Three Celebrity Probate Disasters and Tragic Lessons
One would assume that celebrities with extreme wealth would take steps to protect their estates. But think again: some of the world’s richest and most famous people enter the pearly …
Pros and Cons of Probate
In estate planning circles, the word “probate” often carries a negative connotation. Indeed, for many people—especially those with valuable accounts and property—financial planners recommend trying to keep accounts and property …
Voting Rights in LLCs: Who Has a Voice?
On average, 4 million new businesses are started each year in the United States. Many of those businesses are organized as limited liability companies (LLCs). Combining the benefits of a …
When a Gift May Not Be a Gift
It is better to give than to receive. But if you give a gift above a certain amount, you might end up owing money to the Internal Revenue Service (IRS). …
Three Reasons to Avoid Probate
When you pass away, your family may need to sign certain documents as part of a probate process in order to claim their inheritance. This can happen if you own …
What to Know about Nonfungible Tokens
A nonfungible token (NFT) is a unique digital code that represents a digital item such as art or music, as well as a growing number of physical items, that runs …
Key Person Insurance: What Is It and Do I Need It?
We protect what we value most with insurance. Car insurance and home insurance ensure that we can financially survive a major property loss. Life insurance pays money to beneficiaries after …
How to Talk to Your Family About Business Succession
Benjamin Franklin famously quipped, “If you fail to plan, you are planning to fail.” From the very beginning, you had a plan for your business to succeed. You set goals …
Myths and Frequently Asked Questions for Artists
Estate Planning for Artists Myth #1: Although I sell a piece of artwork here and there, I don’t make enough money to have an estate. You do not have to …
An Estate Plan Should Not Be a Set-it-and-Forget-it Endeavor
As we all know, life happens. There is really nothing we can do about it. However, some of the most common life events can have a dramatic effect on your …