When a famous individual dies, it’s always interesting to see how they set up their estate, if they bothered to undertake estate planning at all. These cases provide great lessons for Estate Planning practitioners both about what to do, as well as about what to avoid. In some cases, even when celebrities take the time to set up a proper estate plan, things go wrong. Paul Newman’s estate represents one such situation. Read on to learn more.
There Is Always an Estate Planning Solution
A lot of people think that estate planning is a term that is used to describe the creation of a will. In fact, there are many ways to facilitate postmortem asset transfers. You do not have to settle for an imperfect solution and hope for the best. There are a lot of tools in the […]
Five Eye Opening Facts About Probate
Some people assume that the executor of a will can transfer the assets to the beneficiaries in short order after the passing of the testator. In fact, this is not the way it works. The executor would be required to admit the will to probate. This is a legal proceeding that takes place under the […]
Basic Estate Planning Solutions for Small Business Owners
Small business owners have retirement and estate planning decisions to make. In this post, will take a look at three distinct pieces to this somewhat challenging puzzle. LLC for Asset Protection If you conduct business as a sole proprietor, your personal property and your business are intertwined as one entity. This is risky, especially if […]
Common Mistakes in Estate Planning – Part I
Despite knowing that they should have an estate plan, many individuals look for shortcuts to creating an Estate Plan. They rely upon advice from seemingly well-intentioned individuals that if avoiding probate is their main goal and they don’t have a taxable estate, they need not seek out an attorney to create an Estate Plan. While options exist to avoid probate, probate avoidance is just one of many considerations in creating an Estate Plan.
5 Things You Should Know About a Simple Will
The simple will is the most common estate planning document, but a lot of people do not understand the details, limitations, and drawbacks. In this post, we will provide an overview so you can go forward with enough knowledge to make more informed decisions. Basic Purpose Everyone is aware of the fact that you can […]
These Unusual Trusts Fly Under the Radar
You should work with an attorney to develop your estate plan because as a layperson, there is no reason why you would understand all the tools that are available to you. There are many different types of trusts that can satisfy specific objectives, and you should be aware of your options. We endeavor to explain […]
Asset Protection: It’s Not Exclusively for Business Owners
If you are in business for yourself, you should place an emphasis on asset protection. There are relatively simple steps that you can take to erect a shield between your personal property and your business. We will look at the most commonly utilized asset protection structures for small businesses here, and we will also share […]
Are Assets In a Trust Available to You?
A lot of people do not consider the possibility of using a trust because they think that you lose access to the assets that you convey into a trust. They are under the impression that this is the whole idea because you want to get resources out of your name for some reason. This is […]
“Simple” Estate Planning Solutions Can Get Complicated
They say that a little bit of information is a dangerous thing, and this often enters the picture when it comes to estate planning. People hear about simple approaches that sound like they would be effective on the surface, but they don’t fully understand the potential consequences. In this post, we will look at some […]