If you have established a revocable living trust (which we will refer to simply as a trust), congratulations! You are on the right track in creating a comprehensive estate plan. However, you are only halfway there. Many people believe that because they took the time to create a trust, their estate will automatically avoid probate, […]
Planning for Families
Understanding the Corporate Transparency Act
The Corporate Transparency Act (CTA) marks a significant change in how businesses and certain trusts report ownership information in the United States. If you’re a business owner, trustee, or beneficiary, it’s important to understand your responsibilities under this new law. In this blog, we’ll break down what the CTA entails, why it’s crucial, and who […]
3 Tips for Every New Homeowner
Congratulations on the purchase of your new home! Whether this is your first home or you are upgrading or downsizing from your current home, the purchase of a home is a big event in your life. When major life events occur, it is important that you have a plan in place to ensure that you […]
Estate Planning: Are Pensions Like Other Retirement Accounts?
The first private pension plan in the United States was established in the late 1800s. Through 1980, nearly 40 percent of Americans were covered by a traditional employer-funded pension. But employer-provided retirement plans have now largely shifted to retirement savings vehicles like 401(k) plans and Individual Retirement Accounts (IRAs) that place most of the savings […]
What’s Next for Your Estate Plan?
Having an estate plan is a smart way to protect yourself and your loved ones, both now and in the future. Your first estate plan is based on what’s happening in your life at the time it’s created. But life changes, and it’s important that your plan adapts as well. Sometimes we can build flexibility […]
Estate Planning: Setting Your Priorities Straight
Thinking about the future, especially what happens after we pass, can be tough. It’s not something we like to dwell on, but creating an estate plan can help you ensure your loved ones are taken care of. By setting clear priorities, you can craft a plan that reflects your wishes and provides a secure future […]
What Real Estate Owners Don’t Know Can Hurt Them
The old saying, “what you don’t know won’t hurt you,” does not apply to real estate law. Ignorance of the law is never an excuse. In the U.S., everyone is expected to know and follow the law, whether they are aware of it or not. For real estate owners, the legal landscape is full of […]
The Perils of Joint Property
People often set up bank accounts or real estate so that they own them jointly with a spouse or other family member. The appeal of joint ownership, specifically with survivorship rights, is that when one owner dies, the other owner(s) will automatically inherit the property without it having to go through probate. Also, joint property […]
How Are My Business Documents Relevant to My Estate Plan?
Studies consistently find that only about 25–35 percent of Americans have an estate plan, a shockingly low rate when you consider that, in the absence of a plan, the state—not you or your family—decides what happens to your assets, including your business interests. The overall business succession planning rate is higher, with about two-thirds of […]
Estate Sunset for 2026: What You Need to Know
As we approach the end of 2024, it’s crucial to be aware of significant changes on the horizon that could impact your estate planning strategy. One of the most notable changes is the estate tax exemption, commonly referred to as the “estate sunset” set for January 1, 2026. Understanding these changes and planning accordingly can […]
New Laws for Small Business Owners
As of January 1, 2024, new regulations mandate that certain small businesses in the United States must file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). Here’s an overview of the critical steps and requirements for compliance: Who Needs to File? Reporting Companies: Exemptions: Some entities are exempt from these reporting […]
The Rising Cost of Long-Term Care
Do you have a family member or client who is receiving some form of long-term care? If you don’t, the chances are good that someday you will – and that day may not be too far away. As the U.S. population ages and life expectancies increase, the need for long-term care is becoming an important […]
Mid-Year Check-Up: Is Your Estate Plan on Track?
As we reach the halfway point of the year, it’s a perfect time to revisit your estate plan and ensure everything is on track. Life can change rapidly, and your estate plan should evolve accordingly to protect your family’s future and reflect your current wishes. Here are five key areas to review during your mid-year […]
Every Parent’s Legal Checklist to Complete Before Sending Your Young Adult Off to College
As your child prepares to embark on the exciting journey of college life, there are numerous tasks to handle—packing, arranging accommodations, registering for classes, and more. Amidst all the excitement, one crucial aspect often gets overlooked: legal preparedness. Ensuring your young adult has the right legal documents in place can save a lot of trouble […]
10 Must Do’s Before You Leave For Vacation
Going on vacation is super exciting, but there are a few important things to take care of before you go. Here are 10 things you MUST do to ensure your trip is smooth and worry-free: 1. Purchase Travel Medical Insurance If you are going on vacation internationally or going on a cruise, make sure you […]
6 Tips for Caring for Elderly Parents
Many adult children wonder what their elderly parents may need and how can they can help provide it for them. You may constantly worry about your parents or other older loved ones, especially if you live far away from them. You can, however, take some simple steps to ensure your parents are safe as they […]
Trustee Training: Educating Your Successor Trustee
When creating a trust, selecting a successor trustee is one of the most critical decisions you’ll make. This individual will manage your trust assets and carry out your wishes after you are no longer able to do so. However, choosing the right person is only the first step. Ensuring that your successor trustee is well-prepared […]
Protecting Your Rental Property with an LLC
Owning a rental property can be a rewarding investment, but it also comes with its share of risks and responsibilities. One effective way to protect your property and manage these risks is by forming a Limited Liability Company (LLC). An LLC can offer several benefits, including liability protection, tax advantages, and streamlined estate planning. Here’s […]
Real Estate: Benefits of a Limited Liability Company
When it comes to real estate investments, choosing the right structure for ownership is crucial. Among the various business structures available, the Limited Liability Company (LLC) has become a popular choice for real estate investors. Here’s why an LLC might be beneficial if you’re involved in real estate: 1. Liability Protection for Real Estate One […]
Understanding Trust Administration
Trust administration is the process of managing the assets held within a trust according to the terms laid out by the trust’s creator (grantor). It involves overseeing the trust’s operations from the point of the grantor’s death or incapacitation until the final distribution of its assets. The objective is to ensure that the beneficiaries receive […]