You hope that the trustee who is responsible for managing the trust for your loved one is competent and honest. The trustee should manage the trust responsibly according to the wishes of the grantor. Unfortunately, not all trustees are trustworthy.
You started a business to be your own boss and to one day give your children an opportunity to take it over. It is important to remember that passing a company from one generation to the next is a process, not an event. You need to prepare them adequately, or you will find yourself among nearly two-thirds of family-owned businesses that do not last between the transition from first to second generation.
Although you may be familiar with the term "probate" as it relates to asset distribution after someone's death, probate litigation is a specific circumstance within this field. Probate courts deal with matters relating to the debts and property of a person who has died.
There are currently over 28 million small businesses in the United States, and that number is only going to get bigger. Over 543,000 small businesses open each month, and while a fair amount of those end up closing, a decent number will remain viable for years.
When people talk about estate planning, it can sometimes conjure up images and ideas of sprawling mansions, yachts, overflowing wealth and extensive assets. The truth of the matter, however, is that estate planning simply refers to planning how to distribute your assets after your death.
Many people may associate incapacitation with dementia and other mental health issues more likely to affect the elderly. However, a stroke often renders people unable to conduct their own affairs. In fact, according to the American Heart Association, it is the number one reason Americans suffer serious, long-term disabilities.
You may have heard that there are a variety of ways to leave your estate to your heirs so that you protect your assets from taxes and probate. Many of these hinge on whose name is on the title or account. Choosing the right type of ownership for your circumstances is essential, but keep in mind that what is "common knowledge" may be a misconception.
As someone in the real estate industry, you know that listing a property is usually fairly straightforward. Most of the time, you simply meet with the owners, negotiate with them and draft a listing agreement. Representing the owners throughout the listing process is generally easy.
You have a spouse, a daughter who is about to graduate college, two homes, three cars and an investment portfolio that keeps growing. You have an appointment with your attorney to talk about estate planning.
One reason many people in the Mokena area create estate plans is to reduce the amount of conflict that may occur between their family members after they die. They believe they only need to create wills. There are other estate planning documents they should consider using to protect their estates and prevent disputes.