Monthly Archives: October 2017

Common Mistakes Made During the Probate Process

Many people have questions about the probate process. Some of the most common questions relate to appointing a fiduciary, when a fiduciary must begin performing his or her duties, and what will happen if a fiduciary does not act in accordance with someone’s wishes. As a result of these questions and many others, individuals often find the probate process to be overwhelming. To help individuals prepare for navigating the probate process, this article will discuss five of the most common mistakes that are made and how to avoid them. Not Maintaining a Piece of Property Some executors are unprepared for the significant responsibility that accompanies a house or large piece of land. Even though an executor might have the purest of intentions to make sure that a piece of property is adequately maintained, sometimes executors are overwhelmed and unprepared for such a responsibility. If the property is not adequately maintained, it may decline in value. The best way to avoid this mistake is to make sure that the executor understands the significant duties that come with temporarily holding property for a beneficiary. Not Keeping Adequate Records For executors, it is critical to make sure that all elements of the probate     Read More

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Bankruptcy 101

Bankruptcy is a complicated area of law that is difficult for many to understand. Like any body of law, one of the most complicated factors is that it involves a unique group of keywords that are used by judges, lawyers, and individuals in the middle of the legal process. Anyone going through the bankruptcy process can benefit from understanding some of the essential terms used throughout the bankruptcy process. Important Bankruptcy Terms Some of the most important bankruptcy terms that should be known by individuals who are in the midst of the process include the following: Absolute Priority: When a person makes payments during the bankruptcy process, these amounts are distributed in accordance with the absolute priority, which is established in the federal bankruptcy code. Automatic Stay: An automatic stay refers to the block that is created when a person files for bankruptcy and prevents creditors from collecting on debts in any manner. Core Proceedings: There are many things that occur during the bankruptcy process, but core proceedings refer to steps that are decided on by the bankruptcy court. Dischargeable Debt: Debt that is eliminated when a person files for bankruptcy is considered to be dischargeable debt, while debt that     Read More

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Advantages of Estate Planning for Business Owners

A person’s estate plan has the capacity to contain critical information about what should be done with a person’s estate after his or her death. In nearly every situation, it is critical that a person begins estate planning as soon as possible because it is impossible to determine when catastrophe will strike or death will occur. For business owners, this type of planning is even more important because a significant amount of many business owners’ wealth is directly connected to their companies. As a result, the strength and nature of a business owner’s estate plan dictates how that business will be transitioned between generations and either cause a great deal of money to be lost or gained based on how the transfer occurs. This article will discuss some of the particular advantages that estate planning tools offer for business owners. Advantage #1: Estate Tax Reduction An estate tax is a tax that is placed on the estate of a deceased individual. These taxes can represent a large amount, and in some cases can cost up to 50% of a business’s value. Various elements of the Internal Revenue Service’s codes, however, allow individuals to use probate tools to minimize the amount     Read More

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