A family office provides management services to a family whose businesses and wealth have become too complex and significant to manage by themselves. A family office often combines investment, legal, and tax services along with lifestyle and administrative services, such as making travel arrangements or coordinating the use of the family’s private aircraft. In addition to supporting and simplifying a …
In estate planning circles, the word “probate” often carries a negative connotation. Indeed, for many people—especially those with valuable accounts and property—financial planners recommend trying to keep accounts and property out of probate whenever possible. That being said, the probate system was ultimately established to protect the deceased’s accounts and property as well as their family, and in some cases, …
Getting ready to embark on your next great adventure? Before you zip up the last suitcase, here are five issues you need to address to protect yourself and your loved ones. Do you have a foundational estate plan? Has it been reviewed? An estate plan is a set of instructions memorialized in legal documents that explains to your trusted decision …
Although your death is probably a long way off, it is important that you have a plan to ensure that your affairs are settled in the way that you want. An estate plan crafted by an experienced estate planning attorney is a legally enforceable set of documents that allows you to name who will have the authority to make decisions …
When somebody dies without a legally recognized will, their money and property are typically subject to default state rules that determine who will receive it. To assert control over who will receive their money and property and who will wind up their affairs, many people choose to have a will prepared. In order for a will to carry out the …
The news that you will be receiving an inheritance is often bittersweet because it means that somebody close to you has passed away. But you might also have mixed emotions about your inheritance for reasons that have to do with the actual accounts or property you are inheriting. On the one hand, you might not want to reject your inheritance …
Among the superheroes, Batman is unique because he has no superpowers. Although he is trained in the martial arts and possesses a range of high-tech gadgetry that allows him to fight crime, Batman is entirely human. He does not have genetic mutations, X-ray vision, overpowering physical strength, flying ability, genius-level intellect, or any other god-like powers. But Bruce Wayne does …
Cryptocurrency’s popularity has rapidly increased in recent years, with more people buying and selling it. Here are three things you need to know about cryptocurrency in relation to your estate plan. Beware of the Tax Consequences Transferring your cryptocurrency to other people, either during life or at your death, could have income, estate, and gift tax consequences that are important …
Ideally, when someone passes away, the paperwork and material concerns associated with the deceased’s passing are so seamlessly handled (thanks to excellent preparation) that they fade into the background, allowing the family and other loved ones to grieve and remember the deceased in peace. In fact, the whole business of estate planning—or at least a significant piece of it—is concerned …
What is a land trust? The use of the phrase “land trust” can often lead to confusion, as it relates to a few completely distinct concepts. On the one hand, a land trust may refer to an estate planning tool wherein title to the land is held by a trustee at the owner’s request. On the other hand, a land …
When you pass away, your family may need to sign certain documents as part of a probate process in order to claim their inheritance. This can happen if you own property (like a house, car, bank account, investment account, or other asset) in your name only and you have not completed a beneficiary, pay-on-death, or transfer-on-death designation. Although having a …
While it is an honor to be named as a trusted decision maker, also known as an executor or personal representative, in a person’s will, it can often be a sobering and daunting responsibility. Being an executor requires a high level of organization, foresight, and attention to detail to meet responsibilities and ensure that all beneficiaries receive the accounts and …