In this post we will provide an explanation of pet planning possibilities through the utilization of a hypothetical question and answer session.Can you leave money to a pet in a last will?Animals are not allowed to own property, so the answer is no, you cannot bequeath property to a pet in a last will.Is it possible to leave a pet to someone when you create a will?Absolutely, a pet is considered to be property and a will can be utilized to state your wishes regarding the transfer of your … [Read more...]
Reasons an Estate Plan Could Be Challenged: Part 4 – Lack of Testamentary Capacity
An Estate Plan is an essential part of your planning process. But there are ways an Estate Plan can be challenged as being invalid. This is part of a series of articles on ways an Estate Plan might be invalid and how to avoid these pitfalls. This fourth article in the series looks at testamentary capacity.Reasons an Estate Plan Could Be Challenged: Part 4 – Lack of Testamentary Capacity … [Read more...]
Life Insurance for Succession Planning and Inheritance Balancing
As a family business owner, you may have concerns when you are devising your estate plan. For example, there is the matter of inheritance balancing.The best way to describe inheritance balancing would be by way of example. Let’s say that you have a daughter who has always helped you run your business, and you have a son who embarked on a different career path. You are going to give your daughter the business, and it is one of your most valuable assets.Your daughter will continue to run … [Read more...]
Can You Fund a Special Needs Trust With a Settlement?
People with disabilities are frequently enrolled in the Medicaid program. This is a government health insurance program, but you do not automatically qualify because you are disabled. To qualify for Medicaid, you have to be able to prove that you have a significant level of financial need.Many individuals with disabilities also rely on the Supplemental Security Income program. The purpose of this program is more or less self-explanatory. SSI is a source of income for disabled people who … [Read more...]
Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud
An Estate Plan is an essential part of your planning process. But there are ways an Estate Plan can be challenged as being invalid. This is the third part of a series of articles on ways an Estate Plan might be invalid and how to avoid these pitfalls. This article looks at fraud.Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud … [Read more...]
