Creating a Will is an invaluable tool for passing your assets to your loved ones, but it isn’t the only way to achieve your goals.

There are an array of options beyond a Will in the estate planning universe. Among the most useful (and varied) options are Trusts.

A Trust is an agreement created between the “Grantor” and the “Trustee” in which the Grantor transfers an interest in assets to the Trustee who manages said assets for the benefit of the “Beneficiary”. The most desired form of Trusts are:

• Revocable Trusts, which can be altered by the Grantor at any point prior to Grantor’s death, and
• Irrevocable Trusts, which are unchangeable by the Grantor after creation (though certain provisions of the Trust can be changed by the Trustee).

Revocable Trusts are often used in estate planning to effectively take the place of a Will (though a simple “pour-over” Will leaving everything not previously transferred to the Revocable Trust is still needed).

While Wills and Revocable Trusts are functionally related in many ways, one of the key differences between a Will and a Trust is how and when each of them becomes effective. Wills become effective only after your passing and need to be validated through a court procedure called probate.

Revocable Trusts on the other hand become valid once properly signed by the Grantor and Trustee and are funded. Trusts are not generally subject to probate proceedings through the courts.

On radio broadcasts and the like, much speculation has been done about the “need to avoid probate.” However, probate proceedings in Texas are quite efficient and relatively inexpensive, and using Wills is still widely used as the main estate planning tool.

However, using Revocable Trusts with Pour-Over Wills is recommended in many situations, such as planning for incapacity, achieving enhanced control and precision regarding the disposition of specific assets, or even planning for anticipated litigation after the Grantor’s passing.

Revocable Trusts are commonly used by families who desire increased privacy. Wills, once probated, are public records and accessible by anyone who has a desire to see them. Revocable Trusts are not a matter of public record and can only be viewed by people with an interest in the Trust.

Our experienced law firm can give you peace of mind for the future. If you want to discuss creating a Will or Trust to ensure that your legacy is transferred to your loved ones efficiently, do not hesitate to contact our office by visiting our website at www.brewer-law.com or call us directly at 281-359-8686.

Disclaimer –
The materials available within this article are for informational purposes only and not for the purpose of providing legal advice. You should contact an attorney to obtain advice with respect to any particular issue or problem. Use of and access to this Web site or any of the e-mails or links contained within the website or article do not create an attorney-client relationship between brewer law and the user or browser.

Being sued by an employee can be a business owner’s worst nightmare, costing a significant amount of money and wasting your valuable time. However, you can potentially avoid this risk if you follow a few simple practices and avoid the common errors below.

Lack of Employee Handbook:

This is the easiest problem to fix, but many employers still do not have a handbook or manual containing the policies and procedures of the company. This is not as important if under 10 employees but is an absolute must if 25 or more employees.

Lack of Adequate Anti-Discrimination Policies:

Be sure you understand all the applicable laws, and genuinely practice an open minded and non-discriminatory approach to hiring and promotions. Without anti-discrimination policies that adequately address ALL employees, you leave yourself wide open for a lawsuit.

Insufficient or Inaccurate Performance Evaluations:

From probationary assessments to yearly reviews of your employees, reliable and accurate evaluations must be completed to accomplish three objectives: (1) legal compliance and documentation; (2) administrative uses and (3) developmental uses.

Insufficient or Erroneous Documentation of Personnel Decisions:

We’ve all heard the saying “If it is not documented, it did not happen”. Even if an employee was warned about his or her actions, behavior or performance on multiple occasions, once an employee files a lawsuit the employer is exposed if there is inadequate record keeping.

Lack of Adequate Investigation Procedures:

Courts have repeatedly admonished business owners for not conducting an objective investigation in the instance of a complaint of discrimination, harassment or retaliation. As such, it has become a HUGE issue in litigation. It is imperative that you now the laws and procedures in terms of who should conduct the investigation, when it should be conducted, and how it should be conducted.

Failure to Apply Company Policies/Procedures in a Uniform Manner:

Often times, disgruntled employees file charges with the authorities simply because they feel they have been treated differently than their coworkers in terms of enforcement of policies and procedures. As a result, you, as a business owner, are forced to spend unnecessary funds defending a claim that could easily have been avoided. Do not pick favorites to whom the rules do not apply – this breeds contempt among other employees.

Inadequate Response to Initial Claim:

In many cases, handling a claim properly and in a timely manner can eliminate the hassle and risk of any future potential lawsuits. When the response is not appropriate, increased damages in a subsequent lawsuit are possible.

Understanding and having comprehensive policies and procedures in place and access to competent legal assistance can go a long way to help you and your business avoid the nightmare of a lawsuit.

Having access to competent, reliable legal assistance can also help you save time, money and stress. Therefore, if you are a business owner, we encourage you to reach out to our firm at any time to discuss your growing business needs.

Disclaimer –
The materials available within this article are for informational purposes only and not for the purpose of providing legal advice. You should contact an attorney to obtain advice with respect to any particular issue or problem. Use of and access to this Web site or any of the e-mails or links contained within the website or article do not create an attorney-client relationship between brewer law and the user or browser.

Whether you are forming a new business or managing a business that has already been in operation for many years, you will inevitably experience situations where you desire, and even require, the advice of an experienced business law attorney. An experienced attorney will understand the many complexities of forming a business, as well as daily operating issues related to employees, contractual agreements, property ownership, issues with business partners and investors, and many more. Business owners should be focused upon their chosen business and its customers, and need to know when to consult a business law attorney to assist with legal issues. No one can specialize in everything – and trying to “do it yourself” in the legal arena often causes more problems than it resolves.

When starting a new business, choosing the correct business entity type for the protection of you, your family, and your assets is very important. Having a business attorney that takes the time to get to know you, your business, and your family can be invaluable. An attorney who knows you personally will be able to better advise you on your personal and business legal matters. Your personal beliefs, desires and wishes impact not only your family, but also your business. Conversely, your business practices, challenges and successes also impact your personal life. This is true both during, and after, the life of the business. This is why larger companies hire a full time attorney – called a General Counsel – to advise regarding all legal matters. Having an attorney and legal team that is not only experienced in business law but also real estate law, estate planning, probate and litigation, allows you to have advice related to personal or business issues, that always has your best interest at heart.

Through the life of the business many challenges will arise. Preparing and protecting the business, its principals, your family and your assets is possible with the help of a competent attorney. When considering what type of business entity to form, an experienced business attorney will help you evaluate the benefits of each and match them with your personal and business needs and goals.

Once the best type of business entity is chosen, operational issues must be considered. Ongoing business operations include many issues such as:

● employment agreements
● non-disclosure agreements
● asset purchase and sale agreements
● stock purchase and sale agreements
● financing agreements
● guaranties
● estate planning
● tax planning
● disputes
● leases

While most business owners and principals will engage an attorney on business matters such as disputes that result in litigation or substantial liability, retaining a company attorney in advance of those crises moments has great benefits. One key to choosing a company attorney is to ensure the attorney has experience in many practice areas and is supported by an experienced team. A company attorney, or team of attorneys, is there to advise you on a variety of legal issues both large and small. Many times simply seeking the advice of a competent attorney who knows you and your family, before proceeding on the purchase of real estate for your family or discussing a potential acquisition of the assets of a competing company, can help ensure your transaction will not cause you any foreseeable legal problem. The benefits of a company attorney can far outweigh the costs when the attorney and his team are ethical, experienced and willing to get to know not only your business, but also you and your family. Why not have ongoing, tailored legal advice that allows you to AVOID litigation before it arises, rather than fork out the tens of thousands of dollars to hire good legal counsel once you are already involved in active litigation?

Some business owners view the idea of a company attorney as an expensive and unnecessary proposition. Contrary to this idea, engaging a company attorney through services such as outsourced general counsel, can in many cases become a money saver for the business and its principals. Well drafted agreements with employees, clients, other businesses and in other transactions such as real estate or business acquisition, can save substantial time and money.

David R. Brewer and his team are not only knowledgeable and experienced, but we genuinely enjoy getting to know your business and your family. By getting to know you and your family as well as your business, David and his team are able to help you align your personal and business legal needs — to allow you to grow your business while protecting what is most important to you. David and his team would like the opportunity to share with you how outsourced general counsel can save you time and money while helping you plan for the success and protection of your business and family.

Disclaimer –
The materials available within this article are for informational purposes only and not for the purpose of providing legal advice. You should contact an attorney to obtain advice with respect to any particular issue or problem. Use of and access to this Web site or any of the e-mails or links contained within the website or article do not create an attorney-client relationship between brewer law and the user or browser.

Estate planning may seem like an overwhelming and unnecessary undertaking for those with modest income and assets, but it does not have to be. On first blush, the term itself seems to be more appropriate for wealthy individuals who have large bank accounts, high value property, businesses or other substantial assets. However, estate planning including a will or trust is very important to everyone of all income levels. If you do not plan the transfer of your property in advance, the state will distribute the property for you. You should control the ownership of your assets after death (or other key life event) by means of a will or trust so that you can ensure your assets are in the hands of the people you choose. For those of us with children, far more important than your assets, you need to plan for the ongoing care and custody of your children if you should come to an untimely demise.

A will is a written legal document that ensures the distribution of property and assets among the people named as beneficiaries as well as addressing many other issues such as guardianship for minor children or others needing ongoing care. While creating or updating a will, it is essential to involve an experienced estate planning attorney such as David R. Brewer. If one does not have a will, the state will distribute the assets to heirs according to its laws, and custody of children will be decided by a judge whom you do not know, if it is not planned in advance by you. A will names beneficiaries for assets such as bank accounts not already made joint with right of survivorship, real estate, and personal property, as well as other assets. When a will undergoes probate, it will be in public domain so it is important to draft it carefully with the help of a knowledgeable estate planning attorney. If you already have a will it should be reviewed after any significant life event that may impact beneficiaries, the persons you appoint as decision makers, or the assets which are to be distributed. Additionally, your named beneficiaries and decision makers should be reviewed periodically not only in your will but also for assets such as IRA’s and other investment plans.

A trust is frequently used to reduce large estate taxes and to shield the transfer of assets from being part of public record as an estate goes through the probate process. The formation of the trust allows you to give your assets or property rights to a trustee for the benefit of a third party beneficiary. These beneficiaries can be family, friends or even a charitable organization. There are numerous types of trusts that can be utilized to protect you and your beneficiaries. Among these trusts are a Special Needs Trust, an Irrevocable Life Insurance Trust, a Living Trust. Each trust is built to address specific circumstances and you must look carefully at your needs to determine the proper trust to be formed. When choosing a trust you want an experienced estate planning attorney such as David R. Brewer to help you ensure the best choice for you and your loved ones.

A trust can serve many purposes:

• Your property can be transferred without the need for probate to family members and/or others after your death.
• Trust assets may be protected from creditors, divorce, and bankruptcy.
• A trust can provide for the care of children from a previous marriage.
• A trust is capable of managing your money and assets after your death and ensuring your family’s financial needs are met.
• A trust can allow you to donate to charity, all or part of an estate.
• A trust can provide for the care of a disabled child or spouse.
• A trust can provide for the financial needs of minor beneficiaries like grandchildren in their younger years and subsequently distributing the assets once they are a specific age.

Regardless of your income level, estate planning is as important as having health insurance or filing your taxes. Choosing the proper type of will or trust depends upon your individual needs and choosing an experienced and knowledgeable estate planning attorney is very important to meeting those needs. David R. Brewer and his team are experienced, knowledgeable and will help you meet your needs and prepare for the future.

Disclaimer –
The materials available within this article are for informational purposes only and not for the purpose of providing legal advice. You should contact an attorney to obtain advice with respect to any particular issue or problem. Use of and access to this Web site or any of the e-mails or links contained within the website or article do not create an attorney-client relationship between brewer law and the user or browser.