Annuities are investments arranged contractually between the purchaser and insurance company that provide either a lump sum or stream of income, either now or at retirement, or even to an heir after the death of the purchaser. There are downsides to the purchase of an annuity, h...
Identical bills have been introduced in the U.S. House and Senate that would permanently repeal the federal estate tax and generation-skipping transfer (“GST”) tax.
Oral contracts are actually quite common in business, and they hold every bit as much legal weight as written ones. However, there are difficulties inherent in oral contracts, most notably enforceability. If you are entering into an important contract with another company...
The mere fact that you were named Executor or Trustee by a decedent does not mean you are legally up to the task of handling the probate and trust administration processes. By working with a strong Bryan probate attorney, you will be much better equipped...
Corporate formalities are the official records and activities required of businesses in order to maintain their corporate status. While corporations have stricter formalities by which they must abide, limited liability companies (LLCs) must also follow cer...
Legacy Planning An unfortunate misconception about estate planning is that it is synonymous with tax planning. Avoidance of estate taxes used to be much more of an issue than it is now, for the exemption has risen to $5,430,000 for the year 2015. This does not mean that if your estate is ...
Ten Estate Planning Techniques Since the federal estate tax exclusion left many estates free of the danger of heavy taxation, some people have had the misconception that estate planning is no longer important. The contrary is true, as without a strong estate plan, your assets could be tie...
Once created, irrevocable trusts are normally unable to be altered. This is the point of such a trust, really, and generally works to the advantage of the grantor and beneficiaries. However, there are situations in which a change becomes necessa...
Contract disputes generally occur when one party fails to deliver upon its promises in the agreement. Often businesses will seek to settle a dispute through mediation or arbitration, but if this fails litigation may be the only means of recovery of any loss....
Many businesses use acquisition of other entities to expand their enterprises, gain larger customer bases, or bring businesses with complementary interests under one corporation. However, business acquisitions are often very complex. For this reason it is important...
Fair Credit Reporting Act Established in 1971, the Fair Credit Reporting Act (FCRA) was created to protect the privacy and integrity of credit information and how it is handled. Given that credit information is integral to our contemporary economy, there was a need to establish guidelines...
The outlook for the survival of a family-owned business after the death of an owner is not bright: more than 70% fail when transferred to the next generation. If you have a family business, it is very important that you include in your estate plan strategies for ...
One of the most challenging aspects of starting a small business is financing. A new business requires initial capital for equipment and supplies, advertising, rental of office or warehouse space, and possibly the hiring of employees. In addition, there a...
Incapacity Planning It is very important for anyone involved with estate planning to include a provision for a future situation wherein he may be rendered incapacitated. A car accident, serious illness, or fall during a hike can leave even a young person unable to make decisions for himse...
Peterson Law Group is hiring Peterson Law Group is hiring. We are in need of a full-time receptionist and a part-time marketing coordinator in our Bryan/College Station office. Applicants should be: Able to work in a fast-paced environment without losing your mind Punctual an...
A sale and leaseback is an arrangement made between two parties for one to purchase a property and immediately lease it back to the seller. Such transactions are commonly used with commercial real estate, though they have even involved countries. For instance, the U...
Medical Directives and Living Wills As you plan your estate, it is important that you include a living will. This document acts as a medical directive and specifies what types of treatment you do and do not wish to have at the end of your life. Your College Station estate planning attorne...
Often referred to as “mercy killing,” euthanasia is an intentional act of taking or permitting the taking of a person's life, generally for health reasons. For instance, some people believe that if a person is terminal, at a point near death, and in extreme pain,...
Every year thousands of businesses close – in many cases, because the owners fail to abide by certain practices. So-called business gurus offer expensive workshops and seminars on how to be smart in running a business, but one must take care, as in many cases, t...
Life Insurance as an Estate Planning Tool Among the many different ways in which a person can plan his estate effectively, life insurance often gets little consideration. However, with the right kind of policy and coverage, a life insurance policy can add considerably to your estate plan....
Texas is one of the better states in the country for operating a business, in terms of taxes and fees. The state does not require small businesses to pay a corporate tax. To a great extent, the taxation on your business will depend upon the form your company takes, ...
An executor is given a great deal of trust and authority, for it is this individual who is responsible for looking after the property of a decedent and paying his final debts and taxes, as well as for distributing the remainder of the estate to the named beneficiari...
There are situations when minor children need to be assigned a guardian. The most common of these is when the parents of the children die, but the parents may become incapacitated as well, such as if they were to suffer serious injury in an automobile acc...
What Is an Irrevocable Trust? Trusts are among the most important tools used in estate planning. An irrevocable trust is, in a nutshell, a trust that cannot be altered or revoked. Once created, it is in place and cannot be changed. Such a trust may not be useful in some circumstances, but...
Business law encompasses a broad range of issues pertinent to the creation, purchase, sale, and operation of businesses of all sizes and forms. A business attorney in College Station will of necessity have a strong understanding of business operations and should po...