One of the quickest ways to start a family feud is to die without a Will in place, particularly if you have several adult children. While everybody would like to believe that cooler heads would prevail when it comes to disseminating your estate, this is rarely the case without the support an estate plan and a Will gives.
There is no overstating the importance of having an Estate Plan in place. Estate planning is a journey that is unique to every individual or couple. Not only can proper estate planning ensure that your assets go to your desired beneficiaries, it can also ensure that family relationships stay positive for years after your death. There are few ways to start family feuds faster than dying with no will in place.
Thinking about the end of your life may be stressful, but the more you prepare, the better the situation will be for you and your loved ones. For instance, in the story of Cynthia McKennedy, having an advanced care directive was crucial to ensuring that her physician honored her end-of-life wishes when she was not lucid enough to advocate for herself. Not having one would have put an unbelievable amount of stress on her family during an already-difficult time.
Thinking about selling a highly appreciated asset such as a real estate investment, corporation or business can be overwhelming. While it is certainly a positive to have highly valued assets, navigating the tax laws surrounding such assets is a difficult process. One option that is becoming more and more popular for persons in this position is a Deferred Sales Trust.
Living trusts are a solid cornerstone to any estate plan, along with the traditional last will and testament. However, there are two main types of living trust: revocable and irrevocable. Both of these have different uses and different places in your estate plan.
Dealing with the death of a loved one is extremely difficult, whether the family expected the death or not. We at AmeriEstate understand how sensitive this time can be for families. Often, one of the last things that you may want to do is go digging through the legal and financial complexities of your deceased loved one's life. However, survivors often have to make critical and time-sensitive decisions directly in the aftermath of a loved one's death.
Families with any children need to take special care when estate planning, particularly if the children are still in their minority and would need guardians after the parents died. Dying intestate has a number of consequences that robust estate planning can easily avoid. This is true for families with any number of children, and even those with none.
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.
One of the most difficult aspects of setting up a new business is choosing what kind of business to form. Commonly, new business partners are choosing between limited liability companies, S corporations and C corporations. There is no magic formula: which one is right for any business depends on a variety of factors.
Nobody likes to think about being medically incapacitated. However, when it comes to managing your estate, it is vital to plan for the worst case scenario. For instance, if you know that dementia runs in your family, creating a plan early is of paramount importance.