At Porter Law Firm in Texas, we approach each tax and estate planning engagement with first and foremost, a desire to understand your needs, goals, and perspective. After that, we craft a personalized and responsive plan that ideally eliminates the probate process.
Our role is not only to protect the wealth and legacy you have worked to build, but also to minimize the exposure for your family so that your assets are safeguarded and distributed promptly, and according to your wishes, maximizing the revenue you and your family keep and minimizing corporate and personal income tax. If your estate includes a business, our business litigation attorneys in Houston can help ensure smooth transitions and legal protections.
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Components Of Effective Tax And Estate Planning
Some of the tax and estate planning services that we provide include:
- Asset protection strategies for business owners and others
- Exit planning with regard to businesses’ end goals
- Retirement planning that takes business succession planning into account
- Family limited partnerships
- Wills, which are foundational to any estate plan
- Living wills regarding healthcare choices in medical crises
- Powers of attorney that allow selected individuals to manage one’s affairs if necessary
- Irrevocable trusts and other appropriate types of trusts
- Estate planning and business succession planning
If a business is successful, its owner has undoubtedly invested time and attention in customers, professional development, and people. What about the financial health of the business? That’s usually placed in the hands of other people (the office staff, the lawyer, the accountant, the payroll processor, the health and retirement plan administrator, and so on). In most cases, the business owner maintains a separate relationship with each advisor. Generally, none of these experts talk to each other until there’s a problem.
At Porter Law Firm, we consult with business advisor clients to maximize the amount of revenue the business owners can keep: Our attorneys can customize a plan for you incorporating sophisticated estate planning methods.
Focused Advisory And Strategic Services For Our Business Clients
Ask us for counsel on any of the following or other business-related legacy planning concerns.
Asset Protection
Small businesses face numerous threats. Those threats can originate in your personal life or from within the business itself.
In the case of a dispute, your business may suffer even if you eventually win: for example, a tax lien could severely impact your cash flow and business continuity. Stay in touch with your business tax and estate planning attorney to discover ways to minimize the negative impacts of such occurrences. For authoritative insights on estate tax liabilities and asset protection, refer to the IRS estate and gift tax overview for guidance.
Exit Planning
When a small business is launched, “exit strategy” is the furthest thing from the owner’s mind. The immediate focus is on building the business – attracting clients, generating profits, developing as a professional and assembling a team.
But it pays – and pays big – to begin exit planning as soon as you realize it will need to happen eventually. Build the end game into your business plan.
The Small Business Association’s guide on exit strategies provides expert insights on exit planning and business transition strategies.
Fiduciary Responsibilities of Trustees in Houston Trust Litigation
Trustees are individuals who are appointed to manage and administer the assets of a trust. Trustees have a fiduciary responsibility to manage the trust in the best interest of the grantor’s wishes for the beneficiary’s benefit, as set out in Texas Property Code, Title 9, § 113.051:
“GENERAL DUTY. The trustee shall administer the trust in good faith according to its terms and this subtitle. In the absence of any contrary terms in the trust instrument or contrary provisions of this subtitle, in administering the trust the trustee shall perform all of the duties imposed on trustees by the common law.”
What this means is that trustees are legally required to act in place of the grantor and put the beneficiaries’ interests above any other party. If the trustee fails to prudently invest or preserve the trust assets, then the trustee will be deemed to have breached their legal fiduciary duty and can be personally liable for the loss. This includes actions such as acting in the trustee’s best interest instead of the beneficiary, failing to provide the required reports or legal updates, or refusing to follow the specific instructions left by the grantor. A Houston probate administration lawyer can help hold them accountable.
Many trust disputes are resolved in probate court, where judges determine whether the trustee has fulfilled their legal obligations. If you are involved in a trust dispute in Harris County, you can learn more about Harris County Probate Court procedures to understand how cases are handled.
Requirements of a Valid Will in Houston
For a will to be considered valid, it must meet the requirements as outlined in the Texas Estates Code. According to Texas Estates Code § 251.051:
“Requirements of a Valid Will. A will must be: (1) in writing; (2) signed by: (A) the testator in person; or (B) another person on behalf of the testator: (i) in the testator’s presence; and (ii) under the testator’s direction; and (3) attested by two or more credible witnesses who are at least 14 years of age and who subscribe their names to the will in their own handwriting in the testator’s presence.”
What this means is that for a will to be valid, it must be signed in a written format (i.e., not oral) by someone personally (or directly under the explicit direction of someone) and be properly witnessed. A will can be handwritten (known as holographic) or typed. A failure to meet these requirements can open the window for a will to be challenged by probate court.
Medical Providers’ Practices
Are doctors “bad business people”? The stereotype has some truth in some cases – many doctors even revel in this image. When physicians and dentist operate their own practices (rather than working for hospitals or clinics), they need to be proactive about their financial lives. Those who don’t risk their standard of living can build wealth and the legacy they leave their children. Unfortunately, most independent physicians and dentists are on autopilot.
Our lawyers can take burdens from you while devising effective legacy-building strategies that you can understand and implement throughout the lifecycle of your medical practice.
Ask A Texas Attorney About Estate Planning And Wealth Preservation
There are many ways to protect your assets throughout your life and afterward, for the benefit of your business, your family, or charitable causes. Our lawyers enjoy helping clients unlock the keys to achieving their legacy goals.
To schedule a consultation, call 713-621-0700 or send an email inquiry.