These vehicles let a family manage multiple interests, preserve parental control and protect assets from claims of creditors and divorcing spouses, among other benefits.
When considering whether to contest a decedent’s Last Will and Testament, an individual should consider whether red flags might be present which may point to a successful basis to challenge a disputed Will.
Roth individual retirement accounts allow you to pay income tax on your retirement savings upfront, so you won’t be stuck with a tax bill in retirement when you can least afford to pay it.
Your dad bequeathed you a generous sum of money on his passing. Those gifted and inherited assets, in many instances, will be considered ‘separate property,’ not marital property. That might mean that they might not be subject to division, if you divorce. However, perhaps you want to backstop that hoped for result to make the protection more likely to stick if your marriage doesn’t work out.
Being disinherited or left out of a will is the last thing you want to discover in the wake of losing a loved one. Although it can be very hurtful to not be included, the fact that a person is disinherited does not necessarily indicate foul play.
One of the most important estate planning documents for all persons over the age of 18 to consider is a durable power of attorney.
The Covid-19 pandemic has increased Americans’ awareness of the need to have a will, living trust or other similar end-of-life document prepared.
While 88% of business owners believe their family will control their business in five years, statistics from Family Business Institute show that only 33% of businesses survive to transfer to the next generation, and only 10-15% continue to the third generation.
While it’s never fun or pleasant to think about what will happen to them if the worst should happen to us, it’s very important to consider how we can ensure that they are well cared-for when and if we are no longer able to care for them ourselves.
The Internal Revenue Service (IRS) recently issued much anticipated proposed regulations that clarify and revise some of the required minimum distribution (RMD) rules for qualified plans (i.e., 401ks, 403bs, etc.) and individual retirement accounts (IRAs).
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