Harvey Cox 
I have seen a lot of poorly drafted estate plans. Inexperienced attorneys wrote some of those plans. Financial planners and CPAs even wrote some of them. With the proliferation of wrong information on the internet, I have seen more than a few poorly written do-it-yourself estate plans from forms found on the web. It isn’t … Read more
When you put your children on the deed to your home or any other asset, you become a co-owner of the property with them. The legal effect of co-ownership can bring unintended results. The first unexpected result is creating an IRS tax liability issue for yourself. Putting your home in joint tenancy with your children … Read more
If you don’t have an estate plan, Texas law has one for you. The state’s plan determines who gets your property based on their relationship to you and the type of property you own. Example: Bill and Julia have been married for twenty years. Together they have a son and a daughter. Bill also has … Read more
Many parents with minor children have not acquired substantial assets, so they use life insurance to provide financial security for the children in case one or both parents die. If you name your minor children as beneficiaries and they are minors when you die, the insurance company cannot legally pay the life insurance proceeds directly … Read more
I discourage clients from planning their estates around specific assets. There may be a compelling reason to do it in rare instances, but in most cases, it can result in unintended consequences. Example: John is a widower with three grown children. He wants to treat his children equally. In his will, John divides his assets equally … Read more
In another post, I talked about why a Will is not the best tool to address your concerns for quickly transferring your assets, keeping your estate private, or properly leaving money to minors. A Trust, however, does address these concerns. Here’s how: 1. Asset Management If you have heirs who are minors, leaving their share … Read more
You probably have the same primary concerns I commonly hear expressed by those thinking about their estate plans. 1. Financial Burdens – you want to make sure your assets transfer to your family without unnecessary expense 2. Privacy – You want to make sure your assets transfer to your family without the entire process being made public … Read more