Michael S Holmes PC
|Posted on January 12, 2020 at 10:05 AM||comments (200)|
|Posted on February 28, 2014 at 1:25 PM||comments (30)|
On March 10, 2014, I will be presenting a Monday Night workshop entitled "Texas Probate Law for Investors" at the Real Estate Investment Club of Houston, 4220 Lockfield St., Houston, Texas 77092.
Call the RICH club for more information, 713-947-7424. http://richclub.org/ ;
|Posted on February 28, 2014 at 1:10 PM||comments (2855)|
I am seeing it more frequently: a spouse dies without a will and the widow(er) wants to sell the homestead. The closing date is approaching and the title company awakes and requires some probate process to make sure that the widow(er) is the right (and/or the only) person who can legally sell the home.
In this scenario, filing a small estate affidavit in the probate court may resolve the problem. A small estate affidavit is limited to very specific facts.
If the deceased spouse's non-exempt estate is less than $50,000 (the value of the homestead and exempt personal property are not counted) and the non-exempt assets exceed the liabilities of the deceased, a small estate affidavit can be utilized. It is a relative inexpensive procedure that is processed and approved quickly by the probate court. This procedure does pass title to the homestead to the heirs BUT NOT ANY OTHER REAL PROPERTY.
The main issue is who are the heirs who are entitled to receive the deceased's estate (Texas law determines this, not the family)? I recently had a client who learned that children from a prior and current marriage of the deceased spouse owned half of the the spouse's estate - not the widow(er). It complicated the situation.
If a small estate affidavit can be used, it should be used because a formal probate of an intestate's estate costs thousands of dollars.
|Posted on January 17, 2014 at 6:10 PM||comments (340)|
Today, here in Houston it is in the mid-60's, clear blue skies. Beautiful. I hope your day is as glorious as mine.8)
|Posted on January 17, 2014 at 6:00 PM||comments (83)|
As I age, my clients have aged with me. I have more and more clients that have had a spouse die or has previously divorced and have remarried. Often, the newly married couple have their own family of children. Sometimes, the financial assets brought into this new marriage are even, more often they are not.
The desires of such a second marriage couple as to what financially happens they pass on are not accomodated by Texas intestacy laws. It is vitally important for such a couple to plan in advance what and how their assets will be used and distributed upon the first spouse's death and subsequently upon the surviving spouse's death.
Contact your attorney today to discuss these important issues. The two families will thank you.
|Posted on January 17, 2014 at 6:00 PM||comments (80)|
This week I was invited to speak to the Real Estate Investors Club of Houston, Texas on the subject of how to find assets in bankruptcy cases. We had a 2 hour hands on live demonstration of using a PACER account to search bankruptcy cases all over the USA. If you are interested in receiving a copy of the PowerPoint presentation, I would be glad to share it with you. Just email me at: [email protected]
|Posted on October 28, 2013 at 5:10 PM||comments (52)|
Welcome to my new website. It is an improvement over a previous one I had. If there is information you would like to see on it, please let me know. I hope to post interesting things here. Some may be related to legal stuff, other may be things that are interesting to me. Thanks for reading.