Plenty of company owners expect to keep the business in the family, but that is not always possible. For many reasons, your children might be unwilling or unable to take on that responsibility. If you own a business, it is natural to want to know what happens to that company after you pass away or… Read More »
Blog Posts Page 6
Employees Report More Stress About Retirement Post-Pandemic
Many people took a step back and looked at their overall plans and projections for the future during the pandemic. A recent study from TIAA found that saving for retirement is the top financial goal for employees, but over half of workers recently surveyed determined that the pandemic significantly or somewhat increased their overall stress… Read More »
What Are the Downsides of Handwritten or Fill in The Blank Wills?
It’s easy to put off the process of estate planning because you might assume that it’s not relevant for you, or that it’s too complicated to make the effort worth it. Many people turn to things, such as a handwritten will or a fill in the blank form will. California does accept handwritten wills, but… Read More »
Why Baby Boomer Business Owners Need a Buy-Sell Agreement
Do you know what will happen to your company when you need to exit or decide that it’s time to start transitioning out? Most companies don’t have a succession plan in place or even an agreement about how the business could be divided or sold. Baby Boomers are entering retirement and their older years in… Read More »
Will Creating a Trust Benefit My Company as An Entrepreneur?
Entrepreneurs and business owners are responsible for so many different details. Some of these include protecting assets, leaving a legacy, minimizing taxes, managing operations and hiring the right people. Many of these questions can be answered by thinking about creating a trust. A trust forms a fiduciary relationship in which one party, the creator, gives… Read More »
What Does It Mean to Have Legal Standing to Contest A Will?
When you create your estate planning documents, you’re doing so to make things easier for your loved ones. You’re streamlining your affairs and ensuring that your wishes have the best chance of being followed by the courts and the people you appoint to handle your estate administration. But this does not always mean that your… Read More »
How To Handle Discomfort with Your Parent’s Estate Plan
On the one hand, learning directly from your parents what they hope to accomplish with their estate plan is a great way to gain clarity and understanding over their goals. It can also reduce the possibility of future friction and disputes, but unfortunately, the way that your parents have planned their estate may not line… Read More »
Inflation Poses Serious Risks for Long Term Care Savings
Have you thought about how you might potentially pay for a stay in a long term care facility, such as a nursing home? Many people hope to remain living in their own homes as happy and as healthily as they can, but unfortunately, the possibility of a disability, illness or sudden recovery event may prompt… Read More »
Pros and Cons Of Naming A Trust Or Individuals As The Beneficiary Of Your 401(K) And IRA
Along with all of your other assets, you must make decisions about who will receive any remaining funds inside your retirement accounts when you pass away. These companies managing your accounts use specific forms for transferring assets, so you need to review these on a regular basis to ensure your wishes are still met with… Read More »
Appraising Collectibles Before Putting Them in Your Estate Plan
If you have spent a significant amount of time amassing collectibles in your life, it is equally important to think about how you will protect these after you pass away. You may have specific intentions for your collectibles, such as handing them down to a family member, gifting them to a museum, or donating them… Read More »
What Does It Mean To Properly Store Estate Planning Documents?
You might be the only person in your family who knows where to find your documents if you pass away. That’s a problem if your family needs to find these materials for the purposes of planning a funeral, memorial, or the opening of probate. For important instructions, these should be safely and securely stored so… Read More »
What Personal Representatives in CA Need to Keep in Mind With Regard To Valuing And Inventory Assets
One of the most important things that a personal representative must do early on within the management of the estate is to gather date of death value statements from financial institutions. Creating a comprehensive inventory of all assets associated with the estate is strongly recommended to make sure that you have clarity on what assets… Read More »
What Artists And Collectors Need To Consider In Basic Estate Plans
If you own assets such as your personal art or a collection you’ve accumulated over the course of your life, special estate planning techniques might be required to protect those assets when you pass away. If you don’t yet have a plan for these assets and how you want them handled, it can be helpful… Read More »
How Are Estate Taxes Assessed?
Not every estate will be required to pay federal estate taxes because it applies only to those estates valued at over $12.06 million in 2022. Likewise, not every state assesses its own estate tax. However, if your assets have appreciated a lot over time or if you do live in a state with its own… Read More »
Does The Executor of My Estate Need to Be a Financial Or A Legal Expert?
When you pass away, someone needs to be appointed to handle your affairs. This person may be known as a personal representative or an executor, and can be named through your estate planning documents like a will. It’s a good idea to think carefully about who you’ll name as your executor and to have a… Read More »
Is a Power of Attorney Agent Responsible for Debts of the Grantor?
It may be the case that a family member has given you their power of attorney in order to manage their finances while they’re in a nursing home. If there is an outstanding balance on the account, however, this creates questions about your rights. In general, the agent under a power of attorney is not… Read More »
Should You Write a Letter of Instruction?
Your will is the formal legal document that tells the court and your personal representative how to administer your estate. But it might not be enough clarity for your loved ones. Someone who is appointed to settle your affairs after you pass away may find this confusing and overwhelming. Even though the courts can provide… Read More »
Are A Revocable Trust And A Revocable Living Trust The Same Thing?
You have probably heard about trusts as one of the best ways to accomplish your estate planning goals. It’s important to find a lawyer who can work with you to cover these basics and protect your primary interests when setting up a new trust. Many of the different marketing materials out there about living trusts… Read More »
What Role Does Family History Play in Setting Up an Estate Plan?
Family history is extremely important in considering what you hope to accomplish with estate planning. It can be very overwhelming for your family members to think about all the different aspects of your personal estate plan. Furthermore, it can lead to potential conflict and disputes down the road among those family members, if and when… Read More »
Business Legacy Planning Is Important
What will happen to your business in the future if you decide to exit the company or must exit the company for some reason? If this happens to you, you must have a plan in place to assist with the transfer of the company to protect its value. Protecting your interests in business legacy planning… Read More »
