Wells Peyton Partain Baldo & Lighty, LLPWells Peyton Partain Baldo & Lighty, LLP2026-05-05T14:23:29Zhttps://www.wellspeyton.com/feed/atom/WordPress/wp-content/uploads/sites/1504382/2025/01/cropped-WPPBL_FAV-32x32.pngOn Behalf of Wells Peyton Partain Baldo & Lighty, LLP<![CDATA[The top causes of gray divorce ]]>https://www.wellspeyton.com/?p=506622024-12-28T00:31:35Z2024-12-28T00:31:35ZDivorce on the whole has declined in recent decades, with one exception- gray divorce. Gray divorce refers to couples aged 50 and over.
There are numerous reasons why gray divorce has increased, but there are some interesting trends that warrant further exploration. Here are some of the top causes of gray divorce.
Views on marriage have changed
The world has evolved, and this includes perspectives on marriage. Marriage was once a taboo subject and it was viewed as a last resort. Now, couples no longer feel pressured to stay together if they are unhappy. People aged 50 and over are starting to carefully consider whether they are truly happy in their relationship. If the answer is no, then there is less pressure to remain in an unfulfilling marriage.
Gender roles have changed
Traditional gender roles have shifted in recent decades. Women have better access to career opportunities and can achieve financial independence. Previously, there may have been economic barriers to divorce and leaving the relationship may have placed a spouse in financial jeopardy.
Empty nest syndrome
Empty nest syndrome is a phenomenon that can be closely tied to gray divorce rates. As children grow up, they gain more independence and move out of the family home. The same happens with grandchildren. Eventually, they become adults and head off to college or start their own families. The resulting empty nest leaves people over 50 with a lot of time to reflect. It also means that issues in the marriage may be highlighted. Couples may find that they have little in common anymore and that it is time for a change. If you are considering divorce, it’s important to gather as much information as possible. Seeking legal guidance will also help to protect your rights. ]]>On Behalf of Wells Peyton Partain Baldo & Lighty, LLP<![CDATA[These estate planning strategies can help you avoid probate]]>https://www.wellspeyton.com/?p=501232024-12-12T18:09:16Z2024-12-12T18:09:16ZThe court-supervised process of distributing a deceased person’s estate or probate can be slow, costly and stressful to your loved ones. It can tie up assets for months or even years, making them inaccessible to your loved ones during a critical time. Probate proceedings are also public, which can expose your family’s financial affairs.
Fortunately, you can use various estate planning strategies to bypass probate while ensuring your assets are transferred to your beneficiaries efficiently, privately and with minimal hassle. Here’s what you can do.
Create a living trust
Transferring your assets to a living trust allows you to maintain control and ownership of your property as the trustee. Upon your death, the successor trustee you appoint will distribute the assets to your beneficiaries according to your wishes without going through probate.
Jointly titled assets
Owning property jointly with the right of survivorship can help avoid probate since the asset automatically transfers to the surviving owner if one of the co-owners dies. As such, your loved ones will not have to wait for the court process to benefit from their inheritance.
Gift assets during your lifetime
Giving away assets while you’re alive eliminates the need for probate. However, be mindful of the tax consequences of exceeding gift tax limits to avoid unexpected financial burdens.
Designate beneficiaries on retirement accounts and life insurance
Retirement accounts, such as IRAs and 401(k)s, and life insurance policies, allow you to name beneficiaries directly. These assets pass to your designated beneficiaries when you die without needing court intervention. Similarly, you can designate bank accounts and certain financial assets as 'payable on death.' This means the funds will be transferred to the named beneficiary upon your death without going through probate.If you wish to avoid probate or create a more efficient estate plan, consider personalized legal guidance to help you achieve your goals and secure your legacy.]]>On Behalf of Wells Peyton Partain Baldo & Lighty, LLP<![CDATA[Are digital or electronic wills valid in Texas?]]>https://www.wellspeyton.com/?p=501132024-11-19T15:37:05Z2024-11-19T15:37:05ZTexas requires physical documents
While a handful of states have adopted electronic will statutes, Texas has yet to do so. Simply put, state statutes currently require a physical copy of a will for it to be valid. Testators have the option of creating a handwritten or holographic will or a printed will.
Holographic wills can be the fastest and simplest solution, but they create a host of challenges. Testators may fail to include the right language, may not obtain witness signatures and may include illegal provisions that invalidate handwritten wills. Their documents are also vulnerable if family members contest them on the basis of not recognizing their handwriting.
Printed documents drafted with the assistance of an attorney are often the best option available. Lawyers can inform people of how to achieve their unique estate planning goals. They can create legally-compliant documents. They can also ensure that the testator signs and that there are the two necessary witnesses present to validate the document.
Electronic wills are currently not a viable option for those thinking about their legacy in Texas. Adults generally need physical documents that they have signed for a will to be valid. Learning more about estate planning statutes can help people protect their loved ones and control what happens with their resources after their passing.]]>On Behalf of Wells Peyton Partain Baldo & Lighty, LLP<![CDATA[How money can lead to a divorce]]>https://www.wellspeyton.com/?p=501122024-11-18T09:09:57Z2024-11-18T09:09:57ZMoney plays an integral part in marriage. Accordingly, it can lead to a divorce. Many divorce cases are caused by money-related factors, both the existence and lack of it.
Here is how money can result in the dissolution of a marriage:
Debt
A spouse with low or no debt might feel dissatisfied in a marriage with time. They may believe their spouse's debt prevents them from living the life they want, perhaps they are unable to go on vacations or increase their investments. Further, if the spouse with low or no debt is helping the other pay off their debt, they may feel like they are making considerable sacrifices in the marriage. Such emotions can lead to disagreements that can negatively impact the marriage. Couples with debt should communicate effectively on how to pay it off without sacrificing the life they want.
Financial infidelity
Financial infidelity can happen at any point in a relationship. A party may intentionally conceal debt incurred before or during the marriage. One may also hide purchases or habits, such as a gambling addiction. It's also not uncommon for spouses to have secret banking accounts.If the other party discovers any form of financial infidelity, a marriage is likely to be affected.
Different money beliefs
A marriage may experience problems stemming from different money beliefs. For example, one party prefers spending while the other wants to save. Or one party wants to save, whereas the other is more risk-tolerant and wants to invest in stocks and shares. Partners should discuss money beliefs or financial goals before marriage to avoid fights that could lead to divorce.If you and your spouse are going through a divorce for a money-related matter or any other reason, learn more about the process to make informed decisions. ]]>On Behalf of Wells Peyton Partain Baldo & Lighty, LLP<![CDATA[When is probate necessary?]]>https://www.wellspeyton.com/?p=501112024-11-12T19:30:07Z2024-11-12T19:30:07ZHow can you avoid probate for your assets?
So, is there any way to avoid probate? Texas law permits a simplified probate process if your estate, excluding the homestead and exempt property, is valued at $75,000 or less. If your estate is larger, then avoiding probate takes some planning. Here are some strategies you may want to consider:
Joint ownership: If you own property with someone else in a joint tenancy with the right of survivorship, then upon your death, your co-owner automatically inherits the property and bypasses probate.
Beneficiaries: Accounts such as retirement funds and life insurance policies allow you to designate individuals to receive the proceeds without going through probate.
Trusts: You can transfer your assets into a trust where a third party will manage them. Upon your death, the assets are passed directly to the beneficiary.
Some trusts can also protect assets from creditors. With a revocable trust, you still retain some control over your assets. This caveat allows creditors to make a claim against the trust. In an irrevocable trust, once your assets are transferred, you no longer have any control over them. Therefore, your creditors can't make any claim. However, one major drawback of an irrevocable trust is that you can't change it without the beneficiary's permission.
When creating your estate plan, it's crucial to have experienced legal guidance to help you keep more of your assets within the family and also help ensure a smoother transition of your assets to your loved ones.]]>On Behalf of Wells Peyton Partain Baldo & Lighty, LLP<![CDATA[How to avoid overspending during a holiday divorce]]>https://www.wellspeyton.com/?p=501072024-10-29T03:09:21Z2024-10-29T03:09:21Zurge to go overboard with your shopping this holiday season when a little “retail therapy” can seem particularly tempting amid the emotional upheaval of your divorce? Here are some tips.
Set a budget
This is particularly important if you have kids and you’re feeling guilty about the breakup in their home life over your divorce, but even if you don’t have minor children involved, you can still benefit from a budget. Decide in advance how much of your funds can be allocated to holiday celebrations and keep that figure in mind.
Use cash
You do not want to add to your debt when you’re going through a divorce, so put those credit cards away. Take cash out of your bank account (maybe a specific percentage of your paycheck) so that you can visualize how much you’re actually spending – and what you have left at any particular point.
Divide things up
It’s important to be realistic about your expectations for the season. If you’re too strict with yourself, you’re more likely to resent your self-imposed limitations and resort to credit cards despite your good intentions. Divide your money between gifts, experiences (like holiday meals or dinner and drinks with your friends) and purchases for yourself (if you know the temptation to indulge will be there) before you start spending so that you don’t feel deprived.
Finally, make it a point to reassess your financial situation either weekly or bi-weekly to make sure that you’re still on track (or make necessary adjustments). Be kind to yourself if you’ve made a few financial mistakes – but don’t keep repeating them. Otherwise, you can end up setting yourself up for a difficult post-divorce financial situation once the season is over.]]>On Behalf of Wells Peyton Partain Baldo & Lighty, LLP<![CDATA[A partnership agreement should address ownership percentages]]>https://www.wellspeyton.com/?p=501052024-10-13T16:25:29Z2024-10-13T16:25:29ZWhen two business partners decide to start a company together, one of the first steps they should take is to create a partnership agreement. A lot of people start partnerships with a handshake deal, but that can be very risky and may increase the odds of disputes in the future. A partnership agreement can officially establish their business relationship and address many important areas: Roles and responsibilities, dividing up earnings, investing in the business, dispute resolution tactics, etc. One of the most important things that the partnership agreement should do is to talk about the ownership percentages. Hypothetically, if there are just two business partners working together, they may both assume that they would own 50% of the business. But even if this is true, it should be officially noted in the partnership agreement and not merely assumed.
Why is this so important?
First of all, the ownership percentage is important if business partners have to put anything to a vote. If they both own 50% of the company, then their votes carry equal weight and they need to agree or come to a consensus before making major decisions. But if one person owns 51% or more of the company, then they may have the ability to outvote the other partner.The second reason to consider the ownership percentage is just to understand what the company’s value is to each person. Say that the partners decide to sell their company in 10 years. The ownership percentage helps them know how to divide the earnings from the sale. As noted above, it may also be important if the partners have to vote about whether or not they want to sell the business in the first place.Drafting a partnership agreement is an important part of starting a new company, so make sure you know what legal steps to take.
]]>On Behalf of Wells Peyton Partain Baldo & Lighty, LLP<![CDATA[Which is the most tax-efficient business structure in Texas?]]>https://www.wellspeyton.com/?p=501012024-09-30T02:30:32Z2024-09-30T02:30:32Zvarious legal structures can help you leverage the financial benefits and make informed decisions.
LLCs are considered highly tax-efficient
For many small and mid-sized businesses in Texas, a limited liability company (LLC) is generally considered the most tax-efficient legal structure for various reasons. First, LLCs are treated as pass-through entities, meaning the business’s profits and losses are directly reported on the owner’s personal tax returns. This avoids double taxation, potentially resulting in substantial tax savings.
Additionally, LLCs have flexible tax treatment options. Depending on their composition, they can be taxed as a sole proprietorship or a partnership or elect to be taxed as an S Corporation or C Corporation. This flexibility allows owners to choose what's best, given their financial situation.
Exploring other options
Another alternative for tax efficiency is S corporations. They also benefit from pass-through taxation, and profits are taxed only at the individual shareholders’ level. However, S corporations have stricter ownership requirements and operational protocols, which may not be ideal for everyone.
Partnerships also offer pass-through taxation, with profits and losses directly distributed to partners. The downside is that individual partners are exposed to personal liability. For sole proprietorships, all income is subject to personal tax rates, which could lead to high taxes if your income increases significantly. Additionally, owners are liable for business debts.
Ultimately, it all comes down to the particular aspects of your situation. Analyze your current and projected earnings, consider your growth potential and review the applicable state taxes. Most importantly, consider seeking qualified assistance to help navigate the legal complexities and provide tailored guidance.]]>On Behalf of Wells Peyton Partain Baldo & Lighty, LLP<![CDATA[What happens during a title dispute about a residential home?]]>https://www.wellspeyton.com/?p=501022024-09-16T23:02:58Z2024-09-16T23:02:58ZTitle disputes can quickly become expensive
Home buyers who financed their transactions typically have an obligation to purchase title insurance. In fact, their settlement statement at closing probably reflected the cost of not one but two separate title insurance premiums.
The buyer has to pay for coverage that protects the lender for the amount that they provided to finance the transaction. The buyer also has a policy protecting their interest in the property, including the down payment they made, the equity they accrued while making mortgage payments and any sweat equity related to improvements at the property.
If an outside party initiates a title claim, they could obtain ownership of the property. The title insurance of the current owner can help them pay to secure legal representation. People typically need an attorney to help respond to title disputes.
A lawyer begins the process by reviewing the basis of the title claim. Some people may believe they have a right to the property because they are an heir of the previous owner who did not receive notice of estate administration. Other times, the claimant might be the former spouse of the prior owner. Occasionally, the people making the title claim our individuals targeted by fraud who thought the deed they signed acquiring the property made them the legal owner of the property.
Depending on the circumstances, the attorney representing the owner can look for ways to refute the claim of the outside party and affirm the title rights of their clients. The judge makes the final determination.
If they rule in favor of the owner, then the owner can retain possession of the property. If they rule in favor of the plaintiff, the current owner may need to navigate a title insurance claim to recoup what they invested in the property. Title disputes can take months to resolve and can involve numerous challenging elements that most people cannot handle on their own behalf.
Securing the right support when responding to a title dispute can help people protect one of their most valuable resources. Title litigation may put someone's interest in a property at risk if they don't respond appropriately.]]>On Behalf of Wells Peyton Partain Baldo & Lighty, LLP<![CDATA[What is a power of attorney? ]]>https://www.wellspeyton.com/?p=501032024-09-15T19:48:57Z2024-09-15T19:48:57ZWhat would happen if you suffered from a medical condition or injury and you could no longer care for yourself? This happens to many people every year, especially after individuals have developed medical conditions such as dementia, cancer or paralysis. Would anyone know how to care for you the way you want? You can help ensure someone does by naming a power of attorney (POA).
A power of attorney gives someone the legal right to act on your behalf in many situations. This would benefit you if you became incapacitated and could no longer care for your health. Several types of powers of attorney are possible, and all act in different ways. Here is what you should know:
Health care POA
A health care power POA can have control of any of your medical decisions. For example, they may help decide whether you should be placed on or taken off of life support, undergo surgery or be resuscitated.
Financial POA
A financial POA could manage any of your financial affairs. For example, they may pay for home bills, collect checks, file taxes or manage investment accounts.
General POA
A health care and financial POA can be separate people. However, a general POA can have control of both health care and financial matters.
Limited POA
A limited POA can be named to act in only specific situations for a specific time. For example, a limited POA may be used to make certain real estate investment decisions on your behalf.
Durable POA
A durable POA allows an agent to act on behalf of the principal even after they become incapacitated. A durable POA can manage a broad amount of duties.
Springing POA
A springing POA has a limited amount of duties that only take effect if a certain event happens -- such as your sudden incapacitation. Legal guidance can explain the benefits of a power of attorney and help you pick the right one for your estate plan and needs.]]>