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Wealth Transfer Strategies to Consider in an Election Year

Posted by Chris Peterson | Oct 15, 2020 | 0 Comments

If the election results in a political party change, it could mean not only lower estate and gift tax exemption amounts, but also the end of the longtime taxpayer benefit of stepped-up basis at death. To avoid the negative impact of these potential changes, there are a few wealth transfer strategies it would be prudent to consider before the year-end.

Estate Planning: 3 Reasons We Run the Other Way

Posted by Chris Peterson | Oct 09, 2020 | 0 Comments

It can be hard to get motivated about your estate planning; it sounds about as fun as getting a root canal. The truth is that estate planning is not really that bad. In fact, with our help, estate planning is easy. We will talk with you about your goals and concerns, analyze your family and financial situation, and work with you to come up with a solid plan.

10 Types of Trusts: A Quick Look

Posted by Chris Peterson | Oct 06, 2020 | 0 Comments

Considering the myriad of trusts available, creating the right estate plan can seem daunting. Here is a look at the basics of ten common trusts to provide you with a general understanding of the options available.

Deeper Dive into Advance Healthcare Directives

Posted by Chris Peterson | Sep 28, 2020 | 0 Comments

An advanced healthcare directive clearly spells out your wishes for the end of your life, for example, whether or not you want to be placed on life support if you are in a persistent vegetative state or have a terminal illness. Although it is one of the least discussed documents in an estate plan, it is equally as important as the other documents.

HELP! This Probate Is Taking Forever!!!

Posted by Chris Peterson | Sep 25, 2020 | 0 Comments

While most people want the settlement process to be done ASAP, probate can take between 18 and 24 months. Yes, you heard that right. The time delays create unnecessary stress, especially for families who need access to those accounts or property.

What Happens If My Beneficiary Dies Before Me?

Posted by Chris Peterson | Sep 23, 2020 | 0 Comments

When planning for death, most people assume they will die before their beneficiaries (e.g., their spouse, children, and grandchildren). While these assumptions are often well-founded, they do not always come to pass. Sometimes a beneficiary of an estate or trust dies before the person leaving t...

Estate Planning After Personal Injury Settlements

Posted by Chris Peterson | Sep 22, 2020 | 0 Comments

Personal injury settlements often involve significant amounts of money. Consider consulting an estate planning attorney to make sure that any money received will be protected from present and future creditors, properly managed during disability and at death, and distributed according to your wishes.

Why Your Heirs or Beneficiaries May Receive a Smaller Inheritance Than You Thought

Posted by Chris Peterson | Aug 20, 2020 | 0 Comments

The effort that you put into planning your estate today can have a significant impact on how much of your money and property end up in the hands of your heirs or beneficiaries. Still, it is important to properly set expectations for your beneficiaries. Not all expenses can be avoided, and loved ones need to understand that mentally spending money that they may never receive can be, at best disappointing, and at worst, financially disastrous.

Seven Ways to Avoid Family Fights over Your Property

Posted by Chris Peterson | Aug 17, 2020 | 0 Comments

Far too many families end up fighting, or at least experiencing tension, over a family inheritance. But it does not have to be that way. Having counseled families for years, we offer the following pearls of wisdom to help your family avoid fighting over your property when you are gone.

What Is a Business Succession Plan?

Posted by Chris Peterson | Aug 13, 2020 | 0 Comments

Transitions in business are prompted by retirement, sudden illness, incapacity, death, or other major life events. Failure to plan for the inevitable transitions of life puts a business’s survival at risk. By carefully crafting your business succession plan, you can facilitate the proper preparation needed for a smooth transition in the company.

How to Help Your Loved Ones (and Assets) Avoid Probate

Posted by Chris Peterson | Aug 07, 2020 | 0 Comments

Today, many people are using a revocable living trust instead of a will or joint ownership as the foundation of their estate plan. When properly prepared, a living trust avoids the public, costly and time-consuming court processes of conservatorship or guardianship (due to incapacity) or probate (after death). Still, many people make a big mistake that sends their accounts and property and loved ones right into the court system: They fail to fund their trust.

Estate Planning for Franchise and Multilevel Marketing Business Owners

Posted by Chris Peterson | Aug 03, 2020 | 0 Comments

An interest in an MLM or franchise business may not automatically transfer to your beneficiaries, even if you include it in your will or trust. Further, if it is permitted to be transferred, it may be forfeited if your beneficiaries fail to meet certain contractual requirements. This is because the transfer of those interests is governed by the terms of the agreement you entered into with the franchisor or MLM company.

Retirement Account Basics for 2020

Posted by Chris Peterson | Jul 31, 2020 | 0 Comments

The COVID-19 pandemic has led to volatile markets. In response , Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act was primarily aimed at providing quick and substantial relief to individuals and businesses affected by the economic shutdown In addition, the new legislation contains other provisions concerning retirement accounts that may lower your tax bill for 2020.

How to Choose the Right Business Attorney

Posted by Chris Peterson | Jul 30, 2020 | 0 Comments

A skilled attorney is a critical part of any business owner’s advisory team. Business attorneys are equipped to assist you in handling a variety of tasks that can protect you from potential legal and business pitfalls, in addition to solving existing legal issues. As important as they are to your team, finding the right business attorney may be challenging if you do not know what to look for.

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