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Where the Estate Tax Stands

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Many people were relieved that Congress and President Obama were able to reach a last minute deal to avoid the so-called "Fiscal Cliff." However, there was also some trepidation about what the deal would include. As it turns out the deal, passed into law as the American Taxpayer Relief Act, contains some things that people are pleased with and others that most people are not. This is certainly the case for the portions of the deal that involve the estate and gift taxes. To get the bad news … [Read more...] about Where the Estate Tax Stands

Divorce and Previously Drafted Wills in Texas

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As a domicile of Texas, you may be able to rely on the state’s probate laws to a limited extent should you divorce. Almost all estate planning lawyers will recommend periodic reviews of estate planning documents. Your estate planning attorney will most likely ask you to review your estate plan during or after important life-changing events. One of these events is divorce. At least one time after your divorce, you should sit down with your estate planning attorney to review your estate plan. … [Read more...] about Divorce and Previously Drafted Wills in Texas

Texas History – Do You Know Who Designed the “Lone Star” flag of Texas?

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Johanna Troutman is given official credit for designing the "Lone Star" flag of Texas, although there were several flags bearing the lone star used in various Texas battles. Mrs. Troutman, however, is referred to as the Betsy Ross of Texas. The Lone Star flag was approved in 1839. … [Read more...] about Texas History – Do You Know Who Designed the “Lone Star” flag of Texas?

Hefner’s Prenuptial Agreement

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Many people are hesitant to get prenuptial agreements. They think of them in terms of potential divorces and no one wants to think about getting divorced when they are about to get married. However, prenuptial agreements can serve a different purpose. They can also be a very important part of an estate plan. When Hugh Hefner recently got married for the third time, he made sure to get a prenuptial agreement. Hefner is undoubtedly far wealthier than his new wife and he has children from previous … [Read more...] about Hefner’s Prenuptial Agreement

Unequal Distributions and Your Children

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All parents know that not all of their children are the same. Some children just need more care and support than other children. Most parents do not try to treat their children the same. Instead, parents try to treat their children equitably. When it comes to estate planning, this often means that one child receives a larger share of the estate than another child. This can create problems between the children if the parents do not handle the situation appropriately. In some cases, it is easy to … [Read more...] about Unequal Distributions and Your Children

Texas History – How Many Counties Were in the Republic of Texas In 1836?

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Twenty-three (23). In October 1836, the Texas Congress created twenty-three (23) counties based on the municipalities in existence at the time of Texas independence. As the population increased, the Republic of Texas Congress created new counties in order for the people to be better served. During the next few years, the Texas Congress divided counties with large land areas to place a county seat closer to existing communities. By 1845, Texas had a total of thirty-six (36) counties.1 Today there … [Read more...] about Texas History – How Many Counties Were in the Republic of Texas In 1836?

Famous Estates – Legacy Champ or Chump?

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Sam Walton (1918-1992) - Businessman & Entrepreneur Sam Walton was the founder of the Wal-Mart and Sam’s Cub retail chains which are located throughout the United States, Mexico, Canada, Argentina, Brazil, South Korea, China, and Puerto Rico. Walton’s management style was popular with employees and some of his basic management concepts are still in use today. After taking the company public in 1970, Walton introduced his "profit-sharing plan," which was a plan for Wal-Mart employees to … [Read more...] about Famous Estates – Legacy Champ or Chump?

A Surprising Will

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It has been said before, but it bears repeating: You do not do your families any favor if they are surprised by the details of your estate plan after you pass away. It quite often leads to problems between family members. The high-profile example of this comes from  Nigeria. Leader, Dim Emeka Odumego-Ojukwu passed away and his Will was read aloud. He left most of his property to his wife, Bianca, who is the Nigerian ambassador to Spain. That might not seem all that surprising to most people, … [Read more...] about A Surprising Will