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Dec 30th, 2023
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 Re: Learned something new about community property in Texas
[Re: PondFish]
#12792662
06/15/18 05:20 AM
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Joined: Nov 2016
Posts: 582
FXfromTx
Pro Angler
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Pro Angler
Joined: Nov 2016
Posts: 582 |
Wife and I covered all of that in the Pre-Nup. You actually found one that will sign a pre-nup? Impressive.
"The fishing was good; it was the catching that was bad."
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Re: Learned something new about community property in Texas
[Re: Uncle Zeek]
#12792679
06/15/18 09:05 AM
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Joined: Sep 2016
Posts: 9,444
Floon Swenson
TFF Celebrity
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TFF Celebrity
Joined: Sep 2016
Posts: 9,444 |
I think this is called a "QTIP". My MIL is on marriage #3. He is a very wealthy man. If he dies first, she gets a lump sum settlement and the remainder of his estate goes back to his two sons. If either of them contest the lump sum settlement and lose, they forfeit their portion of their inheritance and it reverts back to the MIL. The lump sum is not small change, so he had that put in there because his two sons would/could litigate my MIL into bankruptcy, if they chose to do so. That sounds like a will provision rather than a property partition. A QTIP is actually a trust, and it's usually used in situations where, after death, someone wants to to keep stepkids (or one's future marital replacement) from getting assets that they want their biological kids to get. It'll typically pay the current wife an income after the husband dies (or vice versa), but keeps them from controlling the principal. We set them up for our clients that are on subsequent marriages occasionally when there are multiple sets of kids involved.
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Re: Learned something new about community property in Texas
[Re: Uncle Zeek]
#12792703
06/15/18 10:42 AM
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Joined: Dec 2011
Posts: 8,560
Oldrabbit
TFF Celebrity
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TFF Celebrity
Joined: Dec 2011
Posts: 8,560 |
Found out how that works when my first marriage ended. The deed on my land and house said my name then, "being a single man at time of purchase". Those 8 words made a world of difference.
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Re: Learned something new about community property in Texas
[Re: Uncle Zeek]
#12792767
06/15/18 12:51 PM
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Joined: Sep 2004
Posts: 32,007
JustWingem
Gentleman Jack
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Gentleman Jack
Joined: Sep 2004
Posts: 32,007 |
(Yeah, I know, boring stuff, but some of this will be on the bar exam!)
I have examined a lot of bars and dont remember any of that stuff! 
DON'T GET CONFUSED BETWEEN MY PERSONALITY AND MY ATTITUDE. MY PERSONALITY IS WHO I AM...MY ATTITUDE DEPENDS ON WHO YOU ARE
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Re: Learned something new about community property in Texas
[Re: FXfromTx]
#12792799
06/15/18 01:29 PM
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Joined: May 2014
Posts: 5,659
PondFish
TFF Celebrity
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TFF Celebrity
Joined: May 2014
Posts: 5,659 |
Wife and I covered all of that in the Pre-Nup. You actually found one that will sign a pre-nup? Impressive. Her estate is worth a lot more than mine. And she is an Attorney. And it was a second marriage for both of us. I didn't balk a bit at signing.
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Re: Learned something new about community property in Texas
[Re: Uncle Zeek]
#12792922
06/15/18 02:36 PM
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Joined: Jun 2002
Posts: 4,544
tx_basser
TFF Team Angler
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TFF Team Angler
Joined: Jun 2002
Posts: 4,544 |
still handling my 80 year old fathers divorce for him through his lawyer due to his dementia. The lawyers win in the divorce, nobody else does.
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