Resources & FAQ
Estate Planning FAQ’s
Estate planning is the process of preparing for the management and distribution of your assets and property after your death. It can help ensure that your wishes are carried out and that your loved ones are taken care of. For Texans, estate planning is especially important due to the state’s unique laws regarding property ownership and inheritance.
An estate plan in Texas typically includes a will, a durable power of attorney, a medical power of attorney, and a directive to physicians (also known as a living will). Depending on your circumstances, you may also want to consider creating a trust or other estate planning tools.
A living trust is a legal arrangement in which you transfer ownership of your assets to a trustee, who manages them on your behalf during your lifetime and distributes them to your beneficiaries after your death. It can offer several benefits over a will in Texas, including privacy, flexibility, and avoidance of probate.
Probate is the court-supervised process of administering a person’s estate after their death. In Texas, it typically involves proving the validity of the will (if there is one), appointing an executor or administrator, identifying and valuing the assets of the estate, paying any debts or taxes owed, and distributing the remaining assets to the beneficiaries.
Texas does not have a state-level estate tax, but certain estates may still be subject to federal estate tax. For 2023, the federal estate tax exemption amount is $12.06 million per person.
A trust protector is a third-party individual or entity who is appointed to oversee and protect the interests of a trust and its beneficiaries. They may have the power to modify or terminate the trust under certain circumstances, or to remove and replace trustees who are not acting in the best interests of the beneficiaries.
When selecting an estate planning attorney in Texas, you should look for someone with experience and expertise in the field, as well as a good reputation and a clear fee structure. It’s also important to choose an attorney with whom you feel comfortable discussing personal and sensitive matters.
Business FAQ’s
In Texas, small business owners can choose from several types of business structures, including sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.
An LLC is a type of business structure that combines the liability protection of a corporation with the tax benefits and flexibility of a partnership. It can be a good choice for small business owners in Texas who want to protect their personal assets and have a simple and flexible business structure.
To register your small business in Texas, you will need to file certain paperwork with the Texas Secretary of State and obtain any necessary licenses and permits. The exact process will depend on the type of business structure you choose.
Small businesses in Texas may be subject to various state and federal taxes, including sales tax, franchise tax, and income tax. It’s important to consult with a tax professional to ensure that you understand your tax obligations and are in compliance with all applicable laws.
Small business owners in Texas can protect their intellectual property through various means, including trademarks, patents, and copyrights. It’s important to consult with an intellectual property attorney to determine the best strategy for your specific situation.
There are many options available for financing a small business in Texas, including traditional bank loans, small business administration (SBA) loans, crowdfunding, and venture capital. It’s important to explore all of your options and choose the one that best fits your needs and goals.
When selecting a small business attorney in Texas, you should look for someone with experience and expertise in business law, as well as a good reputation and a clear fee structure. It’s also important to choose an attorney who is familiar with the specific needs and challenges of small business owners in Texas.
Real Estate FAQ’s
Using an attorney for buying or selling a property can provide several benefits. Attorneys have the legal knowledge and expertise to review contracts, negotiate terms, and ensure that your rights and interests are protected throughout the transaction. They can also provide legal advice on complex issues such as title searches, zoning regulations, and potential liabilities. Having an attorney by your side can give you peace of mind and help you navigate the legal complexities of real estate transactions.
While realtors can provide valuable guidance in the buying or selling process, attorneys bring specialized legal expertise to the table. Attorneys are trained and licensed professionals who are well-versed in real estate law and can provide personalized legal advice tailored to your specific situation. They can offer independent legal representation, ensure compliance with legal requirements, and protect your legal rights and interests throughout the transaction.
Typically, attorneys charge for the services rendered, regardless of whether the deal ultimately closes or falls through. However, it’s important to review the specific terms of your engagement agreement with your attorney to understand their billing practices and policies in case a deal falls through.
Attorney fees can vary depending on the complexity of the transaction, location, and attorney’s billing practices. Some attorneys may charge a flat fee for standard services such as drafting contracts, while others may bill on an hourly basis. Additional charges may apply for services beyond the scope of the original engagement. It’s essential to discuss and clarify the fee structure with your attorney upfront, including any potential charges for additional calls or services.
Attorneys typically rely on local tax records and assessments to estimate the next year’s property taxes. This may include reviewing the current tax bill, researching tax rates and assessment practices in the relevant jurisdiction, and consulting with local tax authorities. However, it’s important to note that property tax calculations can be complex and subject to change, and attorneys may use their professional judgment in estimating the tax amounts.
The duration of a closing can vary depending on various factors, including the complexity of the transaction, the parties involved, and local laws and regulations. On average, a closing may take a few hours to complete. The parties typically present at a closing may include the buyer, seller, their respective attorneys, real estate agents, title company representatives, and a closing agent or notary. It’s best to consult with your attorney to understand the specific process and who will be present during your closing.
After closing, you can contact your attorney for legal questions or concerns related to the transaction. Your lender and realtor may be able to provide general guidance, but for legal matters, it’s advisable to seek advice from your attorney who can provide expert legal counsel tailored to your situation.