Posts filed under 'Estate Planning Law'
Tip! So estate planning is more than leaving your grandmother’s watch to your daughter.
As Penn State professor William Rothwell ominously points out in the forward to Exit Right: A Guided Tour of Succession Planning for Families in Business Together, more than 40% of the people who run the closely held operations that comprise 80% of the North American economy will retire by 2007. Those businesses will either be sold to a third party or management team, closed down, or passed on to the next generation.
In this article I will focus on passing the business on to the next generation.
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Canada estate planning – Your Business and Your Estate – Succession Planning
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January 23rd, 2008
Tip! An essential feature of this preparation is the planning of one’s estate. Estate planning is foremost judicious step in securing your family’s future and also to fulfill your desires after you depart from the world.
Do you know what happens if you die without a will? The courts will decide who will raise your children, manage your assets, inherit your possessions, and administer your estate. Heirs must usually agree on a court appointed administrator. If some of the heirs are mentally incapacitated, or under age, it gets unbelievably complicated. Add in children and spouses from previous marriages and it can become a seething pot of turmoil for your family.
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Reasons for (Estate planning disabilities) Estate Planning
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January 19th, 2008
Tip! We have compiled a list of some of the most common mistakes individuals make in estate planning. Please review the list, but also plan to meet with a qualified attorney to review your unique estate.
Estate Planning may be a word that is encountered by many citizens especially the elderly. What is Estate Planning? What benefits does it provide to people?
Estate Planning is a method of arranging and considering alternatives that will satisfy specific wishes and goals to prepare for things that may happen to a person and the people he finds special to him.
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The Basics Of Estate Planning (Estate planning attorney resume)
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January 9th, 2008
Tip! So estate planning is more than leaving your grandmother’s watch to your daughter.
Many people think they don’t need an estate plan. They relate the term to tax planning and feel that their estate is not big enough to bother. They therefore think estate planning has nothing to do with them.
But estate planning is more than a method to avoid or reduce estate taxes. Many young families might be surprised to learn they should think about estate planning now.
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Estate planning questions oregon – Is Estate Planning for Everyone?
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January 7th, 2008
Tip! Choose your Agent Central to estate planning is choosing people to make decisions for you both during incapacity and after your death. These people include trustees, guardians, agents, and beneficiaries.
If a person passes on without estate planning of any kind, whether that planning is some kind of will or trust, they are said to have died intestate. Intestate law is the law that decides how assets are transferred and creditors satisfied if a person passes on without saying who gets the house, the car or the guarded family apple pie receipe. Intestacy law is a set of fall back provisions or rules that govern where the assets go, so that the state does not have to decide in each individual case what happens. Intestacy laws are like the default settings on computer program; they are there unless you intentionally alter them. Since most people die intestate, state intestacy laws govern how most people’s assets are distributed after their’ passing. Sometimes, even when a person has a valid will, if that will does not cover some portion of their property, then state intestacy laws will be used as gap-fillers or fallback measures so that all assets are covered.
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Intestancy: Passing Without Estate Planning – What (Wills and estate planning) Happens?
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January 6th, 2008
Tip! Choose your Agent Central to estate planning is choosing people to make decisions for you both during incapacity and after your death. These people include trustees, guardians, agents, and beneficiaries.
Your estate consists of the assets that you will pass on to your beneficiaries when you pass away. Estate planning means deciding where your assets will go when you die. It takes time, thought, and the knowledgeable assistance of a qualified attorney.
Even if you diligently plan your estate on your own, it is easy to make mistakes. Mistakes can result in portions of your estate being unnecessarily taxed and assets going to the wrong beneficiaries.
January 5th, 2008
Tip! Another reason for estate planning through a will is to appoint guardians for minor children or disabled relatives you are now caring for. If you are leaving a bequest in your will or the proceeds of an insurance policy (which is generally not part of your estate) to a minor or person unable to look after his own affairs, you also need to appoint someone to manage, conserve, invest and dole out this money for the care of the minor or incapacitated person.
There is value in the story of an older client who had seen a very interesting clause employed in a will. There was a great deal of money at stake and the many family members had little reason to love each other, because they had never met and never knew of each other’s existence. It was expected that the will would be heavily contested on several different fronts in every conceivable way. The testator realized that a truly lengthy contest would result with the bulk of his estate in the hands of people he really didn’t care for in the least: Lawyers.
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Estate Planning – No Contest Clause in your Will (Estate planning probate)
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December 27th, 2007
Do I need estate planning?Estate planning is a process. It involves people – your family, other individuals and in many cases charitable organizations of your choice.
Estate planning is not only for elderly people or wealthy people as such. You will be saving your family from excessive taxes, legal battles, legal fees and of course family fights if you look upon and control over how do you want your assets to be distributed amongst your family members after your death.
By default, everyone has an estate plan. Government has defined rules on how your assets will be distributed after your death. If you die without a will, you have an intestate will, will created by the state.
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Estate Planning The (Nursing home estate planning) Need
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December 17th, 2007
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