R. Hunt Law Firm, P.C.
About Richard
Richard Hunt is licensed as both an Attorney and CPA. He began his career in public accounting where he focused on tax matters for individuals, corporations, and partnerships. He focuses his legal practice on estate planning and tax, including wills, trusts, powers of attorney, probate, IRS representation and business formation. In addition, he prepares individual, corporate, partnership, trust, gift and estate tax returns for a broad range of clients.
LEGAL SERVICES
Wills
Revocable Trusts
Probate
Who Needs a Will?
Every resident of Texas should have a will for two reasons: (1) a will ensures that property passes to the persons of their choosing; and (2) a will appoints an independent executor or executrix who can act free of court supervision, reducing significantly the time and expense of the probate process. Without a will, a pe
Who Needs a Will?
Every resident of Texas should have a will for two reasons: (1) a will ensures that property passes to the persons of their choosing; and (2) a will appoints an independent executor or executrix who can act free of court supervision, reducing significantly the time and expense of the probate process. Without a will, a person’s property will be distributed according to Texas law without regard to what the person would have wanted. And, even if the default law mirrors the deceased person’s wishes, the probate process is much more difficult when no will has been validly executed, because each step in the process will require court approval.
Naming an Executor
One of the most important provisions of your will is the naming of an executor. Your executor may be any individual or eligible financial institution you choose and may serve alone or with co-executors that you nominate. In addition to an initial executor, Richard recommends that you also name one or more successor executors to serve in the event the initial executor is unable to serve. Your executor need not be related to you or an expert in the law; rather, he or she must first and foremost be someone whom you trust to gather, account for and distribute your assets in the manner you direct in your will. Your executor will be eligible to receive compensation for serving unless you specify in your will that he or she is not to be paid. However, do keep in mind that a financial institution is unlikely to agree to serve as your executor without receiving compensation.
Disposing of Your Property
After choosing your executor, the next important decision you should consider is whom you would like to benefit in your will and how you would like the property to pass. Richard can counsel you in this process by asking questions such as the following:
- Are there any particular pieces of property, such as items of sentimental value, that you would like to pass to a specific individual?
- If someone is named as a beneficiary under your Will and fails to survive to you, where would you like such predeceasing beneficiary’s property to pass?
- Do you want your property to pass outright or through a Trust to your beneficiaries?
- If there is debt attached to a property, should the debt be paid from the proceeds received from the indebted property or should the debt be paid out of all of estate assets?
Fees
Every client’s needs are different, and it is difficult to provide an accurate fee quote for the preparation of your will without knowing your goals. Of course, there is also apprehension created by not knowing how much something will cost. To alleviate this anxiety, Richard provides all potential clients with a free initial consultation that creates no obligation on your part. Please contact Richard today to setup your free initial consultation.
Probate
Revocable Trusts
Probate
Applying for Probate
Probate is the legal process by which a will is proven to be a legally valid document expressing a decedent’s wishes. In Texas, the probate process is relatively straight-forward. The first step for a decedent’s family in the probate process is to obtain a death certificate and to locate the decedent’s original will.
Applying for Probate
Probate is the legal process by which a will is proven to be a legally valid document expressing a decedent’s wishes. In Texas, the probate process is relatively straight-forward. The first step for a decedent’s family in the probate process is to obtain a death certificate and to locate the decedent’s original will. Then, the family should hire an attorney licensed to practice in the state in which the decedent died to advise them.
If a will has been executed correctly, the will is “proved up” by an attorney representing the estate of the decedent before a judge having authority over probate matters in the county of residence of the decedent. In the court hearing, the person named Independent Executor under the will is given Letters Testamentary which permit him or her to act on behalf of the estate. Following the granting of Letters Testamentary, the Executor will be required to file certain documents with the court, but in the vast majority of cases, the Executor will not need to return in person to court and may represent the estate free of court supervision.
Administering the Estate
The Executor’s job is to transfer legal title of all of the decedent’s assets by gathering, accounting for, and distributing the assets of the estate pursuant to the provisions in the will. This process varies widely in how long it takes depending on what assets the decedent held. In particular, if the decedent owned real estate in another state, the probate process will be lengthy, because the property will have to be probated in the other state as well. A trust can greatly simplify this aspect of the probate process.
Fees
Richard charges for probate matters on an hourly basis. He will meet with you and your family for free to discuss how he might help you with the administration of your estate. After the initial meeting, he will provide you with an estimate of the cost of administering the estate. If you would like assistance with probating your loved one’s estate in Texas, contact him today.
Revocable Trusts
Revocable Trusts
Tax Return Services
Revocable (Living) Trusts
A trust is a relationship among three parties: (1) a trustee; (2) trust beneficiaries; and (3) a trust settlor. A trustee is appointed in a trust agreement to manage property for the benefit of beneficiaries subject to the terms of a trust agreement and executed by a trust settlor. A trust is extremely flexible i
Revocable (Living) Trusts
A trust is a relationship among three parties: (1) a trustee; (2) trust beneficiaries; and (3) a trust settlor. A trustee is appointed in a trust agreement to manage property for the benefit of beneficiaries subject to the terms of a trust agreement and executed by a trust settlor. A trust is extremely flexible in its terms, and it allows the trust settlor to govern how his or her property will be managed during life and following death. Trusts are initially either revocable or irrevocable; however, a revocable trust may become irrevocable after the occurrence of a specific event, such as the death of the trust settlor. The primary benefits of forming a revocable trust include the following:
- Management of Trust Property;
- Liability Protection; and
- Probate Avoidance and Privacy.
Management of Trust Property
A trust is an ideal vehicle to manage property during life and following death. While living, the trust settlor may fully enjoy any property placed in a revocable trust and may even serve as his or her own trustee. During that period of revocability, the trust settlor, acting as his own trustee, can distribute property for his or her own benefit or even revoke the trust entirely and reclaim the assets. Alternatively, the trust settlor may appoint someone else as trustee to manage property for his or her benefit; such an appointment can be especially helpful in the event that the trust settlor becomes unable to make his or her own decisions.
Upon the death of the trust settlor, the trust becomes irrevocable, and the then-serving trustee carries out the trust terms on behalf of the trust settlor. A trust allows a trust settlor to protect beneficiaries who are minors or otherwise unable to handle an inheritance on their own. By placing restrictions on trust distributions and placing assets under the care of a trustee, the trust settlor ensures that the trust assets are a benefit rather than a burden. And, distribution guidelines may be applied on a per-beneficiary basis; a trust may state that some children will receive all of their property outright at certain ages while other beneficiary’s assets remain in trust for a longer period. In the case of blended families, a trust helps minimize conflicts over the trust settlor’s property between a second spouse and children from an earlier marriage. Scott will ensure that your trust’s provisions are tailored to help you realize each of your specific goals.
Liability Protection
Assets received by a beneficiary through a trust enjoy liability protections not afforded to assets inherited outright. If managed properly, trust assets will be not be subject to judgment creditors of the beneficiary or divorcing spouses. Importantly, a trust settlor does not personally enjoy such liability protection with respect to assets placed in trust; however, all beneficiaries of the trust do receive such protection upon the trust becoming irrevocable. Thus, a trust settlor may pass along not only the benefits of the assets themselves, but also liability protection by utilizing a trust as an estate planning tool. To maintain such liability protection, the trustee must carefully follow certain procedures that Richard will outline.
Probate Avoidance and Privacy
In addition to providing for a smooth transfer of wealth and liability protections, a trust, unlike a will, avoids ancillary probate for land and mineral interests owned by the decedent. Ancillary probate (also known as out of state probate) is necessary when a person owns land or mineral interests in another state and would like to transfer such property to heirs. For example, a Texas resident who owns mineral interests in Louisiana (or any other state) may not pass such assets solely by his or her will, because the second state does not recognize the probate process of the decedent’s state. To transfer ownership of the out of state assets to the heirs of the estate, the executor will need to hire an attorney in the second state and go through the probate process of that state. In other words, an entirely different probate process and an additional attorney are required to transfer the out of state assets. Such a process can quickly become both time-consuming and costly. Fortunately, any assets placed in a trust, even out of state assets, avoid ancillary probate.
Every person’s will that is filed for probate becomes subject to public inspection. This disclosure process is designed to inform potential beneficiaries and creditors of their rights under the deceased’s will. However, some individuals would prefer to not publicly disclose their plan for disposing of their assets. A trust maximizes your privacy because trusts are not subject to public inspection, and you may draft a will that “pours over” all of your assets into a trust. The end result is that your publicly available will only indicates that your assets pass to a trust; the trust agreement itself is not publicly disclosed. Then, only persons who are trustees, beneficiaries, or authorized third parties will be apprised of the trust terms.
Funding a Trust
A trust may be funded during your lifetime or upon your death. To avoid the cost and hassle of another state’s probate process, Richard recommends that any real property, such as land or mineral interests, that you own out of state be placed in your trust during your lifetime. Intangible assets, such as stock and bond investments and real property owned in your home state may be placed in your trust while you are living or through provisions of your will. Richard can discuss with you the benefits and costs to transferring such property to the trust during your lifetime.
Taxation
A revocable trust established by a trust settlor who pays all of the tax liability, if any, on the assets placed in trust need not file an additional tax return. The trust is considered a disregarded entity for tax purposes, and the trust settlor will include any income or gains realized from the trust property on his or her individual income tax return. As both an attorney and CPA, Richard can advise you how the legal and tax aspects of your revocable trust will work together.
Fees
Although forming a trust is more expensive than a drafting simple will, many clients find that the benefits afforded by a trust outweigh the incremental cost. Does a trust make sense for you? Contact Richard today to setup your free initial consultation. After discussing your estate planning goals, he will provide you with a fee estimate of what your revocable trust will cost.
Tax Return Services
Business Formation, Restructuring, Dissolution
Tax Return Services
“Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patrioric duty to increase one's taxes.” – Helvering v. Gregory, 69 F. 2d 809, 810
Approach
Richard’s goal in providing tax services is to minimize his clients’ tax
“Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patrioric duty to increase one's taxes.” – Helvering v. Gregory, 69 F. 2d 809, 810
Approach
Richard’s goal in providing tax services is to minimize his clients’ tax liabilities by utilizing all available legal methods.
He counsels his clients on optimal ways to time the recognition of capital gains and other income, maximize deductions and credits, and avoid the alternative minimum tax (“AMT”), to the extent possible, to reduce their overall tax liabilities. Whenever necessary, he aggressively represents his clients’ interests before the IRS and state taxing authorities. He represents clients in a number of states, including Texas, New York, California, Washington, Maryland, as well as U.S. citizens working abroad in several countries.
Tax Returns Prepared
- Form 1040 – U.S. Individual Income Tax Return
- Form 1041 – U.S. Income Tax Return for Estates and Trusts
- Form 1065 – U.S. Return of Partnership Income
- Form 1120 - U.S. Corporation Income Tax Return
- Form 1120S – U.S. Income Tax Return for an S-Corporation
- Form 709 – United States Gift Tax Return
- Form 706 – United States Estate Tax Return
Fees
Richard’s tax return preparation fees are competitive with other CPAs. Every client’s tax situation is different, and as a result, it is difficult to estimate an accurate fee for your tax return. Please contact Richard with a description of your tax matters, and he will be happy to provide you with a fee quote so that you know exactly how much your return will cost before it is prepared.
Business Formation, Restructuring, Dissolution
Business Formation, Restructuring, Dissolution
Business Formation, Restructuring, Dissolution
R. Hunt Law Firm, P.C. has extensive experience in advising business owners regarding the formation, capitalization, purchase/sale, reorganization and dissolution of all types of business entities. We can help prepare and file all necessary paperwork with the Texas Secretary of State, Texas Comptroller and Internal Revenue Service and a
R. Hunt Law Firm, P.C. has extensive experience in advising business owners regarding the formation, capitalization, purchase/sale, reorganization and dissolution of all types of business entities. We can help prepare and file all necessary paperwork with the Texas Secretary of State, Texas Comptroller and Internal Revenue Service and advise on an ongoing basis on a variety of corporate matters. Areas we can assist you with include:
- Startup Advising – Advising on how to Build, Sustain, Grow and Exit your Business
- Choice of Entity and Entity Formation
- For Profit Corporation
- Professional Corporation (PC)
- Nonprofit Corporation
- Limited Liability Company (LLC)
- Series Limited Liability Company (Series LLC)
- Professional Limited Liability Company (PLLC)
- General Partnership (GP)
- Limited Partnership (LP)
- Tax Planning
- Liquidation and Winding Up
- Termination of legal existence
- Texas Comptroller filings
When you or your business demands the dual need for an accountant and an attorney, you shouldn’t have to pay for two different, high-priced professionals. R. Hunt Law Firm, PC combines the knowledge and experience needed to address the critical issues you face from both legal and financial perspectives simultaneously. Contact Richard today.
Disclaimers
The information contained in this Website is provided for informational purposes only, and should not be construed as offering legal advice, or creating an attorney client relationship between the reader and R. Hunt Law Firm, P.C. You should not act or refrain from acting on the basis of any content included in this Website without seeking appropriate legal advice about your individual facts and circumstances from an attorney licensed in your state. Richard Hunt is licensed to practice law only in Texas.
U.S. Internal Revenue Service (IRS) Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the U.S. Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
