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Business partners typically share certain priorities. They both want the company to succeed and become profitable. They may aspire to change or dominate a certain industry. Business partnerships can last for decades, with each partner performing key job functions and...
Beneficiaries, such as adult children, often assume that their parents are going to split up assets evenly. If a child has two siblings and knows that their parents have roughly three million dollars in cash assets, they may assume that each one of them is going to...
You know that you want to use a power of attorney. Maybe you are making your estate plan and thinking about the future. You could have a stroke that leaves you suddenly incapacitated in the hospital. With a power of attorney, you can choose a medical agent who can...
The probate courts oversee estate administration. They help ensure that personal representatives follow an estate plan or intestate succession laws. They provide opportunities for interested parties to make claims against an estate to secure repayment. Tax authorities...
If you’re thinking of creating an irrevocable trust to reduce estate taxes, protect your assets or provide security for your loved ones when you’re gone, it’s important to understand how this type of trust works. Unlike a revocable trust, which you can change or...
Everyone will eventually need an estate plan, but not everyone has one. Studies have found that roughly one-third of Americans have made an estate plan. But that leaves the majority of them with no plan in place. You may find yourself surprised to learn that people...
When a parent grows older, their health and independence often decline, which can leave them more vulnerable to influence from others. Many family members genuinely want to support and protect an aging loved one. However, there are situations where distant relatives...
People tend to respect the terms included in a will. They want to uphold the wishes of the person who died. Families typically rely on wills to identify the beneficiaries of an estate and appropriately distribute the assets of the deceased individual among those...
You might be worried that your loved one’s will doesn’t reflect their true intentions due to fraud, undue influence or a lack of legal capacity, among other reasons. Contesting the will in probate court can help you address such concerns, but it’s not a decision to...
People with valuable property generally want to pass what they have accrued to loved ones when they die. Many people can achieve that goal by simply drafting a will. Using a will as the primary testamentary instrument in an estate plan can be effective, but it does...