A fear that children will not be motivated to have careers because of their family’s wealth is a concern. However, in the long run, it can hamper how wealth is handled by the next generation. In a perfect world, discussing a family’s legacy should be a process that begins when…
There are different types of property. What we informally call real estate, is known in the law as “real property.” That includes any property that is made of land and any structure that sits on it. That also can include assets that appear on that piece of land, like crops,…
It’s easy to focus most of the estate planning attention on the will and distribution of assets. However, a power of attorney is often as important as a will. Naming a person to take on the role of Power of Attorney is not easy. For some families, it can hang…
Benefits for Social Security survivor children’s benefits are generally made out to a parent or guardian. They are taxable income, but most children do not have enough income to owe taxes on the benefits. According to a recent article “Are Social Security survivor benefits for children considered taxable income?” from…
Estate planning is even more important for individuals and couples without children. Without an estate plan, your assets may go to long-lost relatives you’ve never met. You also need to plan for incapacity, especially if there are no living relatives. While your legacy may be different if you don’t have…
Both of these deeds are used widely, but they are very different. Choosing the wrong one, could lead to a lot of legal headaches. Deeds are the legal documents used when real estate properties are purchased, sold or transferred from one owner to another. The deed is used to transfer…
If a temporary administrator has failed to perform their duties properly, the court has the power to remove this person. Beneficiaries need to know that they have rights too. If a temporary administrator is not following the terms of the will, taking money that belongs to the estate or failing…
Many instances of estate planning disasters start when well-meaning people try to use a simple solution for what is ultimately a complicated problem. It’s better for all concerned to meet with an estate planning attorney who can present strategies that will achieve goals, rather than attempt a do-it-yourself plan that…
The unknown about spending in retirement is not just whether it will be higher or lower, but when during the course of retirement, you’ll be spending more or less. If you downsize, housing costs will decrease, but if you travel more, recreational spending will rise. According to a recent article…
The succession plan works for your business in the same way an estate plan works for your personal life. It protects the business, outlining your wishes and plans for it to continue, or sets up a means of passing it to the next owners, whether they are family members or…