Entries by Liza Farrow-Gillespie

Partner

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Christian S. Kelso has become a partner in the firm. Mr. Kelso practices in the areas of complex estate planning, including wills, trusts, privately held business, multi-generational planning, and estate taxation.

FBAR deadline is April 18

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The annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts has been changed from June 30 of each year to April 15.  This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the Act).  Section 2006(b)(11) of […]

Forming a Nonprofit: The Texas Three-Step

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Individuals and families may establish a tax-exempt charitable organization to accomplish substantive philanthropy while affording favorable tax treatment.  The degree of maintenance of such an organization requires depends whether the organization can be classified as a public 501(c)(3) charity or is instead a private foundation. Either way, forming a charitable organization is a three-step process […]

Power of Attorney Restrictions

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A person (“agent”) holding a power of attorney for another person (the “principal”) must act with the utmost degree of loyalty to the principal.  The agent must avoid being involved in any transaction which benefits, or even which potentially benefits, the agent. That rule of law was enforced once again by the Texas courts in […]