Every business owner should have an asset protection plan, but it’s easy to get overwhelmed with day to day tasks and let this fall by the wayside. There are numerous reasons why it’s a good idea to start an asset protection plan, though, such as the fact that owning and operating a business can be [...]
In the majority of cases, a deceased person’s debts land in their estate for payment. If the amount of debt involved is substantial, however, it can be a shock for heirs to learn how much the size of the estate has been minimized due to debt payments. This is why more people are considering debt [...]
This month on the blog, Morton Elder Law is dedicating itself to all-things related to Estate Planning. Thoughtful planning is the only way to ensure your assets are going where you would like them to go, following your death. A Beneficiary Controlled Trust might be the best option for you and your loved ones. This [...]
If you’re ahead of the curve or right on time, you should be wrapping up your income tax preparation for the year. Being knowledgeable about where you or your business succeeded in the past year can be a wakeup call about revising your estate plan. Over the course of one year, a lot of things [...]
One of the cornerstones of elder law planning involves a durable power of attorney that helps you safeguard against a possible inability to manage your own affairs. While many people are familiar with the benefits of having a will to allow smooth distribution of assets upon death. Many people, though, skip out on planning for [...]
Business owners are continually focused on managing risks, expanding the company, and enhancing profitability. As your company grows, it’s especially important to look at your vulnerabilities on a yearly basis to evaluate the plans you already have in place as well as future plans you may need. One of the primary reasons to do this [...]
In early March, Representatives Kevin Brady and Sanford Bishop introduced an estate tax repeal bill currently known as HR 1105. Although this isn’t the first estate tax repeal bill to appear as possible legislation, it’s quite likely to head to the House floor for a vote. It would be the first estate tax repeal bill [...]
In the event that you or your spouse is facing a long-term care crisis and is concerned about spending down your assets quickly in order to qualify for Medicaid, it’s important to be aware of some of the potential pitfalls of acting too fast without carefully considering your options. Individuals who are not familiar with [...]
If you read yesterday’s post, you’ll know that wills and living trusts each accomplish three goals, but they are not one and the same. Neither document is likely to be a comprehensive solution for all your needs, so you’ll need to consider what time period you are planning for. If you are looking simply to [...]
Anytime you hit the Internet to do some kind of research, you’re likely involved in thinking about the situation at hand, how a product or service will fit into your own life, and any unintended consequences that might pop up during the way. Just as choosing a new car or new home involves the careful [...]
