Being in the military is a blessing – you get to serve your country and make your family proud. It is also a way to get income because you can turn it into a career. But time comes when you have to take off your uniform, and possibly take a civilian job somewhere else. When…
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We have seen how cost comes into plan in the previous part of this series. When you spend little, you might end up with little protection. Additionally, when you spend too much for little protection, it doesn’t make sense. Make sure you balance the size of your estate to the cost. Here are other principles…
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The second part of the series on principles of asset planning looks at other principles that make your asset protection plan the best. With so many loopholes, you need to make sure that what you come up with is foolproof. Let us get down to business. Keep it Simple Many planners think that success comes…
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A wide range of issues arise during the probate process that needs the expert services of a probate lawyer for resolution. While many people feel that they can handle the issues themselves without the help of a lawyer, the outcome of such a move is not predictable and is ill-advised. Disadvantages of Self-Representation during Probate…
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We have liabilities that affect the business end of your life, and we have those that affect your personal life and family. These liabilities will put at risk the assets that you own with your family, and might lead to attachment by creditors. The car might be repossessed or the house foreclosed. Let us explore…
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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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