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Imagining what your child’s life would be like if you die can be an emotionally traumatic exercise, but it is an essential one. It is this process that can help you determine who you want to name as your child’s guardian in your will. Avoiding the issue does not resolve it, because the court will choose someone to raise your…
Among the priorities of millennials, estate planning may not be at the top of their “to-do lists.” Many are at the twilight of their educational pursuits. Others are at the dawn of their careers. Some start families. Others are looking to buy homes or travel the world. Like members of previous younger generations such as baby boomers and Gen Xers,…
Most business owners do not want to consider retirement, but the harsh reality is that at some point there will be a time when you will be unable to or not want to run your company. Instead of waiting until you are incapacitated, you should consider succession planning. You will not be giving up control of your organization if you…
Many people put off estate planning for years. There always seems to be a good reason to put it off. At first some people think they are too young to have an estate plan or that they do not have enough assets. In later years, time is limited with new jobs, young children and household duties. Before we know it,…
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…