Estate planning options for people in relationships

Posted on April 12th, 2012 No Comments

Individuals in relationships may have a more difficult time deciding how to delve into estate planning. For some couples, choosing to configure their estate together is the most apparent option. But, for other couples, blended families and children from previous marriages could increase the complexity of the issue.

One of the initial decisions that needs to be made by a couple in regards to estate planning is the decision to be represented as a unit, or for both people in the relationship to have their own representation. Couples who choose to have the same estate planning lawyer will save money, but couples who seek the help of two different attorneys will have the opportunity to discuss their specific concerns and tailor their estate plans with their best interests in mind.

Several situations when dealing with married couples can arise when talking about estate planning. Some of these situations include a wealthier spouse, children from previous marriages, longevity of the relationship, prenuptial agreements, and age differences. It is important for individuals to seek experienced help in order to keep their best interests protected.

If you have questions regarding estate planning, please contact the Houston estate planning lawyers of Garg & Associates, P.C. by calling 281-362-2865 today.

Estate of Brooke Astor settled

Posted on April 6th, 2012 No Comments

Brooke Astor’s estate has finally been settled. The philanthropist passed away in 2007 at the age of 105, and the battle over her estate has been drawing on ever since. Astor’s fortunes total around $100 million, and the controversy surrounding the distribution has been a heated one.

Her oldest son was convicted of stealing from his mother in the last years of her life when her health was declining. Due to this conviction, his inheritance was reduced by 50 percent, and he is no longer able to delegate how his mother’s money is distributed to charities.

The settlement allocates $30 million to charities, with a large majority going to the New York Public Library and the Metropolitan Museum of Art. The settlement was determined without a trial.

If you have questions regarding estate planning, please contact the Houston estate planning lawyers of Garg & Associates, P.C. by calling 281-362-2865 today.

Missing Houston boy will stay in state custody

Posted on March 29th, 2012 No Comments

In 2004, a Houston couple reported that their infant son had gone missing. Eight years later, authorities found the young boy living 140 miles outside of Houston with his alleged captors. The young boy was removed from the hostile environment, and entered state custody.

The biological parents of the 8-year-old have undergone DNA testing, as well as other testing. The DNA testing proves that they are the actual parents of the boy, and that neither of them are on any types of drugs. The state has decided to keep the boy in their custody until everyone involved can complete mandatory therapy sessions.

The 8-year-old is currently unaware that his biological parents are seeking custody of him, or even the fact that he was not being raised by his biological parents. He will be told once the proper procedures have been completed. According to authorities, the little boy is at a kindergarten level in regards to school, and will need special attention in order to transition.

The Houston estate planning lawyers of Garg & Associates, P.C. hope that the transition for this young boy goes according to plan, and that he is able to overcome the obstacles ahead of him. To learn more about this ongoing story, please visit the Houston ABC news website today.

Blended families increase tension in estate planning

Posted on March 22nd, 2012 No Comments

The National Stepfamily Resource Center reports that over 50 percent of first marriages will result in divorce, and approximately 75 percent of those divorced individuals will find themselves married for a second time.

Second marriages are where blended families begin, with 65 percent including children from previous relationships and unions. Estate planning becomes trickier when dividing up assets among children, as well as stepchildren.

Several individuals have strong opinions about who should receive their financial assets in these types of situations that include non-biological children. In order to assign assets to the most suited heirs, these parents should seek advice about estate planning, and outline their wishes before their family continues to blend even further.

If you have questions pertaining to estate planning, please contact the Houston estate planning lawyers of Garg & Associates, P.C. by calling 800-242-2151 today.

 

Whitney Houston left nothing to ex-husband in will

Posted on March 14th, 2012 No Comments

Everything in Whitney Houston’s will and estate was left to her daughter, 19-year-old Bobbi Kristina Brown. Bobbi is Whitney’s only child, and the heir to every asset that Whitney possessed.

The famous singer purposely left out her ex-husband, Bobby Brown, due to their tumultuous relationship over the years. Houston’s lawyers do not believe that there will be any contests to the will by family members.

According to reports, Houston’s estate money will be moved into a trust fund until Bobbi Kristina Brown turns 21. The details of the financial amount Bobbi is set to receive have not been revealed at this time.

If you have questions regarding estate planning, please contact the Houston estate planning lawyers of Garg & Associates, P.C. by calling 800-242-2151 today.

Widespread mistakes made in estate-planning

Posted on March 6th, 2012 No Comments

Estate planning needs change as people grow older. There are several factors that many elderly people may overlook in their older age. Here is a list of widespread mistakes that are often made in estate-planning among older individuals.

  • Not consistently updating their living will and medical situations
  • Not designating a power of attorney
  • Not informing their loved ones of their estate planning details
  • Not issuing tax-exempt gifts to heirs
  • Not looking into funeral arrangements before passing
These issues are commonly overlooked by many people when dealing with estate planning. It is important to have these affairs in order. Individuals who need help with their estate planning tactics should contact a professional in order to make sure all of the details are covered.
If you have questions regarding estate planning, please contact the Houston estate planning lawyers of Garg & Associates, P.C. by calling 800-242-2151 today.

Houston Rodeo has begun

Posted on February 28th, 2012 No Comments

The Houston Livestock Show and Rodeo has officially begun. The events will run from now until March 18, and feature a wide assortment of festivities that will attract people of all ages.

New events will be featured this year, including a scavenger hunt that will allow visitors to tour the grounds of the show, a horticulture exhibit, and a large fireworks exhibit. All of these things will take place at the Reliant Stadium in Houston where the Houston Texans play their NFL games.

Several famous musicians and singers will be performing throughout the rodeo. Kid Rock, John Legend, Lady Antebellum, and Alabama are just some of the numerous entertainers gearing up for their performances at Reliant Stadium.

To view details about the rodeo, visit www.rodeohouston.com today.

The Houston estate planning lawyers of Garg & Associates, P.C. hope that everyone attending this year’s rodeo has a great time and stays safe.

Whitney Houston’s passing sheds light on estate planning

Posted on February 21st, 2012 No Comments

The untimely passing of the singer, Whitney Houston, has left many people wondering if she had updated her trusts in time.

According to a source close to the singer, Houston named her 18-year-old daughter as her sole beneficiary of her estate. It is unclear at this time whether a living trust was established or if any trusts were established by using estate finances. In 2006, Houston went through a divorce with Bobby Brown. Friends and family are hopeful that she updated her will after the divorce was finalized.

Her death is a reminder to everyone that it is important to keep your trusts in mind and to update them on a regular basis. It is important to continue to allocate funds to the trusts you set up for your heirs, so that everything is in the order you want before it is too late.

If you need help regarding estate planning, please contact the Houston estate planning lawyers of Garg & Associates, P.C. by calling 800-242-2151 today.

NBA commissioner names Houston host of 2013 All-Star game

Posted on February 8th, 2012 No Comments

The Houston estate planning lawyers of Garg & Associates have learned that the 2013 NBA All-Star game will be held in Houston, Texas.

The announcement was made by the NBA league commissioner as well as Mayor Annise Parker. Houston was selected as the venue due to it’s success as a city for ┬áhosting other large, important events. In the past, the Super Bowl has been played in Houston and so has the NCAA Final Four.

According to reports, the All-Star game is estimated to turn an economic profit of $100 million for the city of Houston. The All-Star weekend consists of a dunk contest, and a three-point contest as well as the actual game.

Please visit the Chronicle if you are interested in learning more about local Houston events.

Texas Instruments decides to stop Houston plant operations

Posted on January 24th, 2012 No Comments

The Houston estate planning lawyers of Garg & Associates have learned that after a 68 percent decline in profits in the fourth quarter, Texas Instruments has decided to stop their operations at two plants. One of those plants is the Houston plant, which has been in operation for more than 40 years.

This decision also affects roughly 1,000 employees, who will be out of jobs as well. These changes in the company will allow Texas Instruments to save more than $100 million on a yearly basis. All of the production at these two plants will be shifted to other plants throughout the world.

After news of the closings became public, the shares of stock in the company rose by 3 percent, or $1.11. The plant closings will go into effect immediately and will be carried out within the next 18 months. To learn more about local Houston news, please visit the Houston Chronicle today.

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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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