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Law Office of Dana Baker, P.C.

Schedule Your Free 15-Minute Phone Consultation (979) 800-3442

3 Reasons Why Transferring Ownership Of Your Home To Your Child Is A Bad Idea
  • Published: April 25, 2022

Whether it’s to qualify for Medicaid, avoid probate, or reduce your tax burden, transferring ownership of your home to your adult child during your lifetime may seem like a smart move. But in nearly all cases, it’s actually a huge mistake, which can lead to dire consequences for everyone involved. With this in mind, before you sign over the title to your family’s beloved homestead, consider the following potential risks. 1. Your Eligibility For Medicaid Could Be Jeopardized With the cost of long-term care skyrocketing, you may be worried about your (or your senior parents’) ability to pay for lengthy…Read More

How Naming Guardians For Your Kids In Your Will Can Leave Them At Risk
  • Published: April 18, 2022

If you are a mom or dad with children under the age of 18 at home, your number-one estate planning priority should be selecting and legally documenting both long and short-term guardians for your kids. Guardians are the people legally named to care for your children in the event something happens to you. And if you’ve named guardians for your children in your will—even with the help of another lawyer—your kids could still be at risk of being taken into the care of strangers! One of the most disturbing aspects of this situation is that you probably have no idea…Read More

Does Your Family Need Umbrella Insurance?
  • Published: April 11, 2022

In today’s highly litigious society you are at near-constant risk for costly lawsuits—even if you’ve done nothing wrong. This is especially true if you have substantial wealth, but even those with relatively few assets can find themselves in court facing a potentially devastating lawsuit. If you are sued, your traditional homeowners or auto insurance will likely offer you some liability coverage, but those policies only cover you up to a certain dollar amount before they max out, and you can be held personally liable for anything beyond that limit. For this reason, you should consider adding an extra layer of…Read More

Protect Your Children’s Inheritance With A Lifetime Asset Protection Trust
  • Published: April 4, 2022

As a parent, you’re likely hoping to leave your children an inheritance. In fact, doing so may be one of the primary factors motivating your life’s work. But without taking the proper precautions, the wealth you pass on is at serious risk of being accidentally lost or squandered due to common life events, such as divorce, serious debt, devastating illness, and unfortunate accidents. In some cases, a sudden inheritance windfall can even wind up doing your kids more harm than good. Creating a will or a revocable living trust offers some protection for your kid’s inheritance, but in most cases,…Read More

7 Last-Minute Moves To Save On Your Taxes For 2021
  • Published: March 28, 2022

Although many strategies to save on your income taxes must be locked in before the end of the year, there are still numerous ways you can reduce your tax bill right up until the filing deadline, which has been pushed back to Monday April 18th due to a holiday on April 15th. Some of these strategies are time tested and available every year, but with all of the legislative changes made during the past two years to deal with the pandemic, there are also a few opportunities that won’t be around much longer, with some only available this year. While…Read More

Probate: What It Is & How To Avoid It—Part 2
  • Published: March 21, 2022

Unless you’ve created an estate plan that works to keep your family out of court, when you die (or become incapacitated) many of your assets must go through probate before those assets can be distributed to your heirs. Like most court proceedings, probate can be time-consuming, costly, and open to the public, and because of this, avoiding probate—and keeping your family out of court—is often a central goal of estate planning. To spare your loved one’s the time, cost, and stress inherent to probate, last week in part one of this series, we explained how the probate process works and…Read More

Protect Your Home, Family, & Assets From The Growing Threat Of Natural Disasters
  • Published: March 7, 2022

Over just the last two years, we’ve seen historic levels of damage caused by natural disasters in the U.S. From blizzards in Texas and wildfires in California to hurricanes in Louisiana and tornados in the Midwest, few regions of the country are immune to such catastrophes. And based on the latest data from the United Nations World Meteorological Organization (WMO), things are only going to get worse. The WMO found that climate change has helped drive a five-fold increase in the number of weather-related disasters in the last 50 years, and these calamities are getting more severe each year. As…Read More

What To Expect From Your Initial Meeting With Us Your Personal Family Lawyer®
  • Published: February 28, 2022

Whether you’ve met with an estate planning lawyer before or it’s your first time, it’s important to understand how working with us, your Personal Family Lawyer® is different from meeting with a traditional lawyer. Here we will explain what’s involved with our process, in hopes that it will inspire you to meet with us, your Personal Family Lawyer® and get clear on what your family needs you to have in place, so you don’t leave behind a mess if you become incapacitated or when you die. We promise to help you make the wisest, most affordable, most effective, time-saving plan…Read More

Updating Your Estate Plan For Divorce: 5 Changes To Make
  • Published: February 21, 2022

Even if the process is amicable, divorce can be one of life's most stressful events. With so many major changes taking place, it’s easy to forget to update your estate plan—or simply put it off until it's too late. After all, dealing with yet another lawyer is probably the last thing you want to do. However, neglecting to update your estate plan for divorce can have potentially tragic consequences. And you shouldn’t wait until the divorce is final to rework your plan—you should update it as soon as you realize the split is inevitable. Here’s why: Your marriage is legally…Read More

4 Risk-Management Strategies To Protect Your Business and Personal Assets
  • Published: February 21, 2022

No matter what line of business you are in, the reality of being a successful business owner is that you open yourself up to a number of different risks—and the more successful you get, the more risks you face. Asset-protection planning is intended to reduce or eliminate the risks of being in business by shielding your business and personal assets from litigants, creditors, and other potential threats to the fullest extent legally possible. And it’s crucial to have these strategies in place from the moment you open your doors, because once a claim or lawsuit is filed, it’s too late.…Read More

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