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If you own property, your estate will be better handled if you have a Will.  However, if a loved one has died without a Will, you need to know your best options. For most estates, the best answer is opening an administration and a formal declaration of heirship.  Although more expensive than probating a Will, […] The post Dying Without A Will, What Are The Options? appeared first on Pyke & Associates PC.…
Whatever you call it — an advanced directive, living will, a do not resuscitate order (DNR) — they are all the same thing.  Right?  Although a “living will” is an imprecise term for what Texas law refers to as an advanced directive, a DNR is totally different. The Texas advanced directive law allows a person, […] The post What is the Difference Between a DNR and an Advanced Directive appeared first on Pyke & Associates PC.…
Family farms and ranches often are intended to pass through multiple generations without being sold.  If every member of the family is a model citizen, that may not be a significant problem; however, if even one member of the family has creditor or severe medical problems, that can threaten ownership of the family farm. If […] The post Can I Lose The Family Farm Because My Brother Has Creditor Problems? appeared first on Pyke & Associates PC.…
A family farm or ranch may be a treasured possession, but without effective estate planning, this treasure can turn to rust. Without any Will, or with the most common type of Will, ownership of family farms gets split among children and grandchildren through each passing generation. As each person dies, to correctly transfer the family […] The post Saving the Family Farm with Good Estate Planning appeared first on Pyke & Associates PC.…
If you are contemplating remarrying, or are in a second marital relationship, what special concerns are there for your estate planning?  The major issues are: Determining whose assets are whose; Deciding if you have a joint plan or two separate estate plans; and How to ensure that your estate plan succeeds if you are the […] The post Estate Planning for a Second Marriage appeared first on Pyke & Associates PC.…
A question we get often in our practice is — “Is it too late to go through probate”, whether you’re talking about your mother, sibling, parent’s estate, grandparent’s estate or great-grandparents estate? The answer is, No. It’s never too late to do probate. Unfortunately, probate problems don’t go away with time. They don’t […] The post When is it Too Late for Probate? appeared first on Pyke & Associates PC.…
A well-drafted Revocable Living Trust in another state should be fully enforceable in the State of Texas.  In fact, the Trust should state that the law where the Trust was drafted is applicable, so moving to another state does not subject the Trust to a different set of laws.  It is advisable that if you […] The post My Revocable Living Trust was drafted in another state, is it good in Texas? appeared first on Pyke & Associates PC.…
For many, a Revocable Living Trust is a wonderful substitute for a Will to do estate planning.  There are many advantages, and a few disadvantages, to a living Trust, so we do not make a blanket recommendation that everyone have a Revocable Living Trust.  However, it is not uncommon that we are approached by someone […] The post We Have a Living Trust, What’s Next? appeared first on Pyke & Associates PC.…
David Pyke here with a special announcement because this week Senate Democrats proposed a new piece of legislation that would fundamentally alter the rules for taxation of assets received from estates, significantly limiting a current tax benefit known as the step-up in basis.  As you know, President Biden has proposed massive spending on […] The post 2021 Tax Alert appeared first on Pyke & Associates PC.…