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San Antonio Law Blog

How do I set up a trust for my children?

If you know the basics of estate planning, you will be aware that the sole use of a will is often not the most efficient way to distribute assets at the end of your lifetime. Assets mentioned in a will shall go through the probate process, which is not the most cost and time-efficient way to distribute your wealth.

This is why many people decide to hold a significant portion of their wealth in a trust with a named beneficiary. This helps to avoid the probate process and streamlines the ease in which your assets will be distributed to your loved ones. If you want to set up a trust for your children, you should consider the following.

Property division is a huge challenge in high-asset divorces

It's often said that the more you have, the more you have to lose. When it comes to high-asset divorces, this is, unfortunately, true, and it is why high-asset divorcing spouses must be especially proactive when navigating the entire process.

The biggest challenge in most high-asset divorces is the process of dividing the property. In Texas, community property law is recognized, which means that assets are typically subject to a 50-50 split between spouses. However, this does not mean that the process is set to be a simple one. The following are things that you should pay attention to.

How can I increase my alimony payments?

If you are going through a divorce or have recently become divorced, you may be in the process of negotiating, or you may already be subject to alimony payments. Alimony, otherwise known as spousal support, tends to be awarded to the divorcing spouse who earns a lower income. This is done to try and ensure that neither spouse has to lower their standard of living due to divorce.

If you are unhappy with your projected or current alimony payments, you must understand how you can take action to maximize the payments that you are entitled to.

How are retirement accounts divided in divorce?

The property division aspect of a divorce is sometimes a test in patience because of the complexities. Retirement accounts are one of the more difficult things to figure out in these cases. Not only do you have to determine the value of the accounts, you also have to ensure that you aren't going to face penalties when you have to move them around.

If you are dealing with certain retirement plans including 401(k) plans, you will need a qualified domestic relations order. This is a court order that outlines exactly what needs to happen to the account. It is specific and it helps to protect you from having to pay taxes and penalties when the account contents are handled in accordance with the court order.

Taking control of foreclosure proceedings

If you are behind in your mortgage repayments, you have probably started to hear from your lender, and they may have threatened you with foreclosure. Foreclosure essentially means losing your home and the repayments you have made in the past. It also leads to a poor credit rating and therefore a difficulty in getting a home in the future.

If you are worried about foreclosure, it is important that you learn how to take control of your finances now. By doing so, you will have a better chance of keeping your home.

A revocable living trust is a versatile estate planning tool

Cookie-cutter estate plans often are not as effective as personalized estate plans. This is because they cannot possibly address every person’s unique situation and estate planning goals.

Although it is important to create a customized estate plan, some estate planning documents are popular because of their versatility. Among all estate planning tools, the revocable living trust may be one of the most flexible.

How can I navigate shareholder disputes?

Having shareholders in your company is a great way of getting an adequate amount of funding. It will also help you bring in people with different areas of expertise that will help your business thrive.

However, the more shareholders that you have in your company, the higher the likelihood of a dispute occurring. Shareholder disputes can be very damaging and costly to a company, and this is why it is so crucial that you take appropriate action to resolve the dispute. The following are some ways that you can do this effectively.

Home refinancing could help you avoid foreclosure

Life can become very stressful when you are struggling to make enough money each month to pay your mortgage. If you have a family, you will be worried about their future in this situation, as well as the prospect of losing your home.

If you believe that foreclosure is a significant risk, you should take action now to find ways to prevent such a scenario. One of the ways that you can tackle being unable to afford your mortgage is by looking into a loan modification or refinance options. The following are some options that could be available for you.

Can commercial property foreclosure be avoided?

Foreclosure proceedings on a commercial property tend to work in the same way as residential properties, but the stakes are often much higher. Losing a commercial investment to foreclosure could have a detrimental impact on your entire business, therefore you must take early action to gain a comprehensive understanding of your options.

Foreclosure can often be avoided because it's not an ideal scenario for anyone. Therefore lenders will usually be open to other solutions. The following are some of the most common ways to avoid foreclosure as a commercial real estate investor.

Do you have a prenup that mentions a pension plan?

When you think about high-value assets, you likely think of real estate, investments and perhaps even cash that you have on hand. You want to divide your financial assets up properly, which mean selling physical assets -- the house -- to split up the value.

However, experts note that one of the assets you own that is worth the most is likely your retirement plan or pension plan. People often undervalue these when they get divorced before they actually start using the plan, since it doesn't impact their lives yet in a tangible way, but the total of those monthly payouts for years on end could be far more valuable than anything else you own.