Legacy planning is a more complete type of estate planning. When you consciously craft your legacy, you can take steps to have an impact after you are gone on multiple levels. Let’s look at the details. Legacy Wealth Planning If you have a significant store of wealth you will be passing along to … [Read more...] about Legacy Planning: What Is It and What You Need to Know
Many Estate Planning attorneys shy away from business succession planning, but if you approach it like you do any other asset, it’s not so scary! First, it’s important to understand that entities involve not just the business relationship, but family relationships as well. Often, businesses start … [Read more...] about Business Succession Planning May Be Easier than You Think
There is a legal process that enters the picture when you record your final wishes in a simple will. You name an executor to act as the administrator, and the will is admitted to probate after your passing. The probate court will supervise while the estate is being administered. Final debts are … [Read more...] about Is Every Inheritance Subject to Probate?
The federal estate tax can have a very significant impact on your legacy. It carries a 40 percent rate, and most people would say this is a very heavy dose of taxation. We are going to provide some information about the tax in this post, and we will highlight a change that will kick in when the … [Read more...] about Bloomberg Tax: Estate Tax Exclusion Will Rise Significantly in 2023
If you are the owner of a small business, you may start out as a sole proprietor while you are trying to find your footing. It takes a lot of focus and hard work to get a new business off the ground, so you may not think about some of the finer details. This is understandable, but at some point, … [Read more...] about Asset Protection Is a Must for Small Business Owners
When you are looking ahead toward your retirement years, you may be omitting a very big expense from your projected budget. According to the United States Department of Health and Human Services, 35 percent of seniors will eventually reside in nursing homes. Genworth Financial tells us that the … [Read more...] about These Unexpected Expenses Can Destroy Your Legacy