If you’re like many small business owners, you’ve poured your heart and soul into launching your business and making sure it thrives. The idea of allowing your enterprise to fade away after you die may be unthinkable. After all, in many ways, your business is your legacy. As is often the case, you may have focused a lot of your time and energy on day-to-day operations and put off creating a succession plan for when you’re ready to step away from the helm. The problem is lack of planning can … [Read more...]
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Common Mistakes in Estate Planning
We have all heard about estate planning. But many of us have misconceptions. We think “But, that’s for other people, right?” Wrong. Estate planning is for everyone. It is for the young and the old, the healthy, and the ill. In short, estate planning is life planning. Estate planning is life planning. A local, qualified estate planning attorney can help you implement a plan that fits your life and your wishes. Mr. Ronald “Chip” Morrison, Jr. … [Read more...]
Wills and Trusts are Not Interchangeable
People often assume that wills and trusts are somewhat interchangeable. While both can be effective to transfer assets to loved ones after your death, they have important differences. A will is effective to transfer property that is in your name at your death. Typically, a will must be signed and witnessed by two people. A will “speaks at death,” in other words its provisions are not effective until death. Assets that are in your name are controlled by the will, even … [Read more...]
When Harry Met Sally: A Lesson in Preventing Family Discord
The American Declaration of Independence begins “We hold these truths to be self-evident, that all men are created equal . . .” While this may hold true for people and their rights, all Trusts are not created equal. Seemingly small differences in wording can make a big difference in reality. For example, one Trust may have a “No Contest” clause while another Trust might not. A No Contest clause provides that if someone unsuccessfully contests the validity of the Trust, negative consequences … [Read more...]
The Impact of Dying Without an Estate Plan
Most of us expect that tomorrow will be another day like any other. But, as Euripides said, “no one can confidently say that he will still be living tomorrow.” In fact, thousands of people die in the United States every single day. Some of them die from long-term illnesses. But many of them die unexpectedly from accidents, heart attacks, and other tragedies. Let us look at what would happen if you died without planning. First, if your death were preceded by a period of incapacity, your … [Read more...]
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