24 Mar Have You Told Your Spouse EVERYTHING? Justin Crain, Partner
If you have children that your spouse doesn’t know about, don’t assume that just because they were adopted by another family that they are no longer an heir of your estate...
If you have children that your spouse doesn’t know about, don’t assume that just because they were adopted by another family that they are no longer an heir of your estate...
It’s common for people to disinherit family members for various reasons. When consulting with clients who want to specifically exclude someone from their estate plan, they ask, “should I give them $1?” My answer is always an emphatic, “absolutely not.” I’m not 100% sure when or how...
Unfortunately, people often surmise that Crain & Wooley staff exaggerate or, in the very least, stretch the truth regarding the current probate process, who must go through the probate process and how that process interacts with Last Wills and Testaments. Occasionally, a story hits the...
Avoiding probate and court supervision while wrapping up an estate is a point of emphasis in almost every estate plan I provide. When I explain that using a Revocable Living Trust will allow them to put a Trustee of their choosing in place to handle...
One of the many great things about using a Revocable Living Trust for your estate planning instead of a traditional will is that you’re better able to restrict how and when money is given to beneficiaries. Some clients want to give direct, cash distributions to...
Generational wealth is a relatively simple term with broad connotation. It is defined as simply the passing down of assets from one generation to another. Generational wealth sort of sounds like a reason for a Vanderbilt to never have to work a day in his...
Do the terms equal and fair mean the same thing to you? Many families find themselves discussing “fair” vs. “equal” when working with Crain & Wooley. Do any of these situations sound like something that could reasonably happen in your family? These real clients’ stories...
Now that I have your attention. Did you know that there are instances where a surviving spouse does not inherit from their deceased spouse? Finding out that the surviving spouse doesn’t inherit everything is difficult and often unbelievable because so many people falsely believe that...
Tax rates and paying taxes seem to consume our minds for very good reason - the U.S. Tax Code is complicated. A common area of confusion for some small business owners surrounds the topic of an “L.L.C. (Limited Liability Corporation) versus an S Corp”. Many...
Do you own your house? This may sound like a silly question, but in my experience many people do not know the answer to this question. Some people think ownership is based on what is shown in the tax records at the central appraisal district...