Every day we make hundreds of decisions from what to eat for breakfast to where we go on vacation. With each passing day, there are more choices to be made. But what will happen if you can’t make decisions for yourself? Before that time comes, there is one important decision you need to make. Who do you want to serve as your guardian or conservator?
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You have several different options when it comes to creating the right estate plan. Some people believe that a revocable living trust is the best way to go, while others think that a last will and testament (commonly known as a will) is best under certain circumstances. Others may find that a combination of both—through the use of a testamentary trust—provides the right amount of control and protection for themselves and their loved ones.
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Under the Corporate Transparency Act (CTA), which took effect January 1, 2024, many business entities including limited liability companies (LLCs) and partnerships are required to file reports with the Treasury Department’s Financial Crime Enforcement Network (FinCEN). In these filings, applicable businesses must disclose important information about their entity. However, recent developments have called into question the constitutionality of these requirements.
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This article explores some of the myths and FAQs related to estate planning for young adults.
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Whether you have inherited your wealth or have built it yourself, you likely want to share this wealth with the next generation and beyond. Read this article to learn how an estate plan protects family wealth.
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If you are considering making a donation to a public charity, you are not limited to donating cash. Depending upon your financial situation, giving objectives, and the needs of the charitable organization, certain accounts or pieces of property may be better suited for donation to the charity.
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There are pros and cons to probate, and after weighing them, some people may prefer to establish a testamentary trust, which is a trust created through a will—even if this means that the person’s money and property must go through probate before the trust is funded and money is given to beneficiaries.
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Sitting down to create or update your estate plan can be overwhelming. Crucial to a successful plan is your ability to address two major questions: Who will get your stuff when you die, and how do you want those individuals or charities to receive that stuff?
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The main purpose of the probate process is to distribute the deceased’s money and property in accordance with the Will or state law. Not all Wills, and not all accounts and property, need to go through probate court. And just because a Will is filed with the probate court does not mean a probate needs to be opened. But whether or not probate is necessary, most state laws require that a Will be filed when the creator of the will passes away.
Read article If you have overheard any discussion about estate planning, you have likely heard the words “guardian” or “trustee” tossed around in the conversation. When it comes to estate planning, who will ultimately be in charge of your minor child is an important decision that requires consideration of many factors.
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