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Should I Use a Special Needs Trust to Provide for a Disabled Child?
If your child has a severe physical or mental disability, you know just how important it is for them to have the right type of care. One concern many parents have is what will happen to their disabled child after they have passed away. Your child may depend on you for daily needs like bathing and eating as well as money management and other financial needs. How will your child receive care and assistance after you are no longer around to provide this care yourself?
A special needs trust is an estate planning instrument that allows you to place funds in a trust that are used for your child’s benefit. Read on to learn more about the advantages of using a trust and what you can do to get started.
Basics of a Special Needs Trust
A special needs trust or supplemental needs trust is a fiduciary relationship often used to transfer funds to benefit a disabled person. The person who creates the trust, the grantor, transfers money into the trust. A trustee is tasked with managing these funds and using the money to benefit the beneficiary. Trust funds may be used to pay for medical needs, caretaking or home healthcare expenses, transportation, and other needs.
Employment Law Concerns for Businesses with Remote Workers
According to the U.S. Bureau of Labor Statistics (BLS), just over a third of employers increased remote work opportunities during the COVID-19 pandemic, and 60 percent plan to keep those opportunities in place. With so many employers and employees alike benefiting from the flexibility of working remotely, it is likely that this trend will continue well into the future.
However, there are a few employment law concerns that businesses should keep in mind when managing remote workers. If your company currently has remote or hybrid workers or plan to implement remote work in soon, make sure to understand your legal rights and responsibilities as an employer.
Employment Law Considerations for Employers for Remote Workers
As remote work becomes increasingly popular, employers must ensure that they are meeting all local, state, and federal employment laws.
Tips for Creating Effective Business Contracts
When you operate any business, there will inevitably be some point at which you are going to need to sign a contract that will be inherent to protecting your legal rights and also ensuring another party fulfills their obligations.
Business and commercial law contracts can help minimize risks and can be critical to ensuring the long-term health of a company. People need to keep in mind certain aspects of contracts to be confident that they are taking all of the steps necessary to formulate the contract that will be most beneficial to them. A legally enforceable contract must have an offer, an acceptance, mutual consideration, legal parties, and a legal purpose.
Make Sure You Are Dealing With The Right Person
When you are negotiating the terms of a contract with a lower-level employee who has to get approval for every decision, you may be wasting your time. Ask to speak to a person who can be in charge of making decisions themselves so you can be confident that you are working toward finalizing an agreement. An owner is probably the best bet for a small business, but larger businesses may have chief operating officers.
What Are the Most Common Reasons for Probate Litigation?
After the death of a loved one, families often have to deal with far more than just their grief. The deceased person's estate must go through probate, which is the legal process of settling their affairs. This includes distributing their assets and property to their heirs and paying any debts and taxes owed. In many cases, probate can be a straightforward process. However, there are some cases where probate can become contentious, particularly if there are disputes about the deceased person's will. In these situations, probate litigation may be necessary. Estate executors, family members, or others who become involved in probate litigation will need to seek out an experienced attorney who can help navigate the legal process and protect their interests.
Issues That May Be Resolved Through Probate Litigation
Multiple types of disputes may arise during the probate process, and probate litigation may be used to resolve issues related to:
Addressing Commercial Real Estate Landlord/Tenant Disputes in Texas
For business owners and entrepreneurs, commercial leasing is often the first step in establishing a physical presence for their company. However, what many first-time commercial tenants do not realize is that disputes with their landlord are not uncommon – and can often be quite costly if not handled properly from the outset. If you are currently involved in a commercial landlord/tenant dispute or are simply looking to avoid one in the future, make sure to consider the following.
Take a Proactive Approach to Commercial Lease Agreement
Preventing disputes between landlords and tenants is always preferred to dealing with these issues once they have already arisen. There is no way to completely eliminate the risk of landlord/tenant disputes. However, proper preparation can dramatically mitigate the risk of future disagreements and legal disputes.
When it comes to commercial lease agreements, the old adage “the devil is in the details” has never been more accurate. For tenants, this means that a thorough review of your lease agreement – with the assistance of an experienced real estate attorney – is essential prior to signing on the dotted line.
Setting Up a Special Needs Trust: What You Need to Know
If you have a loved one with special needs, you may be looking for ways to provide for their future. One option is to set up a special needs trust. A special needs trust is an estate planning tool that can help you manage assets for your loved one's benefit. There are many advantages to using a special needs trust, and this blog will discuss some of the key benefits.
Supplemental Needs Trusts in Texas
Special needs trusts, also called supplemental needs trusts, ensure that a disabled person or an individual with special needs receives the care he or she needs. For example, a grandmother caring for a grandchild with cerebral palsy may worry about the care her grandchild will receive once she has passed away. In a situation like this, a special needs trust may be set up to provide consistent financial support for the child even after the grandmother dies. Funds from a special needs trust may be used to pay for medical expenses, in-home care, therapy, housing, and other needs.
What Are Common Legal Disputes that Texas Small Business Owners Face?
As any small business owner can tell you, getting a business up and running is no easy feat. Even when a business is humming along smoothly, unexpected disputes resulting in litigation can crop up at any time. Small business owners must constantly be on their toes, ready to respond to surprises with agility so that legal disputes have a minimal effect on a company’s growth and productivity. Here are some common legal disputes that Texas small business owners may face that a great business law attorney can help with.
Common Types of Business Disputes
The nature of certain businesses will expose them to a greater likelihood of facing disputes than others; for example, a construction business is much more likely to face litigation for an injured employee than a business selling records. Knowing your field is essential for understanding the kind of risks you undertake as a business owner and any potential liabilities you may face in the future. Common types of disputes small business face include, but are not limited to:
Estate planning for blended family in Texas: Major considerations
When you and your spouse got married, you united not only your lives but also your families. This can be a wonderful thing, but it also comes with many new challenges. Therefore, you need to create an estate plan to protect each other and your children. If you are in a blended family in Texas, there are some specific things you need to take into account. Let's look at them below.
Estate planning and subsequent marriages in Texas
When you marry in Texas, part of your property will become your partner's. In fact, they will have a superior say in what happens to your assets when you die than any other person related to you. That's why estate planning is necessary to protect all your heirs, including those from your previous marriages.
Considerations when estate planning for your blended family
Here are some of the crucial factors to keep in mind after marrying into another family:
How to talk about your estate plan with your family
In Texas, one of the most important steps you can take to secure your loved ones' futures is to have an estate plan in place. This document will dictate how your estate should be handled after your death. It's important to have a frank discussion with your family about your estate plan so that they know what to expect.
Why should you have the discussion?
There are a few reasons why having this conversation is so critical. For starters, it can help avoid family conflict. If everyone knows what to expect, there's less of a chance for disagreements to arise about who should inherit what.
This conversation is also so important because it allows you to make sure that your wishes are carried out after you die. You may want to leave particular assets to certain family members, or you may want to set up a trust to take care of your children. Whatever your wishes may be, having this conversation with your family can help make sure they're carried out.
Ensure your business is in safe hands with an estate plan
Your business in Texas is likely to deteriorate if you pass away or become incapacitated without an estate plan. Estate taxes, unclear ownership and leadership are the leading business killers. Here's how you can make sure your business is in safe hands with an estate plan.
Estate planning for business in Texas
Estate planning for business involves setting up strategies that determine how your beneficiaries, business partners, creditors, etc., will deal with your company if you're incapacitated or after your passing. This is critical because even when you are incapable of working, things should go according to your plan. In addition, a good estate plan can help your beneficiaries or your business itself from suffering serious tax consequences.
Get all documents tied to your business in order
For you to create a solid estate plan, you need to first find all the documents that prove your ownership and authority in your business as well as your other assets. For instance, a financial power of attorney will give someone you trust the power to run your business or estate when you are incapable. While that is in action, you can use an advanced health care directive to give someone power to make medical decisions for you or have your own directives regarding how doctors should treat you when incapacitated. Other important documents include:
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817-645-1717
