Business Planning

One in Three Americans will Receive an Inheritance – Is Yours is Protected?

One in Three Americans will Receive an Inheritance – Is Yours is Protected?

One in every three Americans will receive an inheritance during their lifetime, according to a study by Ohio-State researcher Jay Zagorsky. Unfortunately, much of that windfall is lost through spending or bad investing. Mr. Zagorsky offers four steps for handling an inheritance: (1) assess the current financial situation; (2) figure…

The Season for Giving: Donate Appreciated Assets to boost your Charitable Impact

The Season for Giving: Donate Appreciated Assets to boost your Charitable Impact

Many clients donate to charities in the spirit of holiday giving. Not all gifts have the same impact, however. Did you know that donating appreciated assets can have a bigger financial impact on the charitable organization than a gift of the cash proceeds from that same asset? Donating the appreciated…

Have you had your Artwork Appraised?

Have you had your Artwork Appraised?

Are you are an art collector planning to sell your art or give some of it away during your lifetime (or make bequests upon your death)? If so, you should investigate obtaining an appraisal from a qualified art appraiser. If you plan to sell the art, you want a high…

my Social Security: Have you created your online account?

my Social Security: Have you created your online account?

my Social Security is a website managed by the Social Security Administration and allows users to create personal accounts, update address and contact information, track earnings, estimate future benefits and manage current benefits. Users may even order replacement medicare cards, order replacement SSA-1099 forms and state/change direct deposit. To create…

Plan Ahead to Keep your Small Business in the Family

Plan Ahead to Keep your Small Business in the Family

According to a recent study, only 20% of small businesses remain in the family after death of the owner. Many small businesses are sold off after the owner’s death, with assets divided and distributed to beneficiaries named in the business owner’s Will. With some planning ahead, you can ensure that…

Starting a New Business in Texas?

Before you start a new business in Texas, there are several things to consider, including meeting with a CPA and attorney. First, determine your business structure.  As we discussed in our last newsletter, the most common forms of business entities in Texas are: Sole Proprietorship, General Partnership, Limited Partnership, Limited…

ABCs of Texas Business Entities

Texas has many options for those seeking to start a business here. Some things you may want to consider when forming your business are the levels of liability protection and the tax implications of the type of entity you choose. Some of the most common types of business entities in…

What happens if I die without a will in Texas

Intestate succession is the process by which the assets are distributed for someone who died (decedent) without a Will.  In Texas, that process is governed by the Texas Estate Code. Judge Herman of the Travis County Probate Court created an Intestate Chart that helps to illustrate this discussion. Unmarried Person:  Property owned at death would first pass…