It is golf season again, and I am getting out to the range a bit with my “old stuff.”  I know…why are you hitting that?  The new clubs are so much easier to hit.  Sure I enjoy playing the new stuff, but I always go back to the old stuff.   The new gear seems to minimize the “m” in E=mc2.  The old stuff was heavier and put the weight right at the sweetspot.  That is where the saying “hitting it between the screws” came from.  The old stuff trained you to be precise, and rewarded you for it.  The new stuff enlarges the effective sweetspot, and hollows out the club.  It allows for okay, and reduces the reward for precision.

So go up into your dad’s garage and pull out his old powerbilt and enjoy!  Lots can be learned from the past.

A power of attorney is a document in which you give someone else the power to act on your behalf for financial transactions.  Texas, like many states, has adopted a statutory durable power of attorney form.  The form has a laundry list of transactions from which you can pick and choose from, and you can add additional powers as you wish.  The most significant issue to decide is whether to make the power effective immediately or become effective upon disability.  The problem with making the power effective upon disability is that the powerholder will have to prove disability to the third party to whom the power is presented.  Accordingly, I usually recommend that the power of attorney be effective immediately.  Now there have been situations in my career, where husband and wife didn’t trust each other, and were insistent on making the power effective upon disability.  They probably should have come to see a marriage counselor, instead of an estate planning lawyer.

In certain cases, such as where the the client has complicated assets, it is recommended that the client go beyond the statutory form and prepare a power of attorney that addresses specific transactions that might arise in the management of these complicated assets.

Powers of attorney are a simple but important piece of any adult’s personal planning.  Usually used in the case of an illness or travel, they can be a lifesaver in more dire situations.  I remember years ago a client came to me with the follow situation.  Her husband had disappeared (his car was found abandoned on the way to work), but no body was found.  Since he couldn’t be presumed dead under Texas law for four years,  the wife couldn’t sell the family home.  With the husband being the sole provider, she was forced to give up the home in foreclosure.

My dad was a banker, my mom a homemaker.  Dad died of an aneurysm the morning after I graduated high school.  His will left everything in a trust for mom’s benefit, with the bank as trustee.  She was devastated over his loss, but also felt powerless, in part, because of the way dad structured things.  He meant well and just wanted to take care of her, but it had the opposite effect.  It would be years before she managed to come to terms with things.

I went on to college and played a little college golf, but soon realized I wasn’t good enough to make a career in the game.   So I went to law school with the hope that I could help people avoid what happened to my mom.

Thirty plus years later, I have learned a lot about trusts, estates and income taxes.  But more importantly I have learned how these areas of the law impact people.  My hope in starting this blog is to share a little bit of what I have learned over the course of my legal career.  And while I am at it I may have a thing or two to say about golf.