Welcome to the estate planning section of Farrow-Gillespie Heath Witter LLP.
As technology advances over time, the average person owns more and more digital assets. The definition of digital assets is very broad and includes intangible assets ranging from online accounts, such as bank accounts, email accounts, and social media, to digital files stored on a computer or in the cloud. Traditional estate planning tools have […]
Trusts and estates often pay more tax than individuals in like circumstances. This is not because they are taxed at higher rates, but rather because the same rates applicable to individuals are “compressed,” meaning that each marginal rate increase happens at a lower level of income than it does for individuals. For example, the highest […]
By Christian Kelso June 4, 2016 It is a little known fact, but the über-rich have a trick for both keeping the peace in their families and preserving their vast fortunes. They participate in something called family governance planning. Most of us are unfamiliar with this concept, but it’s not difficult to grasp on a […]
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 […]
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 […]
We prepare the following basic estate planning documents at an affordable fixed fee: Last Will and Testament, validly prepared and executed under Texas law Statutory Durable Power of Attorney Medical Power of Attorney HIPAA Authorization Directive to Physicians (often called a Living Will) Appointment of Guardian for Minor Children Designation of Guardian Before Need Arises Burial […]
One of the most common misunderstandings about estate planning is the belief that it is only for the wealthy. Anyone who owns property of any kind has an estate. Basic estate planning is an important component of an organized and responsible life, whether or not your estate is large enough to be subject to federal […]