A well-drafted contract includes language to provide for the consequences of almost any possibility. One of the many things such a contract provides for is the possibility of termination before all the obligations under the contract are met. Should one of the parties wish to terminate a contract early or officially notify another party of […]
Author: Philip Silberman
Surviving Spouse Homestead Right
As a married individual, you may wonder what rights you have to your home in the event of your spouse’s death. Article XVI, § 52 of the Texas Constitution can help answer this question. Constitutional Rights Article XVI, § 52 of the Texas Constitution states that, “On the death of the husband or wife, or […]
The Offering Memorandum in Texas
When privately-held business owners want to grow their business, they will often reach out to potential investors, hoping to raise money which will fund that growth. Understandably, investors want to know as much as possible about the business and its financial status before investing. An Offering Memorandum serves the purpose of providing information to potential […]
Non-Probate Assets in Texas
Estate planning is an opportunity for a family member to ensure that the estate’s assets are distributed exactly as the planner wishes. Estate planning may create a valid will and/or trust(s) which provide care for family members. Estate planners also want to avoid unintended consequences while maximizing the value of assets for beneficiaries. Knowing, for […]
The Impact of a Will on JTWROS and POD Bank Accounts in Texas
Estate planning is a gift to families and provides relief to the planner as well, who assumes that the estate’s assets will be distributed how and when the planner asks. Probate law is complex, however, and beneficiaries may be surprised when the distribution of assets does not go as expected. A common belief about bank […]
Probating a Copy of a Will in Texas
There is a presumption under Texas law that if the decedent’s original will cannot be found or produced, the will is void or revoked. In other words, even if you have a copy of the will, the probate court will still treat it as if there was no will at all. There is now a […]
Indemnification in Contracts
Contracts, when well drafted, seek to provide for, and agree to the consequences of, any possibility that might occur during the life of the contract. One important area that is frequently covered under many contracts is that of indemnification – essentially meaning protection against liability. Indemnification Clauses Indemnity is defined as “[a] duty to make […]
Understanding Property Taxes in Texas
Texans are fortunate to be one of nine states not subject to a state income tax. Still, state and local governments need funding to function, and one type of ad valorem tax, the property tax, is a large source of that local funding. Ad valorem is a Latin phrase meaning, “according to value,” and Texas […]
Recent Changes to Property Taxes in Texas
Texas is one of nine states that does not require its citizens to pay a state income tax. That does not mean, however, that people live tax-free in Texas. Since state governments need funding in order to govern the state, Texas funds its needs through ad valorem taxes, which were first used in the United […]
Tangible vs Intangible Assets in Texas Estate Planning
Most people think of estate planning as writing a valid will, and that is one crucial aspect of planning. However, estate planning includes many other considerations, whether or not to create trusts or include digital executors, for example. Also critical in estate planning is the accurate valuation of an estate. Some assets are easier to […]