Estate Planning Case Study

Issue: Husband and Wife wanted to create an estate plan for their adult children and grandchild. They had a rental property in Texas as well as another state and wanted to avoid probate. One property had a mortgage, but the other was paid off.
​
​Solution: Cohoon Legal established an estate plan with a Pour-over Will for all the assets to go into the intervivos Trust (Living Trust) that was established for the beneficiaries. We created a Texas Series LLC for the real estate and put each property into the series; then, the Trust was created and assigned the LLC membership interest of the husband and wife. This allowed for the business and real estate to continue after the passing of either client (husband and wife), and no probate would be necessary in either state. We worked with another law firm in the other state to complete the deed transfers into the Series LLC.  In the business organization documents, we drafted a resolution for the assignment of interest after the passing of either client. This was a complex set of transactions in addition to the standard estate planning documents, which protected the assets of the business and prevented the need for costly probate.


​
​Copyright by Cohoon Legal 2023.
DISCLAIMER: The information you obtain at this site is not, nor is it intended to be, legal advice. Any links to outside websites does not mean that Cohoon Legal endorses or is any way affiliated with the third-party website or company and no liability exists or is created through the link. You should consult an attorney for advice regarding your individual situation.