It wasn’t very long ago that the idea of including family pets in an estate plan was and odd idea. Times have certainly changed. A survey conducted back in 2006 shows that nearly 70% of families consider their pets as family members, not property. Unfortunately, the law still considers pets to be property, which means estate planning attorneys have become efficient at creating ways to provide for these beloved “family members” in the best way legally possible. Different methods have different … [Read more...] about Wills and Pet Estate Planning
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What is a Family Limited Partnership?
When used properly, a Family Limited Partnership can help families in handling their money, property and other family investments. This is especially important to families that have considerable real estate holdings. Family Limited Partnerships can actually be very profitable, saving families thousands of dollars in estate and gift taxes, while providing protection from creditors. What is a Family Limited Partnership and how can it help you? This article will answer those questions for … [Read more...] about What is a Family Limited Partnership?
Medical Decision Making for Gay Couples
It is easy for heterosexual married couples to take for granted many of their rights and privileges in our country. For example, there is no question that a husband can visit his wife in the hospital and make decisions regarding her medical care, if required. However, these same rights are not available to all gay couples. In 2014, only 32 states and the District of Columbia have legalized gay marriage. California joined this number in June of 2013. However, there are still obstacles to be … [Read more...] about Medical Decision Making for Gay Couples
What is a Buy-Sell Agreement?
The purpose of estate planning is to plan for the future. If you own a business, some day the control of that business will need to pass on to someone else. There are provisions in most state laws that will determine who will be next in line to manage your business. However, you can make that decision for yourself now, through proper estate and business planning. Planning ahead can reduce the conflict between family members later on, while reducing taxes and ensuring that your desires for … [Read more...] about What is a Buy-Sell Agreement?
The Problem with Fraudulent Transfers
An effective asset protection plan must also be a legal asset protection plan. That means the plan must be set in motion before any creditor claims arise. If not, any transfers you make in an effort to protect your assets, may be considered “fraudulent transfers.” If that happens, both you and the person you transferred the assets to, may be in trouble. Understanding the problem with fraudulent transfers can keep you on the right side of the law. How “fraudulent transfers” are defined A … [Read more...] about The Problem with Fraudulent Transfers
Consequences of Not Having a Pet Plan
Pet owners know the important role their beloved pets play in their lives and the lives of their families. When a pet has been a part of your family for many years, it is important to consider the future of your pet, should you become incapacitated or pass away, and your pet survives you. In order to understand the importance of prior planning, you must understand the consequences of not having a pet plan in place, upon your death. Where does your pet go after your death? If you do not have … [Read more...] about Consequences of Not Having a Pet Plan
When to Start Asset Protection Planning
It is just as important for debtors to have strategies for protecting their valuable assets from potential creditors, as it is for creditors to have techniques for collecting debts. And, just as creditors must follow the laws and regulations that govern their debt collection practices, debtors must be sure that their asset protection strategies do not cross the line into fraud. The biggest concern in deciding when to start asset protection planning is avoiding the appearance of a “fraudulent … [Read more...] about When to Start Asset Protection Planning
Will an Irrevocable Trust Protect Assets?
It is a common misconception that a trust inherently protects the assets that are in that trust. Certainly, if you go through the trouble of establishing a trust for your property, it should provide the protection of those assets that you need. While some types of trusts can protect assets from creditors, a garden-variety trust likely will not. Will an irrevocable trust protect assets? What type of trusts protect assets? Although most trusts will provide some protection from creditors, the … [Read more...] about Will an Irrevocable Trust Protect Assets?
What are the IRA Contribution Limits?
IRAs are tax-deferred savings plans, to help working individuals become prepared for their future retirement. These savings plans must be established and operated in compliance with IRS guidelines. With that said, there are certain requirements and limitations that have been put in place. One specific element of an IRA that has limitations relates to contributions. A common question that clients ask is “what are the IRA contribution limits?” Getting familiar with the different types of … [Read more...] about What are the IRA Contribution Limits?
What is the Function of a Probate Paralegal?
Not every law firm employs the assistance of a paralegal, but those firms that do, benefit in many ways. This is also true in the area of probate law. Paralegals provide such benefits as increased accessibility and better relationships between the firm and the client. The function of a probate paralegal cannot be overlooked. Initial evaluation of client needs The initial meeting with each client is very important. Paralegals usually assist in gathering all necessary information from the … [Read more...] about What is the Function of a Probate Paralegal?
