When a loved one has passed those left behind are often at a loss for how to proceed. What needs to be done? When must it be done? Can I delay the process to allow time to grieve? Following are some general guidelines to help answer these questions for residents of Texas. Since laws vary from state to state and change over time, you will want to consult an attorney to ensure you have information relevant to your Read More
The Importance of Business Succession Planning
Business owners start businesses for a variety of reasons. They have discovered or created a great new product. They might have felt they could do a better job of providing a service. Some business are born out of necessity after a layoff. What ever the reason for formation all businesses have one common future, the person who started the business will leave the business. While this departure sometimes occurs as Read More
The Importance of Planning When Your Loved Ones are Estranged
Everyone knows they should have a basic estate plan. Powers of Attorney grant decision making authority for incapacity and a will specifies what should happen after your passing. Many people fail to grasp the potential for complication when some of your loved ones are estranged. Consider the case of Sally who lost her adult son, George, in a car accident. Sally was no longer married to George’s father and George had Read More
Destroy Old Documents
At document signing ceremonies, I am often asked “What should I do with my old will, power of attorney and other estate planning documents?” My answer remains the same. The old documents should be destroyed and you should do it right away. Why the urgency? If you don’t destroy them right away you may forget. This forgotten will replaced by a newer will can turn the family upside down after a death. While your Read More
Beneficiaries with Substance Abuse Issues
As I work with families on their estate plans, one of the more difficult issues that is raised is what to do when a family member has a substance abuse problem. Substance abuse effects people of every generation and takes on many forms. Whether it’s alcohol, prescription drugs, or illegal narcotics the affects on the family can be huge. Families facing this concern should consider the following questions when Read More
Sending Kids Off to College Means Big Changes for Parents
It's that time of year when high school graduates are packing for college and getting ready to start an exciting new chapter in their lives. Many parents will also experience a new state of life - that of the Empty Nester. There are many changes when your kids move out: Your grocery bills go down, your house is cleaner and quieter and you have more time to spend with your spouse and friends. Another big change might Read More
Classification of Your Workers as Employees or Independent Contractors
The IRS is very interested in whether companies have properly classified their workers as employees or independent contractors. Why? Because if an individual is classified as an employee, he or she is subject to federal income tax and employment tax withholding when the wages are paid. This means the government gets their tax money right away. Wages and taxes withheld are reported via the Form W-2. If an individual Read More
Power of Attorney for College Students
As parents begin to prepare their high school graduates to leave for college the to do list can get quite lengthy. One item that should be near the top is getting a medical power of attorney. This is necessary because your child is now or likely soon will be eighteen and a legal adult. This newly acquired adult status is often overlooked and comes with many new rights and responsibilities. For example, your child Read More
Know the Difference Between Your Medical Power of Attorney and Living Will
I am often asked — what is the difference between a Medical Power of Attorney and Living Will? There are several differences between these two documents, but the primary difference lies in the scenario where each is used. A medical power of attorney allows a trusted friend or family member to act on your behalf regarding your medical decisions. This only arises in situations where you are unable to make medical Read More
How to Talk to Your Family About Future Plans
Summertime brings long hot days spent relaxing by a pool with a wonderful book in your hand. The kids are out of school and there’s a carefree attitude in the air. Many people plan vacations and attend family reunions to visit with people they haven’t seen in months. Seeing your family grow and change is exciting but it should also be a reminder to keep plans updated. Aging grandparents, parents, or aunts and uncles Read More
