One 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 2019. 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 ReadingNot all states recognize handwritten wills—also known as holographic wills—as valid. Every state has its own rules, so a will can be valid in one place but not another. Handwritten wills in Texas are not only valid but just as effective as a typed will. That being said, a handwritten will is not the most reliable way to transfer...
Continue ReadingWhen someone passes away, the executor is in charge of handling the decedent’s estate. From finding assets to paying taxes to distributing real estate, the executor has a lot to do. Let’s walk through the different responsibilities of an executor of an estate. What Is an Executor of a Will? An executor, sometimes called an administrator or personal representative,...
Continue ReadingA last will and testament is a foundational estate planning document. In a will, you can lay out how you want your assets distributed upon your death. You also name an executor who will oversee your estate. While this concept is straightforward in principle, there are many factors to consider when drafting a will. Most importantly, you need to...
Continue ReadingOne of the most important decisions to make when estate planning is deciding who will inherit your assets. Your last will and testament will include these decisions in the form of bequests. So what does bequest mean in a will? Generally speaking, a bequest is how you instruct who gets what when you die. There are many different kinds...
Continue ReadingEstate planning for business owners is one of the most important but overlooked parts of setting up a business. Often, folks wait until it’s too late to have conversations about their wishes for their small business after they pass on. When setting up your business, estate planning for small business owners can be an essential component of preparing for...
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 ReadingIn many cases, this is what happens if you die without a will in Texas: complications and conflicts. Even more disturbing is that the state ends up determining what happens to your estate rather than you. When you have no will in Texas, you provide no definitive legal assurance regarding what your wishes are, and you give your loved...
Continue ReadingWhen planning a will, many people assume that filling out a single document or form is enough to divide their property appropriately upon death. Unfortunately, this often results in unforeseen problems, such as beneficiaries contesting the will. At Massingill Attorneys & Counselors at Law, we are dedicated to helping clients protect their legacy and give their family peace of...
Continue ReadingWhen a person passes away or becomes incapacitated, there are issues regarding probate, finances, inheritance, and much more. Making sure that you leave your estate situated to carry out your wishes means that you must first hire an estate planning attorney. A Texas estate planning lawyer is able to explain the ins and outs of estate planning, hear your...
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