Congratulations on your new home! Whether it’s your first purchase or a move to better suit your needs, owning a home is a major milestone. With this exciting life change comes important responsibilities to prepare for the future. Here are three essential steps to take now that you’ve got the keys. 1. Update Your Address…
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After a home, a car is often the second most valuable asset a person owns. Leasing is quite common, considering about 15–20% of new vehicles are leased rather than purchased outright. Leasing is an alternative because it often allows the lessee (the person leasing the vehicle) to drive a more expensive car for a lower…
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Nearly two-thirds of Americans pass without a will, a situation known as passing intestate. While the reasons for not having a will vary, the outcome is the same: you lose the ability to decide who will inherit your property. Assets are instead distributed according to state intestacy law, a legal process called intestate succession. This…
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Many married couples share nearly everything, including their finances, which is often reflected in their estate plan through a joint living trust rather than two separate ones. While separate trusts offer more flexibility, a joint trust can be structured so that, upon one spouse’s passing, the trust splits into two subtrusts: a survivor’s trust and…
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A trustee is an individual or entity entrusted with the responsibility of managing and administering your trust according to your wishes and in line with state laws. As a fiduciary, the trustee is held to a higher standard of care, with obligations to act in the best interests of the beneficiaries. This includes protecting the…
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When planning your estate, people often focus on major assets like retirement accounts, bank accounts, life insurance, real estate, and other valuable items. However, personal possessions also hold significant value and need to be addressed. As you begin or continue your estate planning journey, consider these questions about your personal property. Assessing the Value…
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It’s often said that nothing ever dies on the Internet. While this is usually a warning that what we post online can resurface, it also means our online accounts can outlive us, potentially forever. A digital estate plan that addresses what happens to these accounts after we pass is crucial. In contemporary estate planning, digital…
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As parents, watching your children grow up and prepare for college is both exciting and bittersweet. It’s a time of great change, not just for your children but also for you as parents. One aspect of this change that often goes unnoticed until it’s too late is the legal shift that occurs when your children…
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Introducing a payable-on-death (POD) or transfer-on-death (TOD) designation to an account facilitates the transfer of assets (including money and property) in that account to a specified beneficiary upon the passing of the original account holder. Similar to trusts, POD and TOD accounts circumvent probate procedures, offering a swift, uncomplicated, and often cost-free establishment process.…
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Being self-employed presents significant challenges. As both the proprietor and, sometimes, sole worker, you enjoy greater autonomy but bear immense responsibilities. Collaboratively, we can devise a thorough estate strategy to assist you in tackling three critical concerns you might encounter. Securing Your Financial Future As the sole proprietor of your own business, you bear…
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Losing a loved one presents challenges on various fronts. Alongside the emotional turmoil of grief, there’s the practical aspect of managing their affairs, including navigating through their accounts and addressing the cancellation or transfer of ownership. Typically, individuals are subscribed to numerous digital services alongside utilities, insurance policies, memberships, medical prescriptions, and other recurring payment…
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*Please see the last section for an important update on the CTA* Beginning January 1, 2024, the Corporate Transparency Act (CTA) mandates certain business owners to file reports detailing ownership information with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). This measure aims to combat various illegal activities such as money laundering,…
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