The bad news: When a deceased person’s estate (all of their money and property) has to go through probate (the court-supervised process of distributing a deceased person’s money and property), it can be subject to a variety of costs stemming from attorneys, executors, appraisers, Continue reading
Today, many people are using a revocable living trust instead of a will or joint ownership as the foundation of their estate plan. When properly prepared, a living trust avoids the public, costly and time-consuming court processes of conservatorship or guardianship (due to incapacity) Continue reading
You and your BFF have an understanding. You think alike and you’ve decided to go into business together. Everything is informal because you and your BFF do not stand on ceremony. There’s no operating agreement, no bylaws, or buy/sell agreement. You’re just two guys who like to work Continue reading
Believe it or not, in the U.S. it is not easy to disinherit your spouse. But the same is not true for other family members – generally, you can use your estate plan to disinherit your brothers and sisters, your nieces and nephews, or even your very own children and grandchildren.
Continue readingDo you have certain key employees who help make your family business a success? Keeping those employees may be essential to a successful transition of ownership and management to your children or another new owner when you retire or pass away. A “stay bonus” (also Continue reading
You may have been running around for weeks, getting your new college student off to school. It’s exhilarating, and your heart likely is bursting at the seams. You’re probably prouder than words can express, but you’re also a little afraid, too. How can you make sure your kid is going Continue reading
Firstly, a trust is created when property (real estate, finances, tangible items) is managed by a person for another person’s benefit. The person managing the property is called the “trustee.” The person whose benefit it is for is called the Continue reading
The average American family has changed a great deal over the last few decades. The assumption that a couple will share finances, tax obligations, and a last name is one that does not necessarily apply in the 21st century. There are more options than ever before to keep your finances, Continue reading
The wealth, property, and investments we accrue over a lifetime are often significant. While you have carefully managed your finances through the years, there may eventually come a time when you cannot handle such decisions. To plan for the likelihood that you are unable to manage Continue reading
