Asset Protection

On September 1, 2023, Senate Bill 2314 became law and changed the landscape of asset protection for small business owners across the state of Texas.  But this significant change in the law seems to have slipped under the radar.  Owners of single-member LLCs now enjoy the same protection from creditors that owners of multi-member LLCs have had for years.  Seems like cause for celebration, right?  Absolutely.  So why didn’t this announcement make the big splash it deserved? In large part because most business […]

Congratulations, you’ve decided to start your own business. But now there are a thousand things to do before you can start welcoming customers into your office. One of the first things you have to consider is what you want the structure of your business to be – that is, how it will be seen for tax purposes and what protections it will provide you as owner. It’s a big decision, but thankfully there are only a few different options, and we’re about to […]

If you think that trusts are only for the wealthy, you’re missing out on some wonderful opportunities to make your estate plan something more than just a will and a power of attorney. In fact, trusts are arguably the most versatile estate planning tool we planners have in our arsenals. They can be used to accomplish a wide variety of objectives and create benefits you may not have realized were possible. Here are 13 ways adding trusts to your estate plan will benefit […]

It seems the news cycle has a continuous supply of stories about disgruntled employees or injured third parties bringing eight or nine-figure lawsuits against their employers, neighbors, and business partners. We might have thought the days of frivolous litigation were over, but they are alive and well in this increasingly contentious world we live in. Opportunists abound. And the more you succeed, the more people want to take a piece of that success away from you. Whether it’s human nature, greed, or something […]

Plenty of federal and state entities have given legal meaning to the words “estate” and “assets,” but in order to keep things as uncomplicated as possible here, we’ll boil it down to their practical definitions. Your estate Simply put, your estate is comprised of all your assets at the time you pass away. So that would include all your real property, like your primary residence and any vacation homes, and all your personal property, like household items, cars, jewelry, and collectibles. Also included […]