Even though the grief of death cannot be avoided, you can employ several strategies to reduce the chances of your loved one being frozen out of a bank account that must be accessed immediately upon your incapacity or death.
For many snowbirds, cooler weather means it is time to head south. If you are thinking about heading for warmer weather this winter, there are a few things you should consider before hitting the road.
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.
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.
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.
Retreating to a warmer climate for the winter sounds like an ideal way to spend a few months. To help make this dream a reality, some individuals choose to rent out their second homes when they are not in use. But before you list your second home for rent, there are a few things you should consider.
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.
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.
Most people think of probate (the process of collecting, managing, and distributing a deceased person’s money and property) as a private process. However, because wills are filed at the courthouse, probated estates become a matter of public record.
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.
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.
A guardian is an individual who cares for someone, often a minor child, who needs special protection. Parents can nominate a guardian in their will, but typically a court must confirm and officially appoint the guardian after both parents have passed away.
Trust funding is the process of transferring the ownership of accounts and property to the trust during your lifetime, or designating the trust as a beneficiary of an account or piece of property so that the trust will receive ownership upon your passing.
If postsecondary education is in your family’s future, including any of the following tools in your estate plan can be an excellent way to help provide for education needs.
There are many different options for funding your family’s education future, and what happens to any unused funds largely depends on which option you choose.
You are a new business owner and have decided to organize your business as a limited liability company (LLC). You are its sole owner and work for the company. How do you pay yourself? Are there guidelines regarding how often and how much you are entitled to? How do self-employment taxes come into play? The answers to these questions depend on how your LLC is taxed.
Education will still be costly. In times of uncertainty, it is important for your planning to be as flexible as possible while still meeting your needs. Some techniques for funding education expenses require that the funds be spent only on certain items to take full advantage of tax breaks and incentives.
July is National Sandwich Generation Month, a time to honor those who are caring for both their children and their aging parents. You can also alleviate the stress of caregiving by checking if your aging parents or adult children have legally valid and up-to-date estate planning documents in place.
Although more states are opening up, there are several precautions to consider and preparations to make as you plan your summer travels. We can help you design an estate plan that will protect you and your family if anything unexpected happens during your vacation.