It is important to let your estate planning attorney know if you own real estate that is subject to a mortgage. Most mortgages include due-on-sale clauses stating that, upon the transfer of the mortgaged property, the entire amount of the debt owed on the mortgage is immediately due and payable. Under the Garn–St Germain Depository […]
When it comes to protecting your hard-earned money and property, it is important that you have the right plan, which can include a number of tools for your unique situation. One tool that might benefit you is a limited liability company (LLC) that owns some of your accounts and property. What is a limited liability […]
There are two main kinds of trusts: revocable and irrevocable.
Trusts are often associated with the rich, but the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
Part of being a responsible homeowner is having a proper estate plan in place. After all, considering the home is generally the largest asset most people own, it’s prudent to ensure this asset is passed to the people you wish to leave it to.
You should be aware of what a will can’t or shouldn’t do.
What Is a Living Trust?
Every so often, it’s smart to methodically go through your estate planning documents and see if any tweaks are needed. Here’s a checklist to guide you through that mission.
Your estate plan is much more likely to be successful, when you recognize and avoid the most common mistakes and take some key actions that often are overlooked.
Buying a home is one of the most common triggers for creating an estate plan.