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 ReadingBeing a business owner is a great experience. The pride of watching a company grow is second to none, and being a part of that process is amazing. But sometimes, even the strongest businesses can run into problems. What happens when you are not the controlling owner of a company? Do you have any rights, or are you at...
Continue ReadingAccording to the Centers for Disease Control and Prevention (CDC) National Center for Health Statistics, marriage rates throughout the United States have steadily declined since the 1980s. However, that doesn’t mean there are fewer people in committed relationships. In fact, studies show that the number of Americans living with an unmarried partner is growing, indicating the public’s shift on perceptions of marriage. That...
Continue ReadingA crucial step in the administration of someone’s estate after the individual passes away is determining the value of an estate. After all, you cannot fairly divide and distribute the estate’s assets to your descendants if you do not know what the estate is worth. Navigating the complexities of estate distribution and calculating the estate valuation of personal property,...
Continue ReadingWhen someone fails to comply with the terms of a contract, you may have grounds to file a breach of contract claim. These types of lawsuits are common in business litigation. There are four elements of a breach of contract claim: a valid contract, performance, breach, and damages. In this blog, we define each element of breach of contract...
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 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, we are dedicated to helping clients protect their legacy and give their family peace of mind. Contact us today for...
Continue ReadingSelling a business can be an exciting yet bittersweet experience. After years of hard work and dedication, selling represents an opportunity to cash in and move on. It can also symbolize stepping away from something you love and starting a new chapter in your life. Beyond the emotional aspects, selling a business is also a demanding task in and...
Continue ReadingSetting up a living trust is often a highly efficient method of maintaining control over your assets while preparing to pass them on to descendants. However, you must take steps to prepare your assets for the trust. Transferring ownership of your property to your trust is one such step. Ensuring that a trust officially owns all the assets you...
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. If you have questions, please contact the Austin estate planning attorneys at Massingill today online or call us at 512-601-6741...
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