While both wills and trusts are the most commonly used estate planning vehicles to pass on wealth and other assets to your loved ones, putting your home in a trust has several distinct benefits compared to using a will. However, each family's circumstances are different. This is why your Personal Family Lawyer® will not create any documents until we know what you need and what will be the most affordable solution for you and your family—now and in the future—based on your family's conditions.
If you're like many homeowners, your home is likely your family's most valuable and treasured asset. In light of this, you want to plan wisely to ensure your home will pass to your heirs in the most efficient and safe manner possible when you die or in the event you become incapacitated. That's why it's a much responsible way to include your home into your estate plan. But before you do that, make sure to identify the best estate planning strategies when passing your home to your loved ones.
There isn’t a single person who isn’t impacted by the spread of COVID-19, in some way. People are anxious, wondering whether they or their family will get the virus themselves or whether their job is at risk now with the sheer number of businesses closing. And while you are undoubtedly very concerned about your business, your employees may be very on edge too. Here are a few recommendations on how to inspire your team to persevere in the face of all of these anxieties.
Although the home office deduction was eliminated for employees as part of the 2017 tax reform, owners of home-based businesses may still take advantage of this deduction as long as they meet the following requirements set out by the IRS. Read here to know more. We'll be happy to provide guidance about how to maximize your tax saving and meet your legal obligations if you're uncertain whether your home-based small business is eligible for the home office deduction or have other tax questions.
It is critically important to be knowledgeable about the type of risks and legal issues your small business may encounter, especially if you are considering to start expanding your physical business or just starting a home-based business to ensure that your business is compliant with the law and that your interests are protected. With the help of an expert and with your knowledge of the issues you need to consider for your business, you will surely succeed in your new venture.
A lot of times, people hide their Wills or estate planning docs in secret locations where they'll likely never be found after their death. Or they'll put their Will in the care of unreliable caretakers, whom may forget they even have the documents and never truly know when is the right time to present it to the family after your death. Consider this illuminating case that winded its way through the NY court system and provides a cautionary tale about safeguarding your documents.
They say the Tax Cuts and Jobs Act is the biggest overhaul of the US tax system in 30 years. The impact will spread far and wide, starting with a significant cut in the corporate rate from 35% to 21% and lower levies on repatriating overseas profits. Yet, like the rest of us, you're probably wondering, "So, what does that have to do with me?" Even with the biggest impact aimed at businesses, there are still several changes to the personal income tax laws, and we highlight them here just for you!
Planning is the ultimate way to face life events that are bound to happen in the future, and one event that everyone must inevitably face is their own death. What's actually fascinating about planning for death, is that studies show it will likely increase your happiness levels during life. In fact, there's a country in the world that actually measures its population's happiness level and demonstrated that reflecting on death causes greater focus and appreciation for life.
These days, owning real estate is a tremendous accomplishment for most families. And if you're fortunate to also be an investor in multiple properties, you'll want to ensure you have the right legal and insurance foundations in place to protect your investment and ensure a roof stays over your head. As they say, it's a numbers game - the most properties you have, the greater likelihood they'll be involved in a lawsuit.
We're now seeing more people than ever before beginning to downsize their lives. Some are doing it as they're heading into retirement, and others just to simplify things and live more contemporary lifestyles. Regardless of their reasons, there's now a surplus of "stuff" that needs to be dealt with, and there are multiple ways you can help your family members take care of it.