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.

Myths About Planning a Will

Posted on February 18th, 2011 No Comments

Wills are extremely important documents that make sure your last wishes are carried out when you die. They can help and protect the people that you love and are closest to you during your life. However, there are many common misconceptions about creating a will and how a will is carried out.

One such myth is that a will is not needed if one does not have many assets. This is just not true. Most people are worth more than they know, and everything they own can have value to someone in their life. Another myth is that a spouse will receive everything, so it is not necessary to create a will. This may be true, but, if the spouse dies, remaining assets may not be divided the way they were intended.

Furthermore, many people wonder why they should have their wills written by attorneys when they can do it themselves. A will is a legal document. An attorney will assure that all of the correct legal jargon is used so that a person’s wishes are carried out correctly.

It is important to plan ahead in life. If you would like more information on planning your will, please contact the Houston estate planning lawyers of Garg & Associates, P.C. at 281-362-2865.

Renowned photographers’ trust involved in legal dispute

Posted on January 19th, 2011 No Comments

The Ansel Adams Publishing Rights Trust is involved in a legal battle with a man who has been accused of advertising posters and prints featuring “Ansel Adams Lost Negatives,” which the trust claims are not the work of the photographer.

The trust originally sued the man in August 2010 after he advertised “Ansel Adams Lost Negatives” items on his website. However, the man and his media company have since filed a counterclaim against the trust, as well as against the University of Arizona, which supported the trust’s claims. The complaint states that a team of experts have evaluated the negatives and found that the negatives were most likely created by Ansel Adams, and that the trust defamed the man and his company in their comments to international news networks.

The complaint and the counterclaim are set to be heard in May 2012.

If you or someone you know are involved in a wills and trusts dispute, the Houston estate planning lawyers at Garg & Associates, P.C. can help. For legal advice contact our offices at 281-362-2865.

Brief summary of new tax cut extension package

Posted on January 13th, 2011 No Comments

The tax cut extension package that was passed last month made significant changes to laws that pertain to estates and gift taxes. Different demographic groups will be affected in different ways by the new rules.

In summary, the new laws state that:

  • Both the federal estate tax exemption and the federal gift tax exemption rates for 2011 and 2012 are now set at $5 million
  • If an estate or gift surpasses the $5 million exemption, a flat tax rate of 35 percent is applied to the excess

Last year, the gift tax exemption was $1 million. For now, these new laws will be in place over the next two years, but may change in 2013.

If you or a loved one needs legal assistance planning an estate, contact the Houston estate planning attorneys at Garg & Associates, P.C. by calling 281-362-2865.

House members work for changes to estate tax laws

Posted on December 15th, 2010 No Comments

The Bush-era tax cuts expire at the end of the month, and both Republicans and Democrats are pushing for additional changes.

Currently, House Republicans are working to pass a proposal that would exempt individuals with estates worth up to $5 million from estate taxes, while Democrats are trying to lower that number to $3.5 million. Republicans are also advocating to impose additional taxes on larger estates at a rate of 35 percent while Democrats are working to set the rate at 45 percent.

Democrats are also working to extend unemployment insurance and are concerned that the changes they want to estate tax laws will be subject to further compromise in later votes.

If you are seeking legal assistance in planning your estate, contact the Houston estate planning attorneys of Garg & Associates, P.C. by calling 281-362-2865 today.

Springfield Mayor ordered to court for estate dispute

Posted on December 14th, 2010 No Comments

A Sangamon County Circuit Court Judge ordered Mayor Tim Davlin of Springfield to appear in court next week for a hearing regarding the estate to which the mayor is executor.

Davlin skipped a Sept. 22 court-ordered deadline by which he was supposed to provide a financial accounting for the estate of his cousin Margaret Ettelbrick, who passed away in 2003.

Catholic Charities of Springfield has asked the judge for both a final accounting and to dismiss Davlin as executor of the estate, worth just under $1 million.

Davlin’s attorney has filed against the estate as well, alleging that he is owed about $20,000 in legal fees that he was never paid.

Don’t go through this kind of trouble. Make sure your will and estate plan is clean and easy to execute. Contact the Houston estate planning attorneys of Garg & Associates, P.C. by calling 281-362-2865 today.

Tudor dispute settled

Posted on November 24th, 2010 No Comments

The feud over the $2 million estate of Tasha Tudor, the late author and illustrator, was settled outside of court last week.

The dispute was to go to trial last week but lawyers say that it was settled behind closed doors instead.

Tasha Tudor died in 2008 at the age of 92. At issue is teh will controlling her $2 million estate.

If you are seeking experienced counsel when it comes to planning your estate, contact the Houston estate planning attorneys of Garg & Associates, P.C. by calling 281-362-2865 today.

Pavarotti estate dispute sets example

Posted on November 6th, 2010 No Comments

When famed operatic singer Luciano Pavarotti died in 2008 after a yearlong battle with cancer, there was a dispute over how to divide up his estate.

Pavarotti had drafted two wills near the end of his life; one divided his assets by Italian law and left half to his second wife, Nicoletta Mantovani, and the other half to his four daughters. But his second, American, will left all his American holdings to Ms. Mantovani.

His late wife’s lawyer declined to share details of the resolution with the public but Pavarotti’s daughters and Ms. Mantovani came to a “friendly agreement” over how to settle the dispute.

Don’t let this kind of dispute happen over your estate. Contact the Houston estate planning attorneys of Garg & Associates, P.C. by calling 281-362-2865 today.

Dispute over Army Major's will

Posted on October 19th, 2010 No Comments

A legal battle has begun at the High Court of England following a dispute over the will of a deceased Army major.

The 65-year-old man died from cancer in 2008 and had a secret mistress at the time as well as a son, wife, and daughter.

His 49-year-old mistress insists that he told her, while on his deathbed, that she would be left everything in his will.

Unsurprisingly, the major’s family disputes this claim and maintains that there is no such stipulation in the major’s paperwork and that he did not in fact leave behind a will. The mistress alleges that the family destroyed the will in an attempt to prevent her from receiving any inheritance.

Problems like these can be avoided with a carefully written and detailed will and estate plan. Contact the Houston estate planning attorneys of Garg & Associates, P.C. by calling 281-362-2865 today.

Melvin Simon $2 billion estate dispute

Posted on September 18th, 2010 No Comments

A Superior Court Hamilton County judge has ordered mediation in a series of arguments and disputes involving the late billionaire Melvin Simon’s estate.

The disputes are mainly between Simon’s widow and his stepdaughter. Parties are given 15 days to either agree on a mediator or to object to the order.

Simon’s stepdaughter claims that he was coerced into rewriting his will shortly before his death so that it bequeathed far more of his estate to his widow. She also wants to have her stepmother entirely removed as a trustee from the estate until the dispute has been resolved.

Problems like these can be avoided with a carefully written and detailed will and estate plan. Contact the Houston estate planning attorneys of Garg & Associates, P.C. by calling 281-362-2865 today.


firm info  |  practice areas  |  articles  |  faqs  |  blog  |  contact us  |  Site Map  |  resources  |   Find us on Google+   |   Log in

Garg & Associates, PC | 21 Waterway Avenue, Suite 300 | The Woodlands, Texas 77380 Please call 281-362-2865 | Fax: 866-743-4506
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.