You and your spouse have dreamt of this vacation for months. You have saved for it. And now, finally, the sand and surf beckon for a second honeymoon. You have gone over your checklist several times. You packed your favorite swimsuit and your good walking shoes. You even made sure to hide that Hawaiian shirt you would rather your spouse not bring. You made sure the kids are ready to go to your parents’ house – or as ready as possible. Is the thermostat … [Read more...]
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Dividing Up the Pie
Estate Planning is a complex area because it deals with so many different issues, from asset protection to taxation and almost everything in between. There are various different legal strategies and tools that have been regularly utilized to assist in reducing the value of the estate for tax purposes while keeping the assets in the family. One of these strategies is the use of the Family Limited Partnership (“FLP”) or Family Limited Liability Company (“FLLC”). With this strategy, the parents … [Read more...]
Your Team is on Your Side
Estate Planning is like a team sport. In these turbulent economic times, sometimes it may seem like you are going it all alone. However, you’ll find that bringing together a team of qualified professionals will bring you peace of mind as you work towards your goals. Before doing anything else, you must first select the members of your team to help you achieve your goals. This team consists of the following professionals, depending on your goals: Your estate planning attorney can work … [Read more...]
Importance of Legacy Planning
The holiday season is not only a time to reflect on the past and consider your future, it’s also a time to cherish wonderful days with your loved ones. While spending time with children and family and thinking about how time has passed and kids have grown, many people will begin to think about the life they have created and the legacy they will leave behind. Over the next 30 years, baby boomers who pass away are poised to pass on as much as $30 trillion. This is described … [Read more...]
Preserving the Ranch for the Next Generation
As dawn breaks over the ranch, you think of the chores that await you: tending the cattle; repairing the equipment; buying feed and supplies. The life of a rancher is not easy, but it has its rewards: a life close to family and nature. But, as you age and nature takes its course, how will you protect your family and preserve the ranch? You try to plan to minimize the impact of adversities. Maybe you build ponds to assure adequate water. Maybe you hedge prices … [Read more...]
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