Estate planning for small business owners is critical. It ensures a smooth transition of the business and safeguards its value for the future. The choice between a trust and a will is a central decision in this process, each with its unique advantages. Trusts vs. Wills: Which Is Better for Your Business? When it comes … [Read More]
The Ripple Effect of Dying Without a Will or Trust
No one likes to ponder their own mortality. However, this discomfort often leads to an overlooked yet essential task: estate planning. What happens if you die without a will or trust? The repercussions of dying intestate (without a will or trust) can be far-reaching. Here’s a closer look at the potential consequences and why establishing … [Read More]
An Overview of Situational Inheritance Planning
Why should you work with an estate planning lawyer to put a plan in place? This is a broad question, and there are multiple different reasons why professional assistance is invaluable. This being stated, there is one overarching motivation. There is no single approach to the process that is right for everyone. The ideal way … [Read More]
SSA Releases 2023 Social Security Cost-of-Living Adjustment
We have heard a lot about inflation this year, and we are living it when we make purchases. For the most part, there is nothing good to say about higher prices, but there is a silver lining for seniors. As elder law attorneys, we focus on matters of interest to older folks, so we will … [Read More]
DIY Wills and the Many Problems That Ensue
In most cases, there is nothing wrong with doing things for yourself to save money. In addition, a lot of people simply enjoy DIY projects, and the financial part of the equation is irrelevant. However, there are endeavors that are not well suited to the do-it-yourselfers, and estate planning is one of them. Downloads and … [Read More]
Blended Families and Estate Planning: 4 Things You Should Know
Estate planning attorneys always give clients a heads up from the beginning. This is not a “one and done” process in most cases if you put a plan in place relatively early on. The only certainty in life is change, and evolving circumstances can trigger the need for estate plan updates. Changes in marital status … [Read More]
Life Insurance Can Bolster Your Estate Plan
Some people that know they should have an estate plan do not take action because they feel that they have insufficient resources. This is understandable on the surface, but if you are in this position, you could use life insurance as an income replacement vehicle. Life insurance can also be used to fill the gap … [Read More]
Do I Report Living Trust Income When I File?
The revocable living trust is a very useful estate planning tool that is the ideal choice for a wide range of people. We are going to address a question that people often have about taxation in this post, but first, we will provide a general overview so you understand the benefits. Efficient Estate Administration If … [Read More]
Will Your Estate Plan Still Work If You Move?
Before the pandemic, Americans were more mobile than ever. When you move, you have to change your address, your voter registration, and all sorts of other things. But, do you need to revise your estate planning documents? Like with many things in law, it depends on your situation. Read on to learn more. [Read More]
Shrunken Asset Values Open Estate Planning Opportunities
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. Not only has COVID-19 been challenging healthcare systems, but the social distancing required to combat the virus has also rocked financial markets. However, there may be an opportunity for those wishing to do certain types of Estate Planning. Read on to learn more. [Read More]
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