CONSULTATION |
Did you know that the Traub Law Office offers a free initial consultation?
Part of my dedication to my clients is ensuring that there is a good fit between you and I. The purpose of the free initial consultation is for you to tell your story, learn about me, and then we can decide whether we would work well together. There is no obligation on your part, so why not schedule an initial legal consultation today? |
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JOKE |
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You can't serve beer (or any alcoholic beverage) to a moose in Alaska.
The Encyclopedia Britannica was banned in Texas because it disclosed the formula for making beer.
It's against the law in North Dakota to serve beer with pretzels at any restaurant, bar, or club.
Missouri legislators enacted a strict law that listed all the ingredients that can be used to brew beer. Don't worry about the beer being watered down- they forgot to include water as an ingredient.
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NEWS |
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Avoiding Family Feuds
What good is an estate plan if it leaves your children locked in a court battle? When families make plans but fail to discuss them, the passing of a parent or other family member forces potentially divisive issues into the open. Too often, litigation is the result.
Money matters can be sensitive, but it is essential to explain to your children or other beneficiaries why you made the plans you did, and what they mean in terms of your relationship. In extreme cases of unequal distribution, one child may feel left out or wronged, unless they have been told ahead of time why this is happening. The consequence of this lack of communication can be personal and legal clashes erupting upon the reading of a will or trust documents, tearing your family apart just when they need each other most.
There are many ways to handle this type of discussion. Ask us how we have seen past clients approach the subject, or we can hold a family meeting in our office. These conversations are not the easiest to have, but the rewards of knowing your family relations will remain harmonious after you are gone is well worth bringing your family together.
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TIPS |
 Five Estate Planning Tips
(From Inside Story Official Real Estate Manual)
1. Name and trust as the beneficiary of your qualified plan or IRA.
By naming a trust, designed to comply with certain IRS regulations, as the beneficiary of your retirement plan accounts, the trust beneficiaries generally can stretch out distributions over a beneficiary's lifetime. Your survivors can thus obtain the advantages of tax-deferred growth while securing the benefits of holding assets in trust.
2. Create a Generation-Skipping or Dynasty Trust.
The estate tax tends to erode wealth at each succeeding generation. By placing highly appreciating assets in a rust designed to provide for the security of your children while avoiding the estate tax in one or more generations, you can leave a legacy of trustee-managed wealth for your family that will last long in to the future.
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Execute and fund a revocable trust as the foundation of your estate plan.
After your death, the revocable trust can protect the trust assets from a beneficiary's creditors, divorce judgments and other lawsuits and provide prudent management of assets for young children and grandchildren. It can address "blended" family situations, allowing you to addresss the needs of your spouse and those of children from a prior marriage, reduce estate taxes for married couples on their combined estates and avoid probate court involvement in the settlement of the estate. Remember, property that passes by will is always probated.
4. Don't forget to plan for incapacity.
Have a Durable Power of Attorney and a Patient Advocate Designation in place in case you are incapacitated through injury, sickness or old age. If you don't plan ahead in this respect, the Probate Court will need to appoint someone to manage your affairs and make health-care decisions for you, resulting in critical delay, additional expense and inconvenience for family members during an often stressful time.
5. Don't procrastinate.
Many of the techniques designed to reduce estate taxes work to your advantage over time. In face, the IRS often scrutinizes estate-reduction techniques when done shortly before death. Interest rates will inevitably rise over time, thereby reducing the effectiveness of certain estate planning tools.
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LEGAL SERVICES |
Why plan your estate? Here are some of the benefits:
- Establish guardianship for your minor or incapacitated children
- Establish trusts for minor children to prevent them from getting everything at once
- Establish trusts for minor children so they won't get everything at age 18
- Establish trusts for incapacitated adults to protect them from themselves
- Establish who can make medical decisions for you if you become incapacitated
- Establish who can pay your bills if you become incapacitated
- Specify what actions doctors should take if you are incapacitated and have an irreversible condition
- Leave property to charities and organizations
- Leave property to people who are not related to you
- Make sure property does not got to people you don't want it to go to
- Leave property to people or organizations you choose, rather than the State of Texas
- Reduce or eliminate Federal Estate Taxes
Here are some of the services I offer:
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RESOURCES |
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