July 2018 - Jim A Lyon Law Firm

Common Mistakes in Picking Life Insurance Beneficiaries

Appointing a person to handle money from a life insurance policy often only involves one decision, but this selection is one of the most difficult choices that many people must make. It is common for individuals to make errors, however, when making estate plans, which can result in life-changing mistakes. The following will review some of the most common mistakes that people make when deciding on whom to name as a life insurance beneficiary. Mistake # 1: Failure to Update Your Policy It is critical that people with insurance policies realize that these documents should not be abandoned or forgotten about after being written. Instead, a person should make sure to update a life insurance policy after every major life events including deaths and marriage. Not only is it possible that a person’s perspective on an individual might change, these events can also change how individuals can inherit amounts. Instead, the best advice is for a person is to always make sure that beneficiary choices are kept updated. Mistake # 2: Forgetting Primary Beneficiaries Some people decide on a suitable life insurance beneficiary, but fail to appoint an alternate person to act as a beneficiary. As a result, if something [...]

gstealth132018-07-26T13:45:20+00:00Tags: estate planning, life insurance, trusts|

Declaring Bankruptcy and Cosigning Loans

Cosigned loans serve an essential role in letting people who would otherwise be unable to obtain a loan to do so. If a person defaults on a cosigned loan, however, the cosigner can end up becoming liable for the entire amount of the loan. If you are experiencing financial difficulties and have a cosigned loan, speak with an experienced bankruptcy attorney who can help you determine your best course of action. The Effect of Defaulting on a Cosigned Loan Parents frequently cosign for children who have not yet established a line of credit. In some situations, however, adults sign for the loans of other adults, which can result in many complications. Often, if a person cannot make the required payments, the financial institution will pursue the cosigner for payments. To stop collection efforts from credit agencies, individuals in these situations often decide to file for bankruptcy, which results in an automatic stay that prevents a court from collecting on a debt. Even though filing for bankruptcy prevents creditors from pursuing the person who has taken out the loan, these protections do not apply to a cosigner. As a result, credit collectors in these situations frequently pursue the loan’s cosigner. Chapter [...]

gstealth132018-07-18T16:45:36+00:00Tags: bankruptcy, cosigned loans, cosigners, loans|

Three Estate Planning Tips to Consider Before Traveling

Heading on a vacation of any length often requires significant planning. Frequently, individuals arrange things like who will water the plants, who will retrieve the mail, and who will feed the pets. While many people might not think about it, it is a wise idea for individuals who embark on a trip to also conduct estate planning before leaving home. In the case that an unexpected tragedy happens, these plans help to make sure that a person’s affairs are in order. This article will review some of the important estate planning tips that individuals must remember to follow before taking a vacation. Review Existing Plans If you have an existing estate plan, you should make sure to revise it before taking a vacation. Some of the events that require an estate plan to be updated include death, divorce, and marriage. These events can result in a person’s estate plan nominating an individual who will no longer be able to take on the responsibility, which is why it is a wise idea to make sure that an estate plan applies effectively to a person’s current situation. While many of these updates include removing beneficiaries who have died or become incapacitated, there [...]

gstealth132018-07-18T16:39:18+00:00Tags: estate planning, travel|

Financing the Bankruptcy Process with Your Tax Refund and Other Preparatory Steps

One of the largest obstacles that people face in filing for bankruptcy is deciding how to pay for the process. Many people argue that it is a Catch 22: If they were able to come up with several hundred or even a thousand dollars, they would not need to file for bankruptcy in the first place. In the last few years, numerous articles have been published about people paying for the bankruptcy process through the use of their tax refunds. The lesson to be gleaned from these articles is that there are numerous ways to pay for the bankruptcy process even if you cannot immediately think of one. Obtaining sufficient financial resources for the bankruptcy process is just one of the many complications for which a person who is interested in filing for bankruptcy must prepare. This article will review some of the important steps that should be performed in preparation of filing for bankruptcy. Stop Borrowing Money After you decide to file for bankruptcy, it is important to immediately stop borrowing money or using any credit cards. If you continue to do so, there is a risk that this might be construed as fraud and will result in additional [...]

gstealth132018-07-04T19:15:13+00:00Tags: oklahoma bankruptcy attorney|