A family limited partnership can be useful if you are interested in asset protection, and there can also be estate tax benefits. Let's look at the details. Asset Protection Anyone can be the target of a lawsuit, but there are people who are in certain professions who are particularly exposed. These would include landlords who can be sued by tenants who are injured on rental property. Physicians are also vulnerable, because malpractice suits are not uncommon. Doctors are sometimes … [Read more...] about What Is a Family Limited Partnership?
Blog
What Are the Drawbacks of Probate?
Everyone has heard of the estate planning device called a last will. Because this document is synonymous with estate planning, you may assume that a last will can facilitate fast and efficient asset transfers. You are keeping it simple when you use a last will, right? This is not entirely true. If you maintain direct personal possession of your property and arrange for its transfer through the terms of a last will, you name an executor to administer the estate. Before the heirs to the estate … [Read more...] about What Are the Drawbacks of Probate?
Should I Create a Joint Tenancy With My Child?
There are numerous different ways that you can arrange for assets to fall into the hands of your loved ones after you pass away. You should certainly explore your options and make intelligent, informed decisions. The optimal course of action is going to depend upon the specific nature of your estate and your family dynamic. You may have heard about joint tenancy as a potential estate planning solution. When you first hear about it, you may think that you do not need to look any further. In … [Read more...] about Should I Create a Joint Tenancy With My Child?
Is There a Medicaid Asset Limit?
When you are planning for retirement, you probably envision your active years. This can be one of the best periods of your life, and you should certainly do everything possible to enjoy your golden years to the fullest. At the same time, to be fully prepared for the future, you should also consider the period of time that will precede your passing. Many people become unable to handle their activities of daily living late in their lives. The United States Department of Health and Human … [Read more...] about Is There a Medicaid Asset Limit?
Is Probate Always Required?
It is important to understand some things about probate when you are planning your estate. You may assume that a last will can facilitate immediate asset transfers after your passing, but this is not the case. When you use a last will to state your final wishes regarding the distribution of your financial accounts and other property, the will must be admitted to probate. The heirs to the estate will not receive the probate property until after the estate has been probated and closed by the … [Read more...] about Is Probate Always Required?
