If you’re like many, your most valuable asset is your home and it’s one you hope to pass on to your heirs after you die. An important component of estate planning is ensuring a transfer of assets to your loved ones with as little financial and emotional repercussions as possible. Putting a house in trust can accomplish that.
So you've distributed a trust, believing that all the assets were accounted for and transferred to their intended beneficiaries. It seems like a job well done, ensuring everyone received what they were entitled to. But what if, after the distribution, you stumble upon the startling revelation that there are additional assets that were overlooked or not previously known? The question arises: What happens if assets are discovered after a trust has been distributed? In this perplexing scenario, a series of legal implications, challenges, and potential solutions come into play. This kind of situation isn’t uncommon, and while the landscape of post-distribution asset discoveries may seem intricate, there are ways to prevent such a predicament from happening, as well as solutions on how to tackle the situation if it has already happened.
With the rise of the gig economy, many people are seeking alternative ways to supplement their income or pursue their passions. From freelance writing and graphic design to selling handmade goods on online marketplaces, the options for starting a side hustle or small business are virtually endless. Whether you're tech-savvy and want to start a software development business, creative and want to start a design studio, or entrepreneurial and want to start a retail store, the opportunities for starting a side hustle or small business are vast and varied.
Business assets refer to anything of value that a business owns. Business assets can be both tangible and intangible. Tangible assets have a monetary value while intangible assets are non-physical and can increase the revenue of a company. Examples of tangible assets include real estate, office furniture, inventory, company-owned vehicles and production equipment. Non-tangible assets can include employee expertise, company slogans and trademarks.
Savvy estate planners know that revocable living trusts are a cornerstone of any comprehensive estate plan. However, knowing exactly what to put in the estate plan can be a challenge.
No matter how you celebrate the holiday season, this time of year is a popular time to take a step back from the hustle and bustle of everyday life. It is a time to focus more on our families and the things that bring us joy. It is also common to give presents at this time of year to celebrate our most important relationships. Present-shopping can be a bit of a challenge for many Americans, particularly when one is shopping for someone who seems to have everything.
Determining who receives your assets after your death is difficult enough, and that is before the paperwork gets involved. One of the best tools in this planning process is a living trust, which can help ensure that your assets go to your intended beneficiaries as quickly as possible with little fuss.
Many people believe that it is a smart idea to add their children on the deed to their home for inheritance purposes. Generally, the reasons for this are honest in nature. In the majority of cases, people want to help their heirs avoid probate or inheritance tax and think adding the child’s name to the deed is a form of asset protection. Sometimes they may also want to put their child’s name on a house deed to prevent the sale of the home to pay for assisted living expenses.
Traditionally when we think about the administration of a decedent’s estate, we envision a process that focuses on the individual’s tangible personal property and belongings, financial assets, business interests, and real estate.
Estate Planning and Legislation Related to Digital Assets by Greg Reese, President & CEO AmeriEstate Legal Plan, Inc. Traditionally, when […]