Many married couples share almost everything, including finances. This may be reflected in their estate plan by using one joint living trust instead of two separate trusts. Separate trusts can provide greater flexibility, but a joint trust can be structured so that when one spouse passes away, the trust is split into two subtrusts: a survivor’s trust and a decedent’s …
With the increased coverage of artificial intelligence (AI) and all of the applications it can have in our everyday lives, some people may wonder whether an AI program can create an estate plan for them. While AI may be able to generate basic estate planning documents, including wills and trusts, there is no guarantee that they will be valid and …
Today, many estate plans contain an irrevocable trust that will continue for the benefit of a spouse’s lifetime and then continue for the benefit of several generations. Because trusts like these are designed to span multiple decades, it is important that they include trust decanting provisions to address changes in circumstances, beneficiaries, and governing laws. What is trust decanting? When …
Due diligence is the process of obtaining and verifying information about a company or person in preparation for a business transaction, such as an acquisition, merger, or potential new business partner. Generally, due diligence provides information about the company being considered for purchase and its operations, with an eye toward risks that could cause future problems. Obtaining details about pending …
Estate planning can be a significant part of successful financial management, especially for married couples. One key consideration is minimizing estate taxes, which can substantially affect the distribution of money and property to a married couple’s loved ones. What Are Gift and Estate Taxes? In 2024, a $13.61 million federal exemption per person for gifts and estate taxes means many …
In the digital age, our online presence extends beyond social media. Platforms like Twitch, where users engage with live-streamed content, present unique considerations when it comes to estate planning. Do you know what happens to a Twitch account after an individual passes away? If you die and a loved one needs to take care of your estate, the following information …
On February 16, 2024 the Supreme Court of Alabama decided in LePage v. The Center for Reproductive Medicine, P.C. that fertilized eggs are children for the purpose of Alabama’s wrongful death of a minor statute. The court held that all ‘unborn children’ whether inside or outside the womb are protected within the plain language of the statute. Alabama’s Wrongful Death …
Some trusts are irrevocable as soon as they are created, which means that, in general, the trustmaker (the person who created and funded the trust) cannot terminate or modify it and take back the money or property that it holds. You may wonder why anyone would want an irrevocable trust, but irrevocable trusts can provide some very important benefits, particularly …
In general, the answer to the title question is yes, your trust can own your business after you die. However, there are a number of considerations that may impact the answer to this and the following questions. One consideration is the type of business interest you own. Is your business a limited liability company (LLC), a partnership, a corporation, or …
The United States hosts the highest number of immigrants in the world, but increasingly, Americans say they are looking to relocate permanently to another country. A large percentage of wealthy Americans are also interested in buying real estate overseas and living there at least part-time. While moving overseas is often a lifestyle decision, the practical implications of living abroad, including …
In this episode of The Billable Mom, Cari speaks with Tiffany Dowell Lashmet, a mom of two and an Extension Agricultural Law Specialist with Texas A&M AgriLife Extension. She’s deeply engaged in her family’s show lamb operation in New Mexico and cattle raising in the Texas Panhandle. Tiffany also authors the Texas Agriculture Law Blog and Always a Farm …
The Billable Mom with Cari Rincker, Episode 1 Welcome to The Billable Mom with Attorney and Mother Cari Rincker. In each episode of The Billable Mom, Cari will speak with other billable moms about working motherhood and the struggles to juggle it all. Our time is precious, both at work and at home. Cari and her guests will explore time …