Continuing the discussion of the important of creating a valid will before you die, especially for unmarried partners, we will discuss the special laws in Texas allowing for common law marriages. As one of a minority number of states that recognizes the validity of common law marriages, Texas courts will uphold the validity of a common law marriage that complies with state law. Texas law requires you to be able to adequately prove the existence of a validly created common law marriage in order … [Read more...] about The Case for Drafting a Will: Stieg Larsson’s Estate (Part 3 of 3)
The Case for Drafting a Will: Stieg Larsson’s Estate (Part 2 of 3)
Continuing the three-part blog series covering the death of best-selling Swedish author, Stieg Larsson, we’ll further discuss the importance of drafting a will, especially for those in long-term marriages. As the story of the aftermath of Stieg Larsson’s death demonstrates, creating a written will is extremely important. Since his death, his long-term girlfriend, Eva Gabrielsson, filed a lawsuit asserting a moral right to his estate. Offered over $2 million to settle her lawsuit, Gabrielsson … [Read more...] about The Case for Drafting a Will: Stieg Larsson’s Estate (Part 2 of 3)
The Case for Drafting a Will: Stieg Larsson’s Estate (Part 1 of 3)
In most states, including Texas, failure to draft a will, or failure to draft a valid will, leads to an estate passing to a decedent’s relatives under the Texas intestacy statutes. This means that if you die without a valid will, some of your loved ones may not be able to inherit anything. For unmarried partners, without a will, they are most likely unable to inherit anything from their unmarried decedents. In 2004, famous Swedish journalist and crime writer, Stieg Larsson, passed away. After … [Read more...] about The Case for Drafting a Will: Stieg Larsson’s Estate (Part 1 of 3)
SSDI Survivors’ Benefits
Unlike children of parents who received disability benefits through the Supplemental Security Income (SSI) program, children of Social Security Disability Insurance (SSDI) benefits’ recipients may be able to receive survivors’ benefits. Although the U.S. Social Security Administration administers both programs, the SSDI program allows some surviving family members to receive survivors’ benefits. According to federal law, the Social Security Administration may pay SSDI benefits to dependent … [Read more...] about SSDI Survivors’ Benefits
Frozen Embryos and Legal Uncertainty for Inheritance Rights of Posthumously Conceived Children
State laws vary regarding posthumously conceived or pretermitted children. Many states refer to these children as after-born children or unintentionally omitted children. A pretermitted or posthumously conceived child is one that was born after a parent drafted their Will. In many states, these children receive the same inheritance rights as their siblings born after their parents drafted their Wills. Technically speaking, a posthumously conceived child typically refers to those children … [Read more...] about Frozen Embryos and Legal Uncertainty for Inheritance Rights of Posthumously Conceived Children
The IRS and Foreign Gifts
The Internal Revenue Service (IRS) does not require you to declare your gifts or inheritances that you received during the tax year on your Federal income tax returns unless you fall within a few exceptions. In most cases, as the recipient of a gift or inheritance, you do not have to pay income taxes on those gifts. Instead, the donor of the gift pays income taxes if his gift exceeds the annual threshold. For the 2011 tax year, the annual gift limit is $13,000 per recipient. Thus, a donor does … [Read more...] about The IRS and Foreign Gifts
Estranged Father of Texan Inmate Posthumously Exonerated Stakes a Claim to Large Inheritance
In 2010, Texas made news headlines for making its first posthumous exoneration of an inmate wrongfully imprisoned. In 1985, Tim Cole was convicted of raping a fellow classmate at Texas Tech University while he was attending as an Army veteran. Cole maintained his innocence for the next 14 years. In 1999, he died in prison from asthma complications at the young age of 39. In 2008, a DNA test cleared Cole of the 1985 rape. Two years later, Texas Governor Rick Perry posthumously officially … [Read more...] about Estranged Father of Texan Inmate Posthumously Exonerated Stakes a Claim to Large Inheritance
Make 2012 A Gift Giving Year
Accountants and tax attorneys know some of the best ways to reduce your tax liabilities while you are still living. However, estate planning attorneys may help you simultaneously reduce your tax liabilities while you are still living and after your death. According to the federal Internal Revenue Code, the Internal Revenue Service allows you to make gifts of up to $13,000 without having you pay taxes on those gifts. Furthermore, your recipients will not have to pay federal income taxes on the … [Read more...] about Make 2012 A Gift Giving Year
Does a Power of Attorney Get Paid?
A power of attorney is a legal document that creates a special kind of relationship between you and someone else, called a principal-agent relationship. Through your power of attorney you grant someone—your agent—specific legal authorities to act on your behalf. This person's role can be as limited or as broad as you decide, but you should always carefully consider the issue of payment before you choose to appoint an agent, also known as an attorney-in-fact. There is no legal requirement that … [Read more...] about Does a Power of Attorney Get Paid?
Divorce and Estate Planning for Texans: Part 3 of 3
Another important consideration with life insurance beneficiary designations concerns spouses are not required to carry life insurance policies as part of their divorce settlement agreements but fail to substitute beneficiaries. For example, imagine Husband and Wife divorce in 2010. Following the divorce, Husband forgets to name a different beneficiary in his life insurance policy. Under Texas law, if Husband forgets to change his life insurance beneficiary designation, his former wife probably … [Read more...] about Divorce and Estate Planning for Texans: Part 3 of 3
