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I was recently asked a specific question as to how the Transfer on Death deed affects the spouses homestead rights.
Example: A party is married and they execute a transfer on death deed to their children on their separate property which is their homestead.
The deed would not displace the spouse at death because the homestead right is attached to the separate property and community property. Therefore, while the children might own the property upon their parent’s death, the spouse has the right to live in the house.
The vehicle mechanic’s lien process has changed in the State of Texas. The new process was implemented to prevent fraud but the process has actually made the process more complicated for small business owners. To help you understand the process and what is required, I have prepared a complete outline of the process to help get you through it.
NOTE: If you fail to do all the steps below, in the right order within the time limits, then the only way you can foreclose on a vehicle and sell the vehicle to get paid is to file a lawsuit in the Justice of Peace court.
I. FORECLOSURE NOTICE:
a. Not later than 30 days after the day on which repair charges accrue, the person claiming the lien must notify the owner/lienholder of record by CRRR mail, of the charges due and request payment. The person claiming the lien must also include the following:
- The physical address where the repairs were made;
- The legal name of the person that holds the possessory lien;
- The taxpayer or employer identification number of the person that holds the possessory lien; and
- A signed copy of the SIGNED WORK ORDER authorizing repairs.
b. A copy of the notice and a signed copy of the work order must be sent to the county tax assessor-collector’s office in the county in which the repairs were made with an administrative fee of $25 within 10 days of sending notice in (a) above.
c. The notice must also be sent to the address that appears on the work order/document authorizing possession, if the addresses are different from the address on the motor vehicle record.
II. STORAGE FEES REQUESTED:
a. If any amount of the charges include storage fees, a second notification must be made by certified mail to the registered owner and lienholder.
b. A Storage Lien for Abandoned Vehicle or Private Tow, Form VTR 265-S, must also be completed.
c. A release of lien is also required if any portion of the amount due represents charges for storage, otherwise foreclosure must be through a court of competent jurisdiction.
III. PUBLIC SALE: After you send the notices above, if payment is not made on the 31st day the notice was mailed and filed with the tax assessor-collector’s office, the possessory lienholder may sell the vehicle at public sale without obtaining a release of lien. The proceeds must be applied to the payment of charges and the balance must be paid to the person entitled to it.
IV. TITLE: The highest bidder must be the one to apply for title.
V. EVIDENCE REQUIRED TO TRANSFER OWNERSHIP:
- Form VTR-265-M properly completed by the statutory lienholder
- Form 130-U – Application for Texas Certificate of Title
- Verification of Title and Registration
- Proof of Notification
- Liability Insurance
- Work Order
- Vehicle Identification Number
The content of this article is provided for informational purposes only and does not constitute legal advice.
Marvin Blum (pictured on the far left) generated quite a bit of media coverage this past weekend when he posed a question to Warren Buffett at the Berkshire Hathaway annual meeting, where an estimated 35,000 shareholders gather each year in Omaha. Marvin’s question and a summary of Warren Buffett’s comments are below.
“I’m an estate planning lawyer, and it’s interesting as we wrap up today to ponder that the baby boomer generation is about to pass along the greatest transfer of wealth in history. I can design plans that eliminate estate tax and pass down great amounts of wealth to the next generation, but many of my clients come to me and say they want a plan like Warren Buffett’s, leaving their kids enough so they can do anything, but not so much that they can do nothing. Now they ask me, and I am asking you, ‘How much is that, and how do you keep from ruining your kids?'”
The following is a brief summary of Mr. Buffett’s insightful response:
• I think that more of our kids are ruined by the behavior of their parents than by the amount of the inheritance.
• I rewrite my will every five or six years.
• When your children are old enough (mid-thirties or thereabouts), you should explain your estate plan to them – It’s crazy for them to read the will for the first time after you’re dead.
• If your child is named as executor, your child should understand how to carry out his or her obligations that are embodied in the will before I sign that will, and we should talk it over.
• Rather than creating a dynasty of sorts, if you’re very wealthy, the money can have far more utility to society than to create a situation where your kids don’t have to do anything in life except call a trust officer once a year and tell him how much money they want.
• If you’re going to leave each of your children different mixes of assets, you want to make sure your definition of equality is understood by the children.
Marvin’s question drew immediate attention in the news media with coverage in The Wall Street Journal, The New York Times, The Washington Post, Bloomberg Business Week, The World-Herald, and commentary from these sources was syndicated and reprinted globally by many other outlets.
Article was provided by the Blum Firm, P.C.