Posted on October 08,2024 in Business Formation

The right commercial property can be crucial to a business’s success. Just as important is ensuring that the terms of the commercial lease protect you and your business. Commercial lease agreements present a host of unique and complex considerations, unlike those of residential leases. Considering the significant expense at stake when leasing commercial property, a knowledgeable Texas commercial lease attorney can assist business owners and entrepreneurs in protecting their interests when signing a commercial lease.

What is a Commercial Lease?

A commercial lease can encompass various property types, from office spaces to warehouses to restaurants and retail storefronts. The terms of a commercial lease agreement will vary widely depending on the type of property and need to be tailored accordingly.

Continue Reading ››

 Posted on September 20,2024 in Probate Administration

Taxes are a major factor every real estate buyer and owner must consider. Property tax, also known as real estate tax, can be a financial burden on homeowners. For real estate investors, capital gains tax is an important consideration when selling property. Capital gains taxes can take a significant chunk out of the profits an investor makes from a property sale and can impact his or her ability to reinvest.

For this reason, some real estate investors take advantage of a legal loophole called a 1031 like-kind exchange. In this article, we will explore this solution and its time limits. Be sure to consult a Texas real estate attorney for more details or any questions regarding real estate transactions.

What Is a 1031 Like-Kind Exchange?

A 1031 like-kind exchange is an IRS rule that allows investors to defer capital gains tax by reinvesting the profits of a sale in a "like-kind" property. Like-kind does not mean the properties have to be the same. The IRS generally considers real properties to be like-kind, even if one is improved and another unimproved.

Continue Reading ››

 Posted on September 06,2024 in Business Formation

Small businesses often struggle to handle issues that arise while working within a limited budget. These issues include legal affairs, which smaller companies sometimes overlook. They may think it is an afterthought or may hope any legal concerns come up later when there are more resources.

Larger companies typically can hire a general counsel, also known as a chief legal officer. This is an attorney who serves as the company’s main lawyer and is responsible for the legal aspects of the business. Smaller businesses, however, often cannot afford to hire general counsels. Instead, they may choose to hire a Texas business formation attorney as a limited general counsel for their legal needs.

What Is a Limited General Counsel?

A limited general counsel functions similarly to a general counsel. However, instead of being a full-time employee, the attorney might serve the company on a part-time basis. Sometimes, a limited general counsel will provide services on an ad-hoc basis, meaning he or she will only address issues as they arise. This is usually a more cost-effective option than a general counsel and, therefore, a more attractive one for small businesses.

Continue Reading ››

 Posted on August 25,2024 in Probate Administration

Probate is a legal process that often follows a person’s passing, but misconceptions surround it. A Texas probate lawyer can help clear up some common myths about probate to help you through this emotional time with confidence.

The Truth About Probate Timing

Many people believe probate always takes years to complete. While this can be true for complex cases, the reality is that the duration of probate varies widely. In many instances, probate proceedings in Texas can be completed much more quickly than people expect. The timeline for probate depends on several key factors:

• The size and complexity of the estate

• Whether there are disputes among beneficiaries

• How quickly the executor completes necessary tasks

• The court’s current caseload

Understanding that probate can often be resolved in a reasonable timeframe may ease your concerns about the process. Each case is unique, and an experienced probate attorney can provide a more accurate estimate based on your specific circumstances.

Continue Reading ››

 Posted on August 09,2024 in Estate Planning

Death is an inevitable part of life, yet many people avoid discussing it with their loved ones. As difficult as it may be, preparing for your passing with estate planning is one of the most caring acts you can do for your family. You can seek help from a Texas lawyer to understand the steps in ensuring your affairs are in order and preparing your loved ones.

Create a Thorough Estate Plan

An estate plan is the foundation for preparing for your passing. It should include a will or living trust, power of attorney designations, healthcare directives, and beneficiary designations for accounts and policies. These documents ensure your wishes are legally binding and provide clear instructions for your loved ones. Regularly reviewing and updating your estate plan is important, especially after major life events such as marriages, divorces, births, or significant financial changes.

Continue Reading ››

 Posted on July 25,2024 in Estate Planning

As a Texas resident, you currently enjoy a favorable tax environment when it comes to inheritance. With no state inheritance tax and generous federal estate tax exemptions, you may feel little urgency to engage in extensive estate planning. However, tax laws can change, and it is wise to prepare for potential shifts. A Texas lawyer can help you with strategies to protect assets and ensure a smooth transfer of wealth to the next generation.

Current Estate Tax Situation in Texas

In 2024, Texas will not impose a state inheritance tax. At the federal level, the estate tax exemption stands at $13.61 million per individual or $27.22 million for married couples. These high thresholds mean most individuals in Texas will not need to worry about estate taxes—for now. But savvy planners know that tax laws can shift, and it is better to be prepared.

Continue Reading ››

 Posted on July 08,2024 in Business Formation

Starting a business is an exciting venture, but you must lay a solid foundation. Creating a comprehensive business formation contract is one of the most important steps in this process. This document serves as the blueprint for your company's structure, operations, and future growth. A Texas lawyer can help you understand which elements you should always include in your business formation contract.

Why You Should Never Start a Business Without a Contract

Launching a business without a proper contract is like building a house without a foundation. A well-drafted business formation contract provides clarity, protects your interests, and helps prevent future disputes. It establishes the rules and expectations for all parties involved, ensuring everyone is on the same page from day one. A solid contract can:

Continue Reading ››

 Posted on June 25,2024 in Business Formation

When a business contract is breached, the injured party may be entitled to compensatory damages. These damages aim to place the non-breaching party in the position they would have been in had the contract been fulfilled. A Texas lawyer can help you understand the types of compensatory damages available to help protect your interests and make informed decisions when faced with a breach of contract.

Direct Damages

Direct damages, also known as general damages, are the most common form of compensatory damages in Texas contract law. These damages flow directly and naturally from the breach itself. Examples include:

• Loss of expected profits: If a breach prevents a business from earning profits it would have otherwise gained, these lost profits may be recoverable.
• Cost of replacement: When a supplier fails to deliver goods, the buyer may recover the additional cost of obtaining replacement goods from another source.

Continue Reading ››

 Posted on June 10,2024 in Estate Planning

Most people focus on creating a will or trust when it comes to estate planning. While these are undoubtedly crucial components of a comprehensive plan, they are not the only documents you should consider. Ancillary documents ensure your wishes are carried out and your loved ones are protected. A Texas lawyer can help you understand the importance of these additional documents and how they can strengthen your estate plan.

A Durable Power of Attorney is Your Trusted Decision-maker

Imagine a scenario where you become incapacitated and unable to manage your financial affairs. Who would step in to pay your bills, handle your investments, or make important decisions on your behalf? This is where a Durable Power of Attorney comes into play. By appointing a trusted individual as your agent, you ensure that your financial matters are handled according to your wishes. This document is especially crucial for unmarried couples or those with complex financial situations.

Continue Reading ››

 Posted on May 14,2024 in Business Formation

Contract disputes can turn into complex litigation. The law offers various potential remedies for those engaged in contract litigation. A Texas lawyer can help you explore the remedies available. Each case is unique, so it is important to create a unique strategy.

Compensatory Damages

The most common remedy in contract litigation is compensatory damages. These damages are intended to compensate the non-breaching party for any losses suffered due to the breach of contract. In Texas, compensatory damages can include:

• Expectation damages: These damages aim to put the non-breaching party in the position he or she would have been in had the contract been fully performed.
• Reliance damages: These damages provide compensation to the non-breaching party for expenses incurred in reliance on the contract.

Continue Reading ››