There are several ways to pass business ownership to the next generation, but they all need to account for a very common non-business risk: divorce. Frequently the business owner/founder requires a prospective daughter- or son-in-law to sign a prenuptial agreement as a condition of giving or selling shares to the next generation, but be careful […]
They are completely different documents with different purposes and effects. A Will (sometimes called a “Last Will and Testament”) directs who gets your stuff when you die, who will be guardian of any children under 18, and asks the Probate Court to approve someone you name to pay off your debts, file your final tax […]
I am fascinated by the artificial intelligence behind do-it-yourself legal tools provided by Nolo, RocketLawyer, and LegalZoom. I and many other trust lawyers use similar software to streamline the process of creating Wills and Trusts for our clients. They are very powerful tools. The problem is that powerful tools in the hands of the untrained […]
An A – B Trust is a trust that is designed to minimize estate taxes for married couples by splitting into two trusts upon the first spouse’s death. “A – B” doesn’t really tell you anything, so I prefer to use the term “credit shelter trust” – because this sort of trust “shelters” the first […]
Unless you like leaving messes for other people to deal with, you should have one or the other – and maybe both (read on to find out why). A Will and a Trust are the two most common options for leaving instructions for how to settle your affairs after you die. Any property […]
Why is there a picture of a boat above this email? Read on. Yesterday I had to research whether a child given up for adoption in New Hampshire can still inherit from her father if he never makes a will. If you need to know the answer, email me here. What I found more interesting, […]
In this video I explain that there are five estates that you need to plan for, not just one.
1. Our clients create Trusts to protect their minor and young children from bad people and bad decisions, in the event of an untimely death of their parents. A revocable trust can benefit your children, but not be considered their asset if they owe someone money – like their ex-spouse, their college, their business partner, […]
Dear Clients, Colleagues and Friends, I just spent five hours wrestling with a client’s thirty-page 1988 trust agreement, trying to figure out what he can and cannot do with certain property now that his wife has passed away. Another lawyer in a different state, where the property is located, has probably spent as many hours […]