When drafting an estate plan, many people assume that their most expensive assets will be the most complex. They’ll put a lot of time into figuring out what to do with their investment accounts, life insurance policies and real estate. But the reality is that...
Month: August 2023
How to avoid partnership disputes
When business partnerships work well, they can be a huge benefit to everybody involved. When business partners have a falling out, however, the end results can be disastrous both personally and professionally. A dispute between you and your business partner can...
Why contingency clauses are essential for homebuyers
Imagine you’ve finally found the perfect home: a charming property with a great backyard, just the right amount of space and located in your dream neighborhood. The excitement can be overwhelming, but before you commit to the deal and sign the contract, it’s important...
3 matters to review when updating an estate plan
An estate plan helps people establish a legacy after they die. Some estate plans consist of just a will. Others may involve multiple different documents that address both the possibility of dying and the potential of an incapacitating medical event like a stroke. Many...
Should you discuss estate planning with your parents?
You’ve no doubt noticed how quickly time flies. Between work, home and kids’ activities, it seems you barely have time to breathe. You’ve also likely noticed your parents are aging. Furthermore, you also realize you don’t know if they have an estate plan. Common...
What happens when a tenant in common passes away?
Tenancy in common (TIC) is a legal setup that is sometimes used for property ownership. Multiple people can all own the property together, and they can have different levels of investment. They could split ownership equally, but they’re not required to do so. For...
Why your adult kids need you to make an estate plan now
Every adult should really have an estate plan. Yet, if you have dependents, it becomes even more important as they rely on you. Here are some of the reasons why making an estate plan will make things easier for them Someone to care for them if you pass before they...
Having a revocable living trust is likely easier than you think
One of the key goals of many people as they create their estate plan is to avoid having their estate go through a long, complicated probate process after they’re gone. This can be time-consuming and costly for loved ones. It can also delay inheritances being passed...
Choosing the right business structure for your family enterprise
If you and/or you and your spouse are entrepreneurs, you might want to establish a jointly-owned family enterprise that you can pass down to your children. Building an empire for the next generation is an excellent way to establish a memorable legacy. Furthermore, you...
2 interesting trusts to consider adding to your estate plan
You have the option of implementing a trust into your estate plan. A trust is a legal document that arranges for a trustee to manage your assets and disperse them as instructed. Compared to a will, a trust can protect your assets from estate taxes, probate and...