How to Keep Family Property in the Family
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For many families in Texas, their cherished ranches, lake houses, and other properties hold a special place in their hearts. It's not just about owning these properties; it's about preserving them for future generations.
In the Lone Star State, where property laws are unique and detailed, keeping family property within the family requires careful planning and understanding of the legal intricacies. In this article, we'll explore how you can ensure that your family's legacy remains intact through the generations by making informed decisions and navigating Texas property laws.
The Importance of Correct Terminology
One of the fundamental aspects of safeguarding family property in Texas is using the correct legal terminology when transferring ownership. Whether it's a ranch passed down through generations or a cozy lake house, the language used in documents like deeds, wills, and estate planning plays a crucial role in determining who ultimately owns the property.
In Texas, property can be broadly classified into two categories: separate property and community property.
1. Separate Property: Separate property includes assets that fall into specific categories:
- Owned before marriage.
- Inherited.
- Received as a gift.
- Received as a personal injury recovery that was not reimbursement of community expenditures.
2. Community Property: All other property acquired during the marriage is considered community property. It's important to note that community property doesn't have to be in both spouses' names to be classified as such. Texas adheres to the "Inception of Title Rule," which means property continues to be separate or community based on how it was acquired unless another legal proceeding changes the title and there's proof that it is separate property.
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Carol Wilson provides expertise, focus and compassion in times of family turmoil, having skillfully litigated and tried complex divorce, property division, and child custody cases for more than 30 years.
She has been Board Certified in Family Law by the Texas Board of Legal Specialization since 1992. Subscribe to the firm's newsletter here.
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Congratulations to ASC on a Successful Couture Event
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The Law Office of Carol A. Wilson is proud to once again sponsor Attorneys Serving the Community’s ASC Goes Couture event, which fundraises for this year’s ASC beneficiary, Crossroads Community Services.
Held on Neiman Marcus’ first-floor runway, the networking event is one of many fundraising programs ASC organizes — and one of three Carol chairs — to benefit a worthy organization in the Dallas community.
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About Crossroads Community Services
For over two decades, Crossroads has compassionately served Dallas residents and surrounding communities to alleviate food insecurity. Crossroads uses a collaborative approach to revolutionize the food pantry distribution model through food equity research, client-centered services, and community partner engagement.
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The highest compliment we receive is your referrals. If you know someone in need of assistance in a family law matter, please don't hesitate to share this contact information: carol@cawilsonlaw.com and 214-303-0142. Thank you!
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