Posted on October 30, 2024 in Estate Planning and Probate

People with disabilities may be eligible to receive government assistance like Medicaid, Social Security Disability Insurance (SSDI), and Supplemental Security Income (SSI). However, these programs are means-tested, which means they are only available to those who have limited financial means. If a disabled person has more financial resources, or if his or her family wants to provide additional assistance, it could jeopardize the person’s eligibility for government programs.

A special needs trust is a legal solution that allows people with disabilities to have financial resources while still being eligible for government assistance. This article will discuss how a special needs trust works in Texas, the different types of special needs trusts, and how to contact a Texas estate planning attorney for more details.

How Does a Special Needs Trust Work?

When assets are placed into a special needs trust, they become owned by the entity. Since the beneficiary — in this case, the person with the disability — does not have ownership of the funds, he or she can still qualify to receive assistance like Medicaid and SSI.

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 Posted on October 24, 2024 in Estate Planning and Probate

Estate planning often focuses on making arrangements for after you pass away. Many wills and trusts, for example, allow estate owners to distribute assets to their beneficiaries after death. Other documents, however, are designed to ensure your wishes are carried out during your lifetime. One of those documents is called a living will, also known as an advance directive. A living will contains instructions for your healthcare in the event you become incapacitated and are no longer able to make decisions for yourself.

Living wills should convey your wishes exactly, which is why they are best drafted by an experienced Texas estate planning attorney. Consider discussing with your lawyer the following five things to include in your living will.

Your Preferences for End-of-Life Care

A living will should address the possibility that you might contract a terminal illness. Include your preferences for end-of-life care such as pain management and palliative treatments. You may, for example, want to consider specifying whether you wish to receive hospice care at home or in a facility, or whether you want aggressive or more balanced pain relief.

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 Posted on October 15, 2024 in Business Law

Contracts are the backbone of a business. They set expectations, define relationships, and provide protection for people and business assets. If a contract is breached, it can cause severe damage to an enterprise. Small businesses in particular are vulnerable to breaches of contract, whether by employees, vendors, partners, or clients. They are often hardest hit by losses of revenue and operational damage resulting from a breach of contract. That is why small businesses should make sure to retain an experienced Texas commercial litigation attorney who will help repair the damage caused when an agreement is violated.

What Are the Most Common Causes of Breach of Contract?

The first step to avoiding a situation where a contract is breached is to understand the most common causes for violations of business agreements. These include:

• Failure to perform: People and companies who are contractually obligated to perform certain tasks do not always do so or do not do so according to the contract terms. An employee who sleeps on the job, for example, can be considered in breach of contract. The same can be said of a contractor who oversees a sloppy renovation.

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 Posted on October 09, 2024 in Real Estate

Real estate owners who want to sell their properties can do so in one of two ways: through a realtor or on their own. The latter option is referred to as a "for sale by owner" (FSBO) transaction. Some sellers choose it because it allows them to cut costs by avoiding the realtor’s fee. However, as we will see below, FSBO sales come with certain legal pitfalls. These can be avoided by hiring a Texas FSBO real estate attorney who will help manage these risks and protect your interests throughout the transaction.

Here are five legal challenges FSBO sellers face.

Errors in Drafting the Purchase Agreement

The purchase agreement between the buyer and seller is the beating heart of the transaction. When the sale is facilitated by a realtor, he or she produces the purchase agreement. In an FSBO sale, however, the responsibility falls to the owner. Drafting the contract by yourself is a risky task because any errors you make can lead to legal trouble down the line. A real estate lawyer is the best resource for drafting a strong FSBO purchase agreement.

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 Posted on September 30, 2024 in Business Law

Large corporations often hire chief legal officers, also known as general counsels, to manage the legal aspects of their business. The job of a general counsel is to serve the needs of the company, from reviewing contracts to litigation. It is a full-time job that usually comes with a six-figure salary, which is why general counsels are most often found in Fortune 1000 corporations or businesses with large operations.

For smaller companies, however, a general counsel is usually not in the budget. That is why small and medium businesses, such as car dealerships, opt to hire limited general counsels. A limited general counsel is a great way to stay within budget while making sure the dealership has the legal service and protection it needs. Not all attorneys are equipped to serve as limited general counsel, however, so speak with a Texas business law attorney who can fill that role.

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 Posted on September 20, 2024 in Real Estate

Owning a home can be a great investment in the right circumstances. In some cases, however, it can be a financial burden. This is especially true in economic downturns and recessions like the one in 2008. When real estate markets are adversely affected, the value of property drops. When that happens, homeowners may choose to exercise an option called a strategic default.

A strategic default is a bold course of action that has extreme advantages and disadvantages, both of which this article will explore. Be sure to consult a Texas real estate attorney for more details or questions about strategic defaults.

What Is a Strategic Default?

A strategic default is when a homeowner stops making mortgage payments and relinquishes the home to the bank. It is colloquially referred to as "jingle mail" because it is as if the owner is mailing the bank the house keys.

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 Posted on September 17, 2024 in Real Estate

A homeowner who recently sold a Miami mansion for $79 million is suing the realtor for failing to disclose that the buyer was billionaire Jeff Bezos. The owner had originally listed the price at $85 million and said he would not have slashed $6 million off the asking price had he known that the Amazon founder was writing the check.

It is common for billionaires, politicians, and celebrities to use trusts and other legal tools to maintain privacy when purchasing real estate. But is it legal to hide this information from the seller? Can a property owner in Texas take legal action if the identity of the buyer is not disclosed?

This article will explore the answers to those questions, as well as how to contact a Texas real estate attorney for more details.

What Are the Responsibilities of a Realtor?

To understand whether a realtor must disclose the identity of the buyer, it is important to first understand the responsibilities of a real estate agent. They are regulated by the Texas Real Estate License Act and enforced by the Texas Real Estate Commission.

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 Posted on September 09, 2024 in Real Estate

Real estate transactions typically involve a lot of paperwork, time, and attention to detail. This can be cumbersome for the parties involved, especially if they are unable to be present. A buyer, for example, may be trying to purchase an estate overseas, or a seller may be involved in multiple real estate transactions at the same time.

In such cases, it is relatively common for either party to use a power of attorney. This means that the buyer or seller authorizes someone else — called an "agent" — to act on his or her behalf. This might allow the agent to make decisions and sign papers for the party, referred to as the "principal."

However, there are several types of power of attorney, and not all of them may be appropriate to use in a real estate transaction. The best way to determine which power of attorney you should use is to consult a Texas estate planning lawyer who can advise you. In this article, we will explore each kind of power of attorney so you can get a preliminary understanding of which might be the best fit.

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 Posted on August 29, 2024 in Estate Planning and Probate

If you have never thought much about estate planning, you are not alone. Many people put off creating an estate plan because they believe it is something only the wealthy need or that it can wait until later in life. However, an estate plan is important for everyone, regardless of the size of their assets. 

An estate plan is a set of legal documents that give very specific details about how your belongings will be distributed after you pass away and who will make decisions for you if you cannot. For first-time planners, the process might seem overwhelming, but an experienced Texas estate planning attorney can guide you through each step, ensuring that your plan reflects your wishes and provides security for your loved ones. 

What Does a Typical Estate Plan Include?

For people with uncomplicated estates, especially those in the upper middle class, a typical estate plan includes several important documents:

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 Posted on August 22, 2024 in Business Law

Starting a car dealership in Texas is an exciting venture, but choosing the right business structure is vital for your long-term success. This decision affects your taxes, liability, and daily operations. A Texas business lawyer can help you understand the main options and help you make an informed choice.

Potential Business Structure Options

The most common business structures for car dealerships in Texas are:

• Sole Proprietorship: While easy to set up, advisors generally discourage the use of a sole proprietorship for businesses with significant liabilities, such as a car dealership, because it lacks personal liability protection.

• Partnership: General partnerships, like sole proprietorships, offer no personal liability protection, meaning partners’ personal assets can be at risk. Limited partnerships provide liability protection to limited partners but not to general partners, who remain fully liable.

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