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 to estate planning, small business owners often face a choice: setting up a trust or drafting a will. While both serve to manage and distribute assets after death, they function … [Read more...] about Effective Estate Planning for Small Business Owners
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 a will or trust is crucial. The State Determines Your Estate's Fate In the absence of a will or trust, state intestacy laws decide how your assets are … [Read more...] about The Ripple Effect of Dying Without a Will or Trust
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 to proceed will depend on the circumstances, and there are multiple ways to transfer assets. You should consider the life situation and personal proclivities of the … [Read more...] about An Overview of Situational Inheritance Planning
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 explain what we mean in this post. 2023 Social Security Cost-of-Living Adjustment Each year, there can be increases to Social Security payouts to account for the cost of living. We say that there “can be” because … [Read more...] about SSA Releases 2023 Social Security Cost-of-Living Adjustment
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 Worksheets There are many different websites out there that sell downloads and worksheets that can be used to create legal documents, including DIY wills. Is it possible to … [Read more...] about DIY Wills and the Many Problems That Ensue
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 certainly fit into this category. If you get married, you will have a different dynamic to address. Divorce fits into the same category, and remarriage after you have children is … [Read more...] about Blended Families and Estate Planning: 4 Things You Should Know
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 or provide an abundance if you have assets, and we will provide some insight here. Term Life Insurance Term life is insurance that does not have any cash value if the triggering … [Read more...] about Life Insurance Can Bolster Your Estate Plan
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 a simple will is utilized, the administrator would be the executor. The will would be admitted to probate, and the administration process would take place under the supervision of … [Read more...] about Do I Report Living Trust Income When I File?
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...] about Will Your Estate Plan Still Work If You Move?
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...] about Shrunken Asset Values Open Estate Planning Opportunities