
How Do I Handle Inheritance?
The period leading up to and shortly after losing a close relative is often one of the most emotionally demanding times that we, as humans, experience.

The period leading up to and shortly after losing a close relative is often one of the most emotionally demanding times that we, as humans, experience.

Death is not a favorite conversation topic. However, we all know it is something we must at some point discuss. The loss of a close friend or family member, or an event, such as the COVID-19 pandemic, seems to bring the topic to the forefront.

Small businesses are often caught up in growth cycles, profits and ensuring that products arrive to consumers on time. The life of a small business owner is a hectic one with many owners failing to follow basic estate planning and business law practices.

If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
’Per stirpes’ vs. ‘per capita.’ Making the wrong choice could cause an estate planning disaster.

It is also important to realize that it isn’t merely “why” you are updating your will, but “when” you are updating that can make all the difference. Acting too late (or too early) may mean your changes are no longer appropriate or even immediately invalidated.

Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.

A power of attorney (POA) is a powerful thing. A financial power of attorney document allows an appointed person to make financial, legal and property decisions on another individual’s behalf.

Usually, when you make a simple change in the title from tenants in common to joint tenants, the taxing authorities will ignore that change.

One problem that frequently stems from the inheritance process is fractured relationships between siblings. Unfortunately, the common denominator in many of these situations is the parents’ estate plan.