January 2023

LIFE CARE PLANNING

Lester, a widower, age 75, owns a ranch with 350 acres which he purchased fifty years ago. The property has greatly appreciated in value over time. His will leaves the property to his son and daughter in equal shares. However, Lester has considered selling the property now because he may no longer be able to live alone on the ranch and care for it. The problem with selling now is that he will incur substantial capital gains tax on the difference between what he paid for the property and its current value. Conver s e l y, leaving the children this property at death will increase their basis in the property to its value at his date of death, meaning that the only capital gains assessed will be on the increase in value from his date of death to the date of sale. Given the children intend to sell as soon as possible, that could mean zero tax. Is there an option for Lester that retains the stepped-up basis and relieves him of the burden of the property if he can no longer care for it?

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SWEARING IN

Richard Talavera, right, was sworn in at the Somervell County Commission, Precinct 2 by by 249th District Judge Tiffany Strother on Sunday morning at the Somervell County Complex. Talavera beat Dwayne Johnson in a run-off election last summer to earn the seat. In addition to Talavera, Strother sworn in other county officials: Danny Chambers, County Judge; Trey Brown, County Attorney; Ronnie Webb, Justice of the Peace, Precinct 1; Scott May, Justice of the Peace, Precinct 2; Wade Busch, Commissioner, Precinct 4; and Virginia Dickson, District Clerk.

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Powerlifters OPEN THE SEASON

GLEN ROSE — It’s only natural that Glen Rose boys and girls powerlifting coach Terry Harlin is eager to start the 2023 season with seven regional qualifiers returning and student-athletes turning out in record numbers to compete for the Tigers and Lady Tigers. “I’m really excited about both our girls’ and boys’ teams this year,” Harlin said.

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Heart Talk

Remember Bon Jovi’s 1986 hit that begins, “Shot through the heart, and you’re to blame. You give love a bad name,”? It turns out, Bon Jovi was on to something. A new field has developed called cardiac psychology. It studies the relationship between emotions and heart health. It seems that negative emotions like depression, anxiety, anger, and loneliness increase the risk of heart disease.

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Red Snow Cones

“What’s your name,” he asked with a curious look on his face. He was cute, personable, and probably six years old. “Do you know my name?” he continued. “Do you know what I like?” His questions were coming at me faster than I could respond. I wanted to ask him if he had a good Christmas, but I waited him out. “I like red snow cones, do you?” Then, he took off in a whirlwind of motion and I smiled as I watched him run to his mom. Here we were in January, the middle of winter, and the kid is thinking about snow cones. I’m sure there must be some lesson involved?

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