Property tax changes in Texas can impact S-Corporations in many ways. It's important to understand how these changes affect business operations and finances. Impact on operating costs When property taxes go up, S-Corporations have an increased tax burden, which can...
When planning to incorporate, the tax structure you choose can affect your company's financial and operational future. Both S corporations and C corporations offer limited liability protection, but differences in taxation and ownership can make an S corp the preferred...
Powers of attorney (POA) are legal documents that authorize one person (the agent) to act on behalf of another (the principal). Powers of attorney can be extremely broad – granting your agent significant ability to access your financial accounts and make legal and...
A power of attorney is a legal document that gives a nominated party the ability to act on another person's behalf. For the most part, a power of attorney allows someone to make decisions relating to healthcare and financial and property affairs. Acting in such a...
Texas residents often choose to include powers of attorney in their estate plans. If a person becomes incapacitated by illness or injury, a properly executed power of attorney ensures that important financial or medical decisions will be made by a responsible and...
The Texas Comptroller of Public Accounts has proposed amendments to the state's franchise tax apportionment rule in response to the Sirius XM case. These amendments, published in the Texas Register on January 20, come after the Texas Supreme Court unanimously...
A trust is a legal document that can help securely transfer assets from an estate to beneficiaries. With the right trust, an estate may avoid taxes, probate and challenges. There are many different kinds of trusts, including pet, generation-skipping, spendthrift,...
In short, estate planning is the process of making instructions for the management of your estate. Once you start making an estate plan, you will likely quickly realize that it is not as difficult as others made you believe. However, it is easy to make mistakes when...
A power of attorney empowers a designated individual, called your agent in Texas, to act on your behalf in financial and/or medical matters, subject to conditions of your choosing. Choosing the right person for this critical role is essential. Texas law allows you to...
In the past, we’ve discussed giving someone durable financial power of attorney (POA). Just as important is the person to whom you give medical POA. Under Texas law, a person with medical POA (also known as an agent) can consult with a patient’s (principal’s) medical...
