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What’s the Difference Between Revocable and Irrevocable Trusts?
If you are considering creating an estate plan, you are probably looking at using a trust. Trusts are very effective estate planning tools and they provide you with significant flexibility in ensuring your wishes are carried out. Additionally, a trust spares your family from the cost and delay of having your estate go through the…
Why is a Buy-Sell Agreement the Most Important Document for a Business Owner?
One of the most important documents that a business-owner can have is a buy-sell agreement. It serves many important functions. One of the most important is to govern how the ownership interests in the business entity can be transferred upon a defined triggering event, such as an owner’s death, incapacitation, retirement, bankruptcy or divorce. Providing…
Important Rules to Follow in Asset Protection Planning
The key to effective asset protection planning is to start early. If you take action while things are good, you will be protected if you get caught in difficult situations later. More importantly, by taking action now, you can help protect yourself from being held in contempt or for fraud. Below are a few general…
Do YOU Need a Trust?
Many people incorrectly believe that they do not need a trust because they do not have a large estate full of expensive assets. However, a trust is an estate planning tool that can be extremely beneficial for estates of all sizes. Don’t simply assume that you do not need a trust. Let us review your…
How do I Become a Guardian for a Loved One?
If you have a loved one who is no longer able to take care of him/herself, you may want to consider being appointed as a guardian. A guardian is an individual appointed by the court to be a substitute decision-maker for another person. The procedure for having incapacity declared is strictly governed by law, not…
Unique Estate Planning Considerations for Blended Families
Many families across our country are “blended.” In other words, one or both spouses have been previously married and have children from that prior marriage. Many times the couple goes on to have children of their own as well. Thus, when it comes to estate planning for a blended family, there are some unique issues…
Estate Planning: Fact or Fiction?
When it comes to estate planning, there is a lot of confusion and misinformation out there. Below are a few topics that many people get confused about: You are more likely to die if you create an estate plan. This is fiction! While it may seem silly to you, there are many people who use…
The Importance of Due Diligence When Selling Your Business
You might think that making the decision to sell your business was the difficult part, when buyers start their due diligence part of the process it can be stressful too. Buyers will want to know what they are getting when the deal closes, which is fair, the process can produce a lot of anxiety for…
Why Does a Personal Representative Need a Lawyer?
A personal representative is the individual appointed by the deceased to manage and administer his/her estate. Many people appoint a family member or trusted friend to serve as their personal representative. While this is a good choice for selecting somebody you know you can trust, the person may not have the skills or experience in…
Should Your Trust be the Beneficiary of Your 401K?
One common question our clients ask is whether they should name their revocable living trust as the beneficiary of their 401k or other retirement account. There are several factors that should be considered, including the tax consequences of doing so. The Pension Protection Act of 2005 was passed by Congress providing that a revocable trust…