You spend a lifetime building your business, so it’s crucial to have a game plan when it’s time to leave. Being prepared will help optimize the transition from a financial and tax perspective.
Legacy and Estate Planning
While many still mourn the unexpected and untimely death of the rapper Coolio on September 28, 2022, many estate planning attorneys and financial professionals are pointing out the financial and tax implications of his not having done an estate plan.READ MORE
The way in which assets are titled can be vital.
Chances are, your home is full to the brim with cherished memories of family and friends. But, as you get older, you may start wondering what exactly will happen to your home when you pass away. Fortunately, a life estate can take away the uncertainty of this thought by legally assigning an heir to receive your property without interference from court proceedings.
From digital assets to financial accounts to sentimental items, here’s what to think about to make sure your loved ones have access to everything they need when you pass away.
Most people think of wills as written instructions for use after death. In contrast, living wills provide your instructions for continuing or halting life-sustaining healthcare while you’re alive.
My mother told me many times over the years that she had a will, and I believed her. When she passed away, we discovered that her will was 40 years old—and completely useless.
Property law can be complex and arcane, even for lawyers and judges. The rule against perpetuities is an example of how older property laws can influence how families transfer and inherit property rights.
Whether you are trying to protect your assets from possible creditors, prevent young heirs from spending their inheritance or minimize estate taxes, there is likely a trust for you.
A trust is an estate planning tool that you may consider using if you want to go beyond drafting a last will and testament.