The 2013 session of the Texas legislature made some sweeping changes to the laws governing trusts, guardianships, powers of attorney, and other areas that impact estate planning. For almost sixty years, our probate code has been fairly stable but beginning January 1, 2014, the legal landscape has changed dramatically. Large sections of the Real Estate, Probate, and Trust Law (with the unfortunate acronym REPTL) have been rewritten with the goal to make them easier to implement. Texas estate attorneys have been burning the midnight oil, poring over the hundreds of pages of new tax code ("Affordable Care Act") to gauge the impact on their clients' families.

How does this affect you? In my opinion, a key change involves modification of two vital estate planning forms: the Durable Power of Attorney and Medical Power of Attorney. Whether you have had these documents prepared in our office or elsewhere, I urge you to have them reviewed by an attorney to ensure they conform to the new Texas Estates Code. This process is not expensive or time consuming, so don't delay in taking action.  Please contact me if you have any questions or concerns. I am always happy to take your call. (Note: If you don't know what these documents are, or do not have them in place, you should probably call me anyway.)

Only about 6% of voters in Dallas County showed up for the election in November, 2013, yet they did help to pass a ballot initiative as to which I hold mixed feelings. Proposition 5, approved by more than 60% of Texas voters, authorizes reverse mortgage loans for homestead property.

These reverse mortgages have become quite popular across the country in recent years. You can't watch television news without seeing ads with aging celebrities touting this type of loan vehicle. Ads basically suggest that reverse mortgages can be an answer to prayer for cash-strapped retirees.

Merry Christmas! 

 

Thanks to all my clients, friends, and business associates for making 2013 a wonderful year at Winn, Beaudry, and Winn. This year, in lieu of gifts, Diana and I decided to make a significant gift to Family Compass (formerly Child Abuse Prevention Center) in your names. I can't stress enough the positive impact this organization has on our community. Since their founding in 1992, they have helped thousands of Dallas-area families. I was fortunate enough to serve as a founding Board member and continue today as their legal counsel and Secretary. From their website: 

 

The mission of Family Compass is to build healthy families and a strong Dallas community by preventing child abuse and neglect. We implement proven effective programs, so that parents can be equipped and empowered to raise healthy and productive children.  

If you would like to know more about this outstanding organization, or would like to volunteer or donate, click here.

 

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Tax practitioners authorized to practice before the Internal Revenue Service are subject to the requirements of "Circular 230" (31 CFR part 10), as published by the Treasury Department.  The Treasury Department has made significant changes to Circular 230, effective June 20, 2005, that affect the form and content of tax advice that we provide. In order to comply with these new changes, while minimizing the cost to our clients, we are including the following statements in all of our e-mail communications.  If you have any question about the statements, please do not hesitate to contact the sender.

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