Texas has very complicated homestead laws intended to protect individuals against “accidental” homelessness. There are very few ways a lien can be placed on a homestead, and each way is spelled out in the Texas Constitution. If you are a banker, homeowner, or work at a title company, you may have heard of the twin issues of “overburdening” the homestead …
Ready for the Summer real estate selling season? Here is a frequently asked question that has risen to the top: How do you get rid of restrictive covenants or make changes to existing restrictions against property which are detrimental to a sale? Like all good lawyer answers, it depends! Without any statement in the restrictions themselves about how to terminate or change …
How are stocks, accounts, and brokerage accounts transferred after the death of the owner? You may have spoken with the account holder and they say they need “Letters Testamentary.” How do you write those Letters? Don’t let that term fool you! Letters Testamentary are the formal court document showing the appointment of an Executor or other Personal Representative of an …
It is sometimes advantageous to finance the sale of your own residential property. There are both Texas and Federal laws which may apply to your sale, however. The Federal Dodd-Frank Act, which requires “loan originators” to be licensed, applies only to consumer buyers, so loans secured by vacant land, commercial properties, rental properties or properties used for investment purposes are …
We’re sure you are wondering, “Another post on entity choice? Really?” Yes, it is that important. We have the privilege of co-writing a blog post today! Our names are Keith Maynard and Mary Margaret Croft. Keith is a CPA at Andrews CPA, PLLC here in Waco. He specializes in providing outsourced accounting solutions to growth-minded businesses. Mary Margaret is an …
There’s a new entity structure in town taking real estate investors by storm: a Series Limited Liability Company. Series LLCs are great vehicles for real estate investments, although they may be used for other purposes too. The entity structure enables the organizers to have a single, filed LLC with the Texas Secretary of State, and also have separate, but associated, …
When starting a business, you may not always have the luxury of planning everything out. You have a winning idea, it takes off, and suddenly – you’re in business! A little down the road, you start to realize the growth potential of your business and think you might need to consider forming an entity – but where to start?? There …
What if there is no Will? Is a probate in the County Court always necessary? We have discussed in prior blogs the results of people dying without a Will as it relates to both “Community Property” and “Separate Property.” The reality is that many people pass away having never signed a Will. As outlined in a prior post, the State …
If you’ve been told before that “Texas is a community property state” and wondered what that referred to, this post is for you. Texas and 7 other states’ laws about inheritance and property rights derive from Spanish law, while the others derive from English Law (and Louisiana’s is from French law!). That is significant because Spanish law considers property gained …
Carpenter & Croft, PLLC is pleased to announce that J. David Carpenter will assume the additional responsibilities of Vice President and General Counsel of Home Abstract and Title Company. David will continue in the law practice of Carpenter & Croft, PLLC, emphasizing in real estate, commercial law, and probate/estate planning. Carpenter & Croft is pleased to announce this association and …