Blog
Do You Have A Business Succession Plan?
Many people dream of owning their own business. The freedom that comes with being your own boss is exciting, and businesses – like other assets – can be passed down to heirs and beneficiaries. According to the Bureau of Labor Statistics, approximately 90% of American businesses are family owned. Despite the prevalence of family owned businesses, very few businesses survive being passed down to future generations.
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What Stan Lee’s Estate Troubles Can Teach Us About Proper Planning
Comic book creator Stan Lee has been a powerhouse in the industry for decades. Unfortunately, success and wealth often attract predators, and those who don’t take steps to protect themselves can become prey. This is the case for Mr. Lee, whose attorney recently filed a lawsuit against his alleged caretaker for financial elder abuse.
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The Difficulties Of Cryptocurrency In Estate Planning
It’s not often that the use of a new type of currency becomes widespread, but the quick rise of cryptocurrency has swept through countries all around the world. While not everyone invests in cryptocurrencies, many people do and its popularity is becoming increasingly commonplace. As more people begin to use cryptocurrency, more will have it to leave as part of their estates when they pass away, but cryptocurrencies pose unique challenges in estate planning.
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Common Causes Of Lengthy Probate Proceedings
Nearly everyone anticipates they will live a long life. Because of this, many people don’t begin estate planning until much later in life, but this can cause serious problems for loved ones in the event of an untimely death. When someone passes away without leaving a will or other estate planning documents, the deceased’s assets must go through probate court, which can lead to lengthy and expensive proceedings.
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What To Know About Retirement Accounts and Estate Planning
Many people plan for their retirement. Individuals spend decades contributing to retirement accounts so they can have a comfortable retirement; however, few people consider what happens to their retirement accounts after they pass away. Retirement accounts can have huge implications for your estate planning, so it’s important to sit down with an estate planning lawyer and take appropriate steps.
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Estate Planning Checklist
Many people find planning for their death extremely morbid, but the reality is careful planning can help protect your loved ones after you’re gone. With proper estate planning, you can protect your assets from taxation and specify exactly how you want them distributed amongst your beneficiaries. This takes the burden of preparing and administering your estate out of the hands of your loved ones.
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Duties Of A Trustee
Trusts are one of the best ways to protect assets after one’s death. All trusts must have an appointed trustee, and there are many important duties that go along with being a trustee. If a trustee fails to adhere to these legally binding responsibilities, he or she can find himself or herself in serious legal and financial trouble.
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How Does Probate Administration Work?
Many people wrongfully assume the administration of assets after a death is a straightforward process. If a decedent leaves behind real property, one would think the property could be easily transferred to his or her next of kin. However, the reality is the administration of assets after a death is incredibly complex, and sometimes highly contested by heirs.
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Who Can And Can’t Be Given Medical Power Of Attorney?
Tragic instances in life can cause an individual to no longer be able to make decisions on their own behalf. Some people choose to prepare for this worst case scenario by designating someone to have medical power of attorney; however, you can’t just assign medical power attorney anyone.
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How To Protect Your Assets After Your Death
Planning for your own death can be challenging for people, but the reality is that it is absolutely necessary. There are a number of parties who might try to claim some of your assets after your death, and the only way to ensure your assets are distributed to your loved ones according to your wishes is to plan ahead.
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