For those who have never experienced an IRS audit, your only exposure to the process may be the brief portrayal in TV shows and movies where someone, or a team of people, wearing bland neutral suits shows up at your workplace and declares, “You’re being audited. Show us your books.” The reality of real-life audits is a bit different. If you’re being audited by the IRS, your first notification will likely come through the mail. The dreaded tax letter will be sent to the address on file with the agency, which means if you’ve moved without informing the government, it could be sent to a previous ..read more

When a business owner suddenly passes away, it raises the following questions about the company’s future: Will the business continue to exist, and in what form? Who will oversee the business’s affairs and decision making? How will clients and employees be retained? How can the business be guided through management and ownership uncertainty? If a business owner dies with a will and succession plan, preserving the business may be as simple as pivoting to the next in line, whether that’s a vice president, a partner, or a family member who has an interest in the organization. This guide is for t ..read more

When an individual passes away, it falls to those left behind to determine what happens with any property and assets that individual possessed during their lifetime. The process of finding all the property and assets can be extremely complex, depending on what the property is and where it is kept. It’s relatively simple to find things like a house and a car, as those are large, tangible items. But in many cases, a person’s wealth that may be passed to beneficiaries and heirs can be difficult to locate, especially if the assets are intangible items such as investment accounts and partnership in ..read more

Talk of condemnation and eminent domain are standard for most attorneys, but they are not as well understood by the general public. This is due in part to the multiple definitions of condemnation. The most widely accepted explanation of this term is generally the declaration of something as reprehensible or wrong, or the declaration of something as unfit for use. However, when it comes to condemnation and eminent domain and their relation to each other in the legal sphere, the definition rings a little different. The Basics of Condemnation and Eminent Domain The power of eminent domain is the ..read more

A receivership is a legal process through which a “receiver” (or trustee) is given limited control over an individual’s or entity’s assets in order to protect those assets and ensure they can be used in transactions with creditors. Receiverships are typically requested by creditors and ordered by the court, though they may be established by a regulatory body, such as the FDIC, or requested by a private party. The court may also appoint a person as the receiver when ordering the receivership, but not always. In some instances, the court may request the parties involved to agree on a receiver, w ..read more

Everyone’s got an opinion on taxes, but only tax attorneys are qualified to give an expert opinion that holds legal weight. There are many scenarios where seeking a tax attorney’s guidance is beneficial, including the following examples: You need to know if a transaction qualifies as income or triggers a deduction You need to verify that your tax returns have been properly completed and filed You need to know what the tax implications are of a transaction before it is made You need to know if any tax complications may affect a transaction You need protection from tax penalties in case a trans ..read more

To begin, all business entities, partnerships, limited liability corporations (LLCs) and corporations must maintain important documentation that specifies how the entity is to be run. These entity documents may be referred to as: An operating agreement or a company agreement (LLCs) A partnership agreement (general and limited partnerships) Articles of incorporation (incorporated entities) The bylaws (also corporations) These documents differ slightly, but they serve the same purpose – to establish a high-level understanding of how your business is organized and who can make which decisions ..read more

Executors are individuals that are named either in a final will and testament or by the courts, following an estate owner’s death, and are responsible for carrying out the wishes of the decedent according to the instructions of the will. Once named, the executor assumes administration of the estate, its assets and the decedent’s will. In this way, an executor serves a double role as fiduciary and administrator. It can be an honor to serve as an executor as the position implies trust, but it also comes with many responsibilities. Often the responsibilities are so great that executors do not hav ..read more

As individuals take steps to prepare for their future, one of the more confusing areas for many are fiduciary roles in estate planning and probate. Questions about this topic can range from, “What is a fiduciary?” to “What are their roles?” To create a proper estate plan and create a trust, it is critical to first understand the answers to these questions to ensure that your wishes are followed and your assets are protected. Fiduciary Roles in Estate Planning and Probate Before we begin talking about fiduciary roles in estate planning and probate, it is important to review the definition of a ..read more

Foreclosure is a legal process in which a borrower or debtor forfeits their right to property by defaulting on payments or other obligations. In Texas, once a debtor is in default, the creditor must send notice to the borrower that they are in default and have 20 days to cure. If, after 20 days, the default continues, the creditor has the right to post notice of a public foreclosure sale. It is during this process that a debtor will file for bankruptcy. The foreclosure process would then be halted by an automatic stay – a provision in the bankruptcy code that kicks in as soon as a debtor files ..read more