According to the Texas Probate Code, adopted children have inheritance rights when their parents die intestate. An intestate parent is one who dies without a valid will. An adopted child has the same intestacy rights of inheritance as a natural or biological child. The Texas Probate Code sets forth the rules of succession to determine which heirs are entitled to receive an inheritance when a Texas resident dies without a valid will. Pursuant to the Texas Probate Code, an adopted child has a … [Read more...] about Adopted Children and the Texas Probate Code
The Texas Probate Code and Stepchildren
According to the Texas Probate Code, stepchildren have few rights to inherit from their stepparents if they die without valid wills. A person who dies without a will is an intestate. An intestate’s heirs have a right of succession as determined by the Texas Probate Code. A stepchild does not have a right to either of his stepparent’s intestate property under the Texas Probate Code because the state does not consider him a legal relative. This is true even when a stepparent has a very close … [Read more...] about The Texas Probate Code and Stepchildren
The Texas Probate Code and After-Born Children and Half-Blood Children
According to the Texas Probate Code, half-blood children have half the rights to an inheritance than children of the whole-blood. A half-blood child shares only one natural parent as the rest of his siblings. Thus, when a decedent dies intestate leaving a half-blood sibling and whole-blood sibling, the surviving whole-blood sibling has a full intestacy right to his estate as predetermined by the Texas Probate Code. However, his half-blood sibling only has a right to half that right. An … [Read more...] about The Texas Probate Code and After-Born Children and Half-Blood Children
Your Federal Income Tax Duties as a Personal Representative: Part 3 of 3
As you know from the previous blog, a personal representative may also be responsible for filing a decedent’s final individual income tax return or Internal Revenue Service (IRS) Form 1040. You will also have to make sure you file an IRS Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return. As the personal representative appointed to administer an estate, you must also file a federal income tax return on the estate’s behalf. The estate’s gross income includes everything … [Read more...] about Your Federal Income Tax Duties as a Personal Representative: Part 3 of 3
Your Federal Income Tax Duties as a Personal Representative: Part 2 of 3
Continuing our discussion of a personal representative’s federal income tax responsibilities on behalf of the estate, we will discuss what these responsibilities entail. As a personal representative, you will have to make sure you file all tax documents and forms in a timely fashion and pay any tax liabilities. You may also be responsible for filing individual income tax returns or the decedent’s final income tax return. You will have to comply with the strict deadlines imposed by IRS or request … [Read more...] about Your Federal Income Tax Duties as a Personal Representative: Part 2 of 3
Your Federal Income Tax Duties as a Personal Representative: Part 1 of 3
According to the Internal Revenue Service (IRS), a personal representative of an estate includes an administrator or executor appointed by a probate court or appointed by will to administer the decedent’s estate and distribute the property and assets within his estate. The personal representative also has specific federal and state tax liabilities and is responsible for paying creditors before distributing most of the estate’s assets. This three-part blog series covers a personal … [Read more...] about Your Federal Income Tax Duties as a Personal Representative: Part 1 of 3
Elderly Residents Warned of Living Trust Scams: Part 3 of 3
Elderly residents should be wary of high-pressure tactics from overbearing salespeople who pressure them into giving them your financial information. Be wary of con artists throwing around probate law terms like “executors.” You should always be suspicious of claims from scam companies promising that you can significantly reduce your estate taxes by creating living trusts. A written will can also help you reduce your taxes and are often less expensive to create. Promises that a living trust will … [Read more...] about Elderly Residents Warned of Living Trust Scams: Part 3 of 3
Elderly Residents Warned of Living Trust Scams: Part 2 of 3
As discussed in the last blog, the Texas Attorney General and Texas Bar brought living trust scams to our attention. Living trust scam artists purporting to sell living trust kits or documents prey upon elderly consumers’ fears. Unfortunately, these kits are often worthless and can cost thousands of dollars. Other living trust scam businesses sell living trust products in an effort to obtain a consumer’s private financial information. Deceptive living trust salespeople may visit you at home or … [Read more...] about Elderly Residents Warned of Living Trust Scams: Part 2 of 3
Elderly Residents Warned of Living Trust Scams: Part 1 of 3
Beware of living trust scams targeting elderly residents across the nation. A living trust is a written legal instrument allowing you to place your assets into trust for the benefit of your beneficiaries. A trustee manages the living trust on your behalf. The written instrument earns its name from the fact that you create a living trust while you are still living. A living trust may be irrevocable or revocable. You may not alter or revoke an irrevocable living trust document, unlike a revocable … [Read more...] about Elderly Residents Warned of Living Trust Scams: Part 1 of 3
Estate Planning: About Healthcare Directives
A health care directive is an instructional document providing your primary care physician, your family and anyone else you list the information necessary should you become incapacitated. This document outlines what you do want to happen medically, as well as what do you do not want to happen. This differs from a medical power of attorney that appoints an individual to speak on your behalf, as well as make medical decisions for you, should you become incapacitated. This instructional document … [Read more...] about Estate Planning: About Healthcare Directives
