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Advice on Disinheriting Someone From Your Estate Plan

Some family units end up broken. This can involve children who are left behind after a divorce or family members who stop talking to others as a result of addiction or other complication. In the case of some fractured relationships, you might decide that you want to disinherit someone. In many cases, to successfully disinherit someone, it is best to obtain the assistance of an experienced estate planning lawyer. Recognize the Difference Between Living Trusts and Wills In many situations, if you decide that you want to disinherit someone, it is better to use a living trust than a will. This is because if you use a will to disinherit someone, it is easy for that individual to later challenge this decision. Another advantage of disinheriting someone through a living trust is that a will is a public document, which makes it much easier for anyone to find out about the disinheritance. Living trusts, however, are private documents, which means that there is a much greater amount of privacy. Consider the Value of a “No Contest” Clause If you do not plan on entirely disinheriting your children, you still might decide to leave them less than other children or heirs. [...]

2018-12-28T22:12:35+00:00Tags: , , , |

Important End-of-Year Estate Planning Advice

As 2018 comes to an end, it is a good idea to review your estate plan to make sure that it is up to date. This is also a good time to check some of the important details about your estate planning documents. An experienced estate planning attorney can help you ensure that all your future plans are in order. Determine if You Have a Disability Plan It is critical to have documents in your estate plan to determine what happens in case you lose your mental or physical abilities. A Health Care Power of Attorney document is just one tool which helps to appoint a person to make medical decisions in case you are no longer able to make medical decisions for yourself. Examine Your Beneficiary Designations While they are important, beneficiary designations are often overlooked. These designations determine who will receive your assets after your death. Despite the numerous changes that can occur including divorce and marriage, these designations will remain the same despite the numerous changes that can occur. To avoid running into difficulties, it is best to review your beneficiary designations to make sure that these elections properly reflect your current goals. Inventory Your Assets If [...]

2018-12-23T16:56:37+00:00Tags: |

Child Support and Bankruptcy

Filing for bankruptcy offers individuals the opportunity to wipe out various forms of debt or to reorganize debt into a more manageable payment plan. Some types of debt, however, can not be discharged in bankruptcy. Filing for bankruptcy will discharge stop child support obligations, for one. Filing for Chapter 13 bankruptcy, however, sometimes allows a parent to turn child support payments into a more feasible payment plan. An experienced bankruptcy attorney can help you determine which option is best for you. Chapter 7 Bankruptcy and Child Support Chapter 7 bankruptcy allows a person to liquidate assets to pay off creditors and eventually discharge debt. Because child support is a “priority” debt, however, it can not be discharged through Chapter 7 bankruptcy. Priority debts are obligations that are not secured by collateral but are prioritized among other debts when there are not enough assets to pay a person’s creditors. Child Support and Chapter 11 Bankruptcy Chapter 11 bankruptcy involves the reorganization of debt. Under this type of a bankruptcy, a person creates a reorganization plan that takes into consideration factors like assets, liabilities, current income, and expenditures. Reorganization plans must first be approved by bankruptcy courts. Under this type of bankruptcy, [...]

2018-12-13T05:00:22+00:00Tags: , |

Why Young People Should Create Estate Plans

It is important to remember that each estate plan must be written to take a unique set of circumstances into consideration. As a result, there are often differences between estate plans, and people who create an estate plan for the first time often have questions about what process entails. If you are contemplating putting together an estate plan, you should consult with an experienced estate planning attorney. Even Young People Should Have Estate Plans There are several reasons why young people should consider writing estate plans: Incapacitation can strike a person at any age. Fortunately, creating an estate plan allows a person to deal with these events in case they arise. Powers of attorney allow a person to designate the individual who will make his or her financial or healthcare decisions in case incapacitation occurs. Without appointing a power of attorney, families are left without a clear-cut answer about what to do when a young person becomes incapacitated. Young people do not like to think about dying young, but the truth is that some people die before their time. No matter your age, if you die without an estate plan, your assets will pass through the intestacy process. For many [...]

2018-12-07T16:04:57+00:00Tags: |

How Unemployment Affects Bankruptcy

Statistics compiled by the Bureau of Labor Statistics reveal that 4.1% of Americans are currently unemployed. Without a regular income, many people face difficulties in keeping up with their bill payments. Many people in this situation discover that bankruptcy offers the opportunity to reduce financial hardships. If you are currently navigating financial complications after unemployment, filing for bankruptcy can help to reduce and sometimes even eliminate many debts. While being unemployed might increase your chances of obtaining certain types of bankruptcy, not having a job can prevent you from qualifying for other types of bankruptcy. It is important for unemployed individuals to understand how their employment status can affect filing for bankruptcy. In most situations, it is also important to contact an experienced bankruptcy lawyer. How Unemployment Affects Chapter 7 Bankruptcy A person is not required to be employed to file for Chapter 7 bankruptcy. Instead, unemployment can often help a person qualify for Chapter 7 bankruptcy. The means test to qualify for Chapter 7 bankruptcy measures a person’s financial ability to repay creditors. If your income falls below the median income for a household of equivalent size, you will be considered to have passed the means test and be [...]

2018-11-29T23:14:37+00:00Tags: , |

Bankruptcy and Credit Card Debt

There are countless tales of people who racked up a substantial amount of debt due to credit cards. These individuals often do not make enough money monthly to pay off this amount. Some people in this situation decide to pursue the option of bankruptcy. If you are debating filing for bankruptcy due to your mounting credit card debt, obtain the assistance of an experienced bankruptcy lawyer. When You can Not Pay Back Your Credit Card Debt In considering whether the bankruptcy process is right for you, one of the things that you should consider is whether you are able to pay off credit card debt. Many people who make enough money to pay off their credit cards find that they are not able to qualify for Chapter 7 bankruptcy. Instead, individuals in this situation who still want to declare bankruptcy are required to navigate Chapter 13 bankruptcy. If you are not able to pay back your credit card, rather than file for bankruptcy, you might be able to settle with the credit card company for a lower amount than what you owe. Other individuals decide to combine their debt onto one card to receive a lower interest rate and then [...]

Tips for Discussing Estate Planning with Your Family

Having conversations about your estate plan can be difficult. For one thing, nobody likes to talk about what life will be like after their death. These conversations can also be challenging if your children are emotionally uncomfortable thinking about what life will be like after your death. It can be helpful to understand what tools you can use to make sure that family conversations about life after your death proceed as smoothly as possible. Start the Conversation Properly It can be difficult to begin conversations about estate planning. While there are many ways in which to initiate this sensitive subject matter, there are some important considerations. First, you should introduce the conversation during a calm time. These conversations should never be held during a period of crisis or uneasiness among your family. Be sincere about your intentions from the beginning of the conversation. This helps your family understand the point of the meeting. Emphasize the various benefits that can come from having a conversation about your end of life and estate planning goals. Create a Comfortable Space to Have a Conversation One of the best ways to have a successful discussion about estate planning is to make sure that your [...]

2018-11-08T14:55:36+00:00Tags: |

Strategies to Protect Family Wealth

One of most important goals of any estate plan is preserving a person’s wealth. To properly pass on your assets to your loved ones, you must make sure that your assets are adequately safeguarded. Fortunately, a well-crafted estate plan can offer substantial protection for your assets even if legal challenges arise. While it is no substitution for obtaining the assistance of a seasoned estate planning attorney, this article will outline some of the best estate planning methods you can utilize to preserve your family’s wealth. Creating a Will There are a large number of individuals who simply do not have a will at all. Without this estate planning document, it will be left to Georgia probate court to divide your assets, which could result in numerous tax complications as well as your assets being passed to the wrong people. The best way to make certain that your estate is properly administered is to create a will. Make Certain to Select the Proper Beneficiaries There are some assets that pass to loved ones through estate planning documents other than wills. When designating beneficiaries in life insurance policies and other types of accounts, it is critical to make sure that the proper [...]

2018-11-02T16:23:50+00:00Tags: |

When to Think Twice Before Filing for Bankruptcy

One of the most challenging aspects of bankruptcy law is that a large number of clients have misconceptions about the process and what it entails. One of these is when it is appropriate to file for bankruptcy. While the bankruptcy process offers several advantages including the opportunity to start over at building a good credit record, bankruptcy is not for everyone. This article discusses some of the situations in which you should think twice before filing for bankruptcy. You are Able to Pay Your Debts Occasionally, some people think that it might be a good idea to file for bankruptcy even though their debt is much smaller than their income. In these situations, a person should instead create a short or long-term plan to pay those debts. If you are not in a position to pay your debts, however, you should give serious consideration to filing for bankruptcy. Your Debt is Primarily Taxes or Student Loans Debt associated with taxes or student loans are particularly difficult to discharge through bankruptcy. To be discharged, income tax must meet several requirements including being three years old and not assessed within the last 240 days. Because you are unlikely to discharge most types [...]

2018-10-28T12:57:55+00:00Tags: |

Life Insurance Benefits

The reason why many decide to purchase life insurance is that it often helps them reach their financial goals. In some cases, life insurance can even provide individuals with benefits while they are still alive. Selecting the proper type of life insurance, however, can be challenging. Fortunately, an experienced estate planning attorney can help you obtain the best possible life insurance for your situation. This article will discuss some of the advantages (as well as disadvantages) involved with life insurance in an estate planning context. The Benefits of Life Insurance Life insurance offers some unique benefits, which include the following: After a person’s death, compensation from life insurance policies helps provide survivors with financial security. In comparison to other types of accounts like Roth IRAs, life insurance policies are not as restricted by tax requirements. This means that compensation administered after a person’s death is often tax-free. Another tax advantage provided by life insurance policies is that the value of the benefits grows at a tax-deferred rate while the insured is alive. Life insurance policies also offer the tax advantage that cash withdrawals up to the total of the life insurance policy can be made free of income tax. If [...]

2018-10-17T19:38:22+00:00Tags: , |