Planning one’s estate is essential to their future. One component of estate planning that some people choose to utilize is a trust. A trust is appropriate for some circumstances and can allow the parties involved to reap a number of benefits. The individual must gather information on what type of trust will work best for […]
Read MoreWhen an individual, known as the grantor, sets up a trust that typically benefits other individuals, they must appoint a trustee. A trustee has a very important role in making sure that the trust is properly administered, among other things. While trusts can be set up for a business or a charity, most of the […]
Read MoreOne of the most important legal documents an individual may draft in his or her lifetime is a will. A will simply outlines how an individual wants to distribute his or her estate after they pass. The individual gets to carefully choose beneficiaries to inherit assets, as well as specifically name who doesn’t receive assets. […]
Read MoreOne of the most important jobs a person can be given is to act as the executor of another person’s will. When a person passes away, the executor carries out all of the responsibilities of managing the deceased party’s estate. The executor must gather the assets, make sure all taxes and debts are paid off, […]
Read MoreUnfortunately, there may come a time in the life of individuals whereby they can no longer manage their own affairs, leaving many important matters that must be handled. Therefore, if there is no Power of Attorney and/or Advance Directive for Healthcare, or if these documents are insufficient under the circumstances, a guardianship may be necessary. […]
Read MoreOne of the most important things an individual can do for his or herself is create an estate plan. Of course, no one wants to think about what happens when he or she passes, but it is important to be prepared so that your estate passes the way you want, and that you protect and […]
Read MoreWhen it comes to estate planning, one of the most important things that a person can do is grant someone they trust power of attorney. A power of attorney allows an individual to grant another person (the “Agent”) the power to handle very important financial and transactional matters in the event that he or she […]
Read MoreBeginning in Spring/Summer 2017, the Internal Revenue Service (IRS) will begin implementing the use of private debt collection agencies to settle certain tax debts. Â The private debt collection agencies will need to abide by the Fair Debt Collection Practices Act and must respect taxpayer rights. Â Four private debt collection agencies have been contracted by […]
Read MoreAn executor has a multitude of responsibilities. Some include submitting the will for probate, gathering and evaluating the estate assets, opening an estate checking account, paying debts, filing tax returns, and distributing the assets to beneficiaries. The first step is for the executor to submit a will for probate. You must submit the will to […]
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