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Questions Answered by Elizabeth A. Sabol
2 Answers | Asked in Banking, Business Formation, Estate Planning and Real Estate Law for Texas on
Q: Can I get a loan for my current house, place it in LLC, rent it out, and use the money from the loan to buy a new house?

I am trying to find the best financial solution to invest in real estate. I have paid off my house and would like to move in 18 months. I like this house and would like to hold on to it as a rental property. I will need the proceeds, either through the sale of the house, or from obtaining a... Read more »

Elizabeth A. Sabol
Elizabeth A. Sabol answered on Jan 20, 2022

While everyone could benefit from consulting with an attorney - and this website doesn't count! - you REALLY need to talk to one. Your idea is not at all unusual, but I see issues with: 1) property taxes (you don't want to screw up your homestead exemption for your primary residence); 2)... Read more »

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1 Answer | Asked in Divorce and Estate Planning for Texas on
Q: Hello... how to separate a real estate from the marriage community property in TX?

My dad bought a property in TX and we are both in the title. I need to separate that property from marriage community property in case I get divorced. My wife is in agreement with this approach as my dad is the owner of the property and I am just in the title in case he passes. Is this something... Read more »

Elizabeth A. Sabol
Elizabeth A. Sabol answered on Jul 26, 2021

First, I'd want to know more about how the property was acquired in the first place. Are you sure it's community property? If it was given to only you as a gift even after marriage (eg, because your dad paid for 100% of the land but put you on the deed), it's still likely separate... Read more »

2 Answers | Asked in Estate Planning for Texas on
Q: I have received a consent to independent administration. Should I sign?

How long does the independent administrator have to distribute proceeds to heirs?

Elizabeth A. Sabol
Elizabeth A. Sabol answered on Jul 26, 2021

In Texas, estates are administered as either independent or dependent administration. A dependent administration requires a much much greater level of court oversight and approval for anything the executor wants to do. Unless the will provides for independent administration, or if the estate... Read more »

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