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.
Now that the year 2021 is quickly becoming a distant memory, it is time to write or update your financial plan for 2022. One of the important elements of the plan is the gifts that you are going to give to family, friends and non-profits. We will discuss the basic rules of taxes on gifts and will be happy to address any complex scenarios that you may run into. These rules are likely to change for the worse, by 2025 at the latest. Continue reading for more details.
Impact on Workload
There are several ways in which your parents, or indeed, any family member’s estate plan impacts you. First, you may be asked to play an active role in the processing of the estate, and that may or may not have been directly communicated to you. You could be the executor of the estate or hold your parents’ power of attorney and would need to know their intentions. Things you should be able to address are:
Many high net worth individuals have worked very hard to accumulate wealth and build something of value that they can pass on to their families once they are gone. However, their heirs may be faced with exorbitant tax bills associated with this transfer of wealth when the time comes.