different advantages associated with a living trust.
What Can and Cannot Be Included in a Will?
As you explore your estate planning options, it is important to understand the advantages and limitations of various estate planning tools. You have so many different options at your disposal for asset distribution and incapacity planning, and it can sometimes be difficult to understand the purpose that each tool serves. In this blog, we will discuss what a last will and testament can accomplish as well as purposes for which a will is insufficient.
Texas Last Will and Testament
A will is considered the most fundamental aspect of an estate plan. For some people, a will may be enough to satisfy all of their estate planning needs. The main purpose of a will is to explain how your worldly possessions should be distributed to beneficiaries after your death. Who should take ownership of your home? Who should receive important family heirlooms such as jewelry? Your will gives you the opportunity to describe exactly how your property should be distributed. Without a will, your property will be distributed based on Texas law, which may not reflect your wishes.
Reduce the Risk of Partnership Disputes By Following These Tips
As the old saying goes: two heads are better than one. This is just one of the reasons that business partnerships are often an effective means of building a successful company. Partnerships offer a range of benefits, from having access to additional knowledge and skills to splitting responsibilities. Unfortunately, business partnerships can also lead to substantial conflict. When partners do not see eye to eye regarding the business, serious disputes that threaten the stability of the company can arise.
There is no way to guarantee that a business partnership will be free of any conflict or disagreements. However, partners can take certain steps to reduce the chances of a partnership dispute.
Start With a Detailed Partnership Agreement
For many entrepreneurs and hopeful business owners, the excitement of starting a new partnership may overshadow some of the more practical steps involved with creating a partnership. Although it may seem tedious and sometimes uncomfortable, building a detailed partnership agreement is one of the best things you can do to avoid conflict. Do not assume that you and the other partners will simply work out the details as you go along. This strategy almost never works.
Incapacitation Planning Using a Living Will
As with many estate planning topics, incapacitation planning is not the most pleasant topic in the world to consider. However, it is a topic that should not be overlooked. Incapacitation planning is the process of planning for the possibility of severe illness or injury.
Have you ever thought about whether you would want to be kept alive by a ventilator if you fell into a persistent vegetative state? Do you consent to undergo dialysis if you require it? What are your personal beliefs about organ donation and palliative care? These are extremely important questions and that are deeply personal. A living will allows you to make decisions about these crucial matters ahead of time. This ensures that your loved ones as well as your doctors understand the types of medical care you wish to receive if you are ever too sick to explain your wishes.
The Mediation Process for Breach of Contract Disputes
Business contracts are the backbone of a successful business. When two parties agree to enter into a contract, they are legally bound by its terms and conditions. If one of the parties fails to fulfill their obligations as stated in the contract, this is considered a breach of contract. Breach of contract disputes may involve non-compete agreements, nondisclosure agreements, licensing contracts, partnership agreements, or other types of agreements.
When faced with a breach of contract issues, many businesses use mediation to resolve the dispute. Mediation involves a neutral third party (the mediator) who helps the parties reach an agreement. The goal of mediation is to find a mutually agreeable solution that satisfies both parties and prevents them from having to go through lengthy and costly litigation in court.
Business Branding 101: Registering Your Business Name to Comply with the Law
Becoming a business owner is an overwhelming prospect, especially when it comes time to acquainting yourself with the myriad of business laws for which you will be held accountable as you commence your new role. Branding in particular will be an imperative foundation for your marketing efforts, and it all begins with one critical task: selecting a business name.
Doing Business As (DBA)
Whether you are an existing owner looking to start another side business or are embarking on a brand-new business venture for the first time, it is important to be aware of the requirement to legally register your business name with the proper authorities to ensure you remain compliant with the law. Filing your “Doing Business As” name (also called your DBA) is the process of officially registering your chosen business name. This name must be different from your real, personal name and will be required on a number of government forms and applications, such as your employer tax ID application and license paperwork.
Leaving an Inheritance to a Paid Caregiver in Texas
If you rely on a paid caregiver to help you with daily activities, such as dressing and bathing, there is a good chance that you will develop a strong relationship with the person who cares for you, even if they are not a part of your family. Over the course of months and years, the relationship you have with your caregiver may actually become even closer than the relationships you have with your blood-related family members. With this in mind, you may want to include considerations for your caregiver in your estate plan.
Under Texas law, you have the right to choose anyone you wish as beneficiary in a will or trust, including a non-family caregiver. However, there are some concerns that should be taken into account before making this decision. An experienced estate planning lawyer can help you understand some of these concerns and how to keep them from becoming problems down the road.
The Importance of Discussing Your Estate Plan with Your Family
An estate plan is an important tool that everyone should have. It is not only a way to protect your assets and ensure they are used the way you want them to be, but it is also intended to give your family the peace of mind that their future will be taken care of. However, it is important to discuss your estate plan with your family before anything happens so that you can reduce the likelihood of misunderstandings or disputes. Here are some reasons why you should discuss your estate plan with your loved ones.
Preventing Discord and In-Fighting
It is natural for families to disagree on certain issues, especially when it comes to money and possessions. Without having a conversation about how these items will be distributed, disagreements can arise quickly and lead to discord among family members. By discussing your wishes with your loved ones ahead of time, you can help ensure that conflicts do not arise after you pass away.
Strategies for Helping Your Small Business Grow
As any business owner can attest, owning and operating a small business takes hard work. It is important for a business owner to always be coming up with new and innovative ways to promote the company’s success. If you are a small business owner, you should be trying to think of ways to help your business grow. You should be looking for new opportunities to expand your client base and drive up your profits. While there is not a one-size-fits-all plan for growing a small business, there are a few general guidelines that could help you achieve your goals.
Playing to Your Strengths
Are customers drawn to your business for a particular product or service? Are there patterns regarding your most loyal clients? It may be tempting to try exciting new ways to generate revenue, but it is very important to keep your primary focus on your basic strengths—or the “bread-and-butter” if you will. For example, if you run a coffee shop and customers love your custom roasts, you may wish to look for new ways to market your products with strong sales as opposed to eliminating your own brands in favor of new products.
Your Will Could Be Used to Create a Testamentary Trust
A will is an invaluable resource in ensuring that the assets that comprise your estate will go to the individuals and institutions of your choice after your passing. If there is no will, Texas’ default rules—known as the laws of intestate succession—will determine which individuals will inherit your estate and in what proportions they will inherit. Generally, intestate succession laws stipulate that a deceased person’s estate will go to the decedent’s surviving family members, starting with their spouse and children.
In some instances, it might be acceptable to rely on intestate succession, thereby avoiding the cost and delay of probating an estate in probate court. For many people, however, a will brings both specific direction and peace of mind in the distribution of wealth, property, and heirlooms after death. A will is a powerful and flexible estate planning instrument that is capable of regulating many distributions over a long time in lieu of a one-time bulk sum. The intra-will device that allows for this is what is known as a “testamentary trust.” If you have young children or relatives, a testamentary trust is something well worth considering, as is working with an experienced estate planning attorney.
From our office in Fort Worth, we represent clients throughout the DFW area, including Dallas, Arlington, Haltom City, Richland Hills, Watauga, Kennedale, Forest Hill, White Settlement, River Oaks, Saginaw, Hurst, Euless, Bedford, Grapevine, Coppell, Farmers Branch, Carrollton, Plano, Dallas County, and Tarrant County.
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