FAQS
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September 16, 2022
What is a Trust?
A trust is an arrangement that is legally recognized. A trust is not a contract. It’s not an entity. It’s an arrangement with three different roles. You have the grantor, trustor, or settlor, who creates the trust. Then, you have the trustee, who manages the trust. Next, there’s the beneficiary of the trust, who benefits …
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September 16, 2022
What is probate?
Probate is the legal process of wrapping up an estate. It is getting the court to authorize someone to serve as the executor, paying any remaining bills, liquidating the estate, and distributing assets or proceeds to beneficiaries. If there is a will, it’s getting the court to acknowledge that the will is valid, to acknowledge …
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September 16, 2022
The Probate Process In The State Of Texas
Assuming there’s a will, we would file the original will with the court, along with an application to probate the will, and appoint our client as the executor. We would prepare an oath for that client whereby they would swear that they’re going to fulfill the terms of the will and they will sign that …
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September 16, 2022
The Role of an Attorney in the Probate Process in Texas
The Role of an Attorney in the Probate Process in Texas The attorney prepares the application and the initial pleadings. Additionally, the attorney prepares all the motions and documents that the court requires. We typically provide the notices to creditors and to beneficiaries. An attorney’s job is to make the client’s life as smooth and …
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September 16, 2022
What About Medicaid In The State of Texas?
If qualifying for Medicaid and asset preservation are a concern, we can help the client prepare. Medicaid, unlike some other government programs, is not an entitlement program; if you receive benefits, the State of Texas wants to be reimbursed upon your passing. There are also income and asset requirements to qualify. The income threshold to …
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September 16, 2022
What is a Transfer on Death Deed and how can it benefit me?
What is a Transfer on Death Deed? A Transfer on Death Deed is a tool that allows you own and control real property during your lifetime and then pass your real property to beneficiaries after your death without having to probate your estate. A Transfer on Death Deed needs at least one beneficiary but can …
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September 16, 2022
How do you make an estate plan when you have a blended family?
Estate planning for a blended family There are many ways to estate plan for a blended family and below are four of the most typical ways to address estate planning for a blended family: Reciprocal wills: Each spouse makes a will to provide for the surviving spouse and then the children/step-children. This is the simplest …
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September 16, 2022
What is the difference between a Living Trust and a Testamentary Trust?
A Living Trust is a trust created and funded during the Trustor’s (sometimes called Grantor or Settlor) lifetime which is typically for the benefit of the Trustor during Trustor’s lifetime and then provides for other beneficiaries after the death of the Trustor. The primary purpose of a Living Trust is usually to avoid the probate …
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September 15, 2022
What are the benefits of a LLC?
LLCs offers benefits such as limited liability, tax benefits, legitimacy in business dealings, creating a structure for operations, and remaining personally anonymous. A LLC is an entity having its own legal rights and obligations, of which the owners are not. This allows for compartmentalizing liability and asset protection which is one of the main and …
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September 15, 2022
Should I have a Series LLC for my rental properties?
Some people may ask what is a Series LLC and why would I need one? The Series LLC concept was created by the Texas Legislature and is in Chapter 101 of the Texas Business Organizations Code as a form of LLC. A LLC allows for the limiting or compartmentalizing of liability to protect other assets. …
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