Business partnerships are relatively common. Two or more people choose to start and operate a company jointly. By pooling their skills, time and resources, they may significantly increase their chances of developing a profitable organization. Partners often trust one...
Imagine working hard all your life only to have the state decide who gets everything you leave behind. Yet, this situation happens every day because many people fail to have a valid will in place. This could leave your loved ones facing months of uncertainty,...
Major assets are often addressed first in an estate plan. Who gets to own the family home? What happens to a life insurance policy? How do beneficiaries divide savings in bank accounts or investment earnings? It is important to look at these valuable assets to...
Running a business comes with responsibilities that go beyond day-to-day operations. One of the most overlooked areas is what happens if a key person in the business suddenly passes away. This is where key person insurance becomes a powerful tool, especially when...
You have many decisions to make when you’re creating an estate plan. Many of these have to do with who will receive which assets, but there are other factors that you need to think about when you’re setting the terms for this plan. One decision that you have to make...
When it comes to planning and managing an estate, most people think of naming adult children or financial advisors as the key players. However, involving grandchildren in estate administration can be practical and deeply meaningful in multigenerational families. ...
The shock of learning that your parent didn’t include you in their will or anywhere in their estate plan can be devastating on top of such a significant loss. Even if you hadn’t been close in many years, you likely expected to receive something – especially if you...
Creating an estate plan is a multistep process that involves taking an inventory of assets and determining who should receive what when you pass away. Once you know that information, you have to decide what method to use to get those assets distributed. Some people...
If you ask people why they haven’t written a will, one thing that they often say is that they don’t think they need it at their age. Generally, these people are relatively young, and they assume that estate planning is something they’ll do in 20 or 30 years. Most...
Last year, Nevada’s reputation as a good place to set up a family trust made worldwide headlines. That’s because media scion Rupert Murdoch and his oldest son Lachlan sought a modification of the Murdoch Family Trust held in Nevada. This irrevocable asset-protection...