When you own a business, you need to plan for what will happen to it after you die. Estate planning involves managing and protecting your assets. As an owner, it is important to understand the key considerations of this process for your company. Business structure...
Helping You Through Times of Change
Estate Planning
Creating an estate plan for a blended family
Nowadays, many people find happiness in a new marriage following a divorce or death of a spouse. In fact, approximately 40% of all marriages involve at least one partner who is entering a second marriage. In some of these families, either or both partners may have...
The 2024 changes in generation-skipping transfer taxes
Skipping a generation when transferring your assets can prevent paying the federal estate taxes twice. However, this process is not entirely tax-exempt. A generation-skipping transfer tax applies to transfers to relatives more than one generation younger and gifts to...
The complexities of dying intestate
If you pass away without a will, the state considers you to have died “intestate.” This means that the court will decide the distribution of your properties among your heirs. Depending on the complexity of your assets and the response of your beneficiaries, the...
5 benefits of anticipating potential probate issues
It is no secret that probate is a complex process and involved parties come across issues more often than not. Nonetheless, anticipating potential roadblocks in probate allows for better preparation. It can lead to a smoother process and potentially reduce the time...
Why you should consider creating a trust for your pet
Your pet is more than just an animal, they are your family. They are a living, furry confidant who has provided you joy like no other. Yet, have you considered what may happen to your animal companion if something unexpected happens to you? Few people do. In...
Why young adults should engage in estate planning, too
Talks on creating trusts, wills and estate plans often involve people aged 50 and above. They usually have worked for many years, bought properties or are supporting dependents. Estate planning, though, doesn’t only apply to experienced individuals. Any adult in...
Should you create a trust when you already have a will?
When creating their estate plan, many individuals believe that a will is sufficient to ensure their wishes are carried out after their passing. However, this is a common misconception in estate planning. While a will is an essential component of an estate plan, it is...
What can be valid reasons to contest a will during probate?
Probate is often a complex process involving various parties, making it more challenging to navigate based on the circumstances. If the deceased left a will, it could provide direction on what to do with the estate. However, this document can also have different legal...
What happens in probate if there is a missing heir?
An essential part of the duties of an estate’s personal representative is to diligently search, identify and notify all interested parties, such as heirs and beneficiaries, of the probate filing. The personal representative must practice due diligence in locating all...