FREE “Ask a Lawyer” Event & Lunch – Wed., Feb. 19

Join us for a FREE “Ask a Lawyer” event, including fried chicken lunch, on Wednesday, Feb. 19, at the Flower Mound Senior Center from 12 noon to 1 pm. 

Travis Weaver, an attorney focused on elder law, will provide info and answer your questions on legal concerns for those 55+ and their loved ones (details below).

Enjoy a free lunch of fried chicken tenders, mashed potatoes, gravy, and cole slaw.

Seating is limited. Call 817-638-9016 to reserve your space!

Announcement Flower Mound Sr Ctr talk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wednesday, February 19 – Free event and free fried chicken lunch from 12 noon to 1 pm 

Event Location
Flower Mound Senior Center 
2701 W. Windsor Dr.

Seating limited! Please call 817-638-9016 to reserve your place

Answering questions and providing info about legal concerns for those 55+ and their families/caregivers including
–Qualifying for Medicaid-paid Nursing Home Care
–Wills & Probate
–Power of Attorney
–FAQ time for your 55+ legal questions

Can’t make it? Call Travis Weaver, attorney, at 817-638-9016 for a free 30 minute phone meeting about legal concerns for those 55+

New office in Flower Mound!
We’re proud to provide easy accessibility for clients needing an elder law attorney in Flower Mound, Bartonville, Lantana, Argyle, and the surrounding area. 

Flower Mound Office Location
4315 Windsor Centre Trail, #500
Flower Mound, TX
(Shared with Chenault Law Firm)

Bartonville Office Location
Bartonville Town Center
2648 FM 407, Suite 215 F
Bartonville, TX 

Wise County – Principal Office Location 
(about 15 minutes from Denton, Decatur, and Fort Worth)

101 W. First St.
Rhome, TX 

 

 

 

 

 

FREE “Ask a Lawyer” Event & Breakfast – Friday, Jan. 31 at 10 am

Join us for a FREE “Ask a Lawyer” event, including country breakfast, on Friday, Jan. 31, at Robson Ranch. 

Travis Weaver, an attorney focused on elder law, will provide info and answer your questions on legal concerns for those 55+ and their loved ones (details below).

Enjoy a free country breakfast with scrambled eggs, hash browns, bacon, sausage, biscuits, gravy, coffee, and juice at this educational event.

Seating is limited. Call 817-638-9016 to reserve your space!

Free "Ask a Lawyer" Event & Breakfast graphic

 

 

 

 

 

 

 

 

 

 

 

 

 

Friday, January 31 – Free event and free country breakfast
10 am to 11 am 

Event Location
Robson Ranch Clubhouse – Boardroom
9400 Ed Robson Blvd in Denton

Seating limited! Please call 817-638-9016 to reserve your place

Answering questions and providing info about legal concerns for those 55+ and their families/caregivers including
–Qualifying for Medicaid-paid Nursing Home Care
–Wills & Probate
–Power of Attorney
–FAQ time for your 55+ legal questions

Can’t make it? Call Travis Weaver, attorney, at 817-638-9016 for a free 30 minute phone meeting about legal concerns for those 55+

New office in Flower Mound!
We’re proud to provide easy accessibility for clients needing an elder law attorney in Flower Mound, Bartonville, Lantana, Argyle, and the surrounding area. 

Flower Mound Office Location
4315 Windsor Centre Trail, #500
Flower Mound, TX
(Shared with Chenault Law Firm)

Bartonville Office Location
Bartonville Town Center
2648 FM 407, Suite 215 F
Bartonville, TX 

Wise County – Principal Office Location 
(about 15 minutes from Denton, Decatur, and Fort Worth)

101 W. First St.
Rhome, TX 

 

 

 

 

 

Probate of a Salesman

Willy Loman’s story resolves most of the conflicts between the characters.

SPOILERS AHEAD. (But seriously, this play premiered in 1949…you should know what happened by now)

What the play didn’t touch on would probably put the original story to shame. A tale of drama, death, INTRIGUE! That story is…probate. Maybe Biff runs off with the assets. Perhaps Linda remarries and leaves everything to her new spouse. What if Uncle Ben created a Trust but left someone out of his diamond fortune??? SO MANY POSSIBILITIES.

Probates can get messy very quickly. Even famed playwright Arthur Miller’s estate is whirlwind of emotions and drama…much like his play.

The crux of this drama revolves around more than 160 boxes of Miller’s manuscripts and writings. The battle pits Yale University vs. the University of Texas. The loot:

The Miller archive, comprising 322 linear feet of material, is certainly a rich one. It documents the whole of his public career, including the development of classic plays like “Death of a Salesman” and “The Crucible” and his showdown with the House Un-American Activities Committee and advocacy against censorship around the world.

There is also intensely personal material, including early family letters and drafts of an essay about the death of Marilyn Monroe, Miller’s second wife, begun the day of her funeral and revised over many years but never published. But the richest vein may be the journals, which span more than 70 years, often mixing fragments of works in progress with intimately diaristic reflections.

Miller began his relationship with the Ransom Center in the early 1960s. Short on funds and facing a large tax bill, Miller donated 13 boxes of material, including manuscripts and working notebooks for the plays that made his name — including “Death of a Salesman,” “All My Sons” and “The Crucible” — in exchange for a tax deduction. (You can do this too…by contacting our firm).

In 1983, after a fire damaged Miller’s house in Roxbury, Conn., he shipped another 73 boxes to Texas for safekeeping. In a letter held at the Ransom Center, he said he’d like to eventually formalize the transfer either by sale, or by donation should the tax deduction (which had been eliminated in the early 1970s) be restored.

“I am in full agreement with your suggestion that I give them absolute first refusal in whatever decision I make for the disposition of the archive,” he wrote to the Manhattan bookseller Andreas Brown, who was serving as his archival consultant.

PAUSE. This is the point where a good estate planning attorney would step in and create a valid estate plan leaving the manuscripts to the Ransom Center with a right of first refusal. This right would exists in the Last Will and Testament of Arthur Miller and should also exist in any other planning documents involved with the gift. Sadly, this did not happen.

In January 2005, a few weeks before his death at the age of 89, Miller shipped 89 more boxes to the Ransom Center, whose extensive American theater holdings also include the papers of Tennessee Williams, Lillian Hellman and Stella Adler.

In the summer of 2015, three staff members from Yale’s Beinecke Rare Book and Manuscript Library visited the Ransom Center to inspect the Miller collection. Yale then made an offer of $2.7 million for the materials on deposit, plus some 70 boxes still held by the estate.

The Ransom Center matched the price, but refused to go higher, citing Miller’s 1983 letter as providing them a right of first refusal.

So now, the heirs of the estate of Arthur Miller are in a quandary. Clearly, the works are worth more than $2.7million, but why would either side increase their offer?

Ultimately, the Ransom Center won and purchased the works from the Estate for $2.7million. The Court relied upon the letter from Miller as sufficient proof that a right of first refusal existed. Who knows how much Yale would have offered???

h/t to the New York Times for this great article.

Plan your Estate with us now. Become a famous playwright later.

For more articles like this, sign up for our newsletter.

817.638.9016 or weaverlegal.net

 

Ten Things to Think About Before Creating Your Estate Plan

Haven’t given much thought to estate planning and charitable giving? You aren’t alone. Over 60% of people don’t have Last Wills and Testaments.  Here are 10 questions to jumpstart your thinking(thanks to Marketwatch for the great article):

1. Can you afford to give away money now? You shouldn’t gift large sums to your children or charity unless you’re confident you have enough for your own retirement. There’s no limit on gifts to charity, though your annual tax deduction may be capped. For gifts to family members, you might take advantage of the annual gift-tax exclusion, currently $15,000 as of January, 2018.

2. Do you have the right beneficiaries listed on your retirement accounts and life insurance? Your individual retirement account and employer’s retirement plan might hold the bulk of your savings, so it’s crucial these accounts pass to the correct people. Unless you want your ex-spouse inheriting from you, probably a good idea to remove his or her name from the beneficiary designation.

3. At the end of your life, who do you want to make medical decisions on your behalf and how far would you like doctors to go in attempting to prolong your life? You should make these wishes official in a health care power of attorney and physician’s directive.

4. Do you have a Last Will and Testament? According to a 2016 Gallup survey, just 44% of U.S. adults have one. Wills are crucial to avoid letting the State dictate who receives your property.

5. Are you worrying unnecessarily about federal estate taxes? Thanks to today’s $5.5 million estate tax exclusion, IRS statistics suggest just one out of every 530 deaths will likely trigger federal estate taxes. Indeed, you should review your estate plan if it was designed to avoid federal estate taxes—but was drawn up before the sharp increase in the federal estate tax exclusion since 2001, when the exclusion stood at just $675,000. If you have complicated bypass trust language, now is a great time to simplify your Estate plan. and make things easier on your surviving spouse or children.

6. Does your state impose an estate or inheritance tax? Good news . . . Texas has no state inheritance tax!

7. Should you keep your Roth IRA for your heirs? That pool of tax-free money could make a great bequest. During your lifetime, you might also help your children or other young family members fund a Roth, assuming they have earned income. With decades of compounding ahead of them, even small sums invested today could grow to become significant wealth.

8. Are the charities you support well-run? Investigate charities by heading to sites such as CharityNavigator.org and GuideStar.org. A crucial question: Of the dollars you donate, what percentage ends up in the hands of the people you’re hoping to help? Consider local charities if you have misgivings about national organizations.

9. Could you save even more on taxes by donating appreciated assets? And if you’re over age 70½, you could give away part of your annual required minimum distributions.

10. Have you talked to your adult children about your estate? You should discuss your estate plan with your family and how much they will likely inherit, how you would like the money used, where key documents are located and what your wishes are regarding life-prolonging medical procedures. Will contests and Trust litigations costs thousands and can permanently divide families. Be honest about what you are leaving to whom and why.

If you need help with your estate plan, give us a call at 817.638.9016. Be sure to sign up for our newsletter to receive even more valuable planning news and tips.

Founding Fathers had Wills and So Should You

Ever wondered what a founding father’s Last Will and Testament looked like? Probably a lot like yours. Ben Franklin provides an excellent look into several issues regarding what you leave and to whom.

Sam Moak, an attorney in South, Texas, has a great breakdown of Ben Franklin’s Will. Here are some of the highlights.

Franklin gave his son William all of his property in Nova Scotia “to hold to him, his heirs and designs forever.” William is what we consider a primary beneficiary because he received the property outright from the will. Much like you might leave your home to your children or to their children, Ben Franklin kept his property in his bloodline.

Franklin owned three homes on Market Street in Philadelphia, other property within Philadelphia and pasture land outside the city. These are probably worth a pretty penny nowadays. Ben transferred the right to use that property together with his “silver plate, pictures and household goods” to his daughter Sarah Bache and her husband Richard Bache for use “during their natural lives.” 

This gift created a life estate. You may have a home or other real property and desire for a particular person to use that property for his or her lifetime. A life estate is an excellent way to give a person life use of property. Clients often use this type of gift to ensure a piece of property remains in the family for multiple generations. Children can’t sell the property, but can live in the home forever. Think a family ranch for a Texas specific example.

If you create a life estate for a person, then you may also designate a person or perhaps a charitable organization to own the property after your life tenant passes away. Make sure to visit our site for an upcoming article about charitable giving and how it might be a great idea for you.

Ben Franklin’s intent was to transfer property to his daughter and son-in-law for life, with the remainder to his grandchildren. But what if one of the grandchildren were to pass away prior to the demise of both parents? Franklin indicated that if one of the grandchildren were “to die under age, and without issue,” that share would be “equally divided among the survivors.” This is an example of a contingent beneficiary.

A contingent beneficiary is the person who will receive the property if the first person is not living at the time of the transfer. For example, you may wish to give a gift through your Will to a brother or sister. But if he or she passes away before you do, then it is important to select another person to receive the property. We often see DIY Wills where a client names a primary beneficiary but fails to name a successor beneficiary. 

Franklin also realized some of his grandchildren might be young if and when their parents passed away. Franklin stated in his Will that some of them are “under age” and “may not have capacity” to manage the property. Therefore, he ordered the Supreme Court of Pennsylvania to select “three honest, intelligent, impartial men” to manage the property. 

If your estate plan includes young children, then you will want to create a trust to manage property for the benefit of the children. The trust should work to provide a distribution of income and, if needed, principal from the trust to the child until the recipient reaches an age you designate for distribution of the assets. In Texas, children under eighteen (18) cannot inherit property outright. Instead of going through the expensive and time consuming process of petitioning the Court (not the Supreme Court in this case, but a Probate court) to create a Trust, consider having an attorney draft this trust as part of your Last Will and Testament.

If you don’t have a Will, don’t panic. Wills are simple to draft and easy for attorneys to set up. Over 60 percent of people pass away without Wills. Your property will eventually get to your heirs-at-law, but the process is more expensive and time-consuming.

Come see us for an Estate Planning meeting right away! 817.638.9016.

Four Things to Think About When Hiring an Estate Planning Attorney in Texas

Happy Holidays and Merry Christmas, Y’all! AAA estimates that over 100 million Americans will travel this holiday season. 100 MILLION. Planes, trains, and automobiles, oh my! Much like planning a trip well in advance helps you avoid long lines, expensive hotels, and crowded airports (some with no power), having a good estate plan in place helps you avoid expensive court proceedings, lengthy trials, and generations long family feuds (see Heath Ledger). If you plan on traveling, plan on seeing our firm for estate planning first. Here are four things to think about before you visit an estate planner:

  1. How much does it cost? While many legal services are charged by the hour, estate planning work including a Last Will and Testament is often charged at a flat fee rate, so that you will know exactly what you can expect to pay before you sign on with a firm to prepare your documents. Hourly rates can introduce uncertainty into the process, so be sure to find out how much you should expect to pay, and whether the fee will be due up front or at the signing. A complete quote may be contingent on determining on the complexity of your will, but by the end of an initial consultation, you should know what costs to expect for this process.
  2. What all is included? Most attorneys are capable of turning your wishes into a lawful Last Will and Testament. However, a will should be interwoven into your entire plan. Does the fee include a general estate planning discussion? In addition, wills are often packaged with other essential documents everyone should have in place – not to plan for their death but for the contingencies of life: a medical power of attorney, a physician’s directive (or living will), and a statutory durable power of attorney. You can typically execute all four (4) documents for only slightly more than a will alone. Many firms offer package deals for couples. A good estate planner will give you several different options for completing your personalized estate plan.
  3. How Experienced Are the Attorneys? Many attorneys and firms will agree to prepare your will but it is only a small part of their regular practice. Attorneys whose exclusive focus is estate planning and probate will have more experience with a variety of circumstances that could better anticipate and prepare for life’s complexities and uncertainties. Successful will drafting can involve precision and nuance in the language that is used. Find a firm that will take the time to ask important questions, and will customize your will to meet your specific needs. Will one or more of your heirs need trust protection for their inheritance? Do you need to take action to prepare for Medicaid or VA Aid and attendance eligibility? Will a revocable living trust help your family avoid the expense of probate after your death?
  4. What Happens if I Die Without a Will? However you decide to proceed, be sure you take action to have a lawful will in place, and seek the help of a qualified estate planning attorney. Without a will, the distribution of your estate will be determined by state law and not by you. Likewise, the person named to be in charge of administering your estate will be appointed by a court. Most importantly, be sure your will is prepared and executed under the guidance of an attorney. Websites that offer DIY robo-wills cannot guarantee that your will is lawfully executed or that it addresses all that it should. The most common mistake we see is an improperly executed Last Will and Testament.

If you have questions, please contact our office at 817.638.9016 or email us at RWeaver@www.weaverlegal.net. For more exclusive content, please join our monthly email list here.

Do you have an Estate Plan . . . and I mean an Actual Plan?

 

Check out this information filled article from the New York Times about creating an actual plan for dealing with death. We can provide you with documents, and legal advice, but an actual plan involves family members, Certified Financial Planners, Insurance Agents, and more. Better to have some discomfort in your life now than to leave your loved ones with chaos down the road. Research funeral plans and costs to make sure your family members aren’t stuck with thousands of dollars in funeral expenses. Look at life insurance until your savings reach an amount you feel comfortable with. Do you have long term care insurance? Nursing homes cost around $7,000.00 a month. Does your Last Will and Testament cover all of your family members? Is it current? With proper planning and a good plan, some people can avoid probate altogether. Without a plan . . . chaos ensues.

Give us a call at 817.638.9016 to begin your plan.