If you're fortunate enough to have a winning lottery ticket, it is important to carefully consider how you want to handle your unexpected windfall. There is an unfortunate pattern of lottery winners blowing their new wealth. You don't want to be one of them, even if your prize is much smaller than those mentioned.
When you start the estate planning process, your attorney will likely ask you about your bank accounts, life insurance, and house. But, you may also want to address what happens to your personal property (i.e. your 'stuff'). When deciding what items to explicitly mention in your estate plan, ask yourself the following questions: Does this item have monetary or sentimental value? Will someone want this? How does this item fit into my overall estate plan?
A new law called the Corporate Transparency Act (CTA) goes into effect on January 1, 2024. Under this law, owners of certain business entities must file a specific report with the federal government. In it, they must include details about the ownership of their entity...If you have an entity (corporation, LLC, family limited partnership, etc.) as part of your existing estate plan, read on for important information about how to comply with this new law.
While some AI programs can generate basic estate planning documents, such as wills, there's no guarantee they'll be accurate, valid, or enforceable. Providing detailed information and executing the documents in compliance with state law is critical.
Competent adults can create their estate plans at any time, but you may want to start the process sooner rather than later. You never know when life-changing medical or financial emergencies can happen. A sound estate plan ensures that your wishes are known.
If you're looking to move overseas, taxation and estate planning issues need to be considered. Escaping Uncle Sam is not as easy as hopping on a plane to a far-flung location. Americans living overseas retain financial obligations to the US government. Expatriates who live and own assets in more than one country need an estate plan that reflects their international life.
Purchasing a property with other people can help a buyer lower their individual costs while building equity. But, going in on a house together can also create trouble spots, including survivorship and inheritance issues.
A testamentary trust is created through the decedent's will and comes into existence at death. Assets must still pass through probate before the trust is funded and money is given to beneficiaries.
What happens if someone passes away before their debt is paid off? Or, what if someone loans a friend money and that friend dies before the loan is paid off? Can someone else collect on these debts? If your loved one dies and you believe they were owed money at the time of their death, keep the following in mind...