When you agreed to execute your friend’s estate, you probably never thought the role would involve selling some of the estate’s assets. Yet this may be necessary. There are two reasons to sell an estate’s assets Executing an estate is not always straightforward. Here...
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Estate Planning
Don’t forget about your business when estate planning
As a small business owner, it helps to realize that you cannot think about estate planning without including your business. If you fail to plan for succession, you may inadvertently devalue one of the most valuable assets you have to leave. What is business succession...
Why 2021 might be the time to update your estate plan
The current world situation has considerably reduced the country’s coffers. The government has needed to provide financial support to individuals and businesses. They may need to offer more. At some point, recuperating some of that money will become a priority....
Don’t forget these things when estate planning
When you think about creating an estate plan, some things are immediately apparent. For example, it is unlikely you will forget to arrange for your children to inherit your house. Yet, many people fail to make arrangements for other assets they own. If you forget to...
Teach your children to handle money before you leave it to them
All those hours you spent slaving in the office will be in vain if your children burn through the assets you leave them while your ashes are still warm. Taking the time to teach your children about money while you were alive can help ensure what you leave outlasts...
The importance of choosing the right health care proxy
There may come a time due to an accident or illness when you cannot make health care decisions for yourself. As part of your estate planning, you need to appoint someone who can step in and make medical decisions on your behalf. They are known as a health care proxy....
What is a conservatorship, and how can you plan to avoid it?
Thousands of people go missing every year in the United States. While many soon turn up, some never do. If you were to go missing, it could have a negative financial impact on your family, aside from the sense of worry and loss. They might need to seek conservatorship...
Paying tax when you transfer your estate is not inevitable
Benjamin Franklin once said that “nothing is certain except death and taxes.” While death certainly is inevitable, paying taxes on death is not. Avoiding or reducing the tax you pay when transferring your estate is one of the key estate planning goals. You may not own...
Will my children have to pay my medical debt?
Nursing homes are not a worldwide phenomenon. In many cultures, people expect children to care for their elderly parents themselves. Despite the ubiquity of care homes in the United States, you may be surprised to know that some states, including California, have laws...
Include pieces of art in an estate plan
When creating an estate plan, you must include all the assets you own. If you forget to include items, it could delay the distribution of your estate and lead to conflict among family members over who gets those items. One of the assets that people often overlook is...