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, …
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 …
People can feel a lot of guilt about their estate plans, especially if they know their choices are likely to cause conflict among their relatives. To try and avoid conflict, parents who have multiple adult children may simply choose to divide their assets evenly, or they may disinherit one child and wait until the will is read to break the …
The creation of a trust is a powerful and necessary step to providing for your loved ones. As the grantor—also called a settlor or trustmaker—it falls to you to transfer the appropriate assets into the trust. Unfortunately, this is the exact point where many estate plans fail. If you told your attorney you would handle the funding, bought a trust …
