It is a proactive and prudent responsibility to set in place a written plan of succession for your business. Many small businesses go under after the death of the original owner because there was no clear plan in place. Business agreements are separate from the will...
Year: 2022
How are revocable and irrevocable living trusts different?
There are multitudes of ways to organize your estate, and trusts are a powerful component of that. There are many things that trusts can do that wills cannot, and most estate planners benefit from making use of trusts. The two varieties of a living trust are revocable...
4 easy ways to start estate planning
Estate planning can seem like a daunting or depressing task. However, without proper planning, you will not have a say in how the state divides your assets. If the process seems difficult, make small, simple steps to at least cover the basics of estate planning. 1....
What things cannot go in a will?
Putting together a will is an important first step when you create your estate plan. This document allows you to dictate how to distribute your personal property after your death. According to a recent Gallup poll, only 46% of Americans have created a will. If you...
When is it time to update your estate plan?
How to choose a power of attorney
A Power of Attorney plays a very important role in your estate planning. The person you designate must act in your best interests and can make decisions on your behalf should you become incapacitated. Choosing the right person for this role can be difficult. This...
Important estate planning documents other than your will
There is a lot more to estate planning than writing out your last will and testament. If you want to ensure your heirs can follow out your wishes in the quickest and most effective manner after your passing, you will need to provide as much detail about your estate as...
When do federal estate taxes apply?
Whether you have already set up an estate plan or you find yourself in the early stages of the estate planning process, it is pivotal to take a look at estate taxes if you have significant assets. In fact, federal estate taxes could apply, depending on the value of...
How important is a power of attorney?
The idea of people using your money without your consent can feel like a major violation. However, this is what often happens during emergency situations when no power of attorney is in place. Your decision to name a power of attorney as part of your estate plan can...
How can I develop my business succession plans?
It is important to consider what will happen when you step down as the owner of your business. You may also have key positions that will need filling if your current company leaders move on or retire. A good succession plan can help you realize a smooth transition and...