1. Is the seller licensed? – Investors should check out the background of anyone promoting an investment opportunity — even before learning about the opportunity itself. Why?  Research shows that con artists are experts at the art of persuasion, often using a variety of influence tactics tailored to the vulnerabilities of their victims.  Even a little information about your family, interests, or job can help a skilled con artist swindle your money.  Fortunately, it’s easy to find information that can help you protect your investment dollars. Federal and state securities laws require investment professionals and their firms to be licensed or registered and to make important information public. Be sure to ask anyone promoting an investment opportunity if he or she is licensed and then check out the answer with an independent source.

2. Is the investment registered? – Always check whether an investment is registered with the U.S. Securities and Exchange Commission by using the SEC’s EDGAR database. Any offer or sale of securities must be registered, or exempt from registration.  Registration is important because it provides investors with access to key information about the company’s management, products, services, and finances. Some exemptions from the registration requirement include private offerings to a limited number of persons or institutions, offerings of limited size, intrastate offerings, and securities of municipal, state, and federal governments.  The mere fact that a company registers or files reports with the SEC does not make the company a “good” investment or immune to fraud. Conversely, the fact that a company does not file reports with the SEC does not mean the company lacks legitimacy. The critical difference is that you assume more risk when you invest in a company about which little or no information is publicly available.  If an investment is not registered with the SEC, find out if it is registered with your state securities regulator. If you can’t find any record that it is registered with the SEC or your state, or that it’s exempt from registration, call or write your state’s securities regulator or the SEC immediately with all the details.

3. How do the risks compare with the potential rewards? – The potential for greater returns comes with greater risk. Understanding this crucial trade-off between risk and reward can help you separate legitimate opportunities from unlawful schemes.  Investments with greater risk may offer higher potential returns, but they may expose you to greater investment losses. Keep in mind that every investment carries some degree of risk and no legitimate investment offers the best of both worlds. Many investment frauds are pitched as high return opportunities with little or no risk. Ignore these opportunities and report them to the SEC.  If you’re not sure if an investment opportunity is “too good to be true,” consider these rules of thumb:  Low risk generally means low yield.  If you are offered a “no risk” investment opportunity, compare its potential return with a financial choice that is truly guaranteed, such as a federally insured savings account.  If the potential return of the investment opportunity is significantly higher, it could be fraudulent or contain risks you haven’t considered.  High yields typically involve high risk.  The stock market, which has produced large investment gains as well as huge losses from year to year, has provided an average annual return of approximately 10 percent since the Great Depression.  Any investment opportunity that claims you’ll get substantially more could be highly risky.  Promises of consistent double- digit returns are consistently frauds.  Investments seeking high returns tend to be volatile.

4. Do I understand the investment? – Many successful investors follow this rule of thumb:  Never invest in something you don’t understand.  Sometimes, even the simplest sounding products or investment opportunities can be pretty complex.  Always read an investment’s prospectus or disclosure statement carefully.  If you can’t understand the investment and how it will help you make money, ask a trusted financial professional for help.  If you are still confused, you should think twice about investing.

5. Where can I turn to for help? – Whether checking out an investment professional, researching an investment, or learning about new products or scams, unbiased information can be a great advantage when it comes to investing wisely.  Make it a habit of using the information and tools on securities regulators’ websites.  If you have a question or concern about an investment, contact the SEC (www.sec.gov/investor), Financial Industry Regulatory Authority (www.finra.org/investor), or your state securities regulator (www.ssb.state.tx.us) for help.

This article is excerpted from Investing Smart from the Start:  Five Questions to Ask Before You Invest, a publication of the U.S. Securities and Exchange Commission.

The State of Texas maintains a system by which it charges people with a driver’s license to keep their right to drive. How?  Points and convictions are used to assess surcharges:  Any moving violation gets you at least two points, and the points stay on your record for three years. The state checks your record annually, and if you have six points on your record, it sends you a bill for $100. For every point you have over six points, you are billed an extra $25.  Failure to pay within one month gets your license automatically suspended. MSB is the Municipal Service Bureau, a private company that serves as a collection agency for the Texas Department of Public Safety.

Unfortunately, many people don’t realize their license is suspended until they get pulled over the next time.  An officer might inform you that you were speeding—and can be taken to jail for driving with an invalid license.  Often he’ll just give you a ticket for each, and you can be on your way.  But guess what? You’ve just gotten two more points on your records for speeding and have strayed into surcharges for convictions territory.  If you plead guilty without properly negotiating the charge for driving without a valid license, you will get an automatic surcharge for $250 for the next three years. This $750 charge is on top of the local fine for your ticket. Other charges and their automatic surcharge include:

1st Driving While Intoxicated – $1,000/year for three year; Subsequent DWI – $1,500/year for three years; DWI With BAC of 0.16 or More – $2,000/year for three years; No Insurance – $250/year for three years; Driving While License Invalid – $250/year for three years; and No Driver’s License – $100/year for three years

To summarize, because you did the right thing and pleaded guilty and paid your fines on time, you now have a suspended license and owe at least $1,200 over the next three years. What did you do wrong? You probably didn’t call your attorney. Attorneys typically charge $75 to $250 to handle a moving violation charge. The cost can increase if the case goes to trial. But even if your attorney can’t get the ticket dismissed outright, he may be able to keep the conviction off your record and avoid those nasty surcharges.  The main thing you need to remember is that you have to take care of each ticket as you receive it.

In addition to your trained legal eagle, there’s another good resource to at least get a handle on your problem.  The Texas Department of Public Safety maintains a website that permits you to view any surcharges you may have pending on your record. Go to txdps.state.tx.us and txsurchargeonline.com to see if your license is suspended or if you have surcharges that need to be paid. Texas allows drivers to utilize monthly payment plans to make repayment manageable. Texas also offers the Indigency Program, which drastically reduces payments for people who can prove a low household income. It seems that you may be eligible if you fall at or below 125 percent of the federal poverty line. If approved, your license will be reinstated and you will be given six months to pay 10 percent of the balance owed (not to exceed $250) and be done with all of your outstanding surcharges.

This Information was provided by Ward B.B. Davison which practices criminal and civil law in Austin, Texas.

Texas law requires landlords to make a diligent effort to repair problems about which they have been notified and that materially affect the physical health or safety of an ordinary tenant.  Examples of things that materially affect the health and safety of an ordinary tenant are sewage backups, roaches, rats, no hot water, faulty wiring, roof leaks, and, sometimes, a lack of heat or air conditioning. Be sure to read your lease to find out. If you are uncertain how to classify the problem, consult a lawyer, health or building inspector, or tenant association.

Texas law does not require a landlord to repair a condition caused by the tenant or a guest, family member, or lawful occupant of the tenant (unless the condition was caused by normal use of the premises). A landlord must provide you with a home that is free from health and safety risks, regardless of what is in the lease. Other than a few exceptions, a landlord may not modify his or her duties under the law to repair a condition that materially affects your physical health and safety. If a landlord intentionally tries to change this duty orally or in your lease, you may have a claim against him or her for actual damages.  The law presumes the landlord acted without knowledge, so give your landlord a written notice (and keep a copy) if he or she is violating the law and ask him or her to change the lease.

Procedure for Obtaining Repairs – Tenants with problems requiring landlord repairs should take the following steps in order to use the remedies provided by state law (your lease may provide you with more rights).

1.  Always Give Notice – Many leases require that all requests for repair be in writing. If you send your first notice requesting repairs by certified mail, return receipt requested, then you are not required to send a second written notice in order to pursue your rights and remedies under state law.

2. Pay Your Rent – The landlord is not obligated to make repairs required by state law unless you are current on your rent. Your rent must be current at the time you give the first notice; otherwise, that notice may not have any legal effect.

3. Give Your Landlord a Reasonable Time to Make the Repairs – Your landlord has a “reasonable time” to fix the problem after receiving your initial notice. The length of time considered reasonable will depend on the circumstances, although the law presumes that seven days is a reasonable time.  The nature of the problem and the reasonable availability of material, labor, and utilities are all factors that will be taken into consideration in determining how much time is reasonable.

4. It Is Not Required, but It May Be Wise to Call a City Inspector – If the landlord has had a reasonable time to fix the problem and has not done so, you may decide to call the appropriate city or county inspector (housing, health, or fire). This may put additional pressure on the landlord if the condition violates local ordinances. Be sure to get a written report and the name of your inspector.

5. Give a Second Notice and Request Explanation – After the landlord has had reasonable time to fix the condition following your initial notice, you must send a second written notice to repair or remedy the condition (unless you sent the first notice by certified mail). You should ask the landlord in this second notice for an explanation for any delay, because if he or she does not respond, you will have an easier case to prove if it ever goes to court. It is a good idea to send this notice by certified mail to prove the landlord received it.  Remember to save a copy of your notice. The notice should say that it is your second written notice, that you are requesting an explanation, and it must explain what you plan to do if the landlord does not repair the condition. You have three basic alternatives: (1) terminate the lease; (2) repair and deduct the amount from your rent; or (3) file a lawsuit seeking an order directing repairs, damages, etc. It may be a good idea to list all the alternatives in your second notice and decide later which ones you will use.

This article is excerpted from the Tenants’ Rights Handbook, which was prepared as a public service by the Texas Young Lawyers Association and the State Bar of Texas.

Your credit score is one of the most important numbers you have.  Not only does your score affect your interest rates when applying for a loan, it can also impact your insurance rates, certain job prospects and even your chances of renting a great apartment.  As a result, improving one’s credit has become a multi-million dollar industry…

What’s your credit score?

Your credit score indicates to lenders and other businesses how much of a credit risk you pose if they allow you to borrow money.  The Fair Isacc Company (FICO) uses an algorithm that takes into account 30 different factors within your credit report to arrive at a score from 300-850.  The higher the score, the better the credit risk you are to lenders.  Other credit reporting agencies, such as Experian, Equifax and TransUnion, calculate their own credit scores within their own ranges; however, the FICO score is the standard that lenders use when they pull your credit score.

How is your credit score calculated?

• 35% Payment History
• 30% Amounts owed
• 15% Credit History
• 10% Inquiries, new credit lines
• 10% Types of credit in use

How long will dings to your credit be held against you?

In most cases, it’s only a matter of time before they fall off your credit report.  The good news is that the older the negative information, the less it impacts your credit score.

How can I improve my credit?

Although it’s easy to become obsessed with improving your credit score, especially if you’re getting ready to apply for a loan, it’s best to focus on improving your overall credit report.  After all, a great credit history will help to boost your credit score.

1. Review your credit report once a year.  Type annualcreditreport.com directly into your address bar on your browser for a free copy of your credit report from each of the major credit reporting companies:  Equifax, Experian and TransUnion.
2. Report any errors that you find.  If you see a mistake, contact the credit reporting company in writing and be sure to include copies of any supporting documentation.
3. Eliminate debt.  Since reducing debt takes time, set short-term goals to tackle each debt, starting with the debt that has the highest interest rate.  And once you’ve eliminated your debt, try to use less than 35% of your available credit.
4. The Federal Trade Commission encourages consumers to be cautious about companies that promise to repair your credit and remove negative information for a fee.

This information was provided by Source Nabil Captan, The Credit DVD.

Many buyers appreciate the benefits provided by HOAs, but the mandatory dues, and covenants, conditions and restrictions (CCRs) occasionally rub some people the wrong way.  Before you make an offer on a property governed by an HOA, here are some factors to consider:

What do you get from the HOA?
Homeowners associations often provide access to amenities that individual residents couldn’t otherwise afford –pools, gyms, tennis courts, walking trails- and their rules can protect property values.  Some associations take on services traditionally provided by government, such as trash pickup, landscaping, street lighting, and street and sidewalk maintenance.

When you purchase a property governed by an HOA, you enter into a legal contract with the association.  You agree to abide by the association’s regulations and pay its dues.  In exchange, you get a community guided by an HOA and the access to its facilities and perks.

Read before you buy:
Make sure any uses or freedoms you expect to come along with your property are allowed in the CCRs.  Want to store your boat trailer in your driveway? The association’s CCRs may not allow that.
You may have heard horror stories of home repossessions and other legal squabbles involving property owners and HOAs.  A common theme among many of these cases is homeowners not understanding the regulations or ignoring them.  Review the CCRs carefully before you purchase the property, and you’ll be much less likely to run afoul of your HOA.

Inquire About Dues:
HOA run on dues, your annual fee for living in the community.  These fees range from less than $100 to thousands of dollars, depending on the neighborhood or building and what amenities it offers.  Ask how much the dues are and if they’ve increased during the past few years.  Find out what the dues cover and what they don’t.

Who’s in Charge?
When you review an HOA’s documents, be sure to inquire about its finances.  Is the HOA solvent?  Does it have a reserve fund?  Who controls the money?  What kind of oversight is that person subject to?

Find out who manages the HOA and what role residents have in its governance.  There may be a board or other group of property owners who manage the association.  Take some time and talk to people who currently in in the community.  How do they feel about the neighborhood, development or building?  Find out their impressions of how the HOA is run.

Perform due diligence before signing a contract to purchase a property governed by a homeowner’s association.  You’ll be able to make an informed decision about the HOA’s pros and cons without jeopardizing the transaction or subjecting yourself to regulations that aren’t consistent with your life.

For expert advice about HOAs and all kinds of information about owning, buying or selling a home, ask your Realtor or visit TexasRealEstate.com and HAR.com.

This article was provided by Danny Frank of Prudential Anderson Properties, chairman of the Houston Association of Realtors.

When a client is named as the executor of a friend or relative’s will, I am often asked whether it is possible to be compensated for the travel and expense of performing this task.  A Houston attorney, Ron Lipman, recently created the following piece that addresses that question nicely:

As executor, you are most likely entitled to reasonable compensation for your services.  That is the most typical fee provided for in wills written by lawyers.  If your love ones will contain this type of provision, then you would decide how much of a fee is reasonable.

Most trust companies charge 1 percent to 2 percent of an estate’s asset value to serve as executor, so that would be a good starting point.  Or you might decide instead that a certain amount per hour is reasonable.  If you have been keeping track of the time you have spent working on estate matters, you could multiply the hours you have worked by your hourly rate and arrive at a fee.

Keep in mind that one’s will may provide that you are to receive no compensation for your services.  If so, you would still be entitled to reimbursement for your expenses, but you would not be entitled to a fee for your time.

It is possible as well, although unlikely, that his will provides that you are to receive a certain dollar amount.  If it does, then that is all you would be entitled to receive.

If the will is silent on the compensation issue, then Texas law entitles you to 5 percent of certain funds that go in and out of the state.

For instance, if you had to sell any real estate your father owned, then you would get 5 percent of the sales price.

If you had to pay a fee to a lawyer or an accountant, or if you have to pay taxes, you would get 5 percent of those amounts too.  But simply distributing a bank or brokerage account to the estate’s beneficiaries would not entitle you to the same 5 percent.

The Texas statue also provides that you can apply to the court for more than 5 percent if the situation warrants extra pay.  For instance, you may have had to run a business your father owned, thus justifying a higher fee.

Keep in mind that the greater your fee, the less the estate’s other beneficiaries would receive.  For instance, your siblings might not be too happy if your compensation is unreasonably high.  Also, any compensation you receive for your services would be taxable to you as income.

1. Start Saving, Keep Saving, And Stick To Your Goals

If you are already saving, whether for retirement or another goal, keep going! You know that saving is a rewarding habit. If you’re not saving, it’s time to get started. Start small if you have to and try to increase the amount you save each month. The sooner you start saving, the more time your money has to grow. Make saving for retirement a priority. Devise a plan, stick to it, and set goals. Remember, it’s never too early or too late to start saving.

2. Know Your Retirement Needs

Retirement is expensive. Experts estimate that you will need about 70 percent of your pre-retirement annual income to maintain your standard of living when you stop working. Take charge of your financial future. The key to a secure retirement is to plan ahead.

3. Contribute To Your Employer’s Retirement Savings Plan

If your employer offers a retirement savings plan, such as a 401(k) plan, sign up and contribute all you can. Your taxes will be lower, your company may kick in more, and automatic deductions make it easy. Over time, compound interest and tax deferrals make a big difference in the amount you will accumulate. Find out about your plan. For example, how much would you need to contribute?

4. Learn About Your Employer’s Pension Plan

If your employer has a traditional pension plan, check to see if you are covered by the plan and understand how it works. Ask for an individual benefit statement to see what your benefit is worth. Before you change jobs, find out what will happen to your pension benefit. Learn what benefits you may have from a previous employer. Find out if you will be entitled to benefits from your spouse’s plan. For more information, go to the Labor Department’s website, dol.gov, and read the What You Should Know about Your Retirement Plan brochure.

5. Consider Basic Investment Principles

How you save can be as important as how much you save. Inflation and the type of investments you make play important roles in how much you’ll have saved at retirement. Know how your savings or pension plan is invested. Learn about your plan’s investment options and ask questions. Put your savings in different types of investments. By diversifying this way, you are more likely to reduce risk and improve return. Your investment mix may change over time depending on a number of factors such as your age, goals, and financial circumstances. Financial security and knowledge go hand in hand.

6. Don’t Touch Your Retirement Savings

If you withdraw your retirement savings now, you’ll lose principal and interest, and you may lose tax benefits or have to pay withdrawal penalties.  If you change jobs, leave your savings invested in your current retirement plan, or roll them over to an IRA or your new employer’s plan.

7. Ask Your Employer To Start A Plan

If your employer doesn’t offer a retirement plan, suggest that it start one. There is a number of retirement saving plan options available. Your employer may be able to set up a simplified plan that can help both you and your employer.

8. Put Money Into An Individual Retirement Account

You can put up to $5,000 a year into an Individual Retirement Account; you can contribute even more if you are 50 or older. You can also start with much less. IRAs also provide tax advantages. When you open an IRA, you have two options — a traditional IRA or a Roth IRA. The tax treatment of your contributions and withdrawals will depend on which option you select. Also, the after-tax value of your withdrawal will depend on inflation and the type of IRA you choose. IRAs can provide an easy way to save. You can set it up so that an amount is automatically deducted from your checking or savings account and deposited in the IRA.

9. Find Out About Your Social Security Benefits

Social Security pays benefits that are on average equal to about 40 percent of what you earned before retirement.  You should receive a Social Security Statement each year that gives you an estimate of how much your benefit will be and when you can receive it. For more information, visit the Social Security Administration’s website, socialsecurity.gov or call (800) 772-1213.

10. Ask Questions 

While these tips are meant to point you in the right direction, you’ll need more information. Talk to your employer, your bank, your union, or a financial adviser. Ask questions and make sure you understand the answers.  Get practical advice and act now.  Financial security in retirement doesn’t just happen. It takes planning and commitment and, yes, money. Fewer than half of Americans have calculated how much they need to save for retirement. The average American spends 20 years in retirement. Putting money away for retirement is a habit we can all live with. Remember — saving matters!

The Hubbard Law Firm has been providing legal services to individuals and businesses in Kingwood and the Greater Houston Area for over 25 years.  If you have questions for Mr. Hubbard please contact him at 281-358-7035 or email him at phubbard@patrickhubbardlaw.com or go to his website at www.patrickhubbardlaw.com.

This article is excerpted from Top 10 Ways to Prepare for Retirement, a publication of the U.S. Department of Labor.

There are several methods by which pet owners can provide for their pets after their own death.  Although the creation of a “pet trust” is one method — pet trusts were validated by a 2005 Texas statute — there are actually several alternatives when considering your particular desires and circumstances.  In each situation, the language in your will should usually be broad enough to include all pets (e.g., “I give all of my animals living at the time of my death” and “including any companion animals acquired after the date hereof.”)

BEQUEST TO NAMED INDIVIDUAL OR ENTITY

This is the simplest form of testamentary gifting in which you leave one or more pets to a person or entity designated in your will. The will might also include a monetary gift to the beneficiary to cover animal care expenses. However, in this form of gifting, there will be no way to monitor how the beneficiary spends the money or cares for the pets.

BEQUEST TO CHARITY, ON CONDITION

One purpose of this form of testamentary gifting is to avoid the additional cost incurred in drafting a trust. In this situation, your will provides that one or more pets will pass to a designated charitable organization that benefits animals, along with a monetary sum to the charity that is conditioned on the charity finding a satisfactory home for the pet. Suggested language is “together with the sum of $XX,XXX to such entity on condition precedent that if any of my animals survive me, the entity either accept as caregiver those animals or place those animals in one or more suitable homes with appropriate caregivers.” Your estate’s executor should be authorized to inspect the home or facility where the pets are placed before actually distributing money to the charity.

BEQUEST TO CARETAKER CHOSEN BY EXECUTOR

In this situation, the will provides that the executor will select caregivers and place the pets in suitable homes. It is important that the executor be someone who you firmly believe will be scrutinizing and sensitive to the welfare of your pets.

Also, the will may authorize the executor to deliver to each caretaker a reasonable sum of money to cover estimated animal care expenses during each pet’s remaining lifetime. The will might go even further by stating that this sum is intended not as a gift, but as an “expense of administration” that has a high priority in case of estate insolvency, albeit the legal outcome of this strategy is uncertain. Of course, in this scenario there is no way to monitor how the beneficiary spends the money or cares for the pets, unlike the trust method described next.

BEQUEST TO TRUSTEE OF PET TRUST

This is usually the safest, although a more complex, manner of maintaining pets after your death. In this method, you designate a person as trustee of trust named in the will to receive in trust the pets and a certain monetary sum for animal care and trust administration expenses. It is recommended that the trustee be someone familiar to you and be reliable with business experience, in which case a trustee’s bond can be waived in order to save trust expenses. The will should provide that the trustee be reimbursed for reasonable expenses and may also authorize reasonable compensation for the trustee’s services. An alternate trustee should be named in case the first trustee dies or is unable to serve. The will should emphasize that the pets are the primary beneficiaries of the trust. You will designate a person (preferably other than the trustee, to avoid conflicts of interest) as caretaker who must receive the pets into their home and provide the pets with proper care (which is defined in the will, e.g., the care necessary to maintain pets in good physical and emotional condition, including proper feeding, shelter, space, and regular veterinarian examination). The trustee should be required to inspect the caregiver’s home annually and to remove the pets if they are not receiving proper care and place them with an alternate caretaker either named in the will or selected by the trustee. The trustee should be authorized to reimburse the caregiver for reasonable expenses, and if you desire, the will might also authorize the trustee to periodically pay a certain sum or reasonable amount as compensation for the caregiver’s services.  To comply with the rule against perpetuities, the will should provide that the trust terminates on the earlier of (i) the date when all pets are deceased or (ii) 21 years after the death of all persons who are either beneficiaries, individuals named in the trust, or your heirs. Upon termination, all remaining assets should pass to a person designated as remainder beneficiary in the will, or to an alternate person if the first remainder beneficiary is not alive at that time. The will should include a spendthrift provision and may also include trustee powers concerning euthanasia, spaying or neutering, and liability insurance.

CREATION OF INTER VIVOS TRUST

Under this method, while still living, you transfer the pets and a certain monetary sum to a designated trustee of a trust similar to the one described above, which may be either revocable or irrevocable.  This, however, requires the red tape of separate bookkeeping during the client’s lifetime and tying up of funds that you may need for other purposes.

This information was taken from the State Bar of Texas for educational and information purposes only and was written by Joel

1. 

A properly drawn will, identifying your chosen beneficiaries, is the easiest and least expensive method of transferring your property at death.  Alternative approaches such as living trusts, while fine in theory, are typically expensive to set up and require ongoing attention throughout life.

2. Incorporate your Business

Operating a business in one’s personal name invites trouble.  Personal liability for business risks makes your non-exempt personal assets available to business creditors. Also, deductions for corporate expenses are often an added benefit.

3. Insulate your Personal Assets

Personal assets can be held in separate legal entities which create barriers for creditors or claimants in law suits.  Why hold property in ways that make you an easy target?

4. Examine Your Insurance Coverage

Think about the ways you could be liable for a claim.  The list would include a car wreck, property damage, business mistakes, product failure, physical injury or illness, and of course, death.  While we are all subject to such occurrences, every situation is different.  Evaluate your circumstances with your age, your dependents and financial condition in mind.

5. Get Business Records in Shape 

No one knows your business like you do.  Whether for purposes of tax reporting, collections, defending your actions or leaving something other than chaos for your heirs, it makes good sense to organize and maintain proper records for your business and personal activities.  It is also cheaper in the long run.

6. Get a Power of Attorney

There is no need for a Power of Attorney if you never become incapacitated, never travel beyond reach of a phone, fax or email, never encounter a situation when you need or desire to have someone else take action on your behalf.  Unfortunately, no one can predict when he or she will encounter one or more of these circumstances.

7. Get a Directive to Physicians 

Take the burden off your love ones.  Don’t leave them guessing about your wishes. Furthermore, it can save your love ones from disputes with health care providers that may be acting more in the best interest of their own beliefs than your personal and family welfare. 

8. Get a Medical Power of Attorney 

If you are unable to make medical treatment decisions for yourself, who do you trust to make them?  Providing authority to a spouse, family member or trusted friend can insure that you are given proper treatment consistent with your personal wishes.  It can also serve to avoid unduly expensive or unnecessary treatment.

9. Check Bank Account Records for Ownership

Bank requires account documentation identifying the owner of each account and the relationship between multiple owners. These provisions usually dictate what happens at the death of any owner. Be sure you are aware of how each of your accounts is set up. You might be in for a surprise!

10. Check Beneficiary Designations on your Insurance and Investments

Simply being certain that the important designations are as you desire can give you peace of mind and avoid a tragic mistake.

11. Get a Medical Check-Up

Many lives are saved and many more are extended due to a routine checkup. Serious conditions are sometimes a symptomatic and require testing for detection. Don’t assume you are fine just because you are not in pain.  This is especially important for persons over fifty years of age.

12. Save Every Week

The Bible mentions that riches quickly gained maybe quickly lost. While that may or may not be the case in every situation, it pays to focus on saving routinely. Put something away from every pay check. Make it a habit and you will be surprised at the way your savings will grow. It may also change your attitude toward spending.

13. Pay Off Your Debts

The old saying that the borrower is the servant of the lender could not be truer. Debt and all the things that go along with it can be a huge part of anxiety. While it may not be possible to pay cash for everything, it is wise to adopt a general philosophy that unless you can pay for it, you should not buy it!

The Hubbard Law Firm has been providing legal services to individuals and businesses in Kingwood and the Greater Houston Area for over 25 years.  If you have questions for Mr. Hubbard please contact us at 281-358-7035 or email me at phubbard@patrickhubbardlaw.com or go to his website at www.patrickhubbardlaw.com.

Speaking of things new, it is always my hope that my clients will “test the water before jumping in!”  Of course, this old cliché is just another way of making a point that it is best to understand the ramifications of any new endeavor before plowing ahead.  With the ever increasing world of governmental regulations and tax laws, it is a mistake to assume that an activity or business will be impacted by law in a rational or practical way.

Over the years, I have found that while it is sometimes easier to get forgiveness than permission, it is always much easier to keep your ox out of the ditch than to get him out after he has fallen in the ditch. Therefore, I have included three articles from the State Bar of Texas I hope will assist you in keeping your ox out of the ditch.  If these articles raise questions or you have a question about business, probate or family law please contact me at 281-358-7035.

From our family to yours, we wish you all the best for the holidays and the coming year.

Patrick G. Hubbard
Hubbard Law Firm