The Essential Role of a Dallas Probate Attorney
Losing a loved one is an emotionally taxing experience, compounded by the responsibility of managing their estate. Amidst the grief, the complexities of probate law can be overwhelming. This is where the expertise of the Dallas estate planning and probate attorneys of Sharpe Law Group come into play. Our probate experts specialize in guiding families […]
Common Myths About Estate Planning in Dallas and Plano
No one likes to think about it, but the end of the road is inevitable for everyone. Over the years, you’ve likely spent valuable time investing, building wealth, and creating a brighter future for the loved ones who succeed you. Estate planning may not be the most appealing process, but it’s one you definitely can’t […]
The Federal Government’s Newest Thorn in Your Side: The Corporate Transparency Act
Congress enacted the Corporate Transparency Act (CTA) in 2021, which will impact almost every one of your clients with LLCs, limited partnerships, and corporations. The CTA seeks to detect money laundering and terrorism by requiring reporting companies to submit certain invasive information to the Financial Crimes Enforcement Network (FinCEN). Your clients’ failure to comply could […]
Donor Advised Fund or Private Foundation: That is the Question
Clients create charitable organizations for many reasons. The two reasons we hear most often are (i) charitable giving, and (ii) family legacy planning. Family legacy planning can mean different things to different people but generally, clients are looking for a vehicle to encourage future family unity and philanthropic engagement. A variety of options exist to […]
Revenue Ruling 2023-2: Clarity on Irrevocable Grantor Trusts and Step-Up in Basis
Last spring, the IRS issued Revenue Ruling 2023-2 to clarify that assets held in an irrevocable grantor trust do not receive a step-up in basis at the grantor’s death. This may not have been a surprising revenue ruling for many practitioners. However, because it has now been publicized as a new ruling, clients have voiced […]
Entities: The Work Doesn’t End After Formation
Clients create entities (LLCs, LPs, Corporations, etc.) for a variety of reasons, including asset protection, starting a business, and consolidation of assets. For many clients, the entity has been out of sight and out of mind since its creation or initial funding, which may lead to a variety of issues. Why does it matter? The entity […]
Three Common Misconceptions in the Estate Planning World
A revocable trust-based plan avoids probate: One of the primary benefits of a revocable trust-based plan is the ability to avoid probate at death. However, to avoid probate, the client’s revocable trust must be fully funded with appropriate assets and any other assets must include a beneficiary. Funding a revocable trust typically involves re-titling real […]
10 Common Concerns and Drafting Solutions
It is common for clients to have at least one fairly specific concern regarding their estate plan. It is even more common for clients to have additional concerns after we explain the traditional flow of assets, trust distribution structures, and fiduciary discretion. Our job as estate planners is to have solutions to those concerns that […]
Do I Need To Update My Estate Plan?
We are asked this question frequently and, of course, the answer is always “it depends.” Did you recently get married? Have a baby? Move states? Some big life changes may call for dusting off your estate plan and making some changes, while others may not (e.g. getting a new pet). With our world in upheaval […]
