You have probably been told by more than one well-meaning family member, co-worker, or friend how important it is to create a comprehensive estate plan. If you have yet to take the time to create yours it may be because you don’t have a thorough understanding of what an estate plan in Texas is and what it can do for you and your loved ones. When you think of an estate plan you likely think in terms of a Last Will and Testament. A Will is the foundation of any comprehensive estate plan; … [Read more...]
The Taxes an Executor Needs to Know About
Being an executor of a Will requires much more than merely disposing of the deceased's possessions according to the terms of the Will. One of the things that many people do not think about when they agree to be an Executor are the tax returns that need to be filed. Recently, SmartMoney published a very helpful and quick list for Executors that bears repeating. Executors need to file the deceased's final 1040 income tax return. This return covers the time period from the date of the person's … [Read more...]
Will Your Facebook Outlive You?
Most people are reasonably aware about what will happen to their physical property when they pass away. Either your closest living relatives or the people named in your estate plan will receive it after taxes are paid and your creditors are paid. But, what happens to your digital estate? Have you thought about it? Many people spend a lot of time in online communities from Facebook to forums to blog comments. The accounts that we create and the friendships that we make in these communities are … [Read more...]
Famous Estates – Legacy Champ or Chump?
Dwight D. Eisenhower (1890-1969) - 34TH President of the United States, 1953-1961 Prior to his presidency, Eisenhower was a five-star general in the United States Army during World War II, and served as Supreme Commander of the Allied Forces in Europe. He had the responsibility of planning and supervising the invasion of North Africa in 1942-43, and the successful invasion of France and Germany in 1944-45. In 1951, he became the first supreme commander of NATO. Eisenhower defeated Adlai … [Read more...]
Famous Estates – Legacy Champ or Chump?
Rosa Parks (1913-2005) - Civil Rights Activist Most historians date the beginning of the modern civil rights movement in the U.S. to December 1, 1955. That was the day Rosa Parks, an unknown seamstress in Montgomery, Alabama refused to give up her bus seat to a white passenger. She was arrested and fined for violating a city ordinance. Her single act of defiance inspired tens of thousands of working-class blacks, led by Martin Luther King, to boycott the local buses for more than a … [Read more...]
Texas Intestacy Estate Planning for Children Born out of Wedlock: Part 2 of 2
Continuing our two-part blog series focusing on the rights of illegitimate children or children born out of wedlock, we’ll cover when an illegitimate child can inherit from your biological father. As you know from reading the first blog in this series, an illegitimate child can inherit from his or her natural mother if she includes him or her in her Will and even if she failed to create a valid Will. Under the state’s intestacy laws, an illegitimate child has intestacy rights to inherit from … [Read more...]
Famous Estates – Legacy Champ or Chump?
Jessica Savitch (1947-1983) - Television News Anchor Savitch was a popular local television newscaster at KYW-TV, the former NBC affiliate (now CBS) in Philadelphia, and a Washington correspondent for NBC News. Thanks to her screen presence and attractive style, she was eventually promoted to the news anchor of the weekend NBC Nightly News, and she also anchored Frontline on PBS. Her autobiography, Anchorwoman, was published in 1982. However, her unstable personal life became … [Read more...]
Texas Intestacy Estate Planning for Children Born out of Wedlock: Part 1 of 2
In most states, including Texas, a child born out of wedlock is an illegitimate child. Rightfully, illegitimate children are treated as heirs in some cases. According to Texas law, they can take advantage of many of the state’s intestacy statutes. However, illegitimate children may not be able to receive inheritances under the state’s intestacy laws. Texas law gives illegitimate children or children born out of wedlock the intestate rights to inherit from their natural mothers but not from their … [Read more...]
