In terms of land mass, Texas is larger than five (5) contiguous nations in Western Europe, and larger than thirteen (13) contiguous U.S. states. Texas shares a common boundary with four (4) U.S. states (New Mexico, Oklahoma, Arkansas, and Louisiana), and four (4) Mexican states (Temaulipas, Nuevo Leon, Coahuila, and Chihuahua). … [Read more...] about Texas History – How Big It Is!!!
Four Things that do not Belong in a Will
Creating a will is the cornerstone of estate planning – a will names a guardian for minor children, names an executor for an estate and allows you to distribute your property. While wills are certainly critical, they are not the place for all of your estate planning directives. Some of the issues that should not be addressed in a will are: Medical Directives A will is not read until after you pass, so advance medical directives, a set of documents that address medical and power of … [Read more...] about Four Things that do not Belong in a Will
Thought for the Day – Be a Good Friend
Be a presence for good in your community by being friendly, kind, and caring. Greet others with a wave and a cheerful smile. Be thankful for your friends. … [Read more...] about Thought for the Day – Be a Good Friend
Don’t Wait for an Emergency to Create a Will
Robert Porter of Kerville, Texas was trapped in his car for three days recently. The 85-year-old World War II veteran did not think he would survive, so he decided to write his Last Will and Testament — on his car console. Fortunately, Porter was rescued and his car-console Will was never executed. Handwritten or "holographic" Wills are legal, in Texas and other states, even if they are not witnessed. Such Wills must be entirely in the testator's handwriting and signed by him or her. Porter's … [Read more...] about Don’t Wait for an Emergency to Create a Will
Co-Executors Can Mean Trouble
A Texas appeals court recently waded into a sibling rivalry between a brother and sister who were named co-executors of their mother's estate. The brother convinced a trial court to disqualify the sister as "unsuitable" under state probate law. But the court of appeals reversed, noting, "We have found no authority suggesting that family discord alone is enough to determine that a person appointed in a will to serve as executor is unsuitable." Yet family discord is why it was probably … [Read more...] about Co-Executors Can Mean Trouble
Checking Out Charitable Beneficiaries
Charitable bequests are a common part of estate planning. But before you decide to leave money to an organization either be a bequest in your Will or a Charitable Remainder Trust, it's important to do your homework and make sure your favorite "charity" is really a legal charity. The Internal Revenue Service recognizes public charities and private foundations. Your estate can deduct the value of contributions to either type of organization on any federal or state estate tax return that is due. … [Read more...] about Checking Out Charitable Beneficiaries
Seven Estate Planning Tasks for Your IRA
Did you know that your retirement account avoids probate? Since there is a beneficiary form associated with this account, it is considered non-probate property, and will get to your beneficiary more quickly than probate property. Just like your other estate planning documents, your retirement account needs to be properly set up and maintained in order to reap the benefits, and you need to: 1. Make sure you have named a primary beneficiary along with a secondary beneficiary (some forms … [Read more...] about Seven Estate Planning Tasks for Your IRA
DIY Estate Planning Mistakes
If you choose to go it alone in estate planning, you run the risk of making at least one of these estate-planning mistakes: Naming your estate as a beneficiary When it comes to life insurance, qualified retirement plans and annuities, you can name one or more persons to be the recipients of the death benefit. That way you can bypass estate administration and probate court. But many people name their estate as a beneficiary, perhaps thinking that they will sort it all out later and then … [Read more...] about DIY Estate Planning Mistakes
What are Statutory Wills?
When you create a will, you choose who will receive your property, you select someone you trust to act as the "personal representative” or "executor,” and if you have children under 18 years of age, you appoint the person you want to be their legal guardian if you die. Creating a will is the cornerstone of an estate plan, but can this be done using a statutory will? A statutory will is a “fill-in-the-blank” form that is simple to complete, inexpensive to prepare, but very limited in its use. A … [Read more...] about What are Statutory Wills?
Ten Warning Signs of Elder Financial Abuse
According to the National Center on Elder Abuse, elder financial abuse or exploitation impacts over 2,000,000 Americans each year, and it is one of the fastest growing crimes committed against persons age 65 and older. If this abuse continues, this situation will grow significantly as the baby boomers begin reaching their senior years. Seniors, family member and caregivers should be on the lookout for these signs: 1. Sudden changes in a senior’s bank account or banking practices, particularly … [Read more...] about Ten Warning Signs of Elder Financial Abuse
