Probate & Estate Planning

Dear Mr. Premack: My husband and I already have a Will that we got online, but more research on Google seems to show us that Wills may not be the best approach for privacy. We would like to avoid probate using a Revocable Living Trust. Can you run through the pros- and cons- of that type of estate planning? – T.O. There are several different kinds of Trusts. Many are set up by you solely to benefit someone else. The exception is a Living Trust. It is set up by you to solve your own estate and probate problems and…
There are numerous ways real estate can be transferred to avoid probate (which is also a way to avoid a successful Medicaid estate recovery claim in Texas), but which way is best will depend on the circumstances. The most common choices are either a transfer on death deed (grantee/beneficiary has no rights until the death of the grantor) or a Ladybird deed (which is an enhanced life estate deed which means the grantee/beneficiary has a vested right subject to the grantor’s right to change his or her mind). The advantages and disadvantages of these types of deeds are as follows:…
What does Texas law say about a creditor trying to collect a debt from someone who died? You may be surprised to learn that some debts can be erased as part of the probate process, somewhat like discharging debts in bankruptcy. The case of Ullrich v. Est. of Anderson, 740 S.W.2d 481 (Tex. App.‒Houston [1st…Continue…Continue readingProbate Claim vs. Probate Administration Expense The post Probate Claim vs. Probate Administration Expense appeared first on Kreig Mitchell LLC – Texas Attorneys.…
Tax cases are interesting in that they apply a fairly well-developed set of rules to varying fact patterns. These varying fact patterns can result in surprising, and often unintended, consequences. The more complex the tax law in question, the more likely it is that the outcome will be something other than what Congress may have…Continue…Continue readingRental Tax Losses for Those With Irregular Hours The post Rental Tax Losses for Those With Irregular Hours appeared first on Kreig Mitchell LLC – Texas Attorneys.…
As long as the government tries to collect taxes, there will be taxpayers who try to find ways to not pay the taxes. These tax payment avoidance options often involve co-ownership of property or, in many cases, trusts. The recent United States v. Simones, No. 1:20-cv-00795-PJK-SCY (D.N.M. 2021) case shows how the IRS is able…Continue…Continue readingIRS Lien on Trust Assets The post IRS Lien on Trust Assets appeared first on Kreig Mitchell LLC – Texas Attorneys.…
Dear Mr. Premack: My brother has unexpectedly died of Covid. He was just 61 years old and refused the vaccine. He never married or had children. He worked with lots of people, and that is where we think he got exposed. He was hospitalized for nearly three weeks. His broker called me after he found out about the death to say our mother was listed as beneficiary of a rather large brokerage account. But she died nearly five years ago, so the broker said the account would be paid to my brother’s estate. I know he never made a Will…
You have very little time to file an appeal after the Social Security Administration (SSA) denies your application for disability benefits. Since the vast majority of applicants do not get an award of benefits on their initial application, most people have to go through the appeals process to get the benefits they deserve. It can help to work with a Texas disability lawyer on your appeal. An attorney can help you navigate the appeal and answer your questions about things like how long you have to file an appeal after a denial or Social Security benefits. The 60-Day Deadline You…
The Tax Cuts & Jobs Act of 2017 changed the choice of entity decision quite a bit. It affords corporate taxpayers the benefit of the lower flat 21 percent tax rate. It provides non-corporate businesses a 20% qualified business income deduction. There were other changes too. This is in addition to the existing tax rules…Continue…Continue readingQualifying for Section 1244 Stock Losses The post Qualifying for Section 1244 Stock Losses appeared first on Kreig Mitchell LLC – Texas Attorneys.…
If you want to maximize your chances of getting Social Security disability benefits, it can help to know what the Social Security Administration (SSA) looks for when it evaluates Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) applications. You do not want to fill out the form without knowing the required factors the SSA must see to make an award of disability benefits. A Texas disability attorney can guide you through the application process and advocate for you if the SSA denies your request for disability benefits. A lawyer can also explain what is important for winning your…
Spurs fans have a rare chance to own a Tony Parker collectible curated by his No. 1 fan: his mom. Vogt Auction, a San Antonio-based company, is helping basketball mom Pamela Firestone downsize before she moves back to Paris. The estate sale is taking place on site, at her North Central home, on Friday, August…Continue…Continue readingMom of Spurs Legend Tony Parker Hosting an Estate Sale The post Mom of Spurs Legend Tony Parker Hosting an Estate Sale appeared first on Kreig Mitchell LLC – Texas Attorneys.…