We are always at risk of becoming incapacitated or deceased — even when there is not the coronavirus seemingly taking over the world by infecting and killing thousands of people. While now is a good time to ensure your estate planning documents in place and up-to-date, I should note that it is always a good time to make sure this important task is completed to ensure that your wishes are honored in the event of your incapacity and that your kids and loved ones are protected.
Though LLC is a type of business that offers a level of flexibility, remember that the process of forming one can be complicated and involves complex legal documents. It is critically important that you remember and adheres to the compliance requirements to keep your LLC in good standing. Failure to comply with the requirements will result in the suspension of your LLC and put your personal assets at risk. Here are some steps to help you get started if you are interested in forming an LLC.
Whenever someone so beloved dies so young, it highlights just how critical it is for every adult, especially those with young children, to create an estate plan to ensure their loved ones are properly protected and provided for when they die or in the event of their incapacity. While the death of Kobe, his daughter, and the others is terribly sad, it motivates you to get your estate planning handled the right way, or updated, the tragedy just might have some positive impact.
The changes ushered in by the SECURE Act have dramatic implications for both your retirement and estate planning strategies—and not all of them are positive. Here are three of the SECURE Act’s biggest changes and how they stand to affect your retirement account both during your lifetime and after your death.
Though estate planning is mainly viewed as a way to pass on your financial wealth and property, when done right, it also enables you to preserve and pass on your true legacy: your memories, values, and wisdom. And it can also be a source of overall healing in the family. With the right support, having these all-important final conversations doesn’t have to be intimidating or awkward at all.
Including a Lifetime Asset Protection Trust in your plan is one great proactive step to help protect your child’s inheritance from all possible threats, while incentivizing them to invest and grow the money rather than squander and waste it. Indeed, the trust’s highly flexible structure, combined with its bulletproof asset protection makes it one of the most valuable gifts you can give your loved ones.
It is critically important that you understand your Life Insurance Settlement Options, whether you're the policy holder or beneficiary in order to maximize your policy's financial benefit and to reduce potential taxes. It is also important that you choose the settlement option that is best suited for your particular needs. Learn here the importance of each of them.
Naming long-term guardians for your kids is critical and should be your number-one planning priority to ensure they will never end up in the hands of strangers in the event of your incapacity or death.
Just like any parenting arrangement, platonic parenting requires massive levels of trust, communication, and planning since child-rearing is an immense responsibility that lasts a lifetime. Having an estate plan designed specifically for your family's condition that spells out you and your partner's legal rights, responsibilities, and wishes ensure your new family has a proper legal foundation that keeps them away from court and conflict in the event of your potential incapacity or death.
Being left in the hands of unscrupulous guardians appointed by the court can be the most frightening aspect for you in the event you become incapacitated, given that you may have a loving and caring family members, but are unable to take care of you. Putting up a plan in place that clearly states all your wishes and consent prevents such from happening and ensures that the individual of your choice can make legal decisions on your behalf according to how you wanted them to be.