If you own real property outside of your state of residence when you die, you will have to conduct an ancillary probate in that state to transfer title to the property to your beneficiaries.  In some states, like Texas, ancillary…

As we wait to see if Congress can pass a tax bill, we now know that estate taxes for the very wealthy will not be repealed immediately or at all.  The House bill that was passed yesterday bumps the lifetime exemption…

Proposed Valuation Discount Regulations Under Section 2704

This week the Treasury pulled proposed regulations under Code Section 2704 that would have virtually eliminated valuation discounts for family limited partnerships. https://www.journalofaccountancy.com/news/2017/oct/treasury-will-pull-sec-2704-and-other-burdensome-rules-201717601.html

This was not surprise, as a prior blog post…

A recent Tax Court case, Estate of Minnie Lynn Sower, http://www.ustaxcourt.gov/UstcInOp/OpinionViewer.aspx?ID=11392, illustrates that, even though there is no estate due and a 706 return is filed to claim a deceased spouse’s unused exemption amount (“DSUE”) to preserve portability, care must…

Texas has one of the most expansive homestead laws in the country.    Homestead designation protects the homeowner from creditors claims, other than certain taxes and loans secured with the homestead. This blog post will cover the types of Texas…

The probate question I get asked the most often is whether a client should use a living trust to avoid probate.  In many states the answer is an unqualified “yes.”  In Texas, the answer is “it depends, but probably not.”…

Asset protection planning is complicated.  While estate and trust law changes very slowly, debt/creditor law can be quite dynamic in comparison.  Good planning needs to take the long term perspective, and avoid a cookie cutter appearance.

Based on my experience,…