Often, entrepreneurs are so engrossed in planning for commercial success that they fail to take the time necessary to create a succession plan for the business. According to a 2010 study by the Cameron Research Group, 32 percent of business owners who planned to sell their business within the next year had not considered succession… Read More »
Blog Posts Page 73
A Hidden Threat To Your Savings
According to a recent article, there is a hidden threat “lurking within all of us . . . [that] could decimate our savings and deprive our heirs of their inheritance.” That threat is Alzheimer’s disease. As the Alzheimer’s Association reports, there are currently 5.4 million Americans suffer from Alzheimer’s disease. A recent article discusses how… Read More »
How to Protect Your Assets
As the most litigious country in the world, the United States boasts one lawyer for every 265 Americans. According to asset protection attorney Hillel Presser, “There are over a hundred million lawsuits every year. One in three people will be sued in the next twelve months.” With the ever-present possibility of a lawsuit, it is… Read More »
Why Married Individuals Need Estate Plans, Too
It is not uncommon for married people to fail to create an estate plan. Often, this failure occurs because married individuals believe, “I don’t need a will because everything will go to my spouse with or without one.” This is one of the biggest misconceptions when it comes to estate planning. In reality, it is… Read More »
Documents to Speak With Your Estate Planning Attorney About
Regardless of age, wealth, or family circumstance, every adult should have an estate plan. Through a valid estate plan, a person can be sure that their estate is transferred to their heirs according to their wishes. Below are several estate planning documents that adults should consider as they draft or revise their plan: Last Will… Read More »
Planning for A Blended Family
In the United States, over 50 percent of first marriages end in divorce. With 75 percent of these partners remarrying at least once, blended families are becoming more and more common. A blended family is a new family that includes children from a previous marriage. As a recent article points out, members of blended families… Read More »
Three Common Estate Planning Mistakes
As a recent article points out, one of the best ways to learn is from the mistakes of others. In that vein, the article discusses three common estate planning mistakes: (1) failing to prepare a will; (2) failing to update your will; (3) creating a do-it-yourself will. Failing to Prepare a Will The single biggest… Read More »
Early Estate Planning is Important for Farmers
For farmers, estate planning is vital because not only does it assist in reducing taxes, but it also provides the framework for transferring the farm to the next generation. A recent article urges farmers to begin the process of estate planning now. According to estate planning consultant Dave Thompson, many farmers put off estate planning… Read More »
Estate Planning Considerations for Stepchildren
As blended families are becoming more common, it is important to remember that stepparents need to add special provisions into their estate plan if they would like their estate to benefit their stepchildren. A recent article discusses estate planning considerations when stepchildren are involved. Under state probate laws, stepchildren and biological children are treated differently…. Read More »
Estate Left to The Stars
A 71-year-old man who died last July has recently made headlines, as it has been revealed that the man’s will left his entire estate to two actors he had never met. Under the will, actors Kevin Brophy and Peter Barton will spit Ray Fulk’s estate, which is valued at an estimated one million dollars. According… Read More »
Two Ways to Reduce Your Probate Estate
Upon a person’s death, his estate enters a process called probate through which their assets are managed, settled, and distributed. If the decedent left a valid will, this process is carried out according to his wishes. However, some people want to avoid probate at all costs. A recent article outlined several ways through which this… Read More »
The Time For Asset Protection Planning is Now
Many business owners fail to consider asset protection planning until the fear of a potential claim against them springs up. Unfortunately for these business owners, asset planning is sometimes insufficient if a claim has already arisen. A recent article in Forbes cautions readers to not only consider asset planning early, but also to recognize when… Read More »
