When you are planning your estate, you have options. There are various different ways that you can get inheritances into the hands of your loved ones after you pass away. It is possible to be proactive about the facilitation of timely asset transfers.If you were to use a last will as your primary asset transfer vehicle, you would name an executor when you create the document. This person would serve as the estate administrator.After your passing, the will would be admitted to probate. … [Read more...]
A Family Limited Partnership Can Protect Assets
They say that we live in a litigious society. There are always individuals out there that are poised to file lawsuits against people that they perceive as “deep pocket targets.” Clearly, asset protection is important to safeguard your own interests, and there are legacy planning implications as well. Family Limited Partnerships One legal structure that can be the ideal asset protection tool when certain circumstances exist is the family limited partnership (FLP). The best way to explain the … [Read more...]
Charitable Giving Can Punctuate Your Legacy
Legacy planning is a more comprehensive and complete form of estate planning. When you craft your legacy, you carefully consider the way that you want to be remembered after you are gone.If you are in a position to do so, you may want to be known for your generosity. Indeed, there are a number of different ways that you can provide for charitable causes and institutions that are meaningful to you when you devise your legacy plan. Private Foundations If you have philanthropic aims, you may … [Read more...]
Is Joint Tenancy a Good Inheritance Planning Solution?
It is said that a little bit of information can be a dangerous thing, and this certainly enters the equation when it comes to estate planning. There are those that share bits and pieces of what they think they know, and there may be some truth in the mix. However, an incomplete picture is often painted, and this can yield negative consequences in the long run. Probate Avoidance One of the first things you should understand about estate planning is the fact that a will is not administered … [Read more...]
Census Report: Burlington Senior Population Exceeds National Average
As elder law attorneys, we are very significantly impacted by an emerging demographic phenomenon. During the years after World War II, there were an inordinate number of babies born in the United States. These are the baby boomers, and over recent years, they have started to reach their senior years. Because of this, there is a rapidly aging of the population underway.Across the country, seniors comprise about 14 percent of the population. Here in the Burlington area, it is 16.4 percent … [Read more...]
A Hypothetical Conversation Between an Inheritance Planning Attorney and a Client
We speak with a lot of people that have inheritance planning questions, and we find that many of them share the same concerns. It is possible to provide some basic principles in a relatively brief and concise manner. As a result, we have decided to create a blog post that simulates a typical conversation that we would often have with a client. Just about everyone should use a last will as an estate planning centerpiece, right? This is actually the most widely held misconception within the … [Read more...]
Avoid Intestacy to Prevent Future Problems
As estate planning attorneys, we sometimes hear from a client that wants us to provide damage control. The individual does not know where to turn, because their last surviving parent passed away without any estate planning documents in place. There are things that we can do in many cases to mitigate the damage, but this is a tough situation that could have been avoided.They say that the only two certainties of life are death and taxes. With this in mind, everyone is prepared to file their … [Read more...]
Two Business Structures That Provide Asset Protection
You should definitely prioritize asset protection when you are starting a business. It is important to separate your personal property from the business assets, and vice versa. There are two legal structures that are typically utilized for small business owners that want to protect assets, and we will look at them in this post. Limited Liability Companies A limited liability company can provide an asset protection solution in many instances. When you establish an LLC, there is legal separation … [Read more...]
Two Tax Issues That Can Impact Your Estate
Many people feel as though the assets that you have left after you pay taxes all of your life should not be subject to taxation while they are being transferred after you die. Though this argument has merit, there is in fact a federal estate tax, and it is far more than a nuisance. This tax carries a very hefty 40 percent maximum rate.The existence of the estate tax is the bad news; the good news is that most families do not pay the tax, because there is an estate tax credit or exclusion … [Read more...]
Can an Irrevocable Trust Be Changed?
There are many misconceptions held by people with regard to trusts, and one of them is the notion that you surrender all control of assets that you convey any type of trust. The first thing to understand about trusts is that there are two different classes: revocable trusts, and irrevocable trusts.As the name would imply, with the former variety, the grantor of the trust has the right of revocation. If you establish a revocable living trust, and you decide that you want to dissolve it … [Read more...]
