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The goal of a comprehensive estate plan should be to properly allocate your assets in such a manner as to allow distribution to your heirs according to your wishes. One component is wealth preservation. This element works to prevent unforeseen or inadvertent tax burdens from eroding a decedent’s estate. But what happens if you were to die with substantial debts?…
Losing a loved one can be enormously upsetting. People often feel lost and grief-stricken, particularly if the death was sudden or unexpected. In these situations, loved ones can wind up at odds over what should happen to the person’s estate. This can happen even if there is a will in place, as there may be reason to question the accuracy…
Estate planning can be especially problematic for some families who are dealing with a child suffering from an addiction. Whether due to alcohol or drugs, the presence of an individual with an addiction can make the reality of estate planning even more off-putting for many people. They know they will have to confront a situation they may prefer to avoid.…
One of the more challenging areas of estate planning law today concerns digital assets. Many people have music libraries that consist of thousands of songs. Some may own electronic versions of books, used on devices like the Kindle or Nook. While these technologies are relatively new, these items, along with iTunes’ catalogs are likely to grow over time and may…
Consider the life cycle of your business: formation, growth, stewardship, and succession. Formation involves the where, what, how and why. Why determines the potential exit strategies: succession. Yes, you should consider succession strategies early in the process. Who will take over your company? How will this event be funded? What benchmark achievements spark future talks of succession? Retirement or death?…
Reverse mortgages sometimes may be necessary. They can provide an additional source of funds for individuals who have equity in their home but have insufficient income to cover the costs of a healthcare emergency or some other shortfall. It can also allow someone to continue to live in their home without having to pay off the mortgage. When the homeowner…
Businesses have a duty to always act ethically with their partners and customers. This includes not misleading others through your business dealings. When the practices of a business become deceptive, they become illegal, and are therefore prohibited by state law. Deceptive trade practices pertain to the fraudulent, or sometimes borderline fraudulent, activities of businesses toward their consumers. This can include…
When a person dies with an estate plan that was well-drafted and kept up to date, the results are often uneventful and as the decedent wished. The property is transferred or if it is in a trust, the successor trustee takes over and handles the particulars of the operation of the trust. This all should proceed smoothly, allowing the family…
Doing business means you enter into contracts regularly. You purchase services and supplies from vendors. You hire workers, employees, and contractors. You may offer products and supplies to others. Day-to-day business requires regular contractual agreements. Normally, these agreements are fulfilled and both parties are either happy or relatively satisfied. But problems crop up, and issues occur that sometimes create a…
The incoming Trump administration has a made a goal of ending the federal estate tax. You may think this simplifies estate planning or makes it unnecessary. In reality, only about 2 percent of estates are ever subject to the federal estate tax, so for most individuals, the presence of that tax has never been much of a concern. The repeal…