Bypass Trusts
Changing Uses for Bypass Trusts
Every year, each individual who dies in the U.S. can leave a certain amount of money to his or her heirs before facing any federal estate taxes. For example, in 2010, a person who died could leave $3.5...
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Buy-Sell Agreements and Your Small Business
Overview: Buy-Sell Agreements and Your Small Business
If you co-own a business, you need a buy-sell agreement. Also called a buyout agreement, this document is essentially the business world’s equivalent of a prenup. An effective buy-sell agreement helps prevent conflict between the company’s...
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Senior Citizens and Bankruptcy
Senior Citizens Comprise Growing Demographic of Bankruptcy Filers
It’s called your “golden years” but for many seniors and baby boomers, there is no gold and retirement savings are too often insufficient to maintain even basic living standards of retirees. In fact, a recent...
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Umbrella Insurance
Umbrella Insurance: What It Is and Why You Need It
Lawsuits are everywhere. What happens when you are found to be at fault in an accident, and a significant judgment is entered against you? A child dives head-first into the shallow end of...
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You’ve Finally Done Your Healthcare Directives – Now What?
You’ve Finally Done Your Healthcare Directives – Now What?
Healthcare directives can be vitally important, as recent cases, like that of Terry Schiavo, clearly brought to light. These important documents can mean the difference between your health care wishes being carried out or...
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Beware of “Simple” Estate Plans
Beware of “Simple” Estate Plans
“I just need a simple will.” It’s a phrase estate planning attorneys hear practically every other day. From the client’s perspective, there’s no reason to do anything complicated, especially if it might lead to higher legal fees. Unfortunately,...
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Family Business: Preserving Your Legacy
Family Business: Preserving Your Legacy for Generations to Come
Your family-owned business is not just one of your most significant assets, it is also your legacy. Both must be protected by implementing a transition plan to arrange for transfer to your children or...
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Overview of Life Estates
Overview of Life Estates
Establishing a Life Estate is a relatively simple process in which you transfer your property to your children, while retaining your right to use and live in the property. Life Estates are used to avoid probate, maximize tax benefits...
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Do I Really Need Advance Directives?
Do I Really Need Advance Directives for Health Care?
Many people are confused by advance directives. They are unsure what type of directives are out there, and whether they even need directives at all, especially if they are young. There are several types...
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