5 Common Mistakes When Forming an LLC
5 Common Mistakes When Forming an LLC An LLC is a limited liability company. This is an entity that can protect your personal assets from business liabilities. There are legal and tax implications when setting up an LLC. However, there are common mistakes when forming an LLC that people make. In this article, we will go over 5 of those mistakes and how to avoid them. You Fail to Create an Operating Agreement An [...]
Qualified Domestic Trust (QDOT)
Qualified Domestic Trust (QDOT) A Qualified Domestic Trust, or QDOT, is a special type of trust that you can use for estate tax planning. In this article, we will go over what a Qualified Domestic Trust is and how it works. Marital Deduction Under IRS Section 2056A the surviving spouse is eligible to deduct 100% of assets when it comes to reporting estate taxes. However, if the surviving spouse is not a US citizen [...]
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 [...]