Providing Creative Solutions For Your Legal Needs
To fund a trust means to retitle certain assets in the name of the trust. Your trust only controls those assets that are “owned” by the trust. If your trust is funded properly, the trust will control the distribution of your assets when you die; assets not owned by the trust may not be distributed as provided in the trust.…
Have you ever considered what will happen to your assets — your house, the contents of your bank account, etc. — after you’ve passed? Many of my clients say they’d like their assets to be split between their children or to see certain funds go to charitable organizations. The only way to guarantee that your assets are distributed as you…
A person who dies without a will is said to have died intestate. If you die intestate, your estate will be distributed according to state law, not according to your wishes. With very few exceptions, only family members will inherit your estate if you die intestate. If you want to leave money to a close friend, church, or charity, for…
While there are many factors to explore when chosing a guardian, I advise my clients to consider the following: Values and Morals: Does the potential guardian have the same sense of right and wrong that you do? Will that person be able to teach your child those values? Parenting Style: How does the potential guardian handle discipline? Will they be…
Although each situation varies, and there are many factors to consider, you may want to set up a special needs trust to provide for your child. A special needs trust may be a useful tool for a disabled individual who is receiving, or will receive, government benefits. The special needs trust allows money to be set aside for the disabled…
Major problems can arise when a small business owner dies without a plan in place. This is especially true with an LLC (Limited Liability Company) that has more than one owner. This is because in an LLC, each owner – referred to as a member – owns a percentage of the business. Before we dive into why this can present…
Legal custody pertains to your right as a parent to make important life decisions for your children. These decisions can include medical treatment, choice of religion, and choice of schools. Physical custody pertains to your right to have your children physically reside with you. The parent with whom the child is residing with on any particular day makes basic day-to-day…
You should sign a Medical Treatment Consent Form for each of your children that will allow a caretaker to seek medical treatment for your children while you are gone. The authority can be restricted to make sure the caretaker can only seek medical treatment that is absolutely essential; the effective date of the form can also be matched exactly to…
George felt sadness at the passing of his favorite uncle Barney, and he was utterly shocked to learn that Barney had named him in the will to receive a slice of hunting property and a shotgun. While he appreciated the gesture greatly, George wasn’t a hunter like others named in the will and he thought it would be disrespectful to…
Yes. Spousal support is considered taxable income for the payee, and therefore is tax deductible for the payer. Child support, however, is not considered to be income and is therefore not taxed, nor is it tax deductible.