You have set aside time from your busy schedule to create an estate plan. Congratulations! You have taken a crucial step towards safeguarding your legacy and your loved ones’ futures. Without an estate plan in place, it would be up to the government to distribute your...
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Are you thinking about forming a family business?
Forming your own business can be very rewarding, but it isn’t without challenges. The harsh reality is that a significant number of startups fail within the first year of launching. This doesn’t have to be the case for you though. You’ve had a business idea for some...
3 assets that you shouldn’t include in a revocable trust
As you get older, you need to save for retirement and have a financial plan to allow you to live comfortably during your golden years. You’ll also need a strategy in place to enable you to pass on your assets to your beneficiaries. A revocable or living trust will...
Can you arrange for accounts to transfer to others when you die?
The more property that has to pass through probate court, the longer estate administration can take after you die. Many testators creating their estate plans focus primarily on limiting what assets pass through probate court. Some people move property into trusts,...
Why your new company’s business formation structure matters
When a single individual chooses to take on a position as an independent contractor but doesn’t formally register their business activity with the state, they create a “sole proprietorship” by default. They simply have to report their business earnings and losses on...
Do small businesses really need a succession plan?
Owning a small business is a lot of work and a huge commitment. Those who decide to take on this role often work harder than large corporations. Due to the time and effort put into making a small business successful, most owners want to ensure their business can be...
How a Medicaid trust can help protect your assets
Long-term care can get pretty expensive. You may be looking at tens of thousands of dollars or more every year, and if you are not well prepared, the high cost of assisted living could deplete your savings and assets. Fortunately, programs like Medicaid can help meet...
How will owning a business affect estate planning?
As a business owner, you likely have more people dependent on you than most. While you could just let your business die with you, you might not want to, nor might your employees, customers and suppliers. Hence you need to plan ahead so the business can still run...
5 ways to potentially bypass probate
After a testator dies, their money or property goes through probate if they hold them under their name. Probate is when a court examines and authenticates a will. Some people object to probate because it’s a lengthy, expensive process. It also subjects personal...
Should you use a medical power of attorney?
Generally speaking, if you’re in the hospital, you are the only one who gets to make decisions about the care that you receive. As long as you are 18 years old or older, this decision-making power stays with you. However, as people grow older, this sometimes becomes...