A living trust is a legal document that allows you to transfer your assets into a trust during your lifetime. This can help your estate avoid probate, a potentially lengthy and expensive legal process. A living trust also provides privacy, as it does not go through the probate process, which is a matter of public record.
Author Archives: Skvarna Law
03
May
May
The Centers for Disease Control and Prevention (CDC), reports one in four US adults have some type of disability. Frustratingly, disability may render you unable to manage your own affairs. This is also known as being incapacitated. In this case, you will not be able to turn back the clock. So, make plans that will make your transition into a possible incapacity as smooth as possible. You can take meaningful actions prior to an incapacity. This protects your money, property, and legacy in the wake of any newfound limitations:
26
Apr
Apr
How you give or loan money to family members has potential tax implications. The right method depends on your family circumstances.
18
Apr
Apr
The legally valid written instructions that a person creates describing how they want their money and property distributed upon their death. Wills are highly recommended, but there is no legal requirement to have one. To make a will legally valid, it must be properly executed in accordance with state law. Executing a will involves signing the document in front of witnesses. Additionally, at the time of signing, the creator must have capacity (i.e., be of sound mind).
13
Apr
Apr
An important part of being a responsible business owner includes developing systems to help other people operate the company without you. A business succession plan clearly states who will take over specific roles, hopefully reducing any potential disputes between family members or key employees. If the business is sold after a transition event occurs, a comprehensive business succession plan will also clearly outline the sale price and purchase terms.
05
Apr
Apr
Pension and retirement accounts form a large portion of an individual’s wealth. Thus, make sure you account for them in your estate plan. If a retirement account holder completes a proper beneficiary designation, their account assets will bypass probate. Account holders often designate a surviving spouse or children as beneficiary, but they could also name a trust or a charity.
29
Mar
Mar
Communication with attorneys is protected by attorney-client privilege, which ensures confidentiality. Most nonlawyers cannot offer the same level of privacy, potentially jeopardizing sensitive information and creating legal risks.
22
Mar
Mar
Depending on who your beneficiary is, some options might be a better fit than others. It is important that you understand who your beneficiary is, what their needs are, and what your desired outcome is.
15
Mar
Mar
To avoid any unnecessary complications in the settling of your affairs, take care to avoid ambiguous or unclear language in your will. If there are any doubts about your last wishes, the executor and beneficiaries may wish to consult with an estate planning lawyer to discuss next steps.
Assets, Estate Administration, Estate Planning
Movie Estate Administration: What Hollywood Gets Wrong
08
Mar
Mar
In movies and television shows, there is often a dramatic scene where family members gather in a lawyer’s office for the reading of the will. The atmosphere is usually tense, and everyone is eagerly waiting to find out who gets what.