We all face challenges, that is life. However, sometimes events occur that result in a loved one being hospitalized or finding themselves in need of extensive care or worse, loss of a loved one. These are just some compelling reasons to work on your estate plan now. Making sure that you have an estate plan …
A good friend and client pointed out to me that I had not done a column on lettres of instruction. So, this week, that is the topic I will cover. A comprehensive estate plan often includes writing a Last Will and Testament to transfer your assets to your beneficiaries. Once you’ve passed away, the executor of …
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When you are married to someone who is significantly older or younger than you, planning for the future can be different for each of you. To make sure you and your loved ones are protected, it’s important to have a detailed financial and estate plan. To make sure your plan works as intended, you should …
As you near retirement, your approach to estate planning is different from other stages of your life. When you no longer earn a salary and benefits from a job, how will you sustain your new lifestyle? You must be able to afford your needs while securing your family’s future during retirement. This is where smart …
Continuing from last week’s column on partnerships, this week I will discuss some of the aspects of a corporation. One key point is that a corporation survives the death of one of its shareholders or officers. Partnerships cease upon the death of a partner. Deciding whether to incorporate: In deciding what type of organization …
Continue reading “What is the Difference Between a Partnership and Corporation? Part 2”
Met with a client recently to discuss the differences between a partnership, corporation and Limited Liability Corporation were. I thought that might make a good topic for this column and so I will start this week with describing a partnership. A partnership is an association of two or more persons to carry on as …
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It dawned on me the other day that, while I know what a Will is, maybe some of you do not. Therefore, in this brochure I will attempt to explain what a Will is and what the requirements are for one to be valid. A testator is a person who leaves a Will in force …
A well-crafted, up-to-date estate plan will help to protect you and your family. Yet, Forbes reports that nearly half of adults over the age of 55 do not even have a will—let alone a comprehensive estate plan. 55 is not a magic age, as there are many families that start much younger and need estate …
After reading a story about a grandmother who lied to a court (did not disclose she had been convicted of theft 4 times) in order to be appointed Guardian and Trustee. Then proceeded to embezzle $50,000 from her granddaughter (she spent granddaughter’s life insurance proceeds on beer, liquor and cigarettes), I thought it would be …
Everybody thinks it won’t happen to them. Or rather, everybody knows it’s going to happen to them eventually, but nobody thinks it’s going to happen tomorrow, or next week, or even next year. The “it” of which I speak is, of course, death. It is this perceived immortality that allows so many people to put …
Continue reading “The Comfort That Comes With Planning Ahead”
