We get it, losing your job feels like a crisis. But, you can turn this crisis into an opportunity as long as you take steps to protect yourself and your family. Don't panic. Here are three things you can do to stay afloat during this in between stage.
There will come a time when someone needs to take over (either because of illness or death). When that time comes, it can be helpful to divide the responsibilities between two or more successor trustees. For example, you may decide to have one trustee manage accounts and property and another trustee handle distributions to beneficiaries.
The family’s first inclination when encountering piles of old books might be to donate them to charity or throw them away. But getting rid of a book collection without first assessing it could be a mistake.
Owning your own business or investment portfolio can be incredibly rewarding. But if you don't protect it, all your hard work could be for nothing. Some of our clients choose to create a family limited partnership (FLP) to protect their assets, themselves, and their families from taxes, creditors, and probate.
Your retirement account may be one of the most valuable things you own. Many people choose to name their children as the beneficiaries of these accounts. They think it is a way to easily transfer their wealth if something happens to them. But, that assumption is only partially true. Some factors make this type of transfer more complicated than you might think, especially if your child is a minor.
Raquel Welch, the famous actress, passed away in February 2023 at the age of 82. She appeared in over 30 movies and 50 TV series, won a Golden Globe Award, and has a star on the Hollywood Walk of Fame. But, Welch was more than an actress. She was also a savvy entrepreneur with several successful business ventures including a fitness program and wig line.
If you have a minor child that depends on you, you need an estate plan. Who will care for your child if you're unable to? And how will your child be financially supported? An estate plan allows you to address these concerns surrounding your child's care and custody. You can also provide instructions about how your money and property should be used for their benefit.
Don't let the unexpected ruin your well-deserved vacation. Review your estate plan, appoint a financial manager, review insurance coverage, and make plans for minor children.
If you want to provide your loved one with an inheritance, while protecting them from estate tax and asset protection risks, a beneficiary-controlled trust may be right for you.
An LLC is a great vehicle for asset protection and probate avoidance. To ensure that you can take full advantage of the benefits associated with an LLC, it's critical that you follow the rules.
