In Part One of this series, I explained the benefits of a revocable living trust on incapacity. However, incapacity is only half the story. Trusts are also popular because of the benefits they can provide on death. First, trusts can avoid probate. A surprisingly common misconception is that a decedent can avoid probate by having a will. This could …
Since the beginning of Western civilization, wills have been the primary tool for individuals to disperse their assets to loved ones at their death. Even the Bible includes several references to wills. Now, seemingly all of a sudden, trusts, particularly revocable living trusts, rather than wills, are the preferred method of many estate planning lawyers. Why? Two reasons stand out: …
Some people are terrified of heights. Others are scared of public speaking. What should keep attorneys up at night is a little-known law called the Corporate Transparency Act (CTA)[1]. The CTA is a new, groundbreaking federal reporting law for business entities that may leave your office inundated with calls from disgruntled clients blaming you for failing to warn them about …