Woman’s coerced will thrown out by judge

Posted on April 29th, 2011 No Comments

A dead woman’s will was recently thrown out by a judge in Florida who determined that the will had been coerced by the woman’s attorney. The issue was brought to light by the woman’s cousin, who asked for the will to be overturned.

The will set up a $1 million trust fund to care for the dead woman’s pets and also left a seven-acre estate to the girlfriend of the woman’s attorney, whom the woman did not know. The will also stated that the girlfriend would care for the woman’s pets for a salary of $50,000 a year.

The woman’s cousin took the will to court, stating that the woman, who was in intensive care for the last part of her life, was coerced by her attorney to leave his girlfriend a substantial amount of her estate. The attorney was also found to have continued billing the woman’s estate after her death.

If someone you love has died, and you do not think their will reflects their true wishes, please contact the Houston contested wills lawyers of Garg & Associates, P.C., at 800-242-2151.

Study finds baby boomers will not leave money to children in wills

Posted on April 22nd, 2011 No Comments

A recent study conducted by the U.S. Trust found that children of parents who were born in the baby boomer generation will not be likely to receive an inheritance in the event of their parents’ death.

The study surveyed 457 baby boomers across the U.S. who have at least $3 million in assets. It was found that 51% said that they would not leave their children any money in their will and would, instead, use the money for travel and other personal interests. In addition to this, 52% of parents said that their children do not know how much they are worth.

When asked why they did not want to leave their money to their children, many parents stated that their children would not be able to handle inheriting a substantial amount of money. Some parents also expressed concern for their children becoming lazy if given money.

If you would like your child to receive an inheritance in your will, please contact the Houston heirship lawyers of Garg & Associates, P.C., at 800-242-2151.

Credit shelter trusts help save on state estate taxes

Posted on April 15th, 2011 No Comments

A credit shelter trust is a trust that allows married couples to only be taxed on six percent of their estate for estates totalling less than $500,000.

According to experts, assets that are set up in this kind of trust can be used by a surviving spouse during their lifetime and then passed on to children in the event of the spouse’s death.

Trusts are a great way to ensure that your loved ones receive the assets that you intended without having to go through costly and time-consuming probate litigation.

If you or someone you love would like more information on setting up a trust, please contact the Houston trust lawyers of Garg & Associates, P.C., at 877-780-8937.

Domestic Partnerships May Not Have Right to Estate Without Will

Posted on April 6th, 2011 No Comments

Among young people today, getting married is not always a given. Many people of younger generations no longer regard getting married as an inevitable part of life, and many couples are now in long-term relationships without marriage. If this is the case, the only way a person can receive their partner’s assets in the event of his or her death, is to put it in writing.

Spouses have certain legal rights to their deceased husband or wife’s estates, even without a written will. However, people who are in committed relationships but are not married essentially have no legal rights to their partner’s property in the event of a death, unless a will has been created.

If you or someone you love would like to create a will, please contact the Houston wills lawyers of Garg & Associates, P.C., at 281-362-2865.

Estate Planning Will be Affected by Tax Relief Act

Posted on April 1st, 2011 No Comments

With 2010’s Tax Relief Act, which was enacted in December, many changes were made that will effect the planning of estates. Rates were significantly lowered and exemptions were raised, which will impact estate planning for at least the next two years.

The act essentially makes it possible for money to be given away as either a gift or in an estate and not be taxed. This change is temporary, as it will only be going on until the end of 2012. This new act will be helpful to beneficiaries of large estates because they will be faced with less taxes upon inheriting an estate.

If you or someone you love would like help planning an estate, please contact the Houston estate planning lawyers of Garg & Associates, PC, at 281-362-2865.

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Garg & Associates, PC | 21 Waterway Avenue, Suite 300 | The Woodlands, Texas 77380 Please call 281-362-2865 | Fax: 866-743-4506
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Land, River Oaks, Alief, Stafford, Missouri City, and Southwest Houston Texas.