Tag: Asset Protection

How to Remove Someone from Your Will in Texas

If you are reading this blog, chances are that you thinking about removing someone from your estate. It is a tough choice. But, if you are ready to move forward, here is what you should know about disinheriting an heir or a loved one.

Disinheriting Your Child

If your will is drafted properly, it is generally possible to disinherit a child. However, you should be aware that if you choose to do this, that child could challenge or contest the will. Again, if you have a solid will in place, your estate will most likely prevail. However, fighting such a lawsuit can be costly for the estate which means there will be less money available for your intended heirs.

Disinheriting Your Spouse

Most of the time, it is impossible to disinherit a spouse. There are certain contracts that allow for a disinheritance such as a prenuptial or postnuptial agreement. These legal documents are valid since the spouse agreed to the arrangement in advance when they signed the document. Without a prenuptial or postnuptial agreement in place, the state’s elective share statute law typically protects the surviving spouse from being either intentionally or unintentionally disinherited.

Here in Texas, the law allows you to completely cut your spouse out of your will, but only in regard to those assets that you control. Because Texas is a community property state, your spouse will still be entitled to a share of the combined marital property and to live in the marital home – even if you try to completely disinherit him or her.

Disinheriting a child or a spouse is very tricky and must be done correctly to ensure that you get the result you are seeking. It is critical to discuss your situation in advance with a qualified estate planning attorney before making any changes to your current estate plan. If you would like to learn more about this, call our office at (281) 218-0880 and make an appointment to discuss the best options for your situation.

 

Houston Asset Protection Lawyer: Learn How To Reduce Your Chances of Being Sued

As a Houston asset protection lawyer, I can report that statistics show that there were approximately 20 million lawsuits last year.

Let that sink in a minute.

20 million lawsuits.

There are many con-artists and scammers just waiting to take advantage of the legal system to deprive you of your hard-earned wealth. Many of the lawsuits above were what I would consider frivolous, but even frivolous lawsuits are often settled for staggering amounts of money.

If you are a business owner, property owner or a professional service provider such as a doctor or dentist, you are particularly vulnerable. Here are a few examples of some of the most common lawsuits against professionals:

_          Personal injury on your property

_          Personal injury as a result from a motor vehicle accident

_          Malpractice liability

_          Lawsuits from former partners

_          Liability arising from misconduct

These are just a few examples of vulnerabilities that businesses face. But the number of ways you can get sued is only limited by the imaginations of the disreputable people waiting in the wings.

The best way to prevent these types of lawsuits is preparedness. There are various asset protection strategies that will protect your business and yourself. By using a series of asset strategies you can protect yourself from future creditors.  In addition to protecting yourself, you may also deter potential con-artists and creditors from filing frivolous lawsuits against you in the future.

Asset protection can only help you if you have it in place before someone sues you. You cannot put one in place today to protect your assets from current debtors or current complaints against you. It is important to act now to protect your assets from those that seek to make their own fortune at your expense.

If you would like to discuss what type of asset protection strategies you can employ, give our Houston asset protection lawyers a call at (281) 218-0880 to schedule a consultation B before you need it!

When a “Fair Share” May Not Mean “Equal Share” | Houston Will and Trust Lawyer

As a Houston will and trust lawyer, I can confidently say that estate plans are not one-size-fits-all. Just because most of the people you know have divided their assets evenly between their children, does not mean that is the right decision for you. To some, it may seem unfair to leave unequal amounts or different instructions to children after you die, but it may be necessary in your family and it is important for you to do what is right and best for your heirs.

For example, if you have a child with disabilities, it would make sense to leave them a larger inheritance to ensure that they receive proper care for the rest of their lifetime. Other times, we have seen clients with one financially established child that does not need a large inheritance while another child has not fared as well in life (possibly suffering a divorce, spousal death, or bankruptcy) and requires a little financial “help”. We have also had cases where the client’s child was unable to properly handle their finances, and the parents preferred to set up a trust with specific instructions on how the funds should be distributed to protect this high-risk child from themselves.  While these situations may not be “apples to apples,” it is clear that equal is not always best in such circumstances.

This choice to leave your kids an unequal inheritance is NOT to be confused with cases where parents unintentionally leave more money to one child than the others.  This is a danger and a huge reason for working with a Houston will and trust lawyer to ensure that your estate is properly distributed when you pass away.   For example, if you have only one of your children named as a beneficiary of your life insurance or retirement account, that money will only go that child – even if you have a will saying otherwise.  Worse, that child is not required to share the money with his or her siblings.  This is because life insurance and retirement accounts are distributed outside of probate court and your beneficiary designations are the final authority as to what will happen with such funds.

Here at Hegwood Law Group, we help families stay in complete control of their assets during their lifetime, and help people uniquely divide assets according the family’s needs once they are gone. If you would like the peace of mind knowing that the distribution of your assets is a result of careful consideration and choice, call us today at (281) 218-0880 to schedule your consultation.

Congratulations on starting your medical career! Now go protect your financial future!

Years and years of school, and hours upon hours working through your residency is now paying off. You have officially become an MD here in Texas. Congrats!

With the excitement of your new career, and maybe some anxiety about juggling your home life and work life, you may not be thinking about taking steps to protect your financial future. But, unfortunately your new career puts you at risk of being sued.

The statics are astounding; according to the American Medical Association, 61% of physicians surveyed had been sued by the end of their career. These scary statistics are a very good reason to get your comprehensive asset protection plan in place now before you need it.

Any asset protection attorney in Houston will tell you that a solid plan will allow you to build a wall around your personal money and property so that they cannot be subjected to lawsuits and risks related to your medical practice.

For new doctors and seasoned physicians alike, there are several asset protection strategies that can be employed. For example, you may choose to put all of your assets in irrevocable trusts. By putting your assets in a trust, they are owned by the trust. Since you no longer own the assets, they are not vulnerable to lawsuits. A properly created corporation, such as an PC, LLC or LLP may also be necessary to separate the assets of your “business” from those of your personal use (such as your family home).  Again, a qualified asset protection attorney here in Houston can help you work through all of your options based on your practice needs and desires.

Asset protection is the specialty of the law that addresses many of the concerns physicians have. There are several other strategies that you may choose to employ to organize your financial and business matters to minimize liability and lawsuit risks. There are several technical issues involved so it is always best to work with a qualified and experienced asset protection lawyer.

We invite you to contact our office at (281) 218-0880 and let us know that you are just starting your career and we’ll offer you a free consultation. Together, we’ll explore the strategies available to protect the assets you have now, and any that you will acquire in the future.