If you are going through a divorce, you may be overwhelmed by the number of life-changing decisions you must make before you can move on. Unfortunately, the day-to-day decisions often push the estate planning consequences of separation further down the road, causing havoc if a former spouse suffers incapacity or death. Whether you have already created a will or have not yet …
Every estate plan has legal requirements and formalities for distributing property to heirs. If the plan is based on a Last Will and Testament, the executor is responsible for paying the estate’s debts and passing on assets to beneficiaries. However, if the estate plan includes a trust, the successor trustee immediately assumes control of all trust assets upon the death or …
You’ve done it! After years of procrastination and worry, you finally made an estate plan to provide for your loved ones after you’re gone. While you may feel as if an enormous weight has been lifted off your shoulders, you could be experiencing a false euphoria. After all, a last will and testament downloaded from the internet has very different …
There are many different kinds of estate planning attorneys, but most fall into one of two categories. The first is someone who will prepare your documents, rubber-stamp your plan to ensure it stands up in court, and may even offer to administer the estate after your passing. The second is a person who does all of the above but also …
If you’re considering investing in real estate, you’re not alone. Investors from northern cities are looking for relief from harsh winters, hoping to buy a vacation home that can be turned into a rental property for the rest of the year. Locals may be looking into real estate as a way to generate income year-round or just to diversify their …
It’s easy to assume that the world of estate planning never changes. Unfortunately, a lot of attorneys hold this same view and get comfortable in their roles without examining the way they do business. I’m an innovator at heart, eager to learn new ways to accomplish my goals, and never afraid to change something for the better—and something can always …
Nobody goes into business thinking about what would happen if the partnership goes sour. Unfortunately, failure to plan exit strategies while business is good will almost certainly result in hurt feelings, unprofessional behavior, and long, expensive litigation. Consider this recent case: Burt was the owner and founder of HRtoGo, a company that provided back-office services such as human resources, bookkeeping, …
Nobody likes to think about what would happen to their children if they were suddenly unable to care for them. Unfortunately, putting this painful scenario at the back of your mind can have long-lasting emotional and financial effects on your family—especially if the state ends up making crucial decisions for you. It’s no exaggeration to say that naming a guardian for …
Business formation is more than just registering your name; it’s also planning for every eventuality to make your business work for you. Despite the importance of creating an LLC or other entity for a new company, many owners opt to download form documents from the internet, assuming these will provide all the protection they need. The worst thing about a …
There are only two rules to follow when it comes to trust-based estate plans. The first rule (say it with me!) is to make sure your trust is properly funded. The second rule is to make sure your trust is examined every few years by an experienced estate planning attorney. The first brings your trust to life, and the second …
