History is filled with examples of celebrities who died without a will: Bob Marley, Prince, Howard Hughes, Pablo Picasso, Jimi Hendrix and even Abraham Lincoln.
It’s perfectly normal for aging parents who are currently completing their will along with their lawyer’s guidance, to leave the family home to their children.
A probate judge is an official of the county court system and a judicial official of the state who decides civil court cases that involve the probate process. Probate is the process of proving wills for those who have died with one (testate cases).
If you haven’t properly accounted for these things, your heirs may not be able to access these assets when you’re gone.
If having assets distributed outright to a beneficiary could cause potential problems, there are several reasons to think about creating a trust.
What could go wrong with this transfer of generational wealth? Several things, in fact.
The wealthiest taxpayers have many tools at their disposal to pay less to Uncle Sam. Some tactics, like donating to charity via trusts, might seem far-fetched but are perfectly legal.
When was the last time you updated, or even thought about, the beneficiary designations listed on your retirement accounts, life insurance, or annuity contracts? If you don’t remember, it’s time for a review!
If there’s one thing that’s certain, it’s life’s uncertainty. While we all hope for the best, as a business owner, it’s important to be prepared for anything. Having an answer to life’s curveballs can help you stay in business, ensure that your legacy lives on, and that your business partners and family are taken care of.
An LLC is a particularly flexible form of business entity that is governed by statute and most often is organized in the estate planning context as a ‘manager managed’ LLC.
