Business succession planning refers to a series of financial and logistic decisions that you make regarding who takes over your business when you pass away, retire or become incapacitated. When you run a family business, succession is never that simple. You have to account for a lot of things when you transition from one generation…
In the articles section you can find blogs that discuss all areas of Estate Planning. By going to the articles section and reading some of the blogs you are able to better educate yourself on the different products and concepts of estate planning.
Estate Planning includes:
- Planning for pass through of assets upon death,
- Planning for minors (Setting up guardianship designations or special needs trusts),
- Utilizing tax mitigation strategies (for example the current gift tax exemption),
- Creating a form of asset protection (from creditors and predators or as a form of marital asset protection),
- Setting up healthcare proxies ( giving someone your trust the ability to make healthcare decisions for you in the event you are unable to do it for yourself),
- Setting up Power of Attorney (enabling someone to make executive decisions regarding your assets and finances in the event you are unable to and it is necessary),
- Medicaid or Retirement Planning (Divesting yourself of assets to qualify for Medicaid or Government subsidies),
- End of life planning using living will or last directive (Indicating burial requests and tube feeding or resuscitation in the event it is necessary).
In the articles section we have gone ahead to make it easier for you to find the topic of interest by creating subcategories. Our goal is to make it simple and easy for people to come to our website in order to educate themselves about the different types of trusts for example Revocable Trusts and Irrevocable Trusts or Special Needs Trusts and Supplemental Needs Trusts.
In the articles section you will find the following subcategories:
In this section you can find a broad stroke of articles/blogs covering all topics related to creating and understanding an estate plan.
A very common concern for people with families or high risk professions for example doctors, lawyers, policemen, firemen, accountants and so on. Newlyweds seeking marital protection and people with large cash liquidity might also be worried about their exposure and seek asset Protection.
At some point in our lives we are done working and are ready to retire and want to know the best practices for retiring. Here you can learn about pass through of assets, divesting of assets and planning for your final days.
Here you can learn about tax mitigation strategies.
Here you can learn about assigning guardianship for minors or assuming guardianship over a loved one who is mentally handicapped.
Everyone wants to plan for events while they are alive and not just after death learn more here.
What happens when someone dies or passes away with a Will.
Flexibility when it comes to planning.
The different types or forms of trusts and their uses.
Planning for Medicaid and Retirement.
Special Needs Trust
Planning for people with disabilities.
Planning for pass-through of assets.
Will and Trust
Different uses of having both documents a Will and some form of Trust.
If you are shopping around or look for ways to vet an Estate planning Attorney/Lawyer and wish to better educate yourself on the topic the articles section is for you.
This article gives readers a brief overview of several core concepts in estate planning. This guide is an excellent starting point for people new to estate planning and can be used in conjunction with an estate planning attorney. Knowing these basic concepts will benefit you and ensure the estate you’ve committed your life to earn…
As a farmer or ranch owner, you face similar obstacles in estate planning akin to other businesses. However, you will come across a few aspects of the estate plan that are unique to the farm. When you own a farm that you have held on to for a long time, then you need to undertake…
If you are reading this article, it is safe to assume that you are trying to avoid probate, or the official validation of a will. For individuals attempting to avoid the frustrating process of probate, a revocable living trust can be a viable option. Revocable living trusts are particularly useful in a handful of states…
The term, “probate” is scary for many people. They immediately think of courts taking away property or other horror stories that have been misinterpreted over time. The simple definition of probate is the legal process courts use to confirm a Last Will is valid, settle the estate’s debts, and then distribute the assets. A Long…
The term probate gets thrown around quite often. It goes hand in hand with estate planning, but do you know what it means? This article will discuss the basics of probate and acts as a stellar introduction to the important concept. Defining Probate By definition, probate is the legal process of proving a will and…
Scenario Tony was allocated his parents’ assets when he was in a foreign country and was elated because he realized his parents loved him so much. A few months after the will was read out, he traveled back to New York only to get the shock of his life – the executor, Martin, had sold…
As estate planning lawyers, we come across so many questions from clients. One of the most common questions we get is, “where can I find a copy of the will or all the records concerned with the case?” The good thing is that probate is a public process, which means that the records are available…
Scenario Jane had heard about probate from friends and the media; she had never thought that it would reach a time when she would have to experience the process first-hand. She always knew that probate was something for other people, but when her husband died without a will, she was ushered into the deep end…
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…