I own payable notes on land in Texas. How can I leave these to my wife?Hello bc:

Include them in your will. If you don't have one, I'd get one.

excon

Contract is always the answer. Create a Non-Negotiable Security Agreement with your wife allocating Holder-In-Due-Course status to her. This should effectively transfer 'interest' in the securities you wish to transfer. The greatest thing about a Security Agreement between two 'private' parties is that this methodology of transferring the notes will side-step any court issues in relation to entitlement or beneficiary status, which means no probate and inheritance tax on the allocated capitol gains! Although a great number of states have adopted Uniform Commercial Code Procedures... most states only opted to enact certain chapters of the Federal Code in their daily commercial affairs. Its best to check with your states local regulations on commercial matters first in order to make it more jurisdictional. This is important... be sure to use Texas law when drafting any document you wish to execute in their jurisdiction. They can be found at: http://codes.lp.findlaw.com/txstatutes/BC/1. I hope this was helpful.

Autarkic

Hello again, A:

I absolutely disagree with your answer in TWO regards...

First is that one cannot sign away their rights, no matter WHAT kind of agreement they signed. Plus, an agreement written to specifically exclude people who may have rights in a particular matter will NOT be enforceable. So, if there IS a question about who the beneficiary is, the court WILL intervene.

The second is, I contest your suggestion that capital gains taxes would be avoided by entry into this agreement.

excon

To otherwise clarify my reasoning for this opinion:

Under the current commercial regulations under articles of the UCC of both Texas as well as the united states; an individual who holds holder-n-due-course status is the only person able to raise claim of entitlement (See below:*)... without this status one may not succeed in suit. There are only two manners in which one may maintain Holder-In-Due-Course status 1) named as the beneficiary by the primary Holder of a negotiable instrument 2) possession of the negotiable instrument in question (see below:**). This is why when a bank wishes to foreclose on a mortgage they require two documents to do so... the Mortgage Agreement and the Promissory Note. The mortgage agreement is merely the 'rules' governing the mortgage, but the 'Promissory Note' is the evidence of the debt owed. Without the original Promissory Note... the mortgage is invalid (for definition of promissory note see http://www.answers.com/topic/promissory-note). What this example shows is that an individual may not raise a claim for which they are not Holder-In-Due-Course of (see below:*). Furthermore, a Holder-In-Due-Course may transfer interest in a negotiable instrument via contract, if not simply because it is theirs to solely do with as they please, as such action places said assigned in the same position as the original Holder(see below:***). As all informed Americans know... we have the right to unlimited contracting without government encumbrance. In case there are any questions as to whether your Notes are covered as a negotiable instrument... I have included Tex. Definition as well below (see below:^). As for the capital gains tax question... since your 'wife' is being introduced as a secondary holder and your marriage shares the same taxing (I presume), the taxes will not change on the notes. However, leaving the notes as part of a will falls under the inheritance tax, plus court/attorney fees for delivery, as well as any other taxes accrued on the instruments during probate. So in my personal experience and 'opinion'... a private non-negotiable security agreement transferring interest in the negotiable instruments will be the best nominal option for this matter (cost of notary is what you would be paying). Otherwise I would consult an attorney who specializes in these things for professional/legal advice on your best course of action. One can only attempt to argue with valid rule citation... I pray this was helpful to you in understanding this opinion.

*TEX BC. CODE ANN. § 3.301 : Texas Statutes - Section 3.301: PERSON ENTITLED TO ENFORCE INSTRUMENT (http://codes.lp.findlaw.com/txstatutes/BC/1/3/C/3.301)

**TEX BC. CODE ANN. § 3.302 : Texas Statutes - Section 3.302: HOLDER IN DUE COURSE (http://codes.lp.findlaw.com/txstatutes/BC/1/3/C/3.302)

***TEX BC. CODE ANN. § 3.203 : Texas Statutes - Section 3.203: TRANSFER OF INSTRUMENT; RIGHTS ACQUIRED BY TRANSFER (http://codes.lp.findlaw.com/txstatutes/BC/1/3/B/3.203)

^TEX BC. CODE ANN. § 3.104 : Texas Statutes - Section 3.104: NEGOTIABLE INSTRUMENT (http://codes.lp.findlaw.com/txstatutes/BC/1/3/A/3.104)

To otherwise clarify my reasoning for this opinionHello again, A:

I don't argue with your reasoning. I'm simply stating how I think a bureaucrat tax collector and/or a judge would RESPOND to that reasoning... I don't think they'll allow it.

Look. I think the Patriot Act is UNCONSTITUTIONAL. I can PROVE it too. So what?

excon

Interesting thing is people all over the country are doing just this and winning. The case law is out there... hunting it down is up to you. This is fairly straight forward... it boils down to two things:

1) is it worth it to the bureaucrat/judge to go against the same codes and regulations that they took an Oath to uphold otherwise risking their titles; and
2) if so, does one have the ammunition in order to protect their rights from being abridged by these individuals

So primarily one has to be wiling to do the research and know what procedures to take in order to DEMAND that your rights, titles, and interests are not abridged by quasi-governmental/governmental agents/agencies. This country was built upon those such standards and ideals... stand up for what is your or lose it. But without going into a politico-idealist conversation... we are in agreement on a lot of issues. This particular matter I believe that BC will have little to no resistance. However, I do urge you BC to consult an attorney or do the research yourself before going forward. Excon has the right idea by assuming that these people will not uphold their own rules and regulations. I live in one of those states that don't... the commonwealth of Pennsylvania. In either instance.. if your law is sound, so therefore is your reasoning.

Interesting thing is people all over the country are doing just this and winning. The case law is out there...hunting it down is up to you. This is fairly straight forward...it boils down to two things:

1) is it worth it to the bureaucrat/judge to go against the same codes and regulations that they took an Oath to uphold otherwise risking their titles;

In either instance..if your law is sound, so therefore is your reasoning.Hello again, A:

In my earlier incarnation I was a tax planner... I knew how to help people AVOID taxes. I had case law to back me up too. Interesting thing is, people all over the country were doing it and winning. It was fairly straightforward too. Because it was, I ASSUMED that a bureaucrat/judge would see it as clearly as I did.

When push came to shove, I discovered they DIDN'T. I'm just telling you, that case law notwithstanding, when the government DOESN'T get what the government thinks its due, they'll go after it. They're not nice about it either.

If capital gains taxes on real property are not being paid because of your "contract", I'm telling you, that no matter WHAT law you think you have on your side, the IRS will call it sham transaction, and disallow it. They may even come after you criminally too...

You continue to think the law will bail you out.. It won't. The income tax in this country is illegal. The Sixteenth Amendment was NEVER ratified by 2/3rd's of the states. I know it and the IRS knows it. Who cares? What the IRS knows MORE than that, is if they let tax avoiders/evaders get away with NOT paying taxes, EVEN IF IT'S BASED ON REAL LAW, nobody will pay their taxes.

excon

in relation to the tax, I see it this way. We live in a voluntary tax system. The IRS sends out these forms stating that we must fill one out every year (or at least three for three years consecutive in one year) and that is what all of us do... self-assessment. We do their job for them. Therefore, it is not illegal to not pay taxes... it is illegal how ever not to file/report. Interestingly enough though... once you report/file taxes you are automatically stating you owe the IRS. So that validates them filing a federal tax lien on your real property to recover the amount you reported you owe. So it is a vicious system of tricknology that they implement in order to have the American citizenry flip the bill for their spending habits. The IRS isn't even a part of the united states of america... they are a separate foreign agency. This is because a government cannot do their own taxes. Especially in a double-entry accounting system like ours where the treasury controls both the credit and debit sides of the ledgers for ALL AMERICANS. Transference of debt is the American way now in days. And whoever so gets stuck holding the 'hot potato' so to speak... flips the bill. Inasmuch with the new extension for the bush tax cuts... who do you think flips that bill? I wonder... perhaps the American people who are struggling to keep just above water. The American Banksters, Companies and Corporations don't have to since they are exempted from forking out a lot revenue under the new bush tax cut. There have been plenty of revisions to the federal tax codes (title 26 U.S.C.) to filter out loop holes in their created system. But one thing about the matrix they created (for lack of a better example)... there are always anomalies surfacing to be utilized by those whom are forsaken.

Hello again, a

You're preaching to the choir. But, I'm a guy who has felt their wrath. You, evidently, haven't. Here's hoping you don't.

excon

I am sorry that you have had to go through that... I went through similar issues with The Powers That Be. Every acronym that you can think of when I filed for my natural-born rights as a Sovereign. Needless to say I am continually tested in that regards. So I am very empathetic to your cause and struggle. Any 'opinions' I could offer that may be of interest to you would be my honor to forward. And to BC... I apologize for changing the course of your question to other topics. You may disregard any of this as you wish... however, each of us have a great deal of knowledge to forward on your subject as reading our opinions in their entirety can only pose to assist you in your own struggle.