No one likes to think about the end of his or her life. However, in the event you do pass, your spouse will be left with your finances. Effect planning can ensure your surviving spouse doesn’t financially struggle if you pass. The below preparations will ensure your spouse is taken care of in the event
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Estate planning is a process involving advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. Estate planning covers the transfer of property at death as well as a variety of other personal matters. Further, estate planning can be used to minimize the costs and
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A will is a legally binding statement directing who will receive your property at your death. If you do not have a will, the state will determine how your property is distributed. Wills are complicated but essential. It is important to leave your assets in capable hands. By creating a valid will you can also
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When individuals are on their deathbed, things come into much clearer focus than before, and they may want to make some sudden changes to their will or codicil and estate planning documents. At the Law Office of Dan Kellogg, our estate planning lawyer assists individuals with their last minute will or codicil changes and ensure
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Though you may be uncomfortable discussing your own death, there are discussions you need to have to make your passing less stressful on your loved ones when it does happen. Estate planning is not something that should be done last minute, as it requires careful consideration and preparation in order to avoid making common mistakes
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If you are the owner of a small family business, you need to think about what is going to become of your business when you are no longer here to manage it. Will one of your children take over the everyday operations? Will a 50/50 partner buy out your share? Or will your business just
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A life estate refers to an interest in real property that is held by an individual only during his or her lifetime.  Upon their death, the life estate interest terminates, and the ownership of the real property reverts to the “remainderman” as specified by the instrument that initially created the life estate, or by operation
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Once the trustee of a trust has distributed the assets to the individuals named in the document, it is time for the trust to end. The termination of a living trust is not something that most people give much thought to, and for good reason: the termination process is fairly anticlimactic and does not even
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Many people like to do things themselves. From fixing the leak under the kitchen sink to remodeling their entire upstairs, more and more people feel confident in their DIY capabilities. As a result, less individuals hire professional help even when they probably need to. But when it comes to drafting a will, trust or power
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The term “irrevocable” typically means that something is unable to be revoked. When an individual creates an irrevocable trust, they do so with the intent that once it is created, it cannot be terminated. But does that mean it cannot be modified? Not necessarily. Some irrevocable trusts allow for their modification upon the settlor’s death
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