Stay in Control: Good LLC Governance
The LLC is a popular way to structure a business because it provides personal liability protection to the members– like a corporation does to its shareholders–but without as many administrative formalities. But if you’re an LLC member, don’t let this lull you into complacency. As a business owner, you’re responsible for the proper governance of... Read More
Expecting an Inheritance? Implementing the Right Plan is Essential!
Estate planning is an important part of preparing for your family’s financial future. The Center of Wealth and Philanthropy at Boston College conducted a study revealing that the largest transfer of wealth in history will happen over the next several decades. A similar study conducted by Ohio State University, though, found that heirs will lose,... Read More
FAQs – The Estate Planning Cast of Characters
Who should I pick as trustee? Trustees manage assets contained within a trust. To figure out how to select the right person for the job, first consider whether the trustee should be an individual or a financial institution. If choosing an individual, pick someone you know who is diligent and detail-oriented, and whom you trust... Read More
How to Pick a Trustee, Executor, and Agent Under a Power of Attorney
While the term fiduciary is a legal term with a long history, it very generally means someone who is legally obligated to act in another person’s best interests. Trustees, executors, and agents are all examples of fiduciaries. When you pick trustees, executors, and agents in your estate plan, you’re picking one or more people to... Read More
Who Should Be Your Successor Trustee?
If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually, someone will need to step in for you when you are no longer able to act due to incapacity or after your death. The Successor Trustee plays an important role... Read More
How to Choose a Trustee
When you establish a trust, you name someone to be the trustee. A trustee does what you do right now with your financial affairs – collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep accurate records, and generally keep things organized and... Read More
10 Types of Trusts: A Quick Look
Considering the myriad of trusts available, creating an estate plan that works can seem daunting. However, that’s what we, as estate planning attorneys, do every day. We know the laws and will design a plan which addresses your specific situation. Here’s a look at the basics of ten common trusts to provide a general understanding.... Read More
Estate Planning: 3 Reasons We Run the Other Way
We understand that it feels hard to get around to estate planning; it sounds about as fun as getting a root canal. However, we also understand that we all want to make sure that our loved ones are protected and receive our hard-earned assets – regardless of whether we have $10 million or $10,000. Don’t... Read More
Wills vs. Trusts: A Quick & Simple Reference Guide
Confused about the differences between wills and trusts? If so, you’re not alone. While it’s always wise to contact experts like us, it’s also important to understand the basics. Here’s a quick and simple reference guide: What Revocable Living Trusts Can Do – That Wills Can’t Avoid a conservatorship and guardianship. A revocable living trust... Read More
Wills, Trusts & Dying Intestate
Most people understand that having some sort of an estate plan is, as Martha Stewart would say, a “good thing.” However, many of us don’t take the steps to get that estate plan in place because we don’t understand the nuances between wills and trusts – and dying without either. Here’s what will generally happen... Read More