Friday, July 20, 2007

Should I use a Living Trust or a Will?

Both living trusts and wills are used to accomplish the same thing -- transfer your assets on your death. Thus, there is no right or wrong answer to this question, at least in Texas. For the most part, the costs to probate in Texas are not very great (unlike many other states), which is why there is no right or wrong answer.

For the most part, we recommend doing wills rather than living trusts. Living trusts require the re-titling of certain assets and careful adherence to the trust document. Most clients do not like keeping up with these issues, so a will is more easy to manage.

There is one specific situation in which a living trust is clearly the right choice. If you have property in more than one state, a living trust is better than a will. By using a living trust, you can avoid having multiple probates (one in each state).

If you need help in preparing your will or living trust, please contact Peterson & Swearingen, LLC through our website ( or at 979-680-9993.

Wednesday, July 11, 2007

What changes were made to the minimum wage law?

The Fair Labor Standards Act increases the federal minimum wage in three steps:

July 24, 2007, $5.85 per hour

July 24, 2008, $6.55 per hour

July 24, 2009, $7.25 per hour

See the U.S. Department of Labor’s Wage and Hour Web site or call the DOL toll-free help line at 1-866-4US-Wage (487-9243) for more information and a copy of the poster every employer with employees subject to the Fair Labor Standard Act’s minimum wage provisions is required to display at their business.

For any legal matter involving your business, please contact Peterson & Swearingen, LLC at 979-680-9993 or through our website