Category Archives: Assets

What is a Living Probate?

Living Probate Skvarna Law

When someone is unable to manage his or her own affairs – often due to illness or older age – family members may seek court intervention to appoint a conservator or guardian. The court-appointed individual makes financial decisions on behalf of the incapacitated person. The same person (or sometimes someone different, also appointed by the court) takes over control of everyday matters, including medical decisions. These living probate proceedings are public, time-consuming, and expensive.

Probate Pros & Cons

WHAT YOU SHOULD KNOW ABOUT PROBATE TEXT WORD CLOUD CONCEPT

It is essential to recognize that the probate system, originally designed to protect property when someone passes away, serves a valuable purpose. So, is there any redeeming value in probate? The answer is a resounding “Yes.” Let’s delve into the pros and cons of probate.

How to Modify an Irrevocable Trust

3D Isometric Flat Vector Conceptual Illustration of New Year 2024 Environmental Legislation, Pollution Prevention Laws

If you are not sure whether an irrevocable trust is still a good fit or if you wonder whether you can benefit more from your trust, we are happy to meet with you so we can analyze your current trust. Perhaps modifying or terminating your irrevocable trust is a good option. Making that determination simply requires a conversation about your goals and a review of the trust itself. Please call our office now to schedule time to review your current trust or discuss the potential benefits that a trust can provide to address your unique situation and goals.

Conservatorship: Michael Oher Controversy Explained

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A conservatorship is a court-ordered arrangement that gives one person (or multiple people), called a conservator, legal authority to manage the affairs of another person, known as a conservatee or ward. Conservatees are often children. Incapacitated adults and those with developmental or age-related disabilities often enter conservatorship.

Can AI Programs Write Your Estate Plan?

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Some state laws are complex and hard to understand, and you may not know enough specifics to offer the correct information about your situation or verify that AI has properly generated or created your will or trust. Additionally, your final documents may contain wording, formatting, and grammatical errors that make them unenforceable. 

A Purpose Trust: Succession Planning

Dart arrow or dartboard hitting on number target center with miniature wooden house models. Success Gold of property mortgage or real estate investment business concept, vintage tone, soft focus

In September 2022, Yvon Chouinard, the founder of Patagonia, a $3 billion clothing company, transferred the voting stock of the company to a purpose trust designed to further his lifelong goal of fighting the environmental crisis. In a message from Chouinard on Patagonia’s website, he explained that his desire was for the company to continue to pursue its stated purpose: “We’re in business to save our home planet.”

Heirs: How to Teach Them to Share Assets

People Reaching for Savings from the Same Piggy Bank Vector Cartoon

To mix things up to distribute assets, once everyone has had an opportunity to make their first selection, the person who drew the largest number can start the second round, continuing in reverse sequential order. For the third round, the person who drew number 1 can start, and the selections continue in sequential order.

When To Start Estate Planning

Businessmen are ready to hit the road.Starting from the ground up is a good idea when planning a business.

When to start planning for your estate depends on your goals and the size and complexity of your estate. If your estate involves business interests, multiple properties, significant investments, or complex family dynamics, creating a comprehensive plan may require more time.

Estate Planning Stuff

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When crafting your estate plan, it is important to understand what you have and who you want to leave it to. But you may also want to speak with your beneficiaries before creating your plan to find out if the person you plan to give an item to wants the item, particularly if the item has storage or maintenance requirements that the person will be responsible for.