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What Type of Legal Entity Protects Your Interests?
If you have your own business or you are starting a new company, you may be wondering if you should form a legal entity. The quick answer to this question is usually “yes.” There are several different types of legal structures to consider, each with having its own pros and cons. This blog will focus…
Estate Planning Tips for Widows/Widowers
If you have lost a spouse, your world has changed dramatically. With all the changes in your life, it is important to remember that you need to re-examine and update your estate plan. Consider the following steps: Take inventory of your assets. You should inventory your assets and determine how they are owned. There are…
Avoiding Lawsuits Over Your Estate – Follow These 6 Steps
There are numerous benefits offered by creating an estate plan, but one of the primary goals for many individuals is to help keep the peace in their family after they are gone. Below are a few steps you can follow to help prevent litigation over your estate plan: Mental capacity. A common issue that is…
Long Term Care For Your Elderly Loved One
As medical technology advances, humans are living longer. While this is good news, it does come with a cost. Long term care (“LTC”) is becoming a necessity for most senior citizens and it is very expensive. However, LTC can be a requirement for anyone, at any age, who has been involved in a serious accident….
What if I Want to Change My Healthcare Documents?
All adults should have a living will and/or advanced health care directive so their medical directives will be carried out even if they are unable to communicate them. A living will is a document that allows you to set forth your wishes regarding end-of-life treatment. An advanced health care directive allows you to appoint a…
Understanding Offshore Trusts
If you are considering asset protection planning, you may be wondering if an offshore trust would be beneficial to you. An offshore trust is similar to a typical trust created in the United States, with the settlor and beneficiary being the same person. The most commonly used jurisdictions for offshore trusts include the Cook Islands,…
Financial Information that is Important to Your Estate Plan
If you have decided it is time to protect your family and create an estate plan, there are several steps you can take to assist your attorney. Below are a few tasks you should consider: Financial Accounts. Make a list of all of your financial accounts and any log-in information for the accounts you access…
What is a “Special Needs Trust?”
If you have a family member with special needs, your estate plan may need to include a Special Needs Trust. If you leave a special needs person a lump sum payment to assist with the cost of care, it could make them ineligible to receive government benefits that he/she would otherwise be entitled to receive….
What Does “Capacity” Mean in Estate Planning?
There are certain requirements that must be met when creating an estate plan. The law requires that the individual signing the Will, Trust or other similar legal documents must have adequate mental “capacity.” In general, capacity means that the person understands the consequences of executing the documents, understands who their family is, and has a…
The 2 Primary Reasons You Want to Avoid Probate
When it comes to a probate action, attorneys can provide you a laundry list of reasons why you should try to avoid it. Probate is the legal process the court uses to administer the estate of a deceased person. During the probate proceeding, the court supervises the resolution of claims against the estate as well…