Legal Question in Elder Law in Texas

can i give my gandson to handle all my business effective only at my death or inability to do so myself


Asked on 10/09/11, 9:49 am

2 Answers from Attorneys

David Leon David L. Leon, P.C.

Yes to both. A revocable living trust + pour over will + durable power of attorney would do the trick. You could get by with just a will and durable power of attorney. Depending on the size and value of the business, you may have a generation skipping tax to worry about. Also, I'm assuming you're not married, as your spouse may have community property interests.

Dave

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Answered on 10/09/11, 10:03 am
Brian Thomas Burdette & Rice PLLC

As Mr. Leon points out, some basic estate planning can help you accomplish precisely what you're looking for. I would strongly encourage you to visit not only with an estate planning attorney but also with your grandson to ensure that you're properly advised about how to put your plan in place and to impress upon your grandson exactly how you desire him to handle your affairs.

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Answered on 10/10/11, 10:02 am


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