As you near retirement, your approach to estate planning is different from other stages of your life. When you no longer earn a salary and benefits from a job, how will you sustain your new lifestyle? You must be able to afford your needs while securing your family’s future during retirement. This is where smart …
Continuing from last week’s column on partnerships, this week I will discuss some of the aspects of a corporation. One key point is that a corporation survives the death of one of its shareholders or officers. Partnerships cease upon the death of a partner. Deciding whether to incorporate: In deciding what type of organization …
Continue reading “What is the Difference Between a Partnership and Corporation? Part 2”
Met with a client recently to discuss the differences between a partnership, corporation and Limited Liability Corporation were. I thought that might make a good topic for this column and so I will start this week with describing a partnership. A partnership is an association of two or more persons to carry on as …
Continue reading “What is the Difference Between a Partnership and Corporation? Part 1”
Reading Consumer Reports this week, I learned the difference between hot cocoa and hot chocolate. Hot cocoa will generally include much less natural cacao fat—also called cocoa butter—than would hot chocolate. Hot chocolate is therefore a richer sensory experience. Most prefer the richer sensory experience. You can make either at home, but you will have …
A well-crafted, up-to-date estate plan will help to protect you and your family. Yet, Forbes reports that nearly half of adults over the age of 55 do not even have a will—let alone a comprehensive estate plan. 55 is not a magic age, as there are many families that start much younger and need estate …
After reading a story about a grandmother who lied to a court (did not disclose she had been convicted of theft 4 times) in order to be appointed Guardian and Trustee. Then proceeded to embezzle $50,000 from her granddaughter (she spent granddaughter’s life insurance proceeds on beer, liquor and cigarettes), I thought it would be …
Everybody thinks it won’t happen to them. Or rather, everybody knows it’s going to happen to them eventually, but nobody thinks it’s going to happen tomorrow, or next week, or even next year. The “it” of which I speak is, of course, death. It is this perceived immortality that allows so many people to put …
Continue reading “The Comfort That Comes With Planning Ahead”
As hot as it is this summer, this maybe a good time to reorganize the closets, clean out those old files in the cabinet, and get rid of all those boxes in the garage. Call it “Extended Spring Cleaning” if you will. Anytime someone “Spring Cleans” seems to be a good time to take stock …
The New York Times has an interesting article on the value of an art collection in estate planning. That’s not something most people think about. After all, most people aren’t serious art collectors. Even among those who are, these collections usually exist more for personal satisfaction than financial gain. “Art investors are nearly …
Continue reading “Art and Sentimental Items in Estate Planning”
Do I probate my spouse’s Will? YES! A common misconception is that you do not have to probate a Will when your spouse dies. Real estate, like automobiles, is titled to convey ownership. The title defines who has legal rights to a property and it must be transferred when the property is sold. Title issues …
