Posted on November 12,2024 in Estate Planning

Dealing with the death of a loved one is never easy. When a parent passes away, that can be especially difficult. In addition to the emotional pain of losing a parent, you may have logistical considerations associated with their passing. From an estate planning perspective, there are certain things you should do when a parent passes away. An attorney who is experienced in elder law can help you navigate this difficult time.

Make Funeral Arrangements 

The first thing to do when a parent passes away is to make funeral arrangements. Depending on the circumstances, there may be a writing or document detailing your parent’s wishes for their funeral and burial, or you may have to make the plan on your own. We recommend looking for such a writing first if you do not already know of its existence.

Depending on the details of the funeral, this may also entail writing an obituary, contacting family members with details about the funeral, and asking them to write remembrances and to be pallbearers, as well as arranging food if there will be a gathering following the funeral.

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 Posted on October 29,2024 in Business Formation

An anticipatory breach of contract occurs when it becomes clear that a party to the contract will not be able or willing to fulfill their contractual obligations and perform the contract. Another legal term for this type of anticipatory breach is "anticipatory repudiation." This is a complex issue that can have significant legal and financial ramifications depending on the facts and your response. Knowing what to look for to determine whether there is an anticipatory breach and what you can do about it is vital, and an attorney experienced in breach of contract Texas law can advise you on this matter. 

When Does Anticipatory Breach Occur?

Anticipatory breach usually happens in one of two situations:

• One party of the agreement communicates to you that they will not perform one of the terms of the contract or that they intend to breach the agreement. 

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 Posted on October 08,2024 in Business Formation

The right commercial property can be crucial to a business’s success. Just as important is ensuring that the terms of the commercial lease protect you and your business. Commercial lease agreements present a host of unique and complex considerations, unlike those of residential leases. Considering the significant expense at stake when leasing commercial property, a knowledgeable Texas commercial lease attorney can assist business owners and entrepreneurs in protecting their interests when signing a commercial lease.

What is a Commercial Lease?

A commercial lease can encompass various property types, from office spaces to warehouses to restaurants and retail storefronts. The terms of a commercial lease agreement will vary widely depending on the type of property and need to be tailored accordingly.

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 Posted on September 20,2024 in Probate Administration

Taxes are a major factor every real estate buyer and owner must consider. Property tax, also known as real estate tax, can be a financial burden on homeowners. For real estate investors, capital gains tax is an important consideration when selling property. Capital gains taxes can take a significant chunk out of the profits an investor makes from a property sale and can impact his or her ability to reinvest.

For this reason, some real estate investors take advantage of a legal loophole called a 1031 like-kind exchange. In this article, we will explore this solution and its time limits. Be sure to consult a Texas real estate attorney for more details or any questions regarding real estate transactions.

What Is a 1031 Like-Kind Exchange?

A 1031 like-kind exchange is an IRS rule that allows investors to defer capital gains tax by reinvesting the profits of a sale in a "like-kind" property. Like-kind does not mean the properties have to be the same. The IRS generally considers real properties to be like-kind, even if one is improved and another unimproved.

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 Posted on September 06,2024 in Business Formation

Small businesses often struggle to handle issues that arise while working within a limited budget. These issues include legal affairs, which smaller companies sometimes overlook. They may think it is an afterthought or may hope any legal concerns come up later when there are more resources.

Larger companies typically can hire a general counsel, also known as a chief legal officer. This is an attorney who serves as the company’s main lawyer and is responsible for the legal aspects of the business. Smaller businesses, however, often cannot afford to hire general counsels. Instead, they may choose to hire a Texas business formation attorney as a limited general counsel for their legal needs.

What Is a Limited General Counsel?

A limited general counsel functions similarly to a general counsel. However, instead of being a full-time employee, the attorney might serve the company on a part-time basis. Sometimes, a limited general counsel will provide services on an ad-hoc basis, meaning he or she will only address issues as they arise. This is usually a more cost-effective option than a general counsel and, therefore, a more attractive one for small businesses.

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 Posted on August 25,2024 in Probate Administration

Probate is a legal process that often follows a person’s passing, but misconceptions surround it. A Texas probate lawyer can help clear up some common myths about probate to help you through this emotional time with confidence.

The Truth About Probate Timing

Many people believe probate always takes years to complete. While this can be true for complex cases, the reality is that the duration of probate varies widely. In many instances, probate proceedings in Texas can be completed much more quickly than people expect. The timeline for probate depends on several key factors:

• The size and complexity of the estate

• Whether there are disputes among beneficiaries

• How quickly the executor completes necessary tasks

• The court’s current caseload

Understanding that probate can often be resolved in a reasonable timeframe may ease your concerns about the process. Each case is unique, and an experienced probate attorney can provide a more accurate estimate based on your specific circumstances.

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 Posted on August 09,2024 in Estate Planning

Death is an inevitable part of life, yet many people avoid discussing it with their loved ones. As difficult as it may be, preparing for your passing with estate planning is one of the most caring acts you can do for your family. You can seek help from a Texas lawyer to understand the steps in ensuring your affairs are in order and preparing your loved ones.

Create a Thorough Estate Plan

An estate plan is the foundation for preparing for your passing. It should include a will or living trust, power of attorney designations, healthcare directives, and beneficiary designations for accounts and policies. These documents ensure your wishes are legally binding and provide clear instructions for your loved ones. Regularly reviewing and updating your estate plan is important, especially after major life events such as marriages, divorces, births, or significant financial changes.

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 Posted on July 25,2024 in Estate Planning

As a Texas resident, you currently enjoy a favorable tax environment when it comes to inheritance. With no state inheritance tax and generous federal estate tax exemptions, you may feel little urgency to engage in extensive estate planning. However, tax laws can change, and it is wise to prepare for potential shifts. A Texas lawyer can help you with strategies to protect assets and ensure a smooth transfer of wealth to the next generation.

Current Estate Tax Situation in Texas

In 2024, Texas will not impose a state inheritance tax. At the federal level, the estate tax exemption stands at $13.61 million per individual or $27.22 million for married couples. These high thresholds mean most individuals in Texas will not need to worry about estate taxes—for now. But savvy planners know that tax laws can shift, and it is better to be prepared.

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 Posted on July 08,2024 in Business Formation

Starting a business is an exciting venture, but you must lay a solid foundation. Creating a comprehensive business formation contract is one of the most important steps in this process. This document serves as the blueprint for your company's structure, operations, and future growth. A Texas lawyer can help you understand which elements you should always include in your business formation contract.

Why You Should Never Start a Business Without a Contract

Launching a business without a proper contract is like building a house without a foundation. A well-drafted business formation contract provides clarity, protects your interests, and helps prevent future disputes. It establishes the rules and expectations for all parties involved, ensuring everyone is on the same page from day one. A solid contract can:

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 Posted on June 25,2024 in Business Formation

When a business contract is breached, the injured party may be entitled to compensatory damages. These damages aim to place the non-breaching party in the position they would have been in had the contract been fulfilled. A Texas lawyer can help you understand the types of compensatory damages available to help protect your interests and make informed decisions when faced with a breach of contract.

Direct Damages

Direct damages, also known as general damages, are the most common form of compensatory damages in Texas contract law. These damages flow directly and naturally from the breach itself. Examples include:

• Loss of expected profits: If a breach prevents a business from earning profits it would have otherwise gained, these lost profits may be recoverable.
• Cost of replacement: When a supplier fails to deliver goods, the buyer may recover the additional cost of obtaining replacement goods from another source.

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