05 November

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Frisco, Texas November 4, 2014 General Election Results

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The General Election for the year 2014 is now over. The votes have been counted. Out of 489,032 registered voters in Collin County, 177,821 ballots were submitted, which is a turnout of 36.36%. Out of 409,334 registered voters in Denton County, 144,732 ballots were submitted, which is a turnout of 35.36%. One of the crazier results took place on US 380 in Denton County. Two propositions would have approved over $150 million in bonds. Two other propositions would have approved assessments of $2.40 per $100 of valuation. The vote ended in a tie ...

03 November

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Frisco Elections-November 4, 2014

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in Elections

It's that time of year again, Frisco residents. To prepare for tomorrow's election, I have provided most of the races on which Frisco residents will vote tomorrow. We have a couple of familiar names. George P. Bush is running for Commissioner of the General Land Office. Quanah Parker is running for Judge, Court of Criminal Appeals, Place 4. To be sure, this is an important election. With the exception of judges and representatives, Texas seems to be ushering a new age of leaders. There may be a few of you that have an election not covered by these ballots (depending upon where the precinct lines...

30 October

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Interview with TexasHomesForSale

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in Real Estate Law

Buying short sale homes is a trying and sometimes complicated process. A few weeks ago, I had the privilege of being interviewed by TexasHomesForSale regarding how an attorney could assist a homebuyer through the short sale process. The following is the link to my interview with www.TexasHomesForSale.com . ...

30 October

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What to Know about Lease Extensions

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in Real Estate Law

When preparing a residential lease agreement, most landlords will choose a fixed-term tenancy. Essentially all the residential leases attorneys draft have fixed-terms. However, landlords often get into a situation where the tenant needs two to three extra months before their next residence is ready. Often, landlords are cautious to extend for such a short period … especially if it disrupts the summer leasing schedule. Instead, landlords may decide to choose unique language in extending the lease. Landlords should be cautious, though, about extending residential leases using anything other than a fixed-term tenancy. So that the landlord can get a better...

26 September

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Irrevocable Trust

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in Real Estate Law, Wills & Trusts

An irrevocable trust is an instrument created by a person called a settlor and managed by a trustee for the benefit of beneficiaries. In Texas, the same person can hold multiple titles under the trust. Unlike revocable living trusts, though, the trust is generally irrevocable. Irrevocable trusts are created much less often than revocable living trusts. They are primarily used as creditor protection tools. Other benefits include avoiding probate and the ease of succession to manage property after the settlor dies. Irrevocable trusts do not qualify for the exception to the due on sale clause on mortgages. This means that settlors must...

26 September

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Revocable Living Trust

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in Real Estate Law, Wills & Trusts

A revocable living trust is an instrument (i) created by a person, the Settlor or Trustor, (ii) managed by a trustee (iii) for the benefit of the beneficiaries. In Texas, the same person can hold multiple titles under the trust. Typically, revocable living trusts are revocable during the lifetime of the trustor(s). Revocable living trusts are popular estate planning tools because (i) the trustor retains control over the trust property during his lifetime; and (ii) the beneficiaries avoid the cost of probate after the death of the trustor. Also, revocable living trusts may allow for more effective management of the trust...

08 July

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Who gets the kids if both parents die?

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in Wills & Trusts

It’s the first date night a couple has had in several months. They have one toddler and a newborn at home. During the period of awkward silence that inevitably arises at the thankfully loud Chili’s showing SportsCenter with closed captioning, the wife asks, “What would happen to the kids if we died on the way home?” It is obviously an important question. No one likes to talk about it because the discussion alone could cause it to happen. Also, though, it brings up a whole mess of issues that are not always pleasant. In short, it could very well lead to...

07 July

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What happens to my business after I die?

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in Business Law, Wills & Trusts

What happens to a business after the owner dies is obviously an important question. The answer will depend on the business’ organizational documents and the business owner’s estate plan. First, it is important to remember that contracts usually trump a person’s last will and testament. Therefore, it a deceased business owner had a partner with whom he maintained a buy/sell agreement, then the buy/sell agreement would most likely control. It is highly recommended for active businesses with multiple owners to either maintain a buy/sell agreement or have a succession plan in regards to management. Next, one must look to see whether...

19 June

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Do I Need a New Will if I Move to a New State?

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in Probate, Wills & Trusts

Opportunity increasingly carries Americans to new destinations. Recently, a lot of folks from California and Ohio seem to be making their way to Frisco, Texas. Although many of these new and welcomed Texans make the move for employment related purposes, many are also retirees settling closer to their grandchildren. Whatever the purpose, estate planning attorneys are often asked, “Is my will and trust good in Texas?” Assuming that the will and trust were executed properly, a will and trust from another state will be valid in the new state. However, it’s not always the best route in a new state. For...

27 May

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Deadline to Protest Property Taxes – May 31, 2014

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in Real Estate Law

Texas residents should have received their assessment of property value earlier this month. The deadline to file the Notice of Protest is generally May 31, 2014. Many Denton County residents property assessments increased quite largely … many by fifteen percent or more. If one feels like the appraisal is too high, then s/he should file a protest. A relatively complete list of reasons to file a protest are outlined below. the market or appraised value of your property the unequal appraisal of your property the inclusion of your property on the appraisal roll any exemptions that may apply to you the qualification for an agricultural or...

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