Posted on: September 30, 2024
Limited liability is a significant advantage provided by corporations and limited liability companies (LLCs). However, the personal asset protection that corporations and LLCs provide for their owners is not absolute. To maintain the liability shield, owners must comply with certain corporate formalities required by state law or recommended as a best practice. In addition, observing […]
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Posted on: September 26, 2024
You may think that if you die while you are married, everything you own will automatically go to your spouse and children. But you are actually thinking of state rules that apply if someone dies without leaving a will. In legal jargon, this is referred to as dying intestate. In that case, the specifics will […]
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Posted on: September 23, 2024
Estate planning is not just for the wealthy. Every adult should have an estate plan, yet surprisingly, most Americans do not. The perceived cost of creating one is among the most cited reasons for a lack of estate planning. The consequences of not having an estate plan can become more costly in the event of […]
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Posted on: September 19, 2024
Your estate plan may include powers of attorney that allow a trusted person to act on your behalf and advocate for you concerning medical and financial matters when you cannot do so yourself. But do you have a similar document in place that gives someone the authority to care for your minor children when you […]
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Posted on: September 16, 2024
No law limits the number of LLCs an entrepreneur can own. Forming multiple LLCs may make sense under certain circumstances: for example, companies that have several rental properties, separate businesses with shared ownership, or when one business makes more money or has more assets than the others. Separate business entities may also be beneficial when […]
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Posted on: September 12, 2024
Few US adults have an estate plan. Even fewer have included a pet in their plan. Perhaps you have an estate plan that addresses who will take your pet when you die. But does it address the possibility of your incapacity and the need for a temporary pet caretaker? Formally incorporating your pet into an […]
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Posted on: September 9, 2024
People often set up bank accounts or real estate so that they own them jointly with a spouse or other family member. The appeal of joint ownership, specifically with survivorship rights, is that when one owner dies, the other owner(s) will automatically inherit the property without it having to go through probate. Also, joint property […]
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Posted on: September 4, 2024
You have meticulously created your estate plan to include and address all your most important assets (accounts and property). You have reviewed your asset list repeatedly, and everything seems to be accounted for. But what if you have forgotten something? Americans own a lot of stuff. Taking stock of your tangible and intangible possessions when […]
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Posted on: September 2, 2024
The relationship between spouses is remarkable in all contexts, not the least of which is the estate planning context. You can often exclude people from your estate plan, including your parents, siblings, and adult children. However, special protections are built into the law that may help protect an individual from disinheriting a spouse. No matter […]
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