Estate Planning for Blended Families
Estate Planning for Blended Families Blended families occur when people with children from previous relationships enter a relationship and start a new family unit. Sometimes this even includes children that result from the new relationship. Estate planning can be complicated in these situations. In this article, we will go over some of the basics of estate planning for blended families. No Estate Plan The worst thing you can do is have no estate plan [...]
Preparing for Your Estate Planning Appointment
Preparing for Your Estate Planning Appointment When preparing for your estate planning appointment you may not be sure what to expect. It can feel overwhelming, but with the right information you will find it is pretty simple to prepare. In this article, we will go over the basic information you need when preparing for your estate planning appointment. Beneficiaries Beneficiaries are who you can inherit your assets. For your appointment you will want to [...]
Uses of an Irrevocable Trust
Uses of an Irrevocable Trust An irrevocable trust is a type of trust that you cannot change once it has been created. They can be expensive and complex, but they do have special estate planning provisions. In this article, we will go over 3 uses of an irrevocable trust. Qualify for Medicaid Medicaid is a government assistance program that can help pay for long term care for low-income individuals. The issue comes for those [...]
7 Estate Planning Misconceptions
7 Estate Planning Misconceptions Estate planning can be complicated. There are many estate planning misconceptions that make it seem even more complex. In this article, we will clear up 7 estate planning misconceptions. 1. If You Die Without a Will, the State Gets Your Assets One of the common estate planning misconceptions is that if you die without a will, the state will get your assets. This is not true. If you die without [...]
12 Estate Planning Steps to Take Before You Die
12 Estate Planning Steps to Take Before You Die While you may not have a large or complex estate it is still important to be prepared. Estate planning is the process of putting your affairs in order to help your loved ones deal smoothly with incapacity or death. In this article, we will go over 12 estate planning steps to take before you die. 1. Itemize Your Inventory You should make a list of any [...]
Member Managed vs. Manager Managed LLCs
Member Managed vs. Manager Managed LLCs Once you choose an LLC as your business entity structure you need to decide on the management structure of your LLC. You can choose member managed vs. manager managed. In this article, we will go over what these types of management structures mean and how they work for you. LLC Management An LLC limits the owner(s) liability when it comes to business debts and obligations. Whoever oversees management can [...]