Tran Fawcett Law, PLLC - Richardson Office

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Tran Fawcett Law, PLLC - Richardson Office

Criminal Defense - Immigration - Personal Injury - Probate & Estate Planning

04/16/2026

3 Things to Know About Trusts & Wills in 2026 (That Can Save You Money)

1. Most families won’t owe estate tax, but mistakes still cost money

Even if you’re under the tax limit, poor planning can lead to probate delays, legal fees, or missed tax benefits that reduce what your family receives.

2. Trusts aren’t just for the wealthy

Trusts can help everyday families avoid probate, protect assets, and control how money is passed down, especially for children or long-term planning.

3. There are more tax-saving tools than ever

Options like education savings accounts, business deductions, and tax credits can reduce taxes but only if you plan ahead and use them properly.

A will or trust is more than who gets what. It's about saving your family time, money, and stress.

Our office can help you plan with confidence.

04/14/2026

Benefits of Estate Planning for Married Couples

Smart and Flexible Planning

- Combines strategies to fit your family’s needs

- Balances tax savings with long-term wealth protection

- Allows you to decide who receives your assets, when, and how

Save on Taxes

- Transfer assets to your spouse tax-free

- Preserve and use unused tax benefits

- Reduce exposure to:

1) Estate taxes

2) Gift taxes

3) Taxes on wealth passed to future generations

Protect More Wealth for Your Family

- Assets can be revalued at current market value at death

- May lower taxes if heirs sell assets later

- Some strategies provide tax benefits after both spouses pass

Make the Most of Both Spouses’ Benefits

- Ensures both spouses’ tax exemptions are fully used

- Trusts can:

1) Use the first spouse’s tax benefits

2) Help prevent additional taxation later

- Avoids losing valuable tax savings

We’re here to help you plan with confidence and clarity. Visit our office to take the first step toward securing your legacy.

04/09/2026

Our office is open on Saturdays and Sundays by appointment. We look forward to assisting you!

04/07/2026

C vs. S Corporations: What’s the Difference?

When starting or growing a business, choosing the right tax structure is important. Two common options are C Corporations and S Corporations, and each has its own benefits depending on your goals.

A C Corporation is typically used by larger companies or businesses planning to raise outside investment. An LLC can choose to be taxed as a C Corporation. One key feature is double taxation, meaning the company pays taxes on its profits, and shareholders also pay taxes on any dividends they receive. However, C Corporations do not have self-employment tax issues, and they are often preferred by institutional investors. They also follow more formal rules and structure.

An S Corporation is usually better suited for smaller businesses. Like a C Corporation, an LLC can elect this tax status. S Corporations use pass-through taxation, meaning profits and losses go directly to the owners’ personal tax returns, avoiding federal corporate tax. However, there are restrictions on who can be a shareholder, and owners may still face self-employment tax considerations.

Both structures can play an important role in long-term planning. For example, businesses planning for an IPO often choose a C Corporation, while those focused on family ownership or smaller operations may benefit from an S Corporation or LLC structure.

There is no one-size-fits-all answer, because your choice depends on your business size, growth plans, and future goals.

Our firm can help you choose the right structure and plan for the future. Contact our office to get started.

04/02/2026

Don’t just take our word for it—hear directly from our clients.

Our firm is consistently recognized for its attention to detail, care, and dedication in handling a wide range of cases. We take pride in delivering thoughtful, client-focused service every step of the way.

Here are a few recent reviews. You can find more on Google Reviews: https://share.google/mHMH4clT1UGPbK9lT

03/31/2026

Social Security
Social Security provides monthly income to retirees, disabled individuals, and their families based on lifetime earnings. To qualify, individuals typically need 40 work credits (about 10 years of work), with benefits calculated using their highest 35 years of earnings.

Spousal Benefits
Spousal benefits allow a spouse to receive up to 50% of the worker’s benefit at full retirement age (FRA).
- Can begin as early as age 62 (reduced if early)
- Worker must have filed for benefits
- Does not increase by delaying past FRA

Ex-Spouse Benefits
A divorced spouse may still qualify for benefits based on a former spouse’s record.
- Must have been married at least 10 years
- Must be unmarried
- Can receive up to 50% of the worker’s benefit at FRA
- The worker does not need to have claimed benefits (if eligible and age 62+)

Survivor Benefits
Survivor benefits provide income to a spouse (or sometimes ex-spouse) after a worker’s death.
- Can receive up to 100% of the deceased worker’s benefit at FRA
- Can begin as early as age 60 (reduced if early)
- Available at any age if caring for a child under 16 or disabled
- Based on the worker’s benefit at time of death

Understanding Social Security benefits can be complex, but you do not have to navigate it alone. Our firm is here to help you maximize your benefits and plan with confidence.

03/26/2026

Whether you are a business owner or planning your estate, it can be tempting to handle legal needs on your own. DIY legal documents often appear attractive because of their low cost and convenience.

However, what seems like a quick solution can lead to serious consequences.

Generic templates are not designed for your specific situation, and may:

1. Omit key legal protections

2. Fail to account for state-specific laws

3. Use ambiguous language that does not fully reflect your intentions or goals

These gaps can create uncertainty, increase risk, and lead to costly issues down the line. Taking the time to ensure your legal documents are properly structured and tailored to your needs is an investment in long-term protection.

The right foundation today can prevent significant problems tomorrow.

03/24/2026

The Medicaid 5-year look-back period is a rule that reviews any asset transfers made within the 60 months prior to applying for Medicaid. If assets were gifted or transferred for less than fair market value during this period, a penalty may be imposed, delaying eligibility for benefits.

This rule is designed to prevent individuals from giving away assets solely to qualify for Medicaid. Proper planning, such as using a Medicaid Asset Protection Trust (MAPT), can help protect assets while starting the 5-year clock and preserving long-term benefits.

Planning ahead matters. Tran Fawcett Law can help you protect what you’ve built while staying compliant with Medicaid rules.

03/13/2026

What Is an LLC Operating Agreement?
• An Operating Agreement is a document that sets the rules for how an LLC will run. It explains how decisions are made, how profits are shared, and what happens if an owner leaves or new owners join.

Key Benefits
• Defines management and voting rules
• Explains how profits and ownership interests are divided
• Plans for future events like adding owners or transferring ownership
• Allows flexibility for tax elections and distributions
• Prevents relying on generic state default rules

What It Protects
• Helps protect owners from personal liability
• Clarifies each owner’s rights and responsibilities
• Creates clear expectations for how the business operates

Our firm is here to help you create an Operating Agreement that protects your business, your assets, and your future. Whether you are starting a new LLC or updating an existing one, we can help ensure your business structure is set up the right way.

Address

Chase Building, 100 N US-75 Central Expressway 1000, Suite 416
Richardson, TX
75080

Website

http://tranfawcettlaw.com/

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