Posted on: October 17, 2024
Many estate plans incorporate irrevocable dynasty trusts, which can offer benefits such as tax minimization and asset protection. The benefits of these types of trusts continue for a surviving spouse’s lifetime and several future generations. The actual duration of the trust can be affected by such factors as state law and how long the money […]
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Posted on: October 14, 2024
If you have a beloved late grandmother, many images and memories may come to mind when you reminisce about her. Hopefully, if she had a robust estate plan, how she went about dividing her personal property wouldn't have come to mind. Instead, you might picture her at her home or the family vacation house during […]
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Posted on: October 10, 2024
Studies consistently find that only about 25–35 percent of Americans have an estate plan, a shockingly low rate when you consider that, in the absence of a plan, the state—not you or your family—decides what happens to your assets, including your business interests. This post discusses the relevance of your business documents to your estate […]
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Posted on: October 7, 2024
Suppose you have established a revocable living trust (which we will refer to simply as a trust). Congratulations! You are on the right track in creating a comprehensive estate plan. However, you are only halfway there. Many people believe that because they took the time to create a trust, their estate will automatically avoid probate, […]
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Posted on: October 3, 2024
If you are a homeowner, you may know how much your home is worth. If you have a retirement account, you likely check the balance regularly. However, many small business owners do not know the value of their companies. This post covers business valuation basics. In certain circumstances, obtaining a business valuation is very important, […]
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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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