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.

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.

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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