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As if losing a loved one is not hard enough, will and trust lawyers around the country have been seeing an increase in identity theft of those who have passed away. This creates considerable difficulties to the surviving family and really does add insult to injury. In order to protect your loved one’s name, take this advice; and if you suspect there has been an identity theft, you may want to reach out to a trust lawyer in Houston. The practice of unscrupulous people using a deceased’s identity is called “ghosting,” and about 2.5 million deceased Americans’ information is being used every year. During the time shortly after death, criminals are able to use social security numbers and other information to apply for loans and credit cards, along with a variety of other misdeeds. Some even file tax returns for those who have passed away and then receive the refund! Trust lawyers in Houston are advising family members on ways to protect the information of their deceased loved ones. Most of the criminal activity takes place within the first six months while different systems, institutions, and government entities are registering the death. You can help speed up this process and also limit thieves access to information in several ways: · Call the Social Security Administration to report the death. · Send copies of the death certificate (via certified mail with a return receipt) to all three of the credit-reporting bureaus, asking them to placed a “deceased alert” in the credit report. · Send death certificates to any place the deceased may have had an account (bank, mortgage company, credit card providers, etc.) Again, have them list the individual as deceased. · Cancel their driver’s license. Many of the identity thieves get their information by looking through obituaries and gathering enough data to find the individual’s social security number. To limit this, make sure the obituary does not contain the kind of information that would make this easier, such as a birth date or mother’s maiden name. Following Up A few weeks after taking care of these tasks, you will want to order copies of the deceased’s credit report to look for any activity. Do this again a few months later to ensure that things are still staying quiet. Trust lawyers in Houston do advise that fraudulent charges made by identity thieves are generally not the responsibility of surviving family members. While this is some consolation, it does not stop the sense of injustice that comes with knowing your loved one’s name and information was used inappropriately. Taking the steps above can help to prevent this kind of crime and to catch it early if needed.

Part of the American Dream is to create wealth for yourself and your family, and business lawyers in Houston have seen again and again, that one of the best ways to do this is through founding your own successful small business. While creating wealth is certainly the goal for many small businesses, the owners’ concern should extend in how to properly protect that wealth. Doing Things Right Making your business a success depends upon doing things the right way. There are tons of laws and regulations that extend to conducting business in Texas. From licenses to inspections, your industry will affect just what types of regulations you need to adhere to. In order to make sure you’re staying in compliance, you will likely benefit from working with a business lawyer. There is an incredible range of legal obligations that may relate to your business, and while you can do some research on your own, it is always best to back it up with solid legal advice. For example, you may need to provide contracts to your customers. While you can possibly draw up a draft of these on your own, it makes financial sense to have them reviewed by an attorney who is able to ensure they extend all the right protections to you. Another area in which many businesses will benefit from working with a business lawyer is in determining the right type of business structure. In some cases, a simple sole proprietorship or partnership may be the right choice, but there are many, many times when some form of corporation is preferable due to the protections it affords. An S-corporation, C-corporation, LLC, or LLP is often a much better choice, because it can help to keep your business and personal assets separate and protect one in situations where the other is vulnerable. Growing Your Business As your small business grows into a not-as-small one, a business lawyer in Houston is instrumental in smoothing the transition. Perhaps you want to offer shares in your corporation or create bylaws for your organization. There are very specific legal requirements that go into developing these aspects of your business, and working with a business lawyer is the most responsible way to move forward. Should your business outgrow you, or vice versa, you’ll also want to consult with a Houston business lawyer in how to go about selling it or creating a succession plan. This protects partners and shareholders, and can even have an impact on your personal life and finances. Legal direction is necessary for ensuring that all parties are treated fairly, not to mention for understanding the implications that come along in the form of taxes and other responsibilities. Business lawyers in Houston are familiar with the laws that govern all aspects of running a small business within the state, and utilizing their expertise is a huge step toward laying a foundation for success in realizing the American Dream.

Whether you are planning to get married or are already enjoying your wedded bliss, there is no time like the present to get financial advice from a knowledgeable family lawyer in Houston. You and your partner should put more planning into your financial future than you did into your wedding, after all, one only lasts a day and the other is for the rest of your lives! Financial discussions are not always easy, but laying out a clear roadmap early on can actually be beneficial to the overall health of your marriage. Money issues are a huge contributor to unhappiness in a partnership, and Houston family lawyers have seen time and again how working together earlier can avoid a lot of stress later on in the relationship. Planning for the Future It is impossible to peer into the future and know everything that you and your spouse are going to face together, but there are some pretty obvious considerations to make. Talking with your partner and possibly with a family lawyer in Houston can help you determine how you plan to approach many of the biggest financial considerations facing newlyweds. · College and/or student loans · Purchasing a home · Planning for children · Funding retirement · Life insurance policies · Other large purchases (cars, furniture, etc.) · Travel Planning for these types of things can cause some stress, but it can also be fun. Knowing that you eventually want to be able to take a trip to Paris and then taking concrete steps to make it happen can be a wonderful bonding experience and will also pay off in the experience of a lifetime. Family lawyers in Houston see all too often how couples get into financial difficulties by taking trips or making large purchases when they have not planned ahead to make them realities. Planning for the Present While just as important, sometimes figuring out what to do about finances right now is a little less fun. Still, you and your spouse need to take the opportunity to look at your current financial situation in order to make your long-term goals a reality. There are some considerations that are especially important for newlywed planning, too, when it comes to how to combine (or not) your finances. · What are your expectations when it comes to money · Which finances and accounts will be combined, and which will not · How will you deal with debt brought into the marriage · Will there be resentment if one spouse makes more money than the other · What are your views on using credit Budgeting In order to develop a long-term plan, you and your partner will need to use the above information to create a workable budget. This should include: · Income (wages, businesses, investments) · Assets (accounts, stocks, retirement, property) · Debts (school, home loans, business loans, credit cards) · Expenses (ongoing and incidental) By laying out what you have and what you need, you can develop a plan to help meet your current requirements, as well as to save for the future. A good family lawyer in Houston can help you put all of this information into perspective to create workable plan to meet your financial needs.

Will lawyers in Houston have more or less seen it all, yet things still come as a surprise to our clients when it comes to wills and trusts. When you are ready to start the estate planning process (which should be now, by the way), here are a few estate planning surprises you may want to keep in mind: 1. Nearly every estate that owns real property or mineral rights will go through Houston probate. Because probate is a public process in the courts, your information becomes public. Trusts may protect you from this. 2. Even if you have a will, #1 applies. 3. If you do not have a will or trust, the courts will decide who gets your assets and even who becomes the guardian of your children. 4. You are still responsible for debts after your death, and they will be collected out of your estate. 5. It may be a good idea to give away portions of your estate before you die in order to avoid extra taxes. 6. Estate plans, including your will, need to be updated regularly or there can be some really ugly implications later. 7. Life insurance and other funds that name beneficiaries might not be considered as a part of your estate for Houston probate purposes. 8. Minor children, as well as pets, cannot actually inherit from you. In the case of minor children, they will not receive their full inheritance until age 18. To ensure your pets and children have money when they need it, it is often best to create a trust to manage the assets. 9. Every single estate plan needs to be customized, despite what DIY kits and online sellers will tell you. 10. Trusts can give ownership of your property to someone else, so you want to carefully determine what kind of trust will allow you to keep using your assets until you pass away. This list is far from complete, but these are some of the estate planning surprises that come up for clients, either during the planning phase or when a person has already passed away and the family is left to figure out what to do. A trust lawyer in Houston can help you prepare for, and avoid many of these less-than-desirable situations by making you aware of them and helping you figure out the best course of action to take.

Whether you are planning to get married or are already enjoying your wedded bliss, there is no time like the present to get financial advice from a knowledgeable family lawyer in Houston. You and your partner should put more planning into your financial future than you did into your wedding, after all, one only lasts a day and the other is for the rest of your lives! Financial discussions are not always easy, but laying out a clear roadmap early on can actually be beneficial to the overall health of your marriage. Money issues are a huge contributor to unhappiness in a partnership, and Houston family lawyers have seen time and again how working together earlier can avoid a lot of stress later on in the relationship. Planning for the Future It is impossible to peer into the future and know everything that you and your spouse are going to face together, but there are some pretty obvious considerations to make. Talking with your partner and possibly with a family lawyer in Houston can help you determine how you plan to approach many of the biggest financial considerations facing newlyweds. · College and/or student loans · Purchasing a home · Planning for children · Funding retirement · Life insurance policies · Other large purchases (cars, furniture, etc.) · Travel Planning for these types of things can cause some stress, but it can also be fun. Knowing that you eventually want to be able to take a trip to Paris and then taking concrete steps to make it happen can be a wonderful bonding experience and will also pay off in the experience of a lifetime. Family lawyers in Houston see all too often how couples get into financial difficulties by taking trips or making large purchases when they have not planned ahead to make them realities. Planning for the Present While just as important, sometimes figuring out what to do about finances right now is a little less fun. Still, you and your spouse need to take the opportunity to look at your current financial situation in order to make your long-term goals a reality. There are some considerations that are especially important for newlywed planning, too, when it comes to how to combine (or not) your finances. · What are your expectations when it comes to money · Which finances and accounts will be combined, and which will not · How will you deal with debt brought into the marriage · Will there be resentment if one spouse makes more money than the other · What are your views on using credit Budgeting In order to develop a long-term plan, you and your partner will need to use the above information to create a workable budget. This should include: · Income (wages, businesses, investments) · Assets (accounts, stocks, retirement, property) · Debts (school, home loans, business loans, credit cards) · Expenses (ongoing and incidental) By laying out what you have and what you need, you can develop a plan to help meet your current requirements, as well as to save for the future. A good family lawyer in Houston can help you put all of this information into perspective to create workable plan to meet your financial needs.

Part of the American Dream is to create wealth for yourself and your family, and business lawyers in Houston have seen again and again that one of the best ways to do this is by founding your own small business. While creating wealth is certainly the goal for many small businesses, the owners’ concern should extend to properly protecting that wealth for the next generation. Doing Things Right Making your business a success depends upon doing things the right way. There are tons of laws and regulations that extend to conducting business in Houston. From licenses to inspections, your industry will affect just what types of regulations you need to adhere to. In order to make sure you are in compliance, you will likely benefit from working with aHouston business lawyer. There is an incredible range of legal obligations that may relate to your business, and while you can do some research on your own, it is always best to back it up with solid legal advice. For example, you may need to provide contracts to your customers. While you can possibly draft these on your own, it makes financial sense to have them reviewed by an attorney who is able to ensure they extend all the right protections to you. Business owners may also benefit from working with a business lawyer in determining the right type of business structure. In some cases, a simple sole proprietorship or partnership may be the right choice, but there are many, many times when some form of corporation is preferable due to the protections it affords. An S-corporation, C-corporation, LLC, or LLP is often a better choice, because it can help keep business and personal assets separate and protect one in situations where the other is vulnerable. Growing Your Business As your small business grows, a business lawyer in Houston is instrumental in smoothing the transition to a larger company. Perhaps you want to offer shares in your corporation or create bylaws for your organization. There are very specific legal requirements that go into developing these aspects of your business, and working with a business lawyer in Houston is the most responsible way to move forward. Should your business outgrow you, or vice versa, you will also want to consult with a Houston business lawyer about how to sell it or create a succession plan. This protects partners and shareholders, and can even have an impact on your personal life and finances. Legal direction is necessary for ensuring all parties are treated fairly and understand the implications that come along in the form of taxes and other responsibilities. Business lawyers in Houston are familiar with the laws that govern all aspects of running a small business within the state, and utilizing their expertise is a huge step toward laying a foundation for success in realizing the American Dream.

Estate planning and elder lawyers in Houston hear it all the time: “My sister is taking advantage of my elderly parents!” “My brother takes and takes, and my parents just give him more!” “My parents only see what one sibling does for them and have cut the rest of us off!” These are just a few variations on a theme that comes up all the time in estate planning lawyers’ offices across Texas. What can you do when you feel like a sibling is taking advantage of your elderly parents? Unfortunately, the answer is not an easy one. Usually, you will have to go to court. Going through court proceedings is not going to improve relations any between you and the sibling, so it is probably only the best course of action when you are really concerned about your parents’ best interest. That said, there are also times when you may want to protect your part of an estate before it has been spent by or reallocated to an unscrupulous sibling. In those situations, though, the family relationship is probably already strained to the point that court proceeding will likely worsen things. In order to bring these problems to the court’s attention, there are a few approaches that can be taken. For example, you may feel that you need to file for a conservatorship for your parents. If the court agrees, they will take your parents out of control of their own decisions. This can be limited to personal and medical decisions and/or financial decisions, depending on the parents’ needs. When the conservatorship is granted, it may also be necessary to request that the courts suspend any acting agents and trustees to stop the abuse of power. You and your Houston estate planning lawyer or other attorney may determine that a trust petition is a better course of action. In these situations, you petition the court under trusts codes. You will also ask for an accounting and for the sibling to removed from his or her role. Oftentimes, you may find that you need to go for both the conservatorship and the trust petition. Deepening a family rift is not the only reason to think twice about taking legal action, though. Both of these choices are time consuming and expensive, and there is no guarantee that things will work out the way you want them to. At the end of the day, your siblings are still your siblings and your parents are still your parents. If you are unsure of whether or not this is the right direction for protecting your parents from a preying sibling, you may very well want to discuss your options with an estate planning or elder lawyer in Houston. They will be able to advise you on the repercussions of your choices and to identify the best route to meet your goals. Kimberly Hegwood is an estate planning and elder lawyer in Houston, Texas. The attorneys at Hegwood & Associates represent individuals and families throughout the Greater Houston, TX area, including Friendswood, Webster, League City, Galveston, Pearland, Angleton, Sugar Land, Katy, Missouri City, Alvin, Dickinson, Pasadena, Deer Park, Texas City, La Marque, Seabrook, Kemah, San Leon, La Prote and Santa Fe. Our estate and elder law attorneys also represent clients in the communities of Harris County, Galveston County and Bazoria County. To schedule a complimentary consultation for yourself or a loved one, please call (281) 885-8826.

Topics surrounding wills and trusts can be quite complicated, which is why a qualified Texas lawyer is pretty much your best bet for creating a plan that meets your real needs. While this lawyer will be knowledgeable about laws and regulations that you will unlikely be so well-versed in, there is still plenty for you to get to know about setting up a trust. There are several factors that affect the trust, from its value to the kind of trust that is best to meet specific needs. When meeting with a wills and trusts lawyer, you will go more in-depth into these factors in order to make good decisions for the future of your estate. Here are some of those considerations: Value “Value” is a bit hard to nail down, as the “value” of various assets can change on a nearly daily basis. Still, the overall size of an estate can be partially determined by the assets it holds. Those with more assets will likely be best served by a different type of trust than those with modest assets. The types of assets can also come into play, as some are more easily turned into cash than others, while some are more likely to appreciate in value than others. Time How much time will your trust have before it is used for its intended purpose? Along those same lines, how long will it be used? Will all of the assets be disbursed right away, or will it be used to fund a particular cause for years to come? A wills and trusts lawyer in Houston can help you create a trust that will grow, setting goals based upon your current age and your plans for the assets of the trust down the road. Purpose We have already touched on the purpose of your trust, but there is far more to consider than whether or not you want to contribute to a new wing to the local library. Instead, wills and trusts lawyers in Houston work to help you create tools that protect your wealth so it can be utilized by your family and loved ones in the way you see fit. One of the common ways of doing this is to protect your assets from being taxed at a higher rate than they would be if they weren’t part of a trust. This is, of course, a simplistic overview of jus t a few of the variables that you and a wills and trusts lawyer in Houston will want to consider when putting together a plan for your own future. In addition to getting the wheels in motion, you will also want to make sure you follow up on the details. If your trust will be funded by specific accounts or insurance policies, for example, you need to make sure you have set this up appropriately with each individual account or policy. Again, a knowledgeable Houston wills and trusts lawyer will make all the difference in ensuring your success.

A small business is a part of your identity, not to mention your livelihood. Business planning lawyers in Houston look to protect both aspects of this should you die or become incapacitated. Advanced planning is one of the smartest things that you can do to ensure that your small business meets the goals you have for it, whether you are at the helm or not. •· Make sure that your wishes are followed •· Ease transition for the company •· Protect the business from being dismantled •· Save considerable money When you think of your estate, you would probably include your home, your personal assets, and your bank accounts. But your small business is also considered as part of your estate, even though you likely don’t want it to be treated the same way as the other property already mentioned. There are a lot of decisions to be made, and a Houston business planning lawyer is the perfect person to consult. There are several things you’ll want to consider, and your attorney can help you draw up documents that are legal and binding according to state laws. For example: •· Do you want the business to keep running after you pass away? •· If so, who should be in charge? •· What happens to your shares in a business? •· Do partners need to buy your family out of the business or does ownership transfer to one of these parties? You will also want to have your lawyer explain the various tax implications that come along with your different options. It’s not unusual for a small business to implode after an owner’s death, not because there was no one to take over, but because the estate taxesjust take so much that there’s not enough left to continue operations. Advanced planning for your business can help avoid this type of huge tax burden. Specific sections of the tax codes have been designed to assist with the transition of businesses by limiting the taxes on heirs’ stock or to pay estate taxes over the course of 15 years. These two seemingly small things can make the difference between keeping the doors open or shutting down. To get the most out of the tax codes that have been put into effect for folks like you, there is nothing quite as helpful as meeting with a qualifiedbusiness planning lawyer in the Houston area. To get started, simply call our office at (281) 885-8826 to schedule a complimentary Legacy Planning Session.

A small business is a part of your identity, not to mention your livelihood. Business planning lawyers in Houston look to protect both aspects of this should you die or become incapacitated. Advanced planning is one of the smartest things that you can do to ensure that your small business meets the goals you have for it, whether you are at the helm or not. · Make sure that your wishes are followed · Ease transition for the company · Protect the business from being dismantled · Save considerable money When you think of your estate, you would probably include your home, your personal assets, and your bank accounts. But your small business is also considered as part of your estate, even though you likely don’t want it to be treated the same way as the other property already mentioned. There are a lot of decisions to be made, and a Houston business planning lawyer is the perfect person to consult. There are several things you will want to consider, and your attorney can help you draw up documents that are legal and binding according to state laws. For example: · Do you want the business to keep running after you pass away? · If so, who should be in charge? · What happens to your shares in a business? · Do partners need to buy your family out of the business or does ownership transfer to one of these parties? You will also want to have your lawyer explain the various tax implications that come along with your different options. It’s not unusual for a small business to implode after an owner’s death, not because there was no one to take over, but because the estate taxes just take so much that there’s not enough left to continue operations. Advanced planning for your business can help avoid this type of huge tax burden. Specific sections of the tax codes have been designed to assist with the transition of businesses by limiting the taxes on heirs’ stock or to pay estate taxes over the course of 15 years. These two seemingly small things can make the difference between keeping the doors open or shutting down. To get the most out of the tax codes that have been put into effect for folks like you, there is nothing quite as helpful as meeting with a qualified business planning lawyer in the Houston area. To get started, simply call our office at (281) 885-8826 to schedule a complimentary Legacy Planning Session.

Clients come to their Houston estate planning lawyers with a desire to make a difference to the next generation. Obviously, there is a need to plan for children and grandchildren, but many local residents are also looking for ways to benefit their favorite organizations. Charitable giving provides an opportunity to do something good for others and to help define your own legacy. There are various methods you can use for this purpose, and your estate planning lawyer will go over them with you. One option is to make the charitable organization the beneficiary of a life insurance policy. Life insurance provides a way for you to leave money to your family, but if they are in a position where they are already taken care of, you might want to consider naming a charitable organization as the beneficiary instead. Perhaps you have other means in place to care for your adult children, or perhaps you do not have children at all. In these cases, you might want to use that insurance policy to support a cause that is near to your heart. Tax Implications of Leaving Your Life Insurance Policy to Charity There are different ways to bring this about, but your estate planning lawyer will likely advise you to go ahead and name the charity as the beneficiary on the policy. In a lot of cases, you will even get to use it as a charitable deduction right away. The premiums that you continue to pay can also be used as tax deductions each year. Your other heirs can also benefit because when you pass away, the insurance policy’s value will be taken out of your taxable estate, meaning that there are less taxes to be paid by those heirs. The amount that you can use as the actual value for the policy can vary for tax purposes. Your attorney will work with you to find out what makes the most sense here in Texas. Factors like the cash surrender value and others will have to be used to determine the policy’s fair market value.

Generally speaking, we think of estate planning lawyers as professionals who help us protect our wishes and pass our “stuff” onto loved ones after we pass. For most of us, this makes sense, as we have fairly straightforward wishes and needs. In some cases, though, there are estates that go on to continue earning considerable sums of money long after the individual has been gone. Here are some deceased celebrities’ whose estates continued to grow and provide for their families and other causes. Michael Jackson The rights to Michael Jackson’s music are a part of his estate, and you can be sure that no one is using them without paying good money. In the 12 months preceding October of 2011, his estate earned $170 million. He was the second highest-earning pop act of that year, and he had been dead for two years. Elizabeth Taylor While it seems more obvious that musician’s estates could continue earning through rights to their songs, much of the $12 million brought in by Taylor’s estate in 2011 came from sales of her perfume, White Diamonds. Additional income came into the estate when many of her private possessions, such as jewels and gowns, were auctioned off. Albert Einstein A different kind of “celebrity,” scientist Albert Einstein’s estate continues to grow. Despite passing away in 1955, Einstein’s estate earned $10 million from October of 2011 to October of 2012. The use of Einstein’s name (and the fee that goes along with it) has extended to products like Baby Einstein videos, and his likeness has been used in automobile ads. Elvis Presley Royalties from Rock and Roll are often near the top of the list for deceased celebrities whose estates are still amassing fortunes. Yet, much of Elvis’ revenue comes from the Graceland mansion. In addition, his estate benefits from music rights that have been parlayed into a Cirque du Soleil show. Dr. Seuss His real name was Theodor Seuss Geisel, but most people know him better as the author Dr. Seuss. This icon’s children’s books continue to be sold today, which is wonderful for his heirs. Of course, the fact that Hollywood keeps making movies from his stories does not hurt, either, as his estate brought in $9 million in one year alone! You may not have a catalog of songs or even crazy hair and a theory about relativity, but that does not mean that you should avoid working with an estate planning lawyer in Houston to see how you might be able to set up an estate that continues to earn revenue for your family for generations to come. To discuss your options and how to leave a legacy for your family, contact our Houston law firm at (281) 885-8826 and ask to schedule a complimentary consultation with the mention of this blog post.