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The Hidden Income Tax Problem in Trust Planning — Part 2
The BDIT and BDOT—Promising Structures, Unsettled Authority, and Practical Risk In the first post in this series, we walked through the underlying income tax problem that trusts create and the three ways the...
The Hidden Income Tax Problem in Trust Planning — Part 1
Understanding grantor trusts, compressed tax brackets, and the overlooked power of Section 678 I recently attended the North Texas Probate Bench Bar and had the pleasure of hearing John Hunter of the Blum Firm speak on the 678 Trust. John and I...
Negotiating Franchise Comfort Letters Without Derailing the Deal
Shields Legal’s Banking & Finance team regularly advises lenders and borrowers on negotiating franchise comfort letters, often referred to as cooperation agreements. These tri‑party agreements among the franchisor, franchisee‑borrower, and...
Fifth Circuit’s Sirius Solutions Decision: A Texas-Sized Win for Limited Partners (and a Headache for the IRS) – Part 2
What Does This Mean for Limited Partners, LLPs, and LLCs? In Part 1, we covered the U.S. Court of Appeals for the Fifth Circuit’s decision in Sirius Solutions, LLLP v. Commissioner and the Fifth Circuit’s reasoning for siding with taxpayers over...
Fifth Circuit’s Decision is “Sirius” Business: A Texas-Sized Win for Limited Partners (and a Headache for the IRS) – Part 1
The Big Picture: Why Sirius Solutions v. Commissioner Matters Let’s cut to the chase: the U.S. Court of Appeals for the Fifth Circuit’s recent decision in Sirius Solutions, LLLP v. Commissioner is a game-changer for anyone who owns a piece of a...
Why Business is Bigger and Better in Texas
The Lone Star State continues to solidify its position as one of the most attractive jurisdictions for businesses in the United States. In 2025 alone, the Texas Legislature passed a number of bills that further demonstrate the state’s deliberate...
When a Fiduciary Fails to Act: Beneficiary Options
Trusts are designed to protect assets, honor legacies, and provide for loved ones. But what happens when the person entrusted to manage those assets—the trustee—fails to act? Whether it’s ignoring a reimbursement claim, failing to pursue a legal...
When a Trustee Fails to Act: Trust Claims, Legal Duties, and the Unspoken Personal Liability of Trustees
In the administration of trusts, trustees are often called upon to make difficult decisions. One of the most consequential, and often overlooked, is the duty to pursue claims on behalf of the trust. Whether those claims involve reimbursement,...
Shields Legal Group is in the Business of Doing Good
We believe business can—and should—be a force for doing good. Shields Legal Group was recently featured in the 2025 Communities Foundation of Texas Annual Report as a long-standing Center for Business Impact cornerstone sponsor and an example of...
The mission of Shields Legal is to bring strategic business insight, professional judgment and competence to your company’s business and legal issues.