property

Defining “Fair Market Value” from Austin Estate Planning Attorney Liz Nielsen

Defining Fair Market Value by Austin estate planning lawyer Liz Nielsen

When reading through a will or trust agreement, you may see language that grants a right to an individual to purchase certain property from the estate or trust at “fair market value.” At first glance, this phrase may seem a perfectly reasonable method of setting a suitable purchase price for a property to be sold. […]

Severing Joint Ownership of Property from Austin Estate Planning Attorney Liz Nielsen

Severing Joint Ownership of Property by Austin estate planning lawyer

One of the most common forms of property ownership in the United States is joint tenancy with rights of survivorship (JTWROS or joint tenancy). But what is joint tenancy? Joint tenancy is a legal right to property that provides the owner an undivided right to the enjoyment of the property. In other words, one joint […]