O’Quinn’s Troubled Legacy

Posted on August 24th, 2010 No Comments

When famed Texas trial lawyer John O’Quinn skidded off a Houston parkway in a speeding SUV and slammed into a tree last October, he left behind a mixed legacy.

He had won billions of dollars for clients but incurred rebukes from bar groups for ethical misconduct. Ex-clients and employees said he had cheated them, but he also handed over massive contributions to multiple good causes.

In the last five years of his life, he had collected more than 800 classic cars. And that’s now the source of one of the most bitter disputes his death has provoked.

What the twice-divorced lawyer didn’t leave behind was a single sheet of paper that would have bequeathed to his longtime companion the 28 cars she says he meant her to have.

Despite Lexington’s claims of shared finances and marriage, O’Quinn left his entire estate to his charitable foundation. Although there was a provision in the will that allowed him to make adjustments for individuals, he never did before his death.

A to-do list he wrote shortly before his death lists the task of seeing a lawyer for the purpose of a “will change for D” — presumably Darla Lexington.

“What’s relevant in the eyes of the law is not what people say he was going to do, but rather what he actually did,” Houston lawyer Dale Jefferson, who represents the estate, said in a telephone interview last week.

Darla was the beneficiary of a $2 million death insurance policy, and the estate is currently paying her $6000 per month.

This case is just one of many where the likely intentions of those who have passed do not match with their wills. Do not leave your will for tomorrow, because you never know what might happen. Contact the Houston estate planning attorneys of Garg & Associates, P.C. by calling 281-210-0010 today.

Anna Nicole Smith’s ordeal shows importance of estate planning

Posted on August 13th, 2010 No Comments

As of right now two doctors and a former boyfriend are on trial for providing Anna Nicole Smith with prescription pill illegally. Another legal battle that is underway is whether or not Smith’s estate will receive the money from Smith’s late husband.

In mid-March, a U.S. Court of Appeals stated the Smith’s estate would not receive any of the $1.6 billion that was left by her late husband. If one thing is shown through the chaos of the financial situation after Smith’s death, is that careful estate planning can be extremely helpful.

According to a survey, most Americans fail to write things down when it comes to their last will and testament. As of December 2009, 35 percent of Americans have a will. Building flexibility in your will, appointing a guardian, and planning a funeral are important ways to lessen the confusion and build your estate.

If you or a loved one would like to learn more about estate planning, contact the Houston estate planning attorneys of Garg & Associates, P.C. by calling 281-210-0010 today.

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.

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.

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.

Archives

Categories

Blogroll

Admin

firm info  |  practice areas  |  articles  |  faqs  |  blog  |  contact us  |  sitemap  |  resources  |  Log in

Garg & Associates, PC | 1095 Evergreen Circle, Suite 300 | The Woodlands, Texas 77380 Please call 281-210-0010 or (alt.) 281-475-4640 | Fax: 281-362-9757 or (alt.) 281-475-4659
Serving The Woodlands, Spring, Houston, Conroe, Kingwood, Tomball, Cypress, Huntsville, Cleveland, Stafford, Montgomery County, Harris County, West Oaks, Memorial, Sugar
Land, River Oaks, Alief, Stafford, Missouri City, and Southwest Houston Texas.

Search Engine Optimization and web design provided by the Search Engine Optimization firm The Search Engine Guys.