Periodically Dan Penning will appear in the local media to discuss various matters relating to Cottage Law, Estate Planning, Business Succession Planning and Asset Protection.
Families Preserve Their Best Memories of the Family Cottage Through Succession Planning
Spring triggers the annual migration of cottage/cabin owners back to their summer homes after the long, cold winter – or, for those more fortunate, spending time at warm climate retreats. Spring also brings the excitement and anticipation for a new season of warm, muggy nights, fishing, watersports, campfires, and the constant coming and going of family members and guests at the family cottage.
As life circumstances change (birth, marriage, divorce, death), it may become necessary to make changes to your estate planning documents. If estate planning documents are not kept up-to-date, they can become useless. The best way to make changes to estate planning documents is to either restate an estate plan in its entirety or make specific changes to documents like a will through a codicil or a trust through an amendment to the trust.
Have You Included Your “Digital Assets” in Your Estate Plan? Part 2 -- Does Your Estate Plan Include Provisions Regarding Your "Digital Assets"?Thu, 04/03/2014 - 09:25 — superadmin
In last week's blog, I introduced the concept of including digital assets in your estate plan. Today's blog is a follow-up providing additional substantive information regarding estate planning issues and planning for digital assets.
Why Think About Digital Assets?
Have You Included Your “Digital Assets” in Your Estate Plan? -- If You Die, What Happens to Your Computer and All the Information Stored on it Or That’s Accessible Through Internet Access to Third-Party Sites?Thu, 03/27/2014 - 11:13 — superadmin
Most all of us have “digital assets” of one type or another. A digital asset is a computing device (computer, smartphone or tablet); data storage device or medium, or all electronically stored information (data) like user accounts; or domain names and perhaps even intellectual property rights for someone engaged in a digital-type business, such as designing websites, applications or similar digital resources.
As part of a recent series, I wrote an article about various issues involved with making sure beneficiary designations on such matters as Individual Retirement Accounts (IRAs), 401(k) accounts, life insurance policies and other similar retirement benefit accounts.
Over the past 20 years, many individuals established Qualified Personal Residence Trusts (QPRT) whereby an individual transferred title of his/her real estate to a QPRT, which essentially leveraged the value of the gift made to the trust by deducting the value of the transferor retaining use and enjoyment of the property for the term of years of the QPRT.
Title VII of the Civil Rights Act of 1964 prohibits the creation of a hostile work environment based on the prohibited forms of discrimination, such as discrimination based on sex or race. To hold an employer liable for the harassment, the plaintiff must show that the work environment was so pervaded by discrimination that the terms of employment were altered. Isolated or trivial occurrences are not likely to be sufficient.
The Winter of 2014 – Slip Sliding Away ... How Accumulations of Ice and Snow Affect Property Owners' Liabilities to Third PartiesThu, 01/30/2014 - 14:30 — superadmin
Under most states’ premises liability laws, a landowner owes duty to use reasonable care to protect individuals from unreasonable risks of harm posed by dangerous conditions on the owner’s land. This duty is breached when the owner knows or should know of a dangerous condition on the premises of which the third party is unaware and failed to fix the defect, guard against the defect or warn the third party of the defect.
The “Status” of a Third-Party Visitor to the Premises Dictates the Landowner’s Duty