Wrongful Death and Probate
Wrongful death lawsuits and probate proceedings are both civil legal matters that occur after somebody has died. While probate proceedings are fairly common when a person dies, very few deaths give rise to a wrongful death claim. However, wrongful death and probate can intersect if somebody dies due to another’s misconduct.
Corporate Transparency Act Update
Under the Corporate Transparency Act (CTA), which took effect January 1, 2024, many business entities including small limited liability companies (LLCs) and partnerships are required to file reports with the Treasury Department’s Financial Crime Enforcement Network (FinCEN). In these filings, applicable businesses must disclose important information about their entity. However, recent developments have called into question the constitutionality of these requirements.
What You Can Learn from the Leno Conservatorship Proceedings
When most people think about creating an estate plan, they usually focus on what will happen when they die. They typically do not consider what their wishes would be if they were alive but unable to manage their own affairs (in other words, if they are alive but incapacitated). Recently, comedian and late night talk show host Jay Leno had to seek court involvement to handle his and his wife’s estate planning needs due to his wife’s incapacity.
What You Need to Know About Self-Canceling Installment Notes
A self-canceling installment note (SCIN) is a promissory note that can be used to transfer valuable accounts and property from one person to another with minimal gift and estate tax consequences due to a clause in the promissory note that states the buyer’s obligation to repay the loan ends upon the death of the seller.
Lucille Ball: Dangers of Being the First to Die
Lucille Ball was the queen of television comedy to an older generation of Americans. Today, more than 70 years after I Love Lucy premiered, reruns still air on late-night networks. There are also real-life lessons to learn from Ball, including from a lesser-known episode involving her daughter and her widower’s second wife that provides important estate planning lessons about remarriage.
Qualified Domestic Trusts: Your Jumpstart to Protecting Your Noncitizen Spouse
Married couples love each other and want the best for each other. Establishing a comprehensive estate plan is one way to provide the best for each other. Not only does an estate plan protect you when you are unable to care for yourself during your lifetime, but it also protects your hard-earned money and property after your death for those you love. When your spouse is not a US citizen, it becomes even more crucial to have the proper estate planning tools, especially if you have a high net worth.
Estate Planning Lessons We Can Learn from These Famous Moms
Every parent wants to see their children succeed. But some may wonder whether an inheritance will help promote or hinder the future success of their children. Famous mom Gloria Vanderbilt was staunchly against trust funds for her kids. And at least one of them applauds her decision.
Are Pensions Treated the Same in Your Estate Plan as Other Retirement Accounts?
Pension and retirement accounts often form a large portion of an individual’s wealth and should be accounted for in an estate plan. The benefit and beneficiary rules applicable to different types of retirement accounts vary and should be discussed with an estate planning attorney, especially with the recent passage of the SECURE Act.
5 Essential Legal Documents You Need for Incapacity Planning
Comprehensive estate planning involves more than just planning for your legacy after your death, avoiding probate, and reducing taxes. Good estate planning also appoints people to make legal, financial, and medical decisions for you if you are alive but unable to make those decisions for yourself (in other words, if you are incapacitated).
Intrafamily Loans and How They Work
An intrafamily loan is a financial arrangement between family members—one who is lending and another who is borrowing. An intrafamily loan may be used to help a family member who needs money for a number of reasons.
Passing the Torch: Smart Business Succession Strategies
For many business owners, their business is one of the most valuable and important things they own. When it is time to sit down and create an estate plan, it is critical that business owners plan for their business. All businesses need a succession plan, but many business owners overlook it.
The Power of Purpose: Unveiling the Impact of Charitable Giving
Giving money to charity can provide personal and financial benefits to donors and be a part of the legacy they leave behind. If you are thinking about making a charitable gift—either now or when you pass away—there are some things to be aware of so you can make the most of your donation.