Decanting a trust is a novel and increasingly popular approach to altering an irrevocable trust. But what exactly does it entail? At Massingill, we pride ourselves on bringing clarity to all kinds of estate matters. We especially enjoy unraveling particularly complex topics like trust decanting. If you want to learn more about decanting a trust, then you’ll want to read...
Continue ReadingOne of the best parts of living in the Lone Star State is its low tax burden. In fact, Texas has the 4th lowest state-local tax burden in the country as of 2022. One major reason for this is that Texas has no state-wide tax on personal income. Texas also doesn’t have a state-wide estate tax. That’ll make many...
Continue ReadingWhen a person dies in Texas, their estate must be settled and distributed among their heirs. An estate is just a fancy word for describing all the things that a person owns, including their cash and investments. When lawyers talk about “probating” an estate, they simply mean settling the estate against any outstanding debts and liabilities. Whether a person...
Continue ReadingDealing with issues related to trusts, trustees, or estate management can get confusing. Maybe you’re not getting the funds you were promised or noticing that the trustee is not acting in your best interest. The whole process can feel unfair, especially if you’re unsure of your rights. If you’re facing fiduciary litigation, you need someone who understands the law...
Continue ReadingIn the Lone Star State, a will is a testament to an individual’s wishes for their assets, loved ones, and legacy. One day, you might find yourself in a situation where you must access a copy of a will. Maybe you’re a beneficiary or an executor. Or perhaps you’re simply a family member seeking clarity. Whatever the case, the...
Continue ReadingThere may come a time when a person loses the ability to communicate his or her health care decisions. Whether the person loses capacity as a result of an accident, disease, or old age, it can be a difficult time for everyone involved. To ease the emotional stress of these types of situations, Texans should consider completing a medical...
Continue ReadingBeing the executor of an estate is a massive responsibility. Executors must satisfy all the legal hurdles of the probate court and ensure that heirs and beneficiaries get the property they are entitled to. Unfortunately, many legal requirements of probating a will can be challenging for executors to satisfy. One of the first legal hurdles is obtaining letters testamentary....
Continue ReadingIt is natural to want to protect your hard-earned assets to ensure you and your loved ones can benefit from them for years to come. One way married couples can protect assets is by creating a spousal lifetime access trust (SLAT). These trusts allow one spouse to set aside assets for the benefit of the other spouse. In this...
Continue ReadingA power of attorney is a legal document that grants decision-making authority to someone (the agent) on behalf of another person (the principal). Depending on the terms of the document, the agent has the ability to access information and accounts and make life-altering decisions for the principal. Unfortunately, there are situations when the agent fails to use their power...
Continue ReadingFew people imagine they’ll ever need a probate attorney. However, the need for adequate representation throughout the probate process becomes obvious right after a loved one passes on. There are many reasons for this. First, probate is a long and complicated process. This fact is especially true now as probate cases have surged since 2020. Second, probate proceedings tend to...
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