Social media is a relatively new phenomenon, and the law is just beginning to catch up with the issues that are being raised for businesses.
Oftentimes, the idea of "estate planning" can seem overwhelming. However, estate planning at its most basic level is simply making decisions about who should receive your assets when you die and creating a plan that efficiently transfers ownership of the assets at the time of your death to your intended beneficiaries.
A growing number of older people don't have a spouse, children or other close relatives. One of the biggest concerns for people in such a situation is how to prepare in case they become disabled or incapacitated.
Often, one of the hardest decisions people make in the estate planning process is how much (and when) to tell their children or other heirs about their plans.
Even if you have a relatively modest estate, life insurance can be an important part of your estate planning for the obvious reason that it can substantially increase the estate’s value. In the case where there’s a premature death and a young family is in need of support, life insurance may be the primary means for that family's financial survival.
The following guest blog is written by Ted Kotsakis, Chief Executive Officer of PLUS Financial Network. He has been in the insurance business since 1985 and has held managerial positions with Prudential and AIG Life prior to creating PLUS Financial Network.
Did you know that if more than 50% of the interests in a partnership or LLC are transferred within a 12-month period, the business technically ceases to exist under federal tax law?
That is true even if the business continues to operate as normal for all other intents and purposes.
A trust is oftentimes the foundation of a solid estate plan. It is important to remember that you just can't set up a trust and forget about it. It is a good idea to periodically review how your trust is working to make sure you and your family are getting the full benefit of the trust document and its terms. Not doing so can sometimes lead to unintended results.