A few months ago, no one outside the medical fraternity had heard or come in contact with coronavirus. Now, the top news on all news stations is the virus and its effects. The epidemic is spreading at a very fast rate, faster than any other previous disease that has been recorded. The condition is feared…
It is not uncommon for people to own assets in other jurisdictions, including regions or states. This is because many people are wealthy enough to reside in different jurisdictions in their lifetime. Many people also take advantage of business opportunities in these jurisdictions, meaning that they end up setting up their assets in these areas.…
The definition of children in estate planning is twofold – it can mean those offspring that are below the age of 18, or it can mean any offspring of any age.This chapter looks at minor kids because they are a critical part of any succession plan. Let us look at the intricacies that make up…
For most people, the family home represents a vital part of the estate we own. Losing the home is one of the most dreaded events that can happen to us. This is because apart from the monetary value that is attached to the home, we are also emotionally attached to it. Studies show that more…
You can come up with estate plans on how your wealth will be shared when you pass away, but has the thought ever crossed your mind that both of you might die the same day, or a few weeks apart? When coming up with a will, the common thought is that your estate will be…
Many people only have a vague idea of what happens when they get sued by say, a creditor that wants his money back, or by an ex-spouse that wants part of the estate after divorce. We need to review this process so that you understand how important it is to protect your assets the right…
We have asset protection plans – and we have excellent asset protection plans. The typical plan can be useful, but what differentiates it from awesome plans is that it takes into consideration principles that are supposed to dictate how the plan works. Today we look at the principles of a successful asset protection plan and…
In New York, no law protects assets that you have placed in a trust that you have created to give you benefits as a trustee. In such a case, the assets can be attached by creditors and be used to cover your debts just as if they were directly in your name. However, we have…
When you are running a business, and you have potential creditors that might attach your assets, you have the option of transferring the assets to an LLC or a trust that is located offshore. Typically, a person that sues you in New York has a high chance of getting awarded a certain amount of money,…
Surveys show that only about 40 per cent of small businesses survive the first year in operation. This tells you that more than half of the businesses don’t see the end of the first year. For many startups, the owner has to put up their personal cash for capital, and they have to sign for…