Trusts are fundamentally considered as a commitment between two people where the trustee holds the principal’s estate in the trust’s name, for the latter’s benefit. However, this simple definition has become much more elaborate as the concept has changed over time. However, when you come down to the basics, the whole concept involves a grantor…
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Scenario Jerryto is a manufacturer of car parts and always holds its office party twice a year. This year is no different, and the company prepares its site for the bash, including putting up tables, paying for entertainment, and organizing for food and drinks for the bash. The company doesn’t hire caterers to serve the…
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When an individual becomes incapable of making their decisions due to one or more personal reasons that might include poor health, some kind of injury or other unfortunate situations, one can put a power of attorney (POA) into place that can assist their loved ones in making difficult and necessary decisions and judgments on their…
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“It wasn’t raining when Noah built the ark, But when the rains came, those that failed to get into the ark perished.” If you have never faced a lawsuit from your creditors, nor been in a financial crisis before, then you might think that asset protection planning is useless and meant for other people. Life…
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When we talk about the most obvious difference between two common tax types; inheritance taxes and estate taxes, it mainly comes down to the payee of the tax. When an individual dies, these two terms are often interchanged. However, these are two entirely different kinds of death taxes. The calculation of inheritance taxes is usually…
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Many people own both commercial and residential real estate in New York. This is a good idea, but when it comes to asset protection for this form of property, there is a huge problem due to the liabilities that they face. Let us look at the various obligations and how they affect the property. Owning…
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Thinking about moving abroad after retirement? You are not alone as many American people are considering the same. Financial considerations are the most compelling reason for these seniors to look overseas. The cost of living in America is very high and many people can’t afford to stay in the country after retirement, which is why…
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If you care about your family, you will try and plan your estate early enough to avoid probate. If you procrastinate on it, you will end up leaving your family in turmoil. Lack of proper estate planning leaves your family arguing about the distribution of the estate, encounter long delays and pay a lot in…
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Death is inevitable and no one in this world can live forever. Planning for the future of the next generations is important for everyone. Estate planning helps people prepare for the future and make arrangements for their loved ones. Inheritance trusts are an important part of estate planning and these trusts are drafted to ensure…
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Scenario Andrew has been in perfect health since I knew him, but a month ago he called me from his hospital bed and the person I met there was a shadow of the Andrew I’m used to. He was pale and had lost a lot of weight. Story goes that he had a growth in…
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