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.
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When creating an estate plan in Texas, there are several key elements you should consider including. It's essential to consult with an experienced estate planning attorney in Texas to ensure your estate plan meets all legal requirements and effectively reflects your wishes. Laws vary in each state, so a professional can guide you through the process and address your needs and concerns according to your state’s law. The first key element is a Will. A will organizes how assets and property are allocated after your death. It also allows you to appoint an executor to manage your estate and name guardians for any minor children. Completing a will does not avoid probate, but it is a necessary document in any estate plan. Next, designate someone you trust as your agent through a durable power of attorney. A power of attorney is effective during your life and does not affect your assets after your death. If you become incapacitated, this person will have the call to make financial and legal decisions in your best interest. Along with durable power of attorney, appoint a trusted individual as your healthcare agent through a medical power of attorney. If you cannot, this person will make medical decisions for you. A living will, also known as an advance healthcare directive, expresses your wishes regarding medical treatment and life-sustaining measures in the event of a terminal illness or persistent vegetative state. It is also essential to sign a HIPAA authorization form to grant permission for healthcare providers to disclose your medical information to designated individuals, ensuring they can make informed decisions on your behalf. Another consideration in your estate planning process is creating a revocable living trust to manage your assets during your lifetime and dictate how those assets distribute after your death. This trust can aid in avoiding probate. It also provides privacy and flexibility in asset distribution. If you have property in multiple states or real estate and one or more businesses, it is important to understand how your estate plan can work to make the process smooth for your family and business. Review the beneficiaries on all accounts, life insurance policies, and other assets. Ensure they align with your estate plan, as beneficiaries supersede instructions in a will or trust. A letter of intent will guide your loved ones regarding your final wishes, funeral arrangements, and other important information or instructions. If you have minor children, designate guardianship in your will to ensure they are cared for by someone you trust if you pass away. Review and update your estate plan often to account for changes in your circumstances, such as marriages, divorces, births, deaths, or significant changes in assets. If you need assistance with estate planning, Cohoon legal would be more than happy to help. 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. Do you need a commercial lease for your business? If so, this post will help you become more familiar with the provisions discussed in a typical commercial lease. There are so many factors to consider when entering a commercial lease that can impact your business, so it is important to reach out to a real estate attorney with experience in negotiating and advising on leasing commercial property. This list below will not sufficiently prepare you to understand or negotiate for the best lease, but it will help you be more familiar with the necessary sections of a typical commercial lease. Here are some key things to look for in the lease agreement: 1. Lease term: The lease should clearly state the beginning and final dates of the lease term and any renewal options. What is the requirement for giving notice that you are leaving at the end of your lease term or if you want to renew your lease? 2. Rent and payment terms: The lease should specify the amount of rent, how and when rent is due, and any late fees or penalties for non-payment. Is it a Triple Net Lease (NNN) which is becoming a very common lease type for commercial property? 3. Security deposit: The lease should specify the amount of the security deposit and the conditions under which the landlord may retain it. 4. Maintenance and repairs: The lease should specify the responsibilities of the landlord and tenant for maintaining and repairing the property, including any costs that are the tenant's responsibility. What are the Common Area Maintenance (CAM) fees, and what is included in those fees? These are important to know because it means additional costs each month that are separate from your rental monthly payments. 5. Use and occupancy: The lease should specify how the tenant is allowed to use the property, any restrictions on the use of the property, and any zoning or other legal requirements. 6. Alterations and improvements: The lease should specify whether the tenant can make alterations or improvements to the property, and if so, what procedures they must follow and who is responsible for the costs. Who is responsible for paying for the buildout? It is important to decide whether completing the buildout as the tenant is better or having the landlord do it. There are reasons for each option to consider. 7. Insurance and liability: The lease should specify the insurance requirements for the tenant and who is responsible for any damages or liabilities on the property. 8. Termination and default: The lease should specify the conditions under which the landlord or tenant may terminate the lease and what happens in case of a default by either party. It's essential to review and negotiate the terms of a commercial lease carefully before signing. Speaking with a real estate attorney is a good idea because many of these terms can be negotiated, and unfortunately, many clients seek an attorney when they have broken the lease or after an issue arises, knowing what to expect and what you are responsible for under the lease terms is vital, so you do not breach it. The lease for a commercial tenancy is the guideline that both landlord and tenant must follow, so, as a tenant, you should also understand what the landlord is responsible for and what remedies you may have if they are not following the lease. By understanding the terms of the lease and protecting your interests, you can help ensure a successful and profitable leasing experience. For more information about Triple Net Leases and Common Area Maintenance, click the links: https://rb.gy/xc2rp https://rb.gy/d3pfm 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. A severance agreement is a legal contract regarding an employee's departure from a company. It may be called a separation agreement, termination agreement or similar. Typically, a severance agreement will include details such as the effective date of the break, the compensation and benefits the employee will receive upon leaving the company, and any restrictions on the employee's future employment or conduct. An employer will offer a severance agreement to employees that were terminated, laid off, or who left the company voluntarily. Severance agreements often include a release of claims, which means that the employee agrees not to sue the company for any claims related to their employment or separation. In exchange for this release, the employer typically offers the employee a package of compensation and benefits. Some of the critical elements of a severance agreement may include:
There are state and federal rules that must be upheld by the agreement. It is important to consult with an employment attorney that can guide you and explain the severance agreement so you can make an informed decision about whether you want to sign it and release your claims. Also, if you are filing for unemployment benefits, it is important to know how a severance agreement may affect those benefits. These agreements can affect your future positions and hireability, so it is vital to know what you may be giving up if you choose to accept a severance agreement. It is necessary for employees to review these agreements carefully and consult with legal representation, as they may give up fundamental rights in exchange for the severance package. At Cohoon Legal, we assist clients with severance agreement negotiation, wage claims, wrongful termination, discrimination claims, TWC/EEOC filing, and settlements. Set up an employment consultation today to determine your options when faced with an employment issue. 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. What is an Initial Consultation?
Cohoon Legal offers potential clients a phone consultation to speak with Amber Cohoon about their legal matters. During this time, you can determine if you want to hire Cohoon Legal for your representation and if Cohoon Legal is the best firm to handle your matter. You can ask her any questions you have, and she will assess your situation. The attorney will be able to answer if she has experience with cases like yours, what areas of the law she practices, what steps she will take for your case, and what options you may have for your legal issue. Is a Consultation Legal Advice? This consultation is not meant to resolve your legal question, so you will not be given much legal advice during the call. Instead, it is an opportunity to determine if you wish to hire an attorney. Lawyers are NOT required to provide legal advice during a consultation. People often believe they can have all their legal questions answered at this first meeting, at little or no cost. Unfortunately, lawyers are not supposed to give legal advice until after they have been retained, which usually requires a signed fee agreement and payment. This protects the lawyer from having to decline future clients because of a conflict of interest they weren't compensated for, and it protects the potential client from being misinformed about a situation the lawyer hasn't had a chance to research and analyze your matter thoroughly. What is the Cost?
How do I Schedule a Consultation? Please visit the Cohoon Legal website to learn more about our firm and scheduling options. We offer general consultations as well as specialized consultations such as contract review, business formation, purchasing or selling a business or business assets, employment, and estate planning. You can schedule a consultation directly at https://CohoonLegalSchedulingCalendar.as.me/PNC. 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. Choosing a business entity in Texas is an important decision that can have significant legal and tax implications. Here are the most common types of business entities in Texas: 1. Sole Proprietorship: This is the simplest form of business entity, where one person owns and operates the business. There is no legal distinction between the owner and the business, and the owner is personally responsible for all liabilities and debts of the business. 2. Partnership: A partnership is like a sole proprietorship but involves two or more people who share ownership and management responsibilities. There are two main types of partnerships: general partnerships and limited partnerships. 3. Limited Liability Company (LLC): An LLC is a popular choice for small businesses because it offers liability protection for the owners, while still allowing for flexibility in management and taxation. The owners, also known as members, are not personally liable for the debts and obligations of the LLC. 4. Corporation: A corporation is a separate legal entity that is owned by shareholders, who are not personally liable for the debts and obligations of the corporation. There are two main types of corporations: C corporations and S corporations. When choosing a business entity in Texas, it's important to consider factors such as liability protection, taxation, and management structure. You should also consult with an attorney or tax professional to determine the best option for your specific business needs. 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. When starting a new business, legal counsel is often critical to ensuring your organization is formed successfully. One of the most important decisions new business owners make is selecting a structure for their organization. The best structure for your business depends on a variety of factors and should be determined on a case-by-case basis with your business goals in mind. The most common types of business entities are as follows:
For new business owners that are venturing together with others, there is no better opportunity to protect your interest and do your best to ensure your business continues in a successful manner. It is easier to gather consensus when the business is new and all owners are getting along then after an issue arises and litigation is the manner in which a solution is obtained. It is cost effective to get legal help when you set up the business rather than when it is facing a lawsuit or other legal issue. To learn more about which entity is the best fit for your business, then please schedule a consultation or attend a class. |
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April 2024
AuthorAttorney Amber K. Cohoon worked for over thirteen years for small business owners. She managed the finances, administration, and all areas of the business for these owners. She opened COHOON LEGAL in 2017 to bring legal services to the majority of business owners that need affordable and effective legal services. |