Companies who often contract with the government or a government agency may already be aware, but everyone should understand how sovereign immunity applies and protects the government even when breaching a contract. The Supreme Court of Texas had a landmark decision in June of 2016 that changed the way many approach government contracts. It is …
Estate Tax Repeal Does Not Mean Estate Planning is No Longer Important Repeal of the federal estate tax is now more likely than at any other time in its nearly 100-year history. Not coincidentally, people have asked me whether “estate planning” is still necessary in an “estate tax-free” world. For several significant reasons, traditional estate …
Most Americans, regardless of their preferred political party, agree that federal taxes are too high, and that the current federal tax system is too complex. With Republicans controlling the White House and both houses of Congress, the likelihood of meaningful tax reform has not been as great for three decades.1 So, what can we expect? …
Earth, Wind and Fire: The Interplay of Mineral, Wind and Solar Leases by Ron Holmes If you own, or dream of owning, a farm or ranch, then you might find this article interesting. The article addresses two questions: can a landowner legally convey rights to the Sun and the Wind; and do mineral rights trump …
by Ron Holmes (From our October 2016 newsletter) As we move into the fourth quarter of 2016, we have not noticed any slowdown in the Texas real estate market. There still appears to be more capital than there are deals, and, yet, the signs of overbuilding have not shown their ugly heads. Set forth below …
by Ron Holmes You probably have heard of a Gun Trust, but may not know what that really is or why anyone would need one. Anyone who owns Title 2 firearms might consider a Gun Trust in order to “legally” transfer title to his Title 2 firearms upon his death, but there are serious pitfalls …
Ron Holmes wrote an article last winter about High-Volatility Commercial Real Estate (“HVCRE”) loans, which gave an introduction and background to the concept. As a refresher, BASEL III regulatory capital rules went into effect on January 1, 2015, introducing the concept of HVCRE. These regulations require all loans meeting the HVCRE definition to be reported …
by Ron Holmes Effective December 1, 2016, the “Salary Level Test” for overtime exempt employees is increasing. For an employee to be exempt from the requirement of overtime pay, three tests have to be met: The employee must be paid a predetermined and fixed salary (a “Salary Basis Test”); The amount of salary paid must …
For several decades, estate planners have recommended the use of family limited partnerships (“Family Limited Partnership”) as a beneficial means of transferring wealth. Many of you have employed this planning device, and others have considered, but not acted upon, this opportunity. Just as an example, father and mother contribute $1 million of assets into a …
Holmes Firm PC hosted a table at the August 17, 2016 Capital Markets Summit sponsored by The Real Estate Council and Real Estate Deal Sheet, held at the Dallas Country Club. Ron Holmes, Jan Holmes, Brian Fisher and Clifton Beech represented the Firm, and were joined by Rob Stone (Duke, Inc.), Gordon Ip and Nathan …