If you’re tempted to use a DIY estate planning service or have already created a plan you aren’t 100% confident in, be sure to read how these three simple mistakes can derail your estate plan and leave your family with an expensive mess. We regularly meet with clients who ask us to review an estate plan that they created online or with an attorney who isn’t experienced with estate planning. You see, these clients usually think they found a faster and cheaper solution to estate planning, but once the plan is signed and done, they’re often left wondering whether this “cheap” plan will actually a ..read more

If you are running a business, it’s easy to prioritize estate planning less than your other business matters. After all, if you’re facing challenges meeting next month’s payroll or your goals for growth over the coming quarter, concerns over your potential incapacity or death can seem far less urgent. But the reality is considering what would happen to your business in the event of your incapacity or when you die is one of your most pressing responsibilities as a business owner. Although estate planning and business planning may seem like separate tasks, they’re inexorably linked. And given th ..read more

I know discussing topics like death, incapacity, and other potentially frightening life events, with someone like me, an estate planning lawyer, may feel intimidating or even morbid. Take a deep breath and relax… it doesn’t have to and shouldn’t be that way. Hiring a lawyer to help you make wise decisions for life and death can be the most empowering choice you ever make for yourself and your loved ones. The way I explain it to my friends and family is, “estate planning isnt about planning for your death, it’s about planning for your life.” So, with that frame in mind, let’s talk about how to ..read more

Keeping your finances in order is crucial for the success of your business. Even if you're running a small operation, bookkeeping is a critical component that cannot be overlooked. While it may not be the most exciting task, it's important to ensure accuracy to avoid costly mistakes that could hurt your business in the long run. As the person responsible for completing these tasks, it's important to recognize that you may not have the same level of accounting expertise as larger businesses that can afford to hire specialized professionals. That's why it's crucial for you to educate yourself on ..read more

As the world and its laws continue to evolve, everyone needs to keep their estate plans up to date. An estate plan is a set of documents, such as a will or trust, that dictate how assets will be distributed upon death or incapacity. An individual's current legal and financial situation should be considered to create a comprehensive estate plan tailored specifically to their needs. Ensure That Your Wishes Are Respected The primary reason to update an estate plan is to ensure that an individual's wishes are respected upon death. For example, suppose an individual has recently acquired valuable p ..read more

In most cases, from the most sophisticated business people with the highest net worth to those just starting in the workforce and on their path to adulthood, you very likely do not know how to evaluate estimates when shopping for an estate plan. Shopping for an estate plan based on getting the lowest cost plan possible is often the fastest path to leaving your family with an empty set of documents (maybe in a beautiful binder, but not worth the paper they are written on) that won’t work for your family when they need it. Unfortunately, we see the negative effects of cheap estate planning when ..read more

One of the main reasons to up your business as a corporation or limited liability company (LLC) is to shield your personal assets from debts and other liabilities incurred by your business. Corporations and LLCs exist as separate legal entities from their owners, allowing the business to acquire assets, enter into contracts, and take on debt. In turn, if your business cannot pay its debts, creditors can go after your company’s assets, not your personal ones. However, there are several circumstances in which a business owner can be held personally liable for the debts of a business, and you nee ..read more

Being asked by a loved one to serve as Trustee for their Trust upon their death can be quite an honor, but it’s also a significant responsibility—and the role is not for everyone. Indeed, serving as a Trustee entails a broad array of duties, and you are both ethically and legally required to execute those duties or face potential liability. Before you say yes, be sure you understand what it means to be a Trustee. In the end, your responsibility as a Trustee will vary greatly depending on the size of the estate, the type of assets covered by the Trust, the type of Trust, how many beneficiaries ..read more

You’ve probably heard you need a trust to keep your family out of court and maybe out of conflict in the event of your death or incapacity. And, if you haven’t, you are hearing it now. If you own any “probatable” assets in your name at the time of your incapacity or death, your family must go to court to access them. If you aren’t sure if your assets are “probatable” contact us to discuss. But you may need clarification about whether you need a revocable living or irrevocable trust. More and more, we are seeing people come our way asking for a irrevocable trust, and so this article is designed ..read more

According to the Federal Trade Commission, an individual’s debt does not disappear once that person dies. Rather, the debt must either be paid out of the deceased’s estate or by a co-creditor. And that could be bad news for you or the people you love. What exactly happens to this debt can vary. One of the purposes of the court process known as probate is to provide a time period for creditors to make a claim against the deceased’s estate, in which case debts would be paid before beneficiaries receive their inheritance. But if there is nothing in the probate estate and all assets are held outsi ..read more