Garg & Associates

Wharton Firefighter Death Causes Fight Over Assets

Posted on July 26th, 2010 No Comments

Nikki Araguz’s husband, Thomas Araguz, was a Wharton firefighter. She was a man. According to My Fox Houston, Araguz died “just months after his family said he learned his wife was actually born a man.” Upon this revelation, Mr. Araguz wanted a divorce.

His mother has already filed to have her son’s marriage declared null and void.

His family continues the fight over his death benefits. Nikki Araguz claims the money is hers. Mr. Araguz’s sons from his first marriage claim it is theirs. Currently, Nikki Araguz has possession of the money, but a judge recently ordered the money turned over to the court until the matter is sorted out.

Death is hard enough on a family, but sometimes that is only the beginning. If you or someone you know is dealing with a contested will, contact your experienced Houston Contested Wills Attorneys at Garg & Associates, PC, by dialing 281-210-0010.

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Estate Tax Back on Senate’s Radar

Posted on July 20th, 2010 No Comments

According to the Associated Press, “The federal estate tax would be revived, but at a reduced rate, under a plan being pushed by two senators, a Democrat and a Republican.” The senators, Arkansas Democrat Blanche Lincoln and Arizona Republican Jon Kyl, want to reinstate the estate tax, but at a lower rate than the one in 2009.

Their proposed rate is 35 percent, with an exemption for up to $5 million. 2009’s rate was significantly higher with a tax on 45 percent, and an exemption of only $3.5 million.

This rate would not only be a significant break from last year’s but a huge savings from the proposed rate for 2011. Congress was unable to agree on the estate tax, so it expired in 2010. It is set to come back in 2011 at a rate of 55 percent.

The two senators plan to attach their changes to a small business lending bill. The Senate is expected to look at this bill next week.

Estate planning is not to be taken lightly, especially when it affects the livelihoods of your loved ones. If you need help planning your estate, contact an experienced Houston estate planning attorney at Garg & Associates, P.C., by dialing 281-210-0010.

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A Money-Saving Time of Death for Steinbrenner’s Family

Posted on July 15th, 2010 No Comments

The New York Post reports that, if there were a perfect time for the death, this year was it for George Steinbrenner. The year of 2010 is a fluke in that Congress failed to address estate tax issues, so there is no estate tax for the entire year. This makes it the year for America’s wealthiest to die, in order for their family to receive the most inheritance.

According to The Post, Steinbrenner’s net worth is estimated around $1 billion. With next year’s 55 percent estate tax, the family would have had to sell around $500 million, probably requiring them to give up the Yankees.

Another well-timed death was executed by a Houston man. According to The NY Post, “Houston tycoon Dan Duncan, a self-made mogul…died at 77 after building one of the country’s largest energy-service companies.” His net worth was around $8 billion, meaning his 2010 death saved his family around $4 billion.

If you or someone you know need help planning an estate, contact the trustworthy Houston estate planning lawyers at Garg & Associates by dialing 281-210-0010.

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2010: The Year to Inherit

Posted on July 8th, 2010 No Comments

According to the New Jersey Newsroom, there is no federal estate tax this year. In an incredibly clever allusion, the Newsroom writes, “Agatha Christie should be living at this hour. The creator of Hercule Poirot could concoct a terrific detective story about a bunch of greedy Americans who did in their old, wealthy relatives in order to inherit stuff from them.”

The bad news is the tax returns next year. But, there is an exemption for up to $1 million. The Newsroom suggests that you divide your money with your spouse. Hopefully, each of your amounts will be $1 million or less, and then you will be safe from the hefty taxes. The New Jersey Newsroom reports, “The new tax rate will be 55% for estates above $3 million and 60% for estates above $10 million.”

The moral of the story is to make your will today. Contact an expert Houston wills lawyer at Garg & Associates, PC, by dialing 281-210-0010.

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Dog inherits mansion and trust fund

Posted on June 18th, 2010 No Comments

When Miami heiress Gail Posner, daughter of late corporate takeover artist Victor Posner, died at age 67 last March, she had a lot to leave behind. Among her many lavish possessions is an exquisite $8.3 million Miami Beach mansion, which she left to Conchita Posner, her pampered chihuahua. The dog was granted the property in Gail’s will along with a $3 million trust to ensure her comfort.

The pup was not the only one of Gail’s housemates to benefit from the hefty will. Seven of Gail’s bodyguards, housekeepers and other personal assistants received a total of $27 million and some were even granted permission to continue to live in the seven-bedroom mansion, rent free.

In an attempt to revoke the will, Gail’s only living child, Bret Carr has filed a lawsuit against some of his mother’s former staff members, insinuating a dark intrigue. He claims that household assistants drugged his sick mother in 2008 and forced her to change her will to include them. Carr was bequeathed $1 million in his mother’s will.

Your will should be clear, with no questions about who is supposed to inherit what. So trust the professional Houston wills and trusts attorneys of Garg & Associates, P.C. Contact a professional attorney by calling 281-210-0010.

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Estate taxes expected to rise next year

Posted on June 16th, 2010 No Comments

The 2010 federal estate tax disappearance has caused a lot of confusion amongst the wealthy. Even those who could benefit from this year-long tax drop are frustrated and many have changed documents that they will probably have to change back in 2011. Next year, the tax is set to return at a higher rate than in 2009.

This tax hiatus essentially means that heirs of wealthy people who die this year will owe no taxes. In 2009, if you were the heir of a wealthy person, you were legally obligated to pay a 45 percent tax to the Treasury. This year, you are not obligated to pay any money in taxes. However, next year, heirs will have to pay a whopping 55 percent of their estate in taxes.

If you or someone you know needs assistance with the complicated issues behind estate planning, contact the Houston estate planning lawyers of Garg & Associates, P.C. by calling 281-210-0010.

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Avoiding estate taxes

Posted on June 10th, 2010 No Comments

A special law was passed that states that those who die in 2010 are legally exempt from owing federal estate taxes. A study done by Columbia University showed that people who believe that postponing their own death will benefit their heirs, often will themselves to survive until the beneficial occasion presents itself. Thanks to exceptions, credits and thresholds, in years other than 2010, only .3 percent of those who left their estates to their heirs also passed along a tax bill.

Some organizations may be damaged from this estate tax-free year including charities and some non-profit organizations. Giving to charities is often a good way to reduce tax liability when estate planning. If there are no taxes to avoid this year, then the organizations that usually received donations from these people will see a decline in funds.

If you are considering planning your estate, contact the Houston estate planning lawyers of Garg & Associates, P.C. by calling 281-210-0010.

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Benihana’s founder’s will disputed

Posted on May 27th, 2010 No Comments

A tangled estate dispute between the wife and children of the late Rocky Aoki, best-known for his founding of Benihana Inc., is working its way through the court systems.

New York State Surrogate’s Court recently ruled that Keiko Aoki, Rocky’s third wife and widow, was entitled to pursue her attempts to seize control of a trust currently being controlled by Rocky’s children.

The dispute is over whether or not Rocky was aware of what he was doing in 2002, when his lawyer and children convinced him to sign documents that forbid him from leaving any part of his estate to anyone but his descendants.

The judge who ruled in Keiko’s favor believed there to be clear evidence that there was an “impermissible conflict of interest” in the lawyer acting as adviser to both Rocky and Rocky’s children.

One of the key pieces of evidence for this conclusion was a memo the lawyer wrote to himself in 2003, which the court was able to obtain. “Undoubtedly, the fur will fly when [Rocky's new lawyer Joseph] Manson and his clients, Keiko and Rocky, discover the existence of the executed partial release,” he wrote, referring to the documents that would forbid Rocky from ever leaving the assets to anyone but a descendant. Rocky died in 2008.

If you are looking for an experienced estate attorney who can help you put your affairs in order and possibly avoid this kind of conflict, contact the Houston contested will attorneys of Garg & Associates, P.C., at 281-210-0010.

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Georgia rules against ‘illegitimate’ child

Posted on May 19th, 2010 No Comments

The Georgia Supreme Court today ruled against a daughter born out of wedlock who felt entilted to part of her father’s will.

The father left his inheritance to his two lawful children, which did not include the woman who brought the suit.

The court voted 5 to 2 against the daughter’s claim, ruling that under old Georgia law, illegitimate children are not “lawful.”

Justice Hugh Thompson, who dissented against the majority vote, wrote that the decision takes a “giant step backwards” in the development of biological children’s rights.

The ruling goes against general legal precedent in the state, wherein most children born outside of marriage have been recognized legally. This precedent may be changed following the court’s ruling.

For more information about estate law, contact the Houston estate planning lawyers of Garg & Associates, P.C., at 281-210-0010.

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British will-makers fail to contact inheritors

Posted on May 14th, 2010 No Comments

According to police, the Lincoln firm Willmakers Of Distinction failed to contact two of three beneficiaries in a client’s will. Money left by a 96 year-old Birmingham man, totaling roughly 120,000 British pounds, was meant to split between his last living U.K. relative, a friend, and a neighbor. However, the executors of the state never distributed the money to either his friend or neighbor, and never informed them that they were included in his will.

In the court proceedings, it was revealed that this was not an isolated incident. A Chapel St. Leonards widow failed to receive her 3000 pounds that was left behind from her husband’s death in 2004. Instead, she was left responsible for the 2000 pounds it cost for his funeral.

Two employees from Willmakers Of Distinction have admitted guilt, while one continues to deny allegations of theft.

Although this case seems distantly in England, the reality of entrusting a will-maker with your estate is universal. Contact the Houston personal estate lawyers of Garg & Associates, P.C., at 281-210-0010. Put the future of your property in the right hands with the help of an experienced attorney today.

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