Revising Your Will Based on Changes in Law and Changes in Facts
It is important to revisit your documents at least once every 5 years. As the tax law changes constantly, the documents created in the past may no longer be the most efficient ones. As your family situation changes, your Will may become completely outdated.Changes in LawIn the past, estate tax threshold used to...
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Planning for a Childless Couple
There are different motivations for living child-free. Some couples focus on careers, travel or hobbies. Others see children as a burdensome financial obligation. Yet others are unable to have children. Regardless of reasons, planning for a childless couple may be somewhat different than for a couple with children (no need for guardians for...
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Simple Steps You Can Take Now to Protect Your Assets
As discussed in the previous article, there are very few of your assets that are protected from creditors in the event of a lawsuit. There are some simple steps that you can take to address your asset’s vulnerability to attacks by creditors. Buy insurance. You should have a liability...
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What Assets are Protected from Creditors?
Regardless of the President that is sitting in the Oval Office, the litigious nature of our society is not going to change. There are many instances in which a client can be sued, including but not limited to: injuring someone in a car accident, being sued for malpractice, involvement in a business dispute, or...
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Second Marriages: Causes of Family Strife!
When spouses divorce, there are often children left from first marriage. When one of the spouses remarries, he should be very careful that the children from the first marriage do not get disinherited.The second spouse, who is often much younger and less financially secure, may exert pressure on her husband to provide for her...
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How to make a statement after you are dead
Most people want to leave a legacy. Yet most people also have no idea how to go about doing it. One simple way is through a life insurance policy. Help your immediate family. If you have a family who relies on your income, having a life insurance policy is an absolute must. There...
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Planning for a Pet
Animals shelters often see beloved pets suddenly homeless because of the death of their owners and failure to plan properly. And while there may be more people willing to rescue a dog, but what about a horse or a lizard? One way of planning properly for the care of a pet is to leave...
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Can Medicaid place a lien against the apartment?
Recently someone asked me a question: if an co-op apt. is owned jointly by spouses with right of survivorship, can Medicaid enforce a lien against the estate or the decedent's interest in the co-op when the joint owner who was a Medicaid recipient dies? There is a prohibition against placing a lien on the...
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Estate Planning Tips for same-sex couples
In the United States v. Windsor, the Supreme Court rules that federal government must recognize same-sex marriages legally performed in a state for federal law purposes. Below are some tips in an estate planning concept: Boomerang assets. Lots of same-sex couples do not have children. While the couple may...
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Some Legal Trivia
Did you know? Code of Hammurabi (around 1792 BCE) is one of the oldest and most complete written collections of law. Hammurabi was the soxth king of Babylon. The prologue to the Code expresses its purpose: “that the strong might not oppress the weak, that justice be given to orphan and widow” Code...
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