If you dream of leaving your company to your family one day, but you haven’t properly included your business in your estate plan, that dream could become a nightmare for your heirs—and your partners, team members, and clients, too. Without a proper estate plan, the business you worked so hard to build could be in serious jeopardy when something happens to you.
Despite the fact that it happens to every single one of us and is every bit as natural as birth, very few among us are properly prepared for death—whether our own death or the death of a loved one. Yet the pandemic might be changing this. As anyone who has personally dealt with loss knows, when a loved one dies, those who are left behind face major challenges, not only emotional and logistical but financially as well.
If you're looking to collect life insurance proceeds as the policy's beneficiary, the process is fairly simple. However, during the emotional period immediately following a loved one's death, it could feel as if your entire world is falling apart, so it's helpful to understand what steps you need to take to access the insurance funds as quickly and easily as possible.
These days, more and more young people are delaying—if not totally foregoing—a life that involves marriage and parenting. The lack of jobs, crushing student debt, multiple recessions, and the pandemic have pushed many young people into a life path that leaves little room for getting married—and even less room for having children. If you're single with no children, you might think there's no need to worry about creating an estate plan. But this is a huge mistake.
Regardless of what industry you're in, the reality of being a business owner is that you open yourself up to a number of unique risks that most people don't have to worry about—and the more successful your business is, the more risks you face. And because most business owners aren't fully aware of all the potential risks that can affect their company or the options available to protect their personal assets from the risks of doing business. This is where asset protection planning comes in.
Smaller items, like family heirlooms and keepsakes, which may not have a high dollar value, frequently have the most sentimental value for our family members. But for some reason, these personal possessions are often not specifically accounted for in wills, trusts, and other estate planning documents. To ensure your heirlooms and keepsakes don’t create unnecessary conflicts among your heirs, ensure that your estate plan includes all of your assets, especially your family heirlooms and keepsakes.
One of the most difficult things to do is think about the possibility we may die unexpectedly or too early, leaving our children without one of the most important people in their lives. That's why protecting your children in any way possible, including legally, would be at the top of your priority. Create a legal plan to protect your children if something happens to you. This is one of the best Father's Day gifts you can give yourself and the people you love.
If a family member or friend has asked you to serve as trustee for their trust either during their life or upon their death, it's a big honor—this means they consider you among the most honest, reliable, and responsible people they know. However, you should know that being a trustee takes a major responsibility, and the role is definitely not applicable to everyone. Here's why!
Although married same-gender couples are now enjoying nearly all of the same rights as opposite-gender couples, there is still one key right that’s still up in the air—the automatic right to be legal parents. While parental rights are automatically bestowed upon the biological parent, the non-biological spouse/parent still faces a number of challenges when it comes to obtaining full parental rights. Luckily, same-gender couples do have an alternative to adoption—estate planning.
Although same-gender marriage is legally recognized in all 50 states, long-held prejudice at both political and family levels continues to create complications for married and unmarried same-gender couples. With this, especially if you're a member LGBTQ+ community, estate planning is even more critical for you and your beloved to ensure that they will be protected and provided for in the event of your death or incapacity.