Photo by Alin Andersen on Unsplash 1. How long does it take to go through the probate process in Texas? In Texas, the probate process typically takes anywhere from about four months to well over a year, depending on whether the decedent died with a will (testate) or without a will (intestate). The timeline may also be affected by the

A few weeks ago I spent the day at an educational forum over barbecue, hosted by a national network of elite firms and financial professionals who serve high-income and business-owner clients. The topic on the table was complex private placement life insurance strategies — PPLI, for short — and why more of our mutual UHNW clients should be looking at

Photo by Cytonn Photography on Unsplash 1. What is the difference between guardianship of the person and guardianship of the estate? In Texas, a guardian of the person takes charge of the incapacitated person, including providing for their daily needs, consenting to medical treatment and applying for government benefits and services. A guardian of the estate takes responsibility for the

Photo by Jakub Żerdzicki on Unsplash For years, everything works. The business grows. The partners get along. The documents sit in a drawer. And then something happens. Very often, it is the unexpected death or disability of a partner or shareholder. An ownership interest passes to a surviving spouse or children. If the deceased owner held a controlling position, the

Photo by Scott Graham on Unsplash When families first come to see me, they are almost always worried about federal estate tax. Very frequently, they have not yet considered federal income tax issues at all. That focus is understandable. The federal estate tax draws attention because the tax rate is high, and for many years the tax exemption was much

Photo by Scott Graham on Unsplash 1. What is the difference between guardianship of the person and guardianship of the estate? Most estate plans and business structures look fine on paper. The problem is that paper doesn’t run a business, face a sale, or survive an unexpected death. When families come to me with an estate plan and a business