Many people come into our office and are adamant that they need a trust. They aren’t sure what kind of trust, or what exactly a trust does, but they know they need one. More and more, I find myself explaining to them that they don’t really need a trust. Often, they will spend more money and more time in upkeep of a trust over the years than it’s really worth.
Besides the pride of owning your own home…along with the taxes, homeowner’s insurance, paying for your own repairs, mowing your lawn…you also get certain protections and benefits that aren’t given to renters. Most, though not all, of these protections and benefits are only available if you have filed a Homestead Designation with your local county appraisal district office. Once you’ve filed the Homestead Designation, then you’re entitled to a homestead
Most people, when they see or hear of the Texas Franchise Tax think to themselves “I’m a small business owner, and I don’t own any franchises…I don’t own a McDonalds or a Burger King….so the Franchise Tax doesn’t apply to me.” Wrong. The Texas Franchise Tax actually applies to Partnerships, Corporations, LLCs, professional and business associations, joint ventures, and business trusts, as per the Texas Comptroller’s Website. In other words,