Monthly Archives: November 2018

The Advantage of Revocable Living Trusts

There are a number of misconceptions that people have about trusts. Some people believe that trusts only exist for the wealthy or that a simple will is capable of meeting their estate planning needs. In reality, trusts offer more advantages than many people realize. Creating a revocable living trust can be complicated. As a result, many people find that it is helpful to obtain the assistance of an experienced estate planning attorney who can make certain that a trust is properly written.   Reasons People Seek Living Revocable Trusts People who create a revocable living trust realize several advantages, which include:   Avoiding probate. When a person dies without a trust, a judge oversees a probate proceeding to determine how the person’s assets and debts should be divided. The probate process is often lengthy and can create a number of complications. Fortunately, a properly funded trust is capable of avoiding probate and the emotional and financial hardships that the process often involves. Successor can be appointed. If the person who manages a trust becomes incapacitated, that person or the trust’s creator can select a successor to manage the trust. This person will have the ability to manage the affairs of     Read More

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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     Read More

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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     Read More

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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     Read More

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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     Read More

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