What should you do if you have a Last Will and Testament that you wish to change or revoke? One frequent mistake is to simply write the words “Revoked” on the document; however, that may not accomplish what you intend it to – in fact, it may not accomplish anything. Understanding why you should never write on your Will is important. Your Last Will and Testament typically serves as the foundation for a comprehensive estate plan. Like most legal documents, your Will should be reviewed and … [Read more...]
Famous Estates-Champ or Chump? Geraldine Ferraro
Sometimes we must take a step back to thank those who helped us get where we are today. Geraldine A Ferraro is not a particularly well recognized name. Yet, she blazed the trail for famous women in leadership. Ferraro was the first woman to run for vice president in the United States. While she might not have found victory, she took on the weight of being the first. In many ways this is a triumph all its own. Ferraro believed that “some leaders are born women” and she successfully shifted the … [Read more...]
What is a GST Trust?
A Generation-Skipping or “GST” trust can be a good way to keep assets out of the taxable estate of a beneficiary and yet still allow them to be used for the beneficiary’s benefit during life. Read on to learn more about this type of trust and whether it might make sense for you. What is a GST Trust? … [Read more...]
When Does a Living Trust Terminate
Although a Last Will and Testament remains the most common estate planning tool, a living trust is not far behind in terms of popularity. If you find yourself to be the beneficiary of a living trust, you may have a number of questions about how the trust works. For example, you may want to know more about the lifespan of the trust. The Houston living trust lawyers at Mendel Law Firm, L.P. explain when and how a living trust terminates. What Is a Living Trust? The person who creates a trust … [Read more...]
Texas Trivia-What was the population of Houston in 1900?
Roughly 45,000 Houstonians were alive to celebrate the dawn of the year 1900! Comparatively, the population of the largest city in the United States, New York City, already stood at nearly 3.5 million. Little could the citizens of Houston in 1900 have guessed that their quaint Texas town would flourish into the fourth largest city in the nation by 2016. Presently, there are about 2.3 million inhabitants of the city of Houston. Furthermore, there are more than 6.5 million if you include the … [Read more...]
What Is a Living Trust?
What is the purpose of a comprehensive estate plan? An estate plan includes a number of different tools and strategies that all work together to accomplish your various estate goals and objectives. Although every estate plan is unique, one common addition to an estate plan is a living trust. So, what is a living trust? Why should you implement it into your estate plan? Furthermore, how can a living trust benefit your estate planning goals? Read on to learn the answers to these … [Read more...]
How Federal Gift and Estate Taxes Can Derail Your Estate Plans
You worked hard your entire life to provide your loved ones and yourself with financial security. The last thing you want is the government to take any of your estate. Yet, if you do not plan ahead and investigate ways to avoid federal gift and estate taxes, you could face serious consequences. As much as forty percent of your estate and gifts to your friends and family could be lost. But fear not! There are ways to minimize or negate these taxes, including the lifetime exemption, marital … [Read more...]
Planning is Critical
It’s always important to have a plan. This is particularly true in estate planning. Did you know if you die without a Will (intestate), your state law dictates who gets your property and makes decisions for you? Read on to learn more about a heart-breaking story of someone who didn’t plan ahead. The consequences will devastate you. Planning is Critical … [Read more...]
Famous Estates-Champ or Chump? George Foreman
George Foreman, The Come Back King George Foreman is a comeback king for far more than just his boxing. He once told global media organization, Fortune, “Don’t ever stop earning, it’s a curse to think you have enough. There is never enough. George Foreman, Bill Gates—anyone. Money has to be spent. It is not made to be saved.” George Foreman is a retired American professional boxer, two-times World Heavyweight Champion, Olympic gold medalist, ordained minister, author, and entrepreneur. He has … [Read more...]
Remembering D-Day
Today, June 6th 2019, marks the 75th anniversary of the largest amphibious invasion in history known as Operation Neptune. We know this more commonly as D-Day. We would like to take a moment to remember all that was lost for the sake of our freedoms. We do so, that the estimated 160,000 soldiers who fought for our rights on this day do not pass from our memories as time too passes away from us. To all those who have served, thank you. May we never forget that the free soil we walk upon came … [Read more...]
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