People who own business assets with others can easily facilitate inheritance of their shares outside probate after death. As a business owner, you may consider titling your assets jointly depending on your state’s laws. By definition, joint ownership refers to the possession of the same asset by more than one person. These assets not only…
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Apart from writing a will, you may also decide to put your business assets into a trust. This is a legal platform that facilitates the distribution of any assets you possess to your beneficiaries without probate. The business owner or grantor dictates the conditions of the trust. Such terms include naming the beneficiaries, and listing…
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The probate process can seem endless for many people. Going through the paces of this process while you grieve can be a tough task. Therefore, it is just natural to wish to know the duration of the process when you have business assets locked in a succession battle. Business assets make the probate process longer…
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A living trust is a lawful element that empowers entrepreneurs to decide and appropriate how their investments will be appropriated upon their passing. Among other benefits, a living trust protects the family of the business owner from being troubled with business obligations including debts after they are gone. Placing your business into a trust means…
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When a business has to go through probate, chances are high that there will be high costs incurred. This is common, but can be avoided with prior planning and knowing the probate process well. An executor or administrator to the business should be conversant with the whole probate process, and if not, they should seek…
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As a business person, you can decide to allow your family to either sell the business or continue running it after you pass away. For each of these two options, proper planning with a “probate attorney near me 11509” in tow is required to ensure that your business is passed onto the family without unnecessary…
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Many people dream of winning the jackpot. When you do so, take some time to manage the winnings smartly. Some jackpot winners will choose revocable RLTs to secure their winnings. When you decide to go this route, try and create a RLT fast. However, before you go ahead and come up with this RLT, determine…
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Contractual properties are the type of property one buys but doesn’t fully own, as they make the payments in instalments. This can be due to different reasons, one being they do not qualify for funding by a financial institution, or mortgage. Some might not have a good credit standing, hence cannot get a loan to…
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Probate is the process of analyzing and managing transfer of assets that were titled in the decedent’s name. Everything that the deceased owned falls into estate property immediately after owner’s death. A probate executor that specializes in business assets is hired to determine business resource value. Factors To Consider During The Probate Of Business Assets…
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The first part of the series has looked at a few ways to add assets to a RLT to make it valid and operational. This part picks up from where we left off and explains other ways to fund your trust. As stated earlier, you need to fund your RLT to make it valid and…
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