We often like to talk about how you can use an estate plan creatively. An estate plan is your way to leave your assets to other people and you can be creative about setting conditions on how those assets are used. This can be a good thing. However, it can be a bad thing and we wanted to take some time to explain that there are limits to the conditions that you set. For example, let's say that you want to leave something to a daughter. You could condition that on a wide-variety of things. You … [Read more...] about There are Limits to Conditions
Texas History – What is the Oldest Public Institution of Higher Learning in the State of Texas?
Funding by the federal government through the Morrill Land Grant Act of 1862 to establish agricultural colleges fostered the Agricultural and Mechanical College of Texas, now Texas A&M University, at College Station. Classes began in 1876. At the same time, the state opened a vocational agricultural school for African Americans at Prairie View (Alta Vista Agricultural College), but the school failed for lack of students. In 1879, the legislature changed the purpose of the school, now Prairie … [Read more...] about Texas History – What is the Oldest Public Institution of Higher Learning in the State of Texas?
Famous Estates – Legacy Champ or Chump?
Peter Cooper (1791-1883) - Industrialist, Inventor, Philanthropist Peter Cooper was an American industrialist who developed a cloth-shearing machine, and he built the first steam locomotive in the United States. In 1812, Cooper purchased a glue factory where he developed new ways to produce glues and cements, gelatin, and other products, and became New York City’s premiere provider to tanners, manufacturers of paints and dry-good merchants. He had served as head of the Public School Society, a … [Read more...] about Famous Estates – Legacy Champ or Chump?
Thought for the Day:
Life's problems wouldn't be called "hurdles" if there wasn't a way to get over them. Author Unknown … [Read more...] about Thought for the Day:
Jim Morrison’s Family Was Left With Nothing
Estate planning is not always as simple as deciding who you want to inherit your property. Sometimes, you also have to consider what will happen to the property if the person you are leaving it to passes away shortly after he or she receives the property. The question is whether you would want those people to have your property. For example, the singer Jim Morrison left behind a short Will that stated that his girlfriend would receive all of his property if she survived him by 90 days. She … [Read more...] about Jim Morrison’s Family Was Left With Nothing
Texas History – What were the “Corduroy Roads”?
During the early days of oil discovery and development in Texas, drilling crews frequently found accessibility to their work hampered by seas of mud around the drilling rigs. According to Houston wildcatter Glenn McCarthy, at times the so-called roads were hip-deep in mud on a man and belly-deep on a horse or mule. When vehicles were so mired, drilling crews would lay logs on the roads to travel on. These were referred to as "corduroy roads." … [Read more...] about Texas History – What were the “Corduroy Roads”?
Disinheriting a Spouse
Cutting a spouse out of an estate is the single most difficult thing to do in an estate plan. Most of the time, there is absolutely no way that it can be done as by law the spouse is entitled to a portion of the estate. It is always interesting then to hear about cases where a spouse is successfully cut entirely out of an estate. The actor Dennis Hopper appears to have accomplished this feat. When he passed away, he was in the process of getting a divorce. Because the divorce had not been … [Read more...] about Disinheriting a Spouse
Texas History – What was the First Big Oil Spike in Texas?
In 1901, Texas drillers hit a tremendous strike at Spindletop near Beaumont. The well brought about the Big Oil era in Texas as wildcatters and major petroleum companies expanded explorations. … [Read more...] about Texas History – What was the First Big Oil Spike in Texas?
Thought for the Day:
Success isn't a result of spontaneous combustion. You must set yourself on fire. Arnold H. Glasow … [Read more...] about Thought for the Day:
You Can’t Leave Property You Are Not Supposed to Own
We have previously discussed that any property that you own can be left to your heirs in your estate plan. However, there are some limits to that basic principle. You cannot make property that is illegal to own part of your estate plan and expect that your heirs can inherit it. A recent case out of Philadelphia illustrates this exception. When coin dealer Israel Switt passed away, his children found 10 gold coins in a safety deposit box. The coins had a long history. They were originally cast … [Read more...] about You Can’t Leave Property You Are Not Supposed to Own
