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 »

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 »

What Types of Risks Do My Assets Face?

Keeping your wealth protected is an important part of the estate planning process. Many people also sit down with their estate planning attorney to discuss asset protection planning strategies. Working so hard to create your wealth and then outlining a plan for it to be passed on to future generations are important but not without… Read More »

Can I Revoke a Power of Attorney?

Many people are curious about whether a power of attorney document ever terminates or whether you need to go through the process of hiring a lawyer to remove a person that you no longer want to have this power, this person could be choosing to refuse to give up the power of attorney. There are… Read More »

Key Takeaways from Prince’s Estate

Unlike other celebrities like Michael Jackson, the estate assets for pop star Prince were all valued accurately and the necessary taxes were paid and there were not any further audits from the IRS. However, Prince made things much more difficult for his loved ones by failing to leave behind a will. There was no clear… Read More »