If you own a small business, one of the many challenges you face is deciding what should happen to the business after your death.
For example, upon your death,
If you are a beneficiary of a trust and your trustee is unresponsive to your requests for information regarding the trust, what should you do? A trustee has a duty under the law to communicate with beneficiaries and keep them reasonably informed as to the progress of the trust administration. Continue reading
Even if you are among the minority of US adults who have prepared a will, living trust, or other estate planning document, your plan may not be complete. Estate planning is an ongoing process, requiring regular review and periodic adjustments. A comprehensive plan requires that you Continue reading
Estate planning is all about protecting you and your loved ones. If you have a loved one that you want to provide a home for after you pass away, while having ultimate ownership pass to someone else after that loved one’s death, a right of occupancy trust can provide a solution.
What Continue reading
Over 40 percent of all marriages in the United States end in divorce. Regardless of how you feel about your child’s spouse, the reality is that they could become your child’s ex-spouse. Without proper planning, money and assets that you leave to your child could be subject to a division Continue reading
If you are an artist, it is important to include your artwork in your estate planning. Who can control your artwork if you become incapacitated, including matters such as selling, loaning, or licensing your pieces.
What do you want to happen to your artwork after you pass away? Options Continue reading
In a financial power of attorney, you designate a trusted decision maker (called an attorney-in-fact or agent) to act on your behalf if you become disabled or unable to manage your financial affairs. You may choose to give your agent, among other things, the power to buy and sell Continue reading
A spouse’s death creates a difficult and demanding time for the surviving partner. As much as you might want space and time alone to process your grief, you may have certain responsibilities related to settling your deceased spouse’s affairs, including paying off their debt.
The obligation Continue reading
Approximately 7.5 million second homes are owned by families according to a study in 2018 by the National Association of Home Builders. For many families, these second homes are vacation homes that carry years of special family memories. Following are some important estate planning Continue reading
Everyone needs estate planning. Regardless of your wealth, age, marital status, gender identity, or sexual orientation, it is crucial to have a plan in place to protect your money, assets, and loved ones in the event of an accident, illness, or death.
For LGBTQ+ Americans, estate planning Continue reading
If your life or the law has changed since you signed your Will or Trust, you need to review your plan and perhaps update your plan documents. A trust can be updated by an amendment or restatement. The amendment updates just a specific part of the trust, while a restatement is a complete Continue reading
Words like “estate planning”, “inheritance”, and “bequest” can leave the impression of assets, property, or accounts with significant monetary value. However, you can leave your family a legacy regardless of the size of your bank account.
1. Make a Plan
Often, people who do not have Continue reading
Estate plans are somewhat like a snapshot in time. While they do look to the future, they are created based on your current circumstances and existing law. A working professional is likely to keep his or her resume updated regularly, to reflect their experience, skill set, and education. Continue reading
Families who have accumulated a substantial amount of wealth during their lifetime are often reluctant to disclose the full extent of their wealth to their children. Many express concerns about whether the younger generations are ready for the wealth they may receive and the impact Continue reading
Domestic partnership is an alternative to marriage, the most common way for a couple to legally commit to each other. For some time, domestic partnerships and civil unions were the only option for same-sex couples wishing to commit to each other while marriage was not legally available. Continue reading
What Is an Electronic Will?
Only a few years ago it would have been hard to imagine how much we now accomplish online. We can form and run businesses, sign commercial contracts, and purchase agreements online. We can even buy our groceries or purchase or sell an automobile online. Continue reading
February 21 is the day on which we celebrate several US presidents who made noteworthy contributions to our country. Let’s look at a few of the important lessons we can learn from the estate planning of some of our country’s most famous political leaders.
George Washington
Washington Continue reading
One of the reasons to engage in comprehensive estate planning is to address the uncertainties of life. If an accident or illness caused an unexpected early death, a well-drafted trust can provide for children during their younger years. While parents often attempt to treat their children Continue reading
An obituary can be much more than just a dry announcement of your death and the time and location of your funeral or memorial service. It can be a way to share your life story, provide information about significant events and people, and remind others of important values. Writing Continue reading
While thinking about your own funeral may not be pleasant, making arrangements in advance yourself may be one of the most thoughtful acts you can do for your loved ones. When you include funeral planning as part of your estate plan, you can spare your grieving loved ones from having Continue reading
The acronym HEMS is commonly used in estate planning. HEMS, which stands for “health, education, maintenance, or support”, is frequently included in trust agreements to guide a trustee on the types of distributions they may make to a trust beneficiary. When a trustee is limited to Continue reading
Many people have mistaken ideas about estate planning. The uncomfortable thoughts of incapacity or death accompanied by inaccurate information that is shared have caused many to accept common myths.
Myth #1: Only the Rich Need an Estate Plan
We often hear in the news about a celebrity Continue reading
Life insurance is an important financial and estate planning tool, but without certain protections in place, there is no guarantee that your beneficiary will receive, or keep, the benefit from your insurance. Some people assume that they only need to designate their spouse, child, Continue reading
As an unmarried individual, you may feel overwhelmed when you think about who will step in and make decisions for you if you cannot make decisions for yourself and who will receive your money and property when you die. A married person often assumes a spouse would have authority to Continue reading