Unfortunately, Murphy’s law is real, and you have to shield yourself from calamity. Even with the best of intentions and your desire for universal safety, someone under your employ or care may suffer a negligent injury and perish. It happens much less nowadays, but even one event is too much. Many employees, customers, patients, and their families, in addition to the negligent party, face significant loss when a tragedy strikes.
Even though love is grand, the incidence of marital separation is not trivial. Subsequent marriages carry an even higher rate of failure. One should not plan for divorce but rather be prepared for it, just as one should generally be prepared for misfortune by having in place estate planning instruments like wills, trusts, and other directives.
The Character of Premarital Agreements
Despite the negative impression left from B-movies premised around messy divorces, the general intent of premarital agreements (commonly known as prenup agreements) is to foster conditions that will help preserve an upcoming marriage. Part and parcel of that intent is to provide stability and predictability and protect a client’s estate from intentional and inadvertent loss. The client’s interests, broadly construed, includes those of its family members and dependents. You without doubt want to provide for your loved ones’ future needs and dreams. Additionally, when possible, you might want to minimize taxes, avoid probate, and deal with incapacity. A new marriage brings with it much joy and happiness, but by virtue of being new and including change, it can carry risk. This is particularly true for young spouses with developing financial resources and career tempestuousness. A prenuptial can offset that risk and help develop communication skills that will be critical for a long, healthy marriage. Let’s take a look at the characteristics of premarital agreements and what might cause one problem if or when it comes time for enforcement.
There is room for discussion on whether love gives you strength or courage, but we all know that when a marriage ends, there is often less of either and there may be a large accounting to be done. The accounting that we are concerned with in this article is the financial kind, and we hope to help make sure that our clients do not end up heartbroken and broke. Hindsight is 20/20, and as unromantic as it seems, a prenup is an essential legal instrument in many highly predictable situations. We hope for the best and plan for the worst. As a service to you and those you care for, we can prepare prenuptial or postnuptial agreements that will help you maintain your quality of life and achieve your estate planning goals. These agreements will contain provisions for property division, spousal support, and investments, among other elements.
It’s easy to want to sit back after achieving your financial goals. But that won’t be possible because things are constantly changing, including the members of your family circle and the value of your assets. Extraordinary things can impact them, such as changes in tax rules, unexpected litigation, and education expenses. Even though half of the adults in the U.S. do not have a will, we know better than to let the state dictate where our money goes. Let’s talk about some of the things that you can do to stay ahead of your finances and when you can do that.
Navigating the world of real estate holding can be tricky without the help of an attorney to handle the legalities and the paperwork. While you may think hiring an attorney will just cost you money, it can actually save you much more in the long run. When working with an attorney, you can receive great advice on how to handle similar situations in the future as well as ways to make sure your investment remains profitable moving forward. If you’re deciding on whether you need assistance in real estate holding, keep reading!
Know Your Will’s Purpose
The first thing you’ll want to do is understand whether your will is the primary vehicle for the disposition of assets and whether a trust instrument will be in place. Trusts have many useful purposes, and we will discuss them later in this post.
Next, you should examine who the will is serving and the situation surrounding it. This requires an examination of who is important for the estate. Identify a spouse or partner, which for most people should be an easy step. Consider children, if any, and any other family members whom you would like to carry beneficiary interests. Next, think about whether they should benefit at nominal or significant levels.
Trust Litigation in 2022
What is Trust litigation? Trust litigation is a very unfortunate occurrence that might become a necessity when the financial affairs of individuals or families that are part of a trust become tangled, disputed, or simply confused. This can happen even when a trust is well-crafted and instructions are clearly stated. Here at Lowthorp Richards, we often counsel clients that litigation should be the last resort after all other options have been exhausted, and this is certainly the case with trust litigation, largely because of the highly personal nature of relationships generally surrounding trusts.
What is Cryptocurrency?
By now, you have most likely heard of Bitcoin, a term that is often used synonymously with cryptocurrency. While there are many forms of cryptocurrency, it is generally a digital currency, with a unique feature whereby ownership records are stored in blockchains, a type of encrypted storage. While cryptocurrency shares some features of currency, it is not a traditional currency. They are not regularly issued by a central government authority. That is why you may have heard of them referred to as decentralized currencies. A few countries, including El Salvador, have even gone as far as tying cryptocurrency into their own economy – more formally.
Conservatorships in California have recently been met by multiple advocacy groups and individual attorneys fighting for the rights of conservatees. California advocacy groups in 2022 are demanding reform of the state’s conservatorship systems. These California advocacy groups want to see a move toward higher-quality protections and less-restrictive options. Some conservatorships can be very restrictive, even having the potential to restrict the civil rights of those who are in need of care. As light continues to shine on this subject, California lawmakers are beginning to discuss avenues for a better future for conservatees.