A divorce impacts many aspects of your life, including your present day life, living situation, and your future. That means you must be prepared for how it might impact your estate plan. There’s a good chance that you put together a will while you were married to your now former spouse. This means that any… Read More »
Blog Posts Page 3
Half of Older People in US Don’t Have Estate Plans or Wills: Why You Need One
Have you ever thought about who will get your savings, your house or your valuable collections when you pass away? Unfortunately, a new study released by Age Wave and Merrill Lynch indicates that half of Americans over age 55 don’t have a legally binding answer to this question. Although financial planners and estate planning attorneys… Read More »
Do I Need A Co-Executor on My Will?
Most people designate one other individual to serve as a will’s executor, but you likely have the possibility of establishing two or more co-executors. Many estate planning attorneys will recommend that one executor is best since this avoids possible conflicts between two or more people, but there are unique situations in which it makes sense… Read More »
What Does it Mean to Choose a Bad Executor?
In the process of establishing your estate planning goals, you have to make key decisions about other people. For example, selecting your power of attorney means thinking about who you trust to make legal or financial decisions on your behalf if something happens to you. A will is your opportunity to establish a guardian for… Read More »
What Are Fraudulent LLC Transfers?
Establishing a limited liability company for asset protection planning is a common goal for a person who is meeting with an attorney for the first time to accomplish this, however, you must be aware of the fraudulent transfers exception. Any asset protection plan developed must consider the potential application of fraudulent transfer laws. These laws… Read More »
How Do Assets Go Into a Living Trust?
A living trust only becomes legally valid when the assets are placed inside a living trust. This is a common error made by many people new to the estate planning process who might create a living trust but then forget to transfer assets inside, meaning that the assets do not receive the protection or ownership… Read More »
Is a Pet Trust Right For Me & How Do I Choose a Custodian?
Recently, Karl Lagerfeld passed away. Although the details of his estate planning have not been yet revealed and might never be if he engaged in the comprehensive process, his beloved cat is likely to have been featured in his estate planning in some way. In the past, the most traditional thing to do to support… Read More »
Is There Any Property That I Shouldn’t Include in My Last Will?
Creating a will is the cornerstone of estate planning, but this is not a document in which you can add everything in terms of property to pass onto future generations. Some types of property should not be included in a will at all. Property that should not be listed in your will is any asset… Read More »
Will A Living Trust Protect My Assets from Creditors?
There are numerous reasons to consider using a revocable living trust. The cheap among these avoiding probate. However, be aware that it is not always guaranteed that you can keep your assets safe from creditors when using a living trust. A revocable trust enables the trust creator or the grantor access to the assets inside… Read More »
Reinforce Defenses in Your Estate Planning for an Effective 2019
If you have already taken steps with your New Year’s resolutions to obtain financial solvency, such as speaking with a tax planning lawyer and attacking debt, any emergency can still be devastating if you haven’t considered all planning opportunities. Far too many people don’t have an appropriate estate plan in place and this could lead… Read More »
What Are the Three Biggest Benefits of Establishing A Living Trust?
You’ve probably already heard, if you’ve done any amount of investigation, that estate planning tools and documents can include trusts when you want to add greater flexibility and control over your assets. But determining which type of trust you intend to use is difficult, especially if you don’t already have a relationship with an estate… Read More »
Tips for Protecting Foreign Assets in Estate Planning
Estate planning goes far beyond establishing a plan for the materials that you have owned in the United States. If you have foreign assets these must be included in your estate planning and this branches out into the broader concept of asset protection planning. As air travel, innovation, and technology are increasingly bringing people closer… Read More »
Do I Really Need A Living Will?
When used with other estate planning documents, a living will can be a crucial aspect of planning ahead for the future. Understanding what’s involved in orchestrating a living will and the various protections afforded to you and your loved ones can help you make informed decisions about the right documents for you. Basics of A… Read More »
Can I Add Personal Restrictions on My Estate Planning Stipulations?
Many people choose to leave the property and their estate outright to friends, family or charities. However, you may wish to pass on a gift and place restrictions on it, such as if a certain event occurs and the gift goes to someone else. Some estate planning practitioners might refer to this as dead-hand control…. Read More »
Can I Leave Behind A Gift to A Caregiver in California?
If you live in California and intend to leave behind a substantial gift to anyone who is not a relative who has assisted you with health care or personal care, you should see an attorney first. You are eligible to leave behind such a gift, but you might need to visit with your attorney in… Read More »
Do I Need an Estate Planning Lawyer for Intellectual Property?
Copyrights, patents, and trademarks are frequently referred to as intellectual property. Many of the lawyers who work in this area of the law have practices focused primarily on intellectual property issues, which means that if you are contemplating how to protect your intellectual property after you pass away, you need to be aware of the… Read More »
What is a Family Limited Partnership?
Some people are under the impression that establishing a family limited partnership can somehow eliminate all estate taxes, regardless of the fact that the estate or the overall structure of the business. The concept behind this is that the parents can transfer property into a partnership business entity with children and potentially grandchildren. These individuals will share ownership as limited… Read More »
What is a Property Control Trust?
You may establish a property control trust in numerous different situations, including, the following five: First of all, you might want to restrict the beneficiaries access to his or her inheritance, because you believe that they can not responsibly handle money. You can establish a spend thrift trust to assist with this. The second reason to… Read More »
Avoiding Conflicts with Proper Estate Planning
Is avoiding conflict really worth it as an estate planning goal? Estate planning involves assets that can be sold for cash, or cash directly. Money can be difficult when it comes to family, friends, and other relationships. Many people do strange things because of the desire for money, or their possession of money. If you… Read More »
Celebrity Estate Planning Oddities: Harry Houdini
Often celebrities can provide interesting information about the estate planning process. All too often, this comes in the form of mistakes to avoid since too many celebrities never do their estate planning to begin with or fail to incorporate a holistic picture that would better protect them and their loved ones. However, celebrities can also… Read More »