People often engage in transactions that result in money being owed to them, such as loaning money to a friend or business partner or renting a house to a tenant. But what happens if someone passes away before they receive the money owed to them? Can someone else collect these debts? If...
Category: Creditors
How Business Executives Can Set and Meet Their Estate Planning Goals
As a business executive, you are used to strategizing and creating goals as part of your job. But have you devoted time to strategizing and creating goals to protect yourself and your loved ones? If not, we are here to help you address some of the goals business executives often have when...
Time to Brush Up on Your Estate Planning Etiquette
Important Probate Rules You Should Know
When a person dies, what happens next depends on whether the deceased person had any foundational estate planning documents such as a last will and testament (otherwise known as a will) or trust, who the living relatives are, and their relationship to the...
What Happens to Elvis’s Legacy Now?
Elvis Presley, the King of Rock and Roll, died in 1977. Like most celebrities of his stature, he left behind a complicated legacy—and a considerable estate. Elvis’s estate, including Graceland, ended up in the hands of his only child, Lisa Marie Presley, who passed away in January at fifty-four years old. It...
What You Need to Know About Beneficiary-Controlled Trust
Would you like to provide your children or loved ones with an inheritance but protect them from the risks that may accompany a large windfall? If so, you can create a beneficiary-controlled trust in which the person you name as the trust’s primary beneficiary has rights, benefits, and control over the property...
Discretionary Trusts – How to Protect Your Beneficiaries from Bad Decisions and Outside Influences
Although leaving your hard-earned assets outright to your children, grandchildren, or other beneficiaries after you die may seem like the easiest and most desired form of distribution, this scheme will make their inheritance easy prey for creditors, predators, and divorcing spouses. Instead, consider using discretionary trusts for the benefit of each of your...
Isn’t There Already a Law That Leaves Everything To My Wife and Kids?
Many people think that if they die while they are married, everything they own automatically goes to their spouse or children. They’re actually thinking of state rules that apply if someone dies without leaving a will. In legal jargon, this is referred to as “intestate.” In that case, the specifics will vary depending...