Can My Trust Own My Business After Death?

The answer to the title question depends on a few factors, but, in general, yes —your trust can own your business after you die. There are several factors to consider, including the type of business and the type of trust. Is your business a limited liability company (LLC), a partnership, a corporation, or a sole proprietorship? Another consideration is how your business is managed; is your business managed as an
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Signs of Elder Financial Fraud and Elder Abuse

Elder financial fraud and elder abuse and two important topics that are important to discuss and be aware of as we age.  We like to think that these issues won’t hit us or our loved ones, but elder abuse is much more common than many people realize. According to the World Health Organization, around 1 in 6 people 60 years and older have experienced some form of abuse in the
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Estate Planning and Couples with an Age Gap

For couples who get together and are of similar ages, planning for the future is usually a joint effort. Couples who have a significant age gap may have different plans for the future, however. If you are married to someone who is significantly older or younger than you, the future may look different and require different types of planning. To protect yourself, your spouse, and other loved ones in your
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Revocable Trusts versus Irrevocable Trusts: What’s Right For You

There are many different types of trusts for estate planning purposes. The most common trust types are revocable and irrevocable trusts, and many people wonder if they need one or both to be protected. While there are some similar features, these two major categories of trusts carry different purposes in your estate plan. Both can substitute for a last will and testament as an alternative way to distribute property, though
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Safely Store Important Financial and Legacy Information

It is crucial to get important estate and financial planning documents done, but it is just as important to store those documents in a safe place that your survivors can easily access. Estate planning documents like your will, living wills, powers of attorney, trusts, medical directives, and financial information are needed during the biggest emergencies, and they also need to be kept safe in the meantime. Additionally, you need to
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Multigenerational Wealth: An Estate Checklist

Generational wealth is commonly referred to as the assets and money passed down from one generation to another. These assets might include bonds, stocks, properties, jewelry, family businesses, and other investments. With our aging population, and what is known as “the silver tsunami,” the topic of generational wealth is becoming more and more important. However, studies estimate that 70 percent of family wealth is lost by the end of the
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The King Legacy

Larry King, the legendary talk-show host, lived a long and successful life. He hosted “Larry King Live” for over 25 years, married seven women, and had five children. Despite many years of health problems, he died at the old age of 87 on January 23, 2021. While the exact cause of his death was still being determined, his $2 million estate had already landed itself in probate court. Larry King’s Estate
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Estate Planning Terms to Know

National Estate Planning Awareness Week was first established in 2008 to help the public gain a better understanding of the importance of estate planning. Estate planning is one of those things that everybody needs to do, yet only approximately half of Americans have an up-to-date estate plan in place. Regardless of your age or financial situation, you need estate planning to protect you, your family, and your assets should you
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Should I Add My Kids to My Bank Account?

Many clients walk into the Michaelson & Associates law firm saying that they want to leave their bank accounts to their children after death. The easiest solution might be to just make the children joint owners, but that is not always the best course of action.  The idea of making your kids joint account owners sounds better than it actually is. Yes, you will avoid probate court proceedings for the
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Michaelson & Associates Talks Estate Planning in Nevada on LV Channel 13 Morning Blend 

Did you catch Michaelson & Associates on Channel 13, Las Vegas Morning Blend? John Michaelson had the opportunity to speak more about estate planning and the importance of estate planning in Nevada. Some key takeaways from John’s interview include the following:  Estate planning is important for people of all ages.  Estate planning consists of saying what you want to happen and the type of care you want if something bad happens, which
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COVID 19 Panic Has Americans of All Ages Thinking About Estate Planning

The COVID-19 virus has taken over our lives and many people are thinking about how they and their families are protected. With more people getting sick and/or experiencing the loss of loved ones, there has been an explosion in the numbers of Americans rushing to make their will and living trust. According to Caring.com, the rate of will and estate planning has been on the decline since 2017 but this trend
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Power of Attorney: Misconceptions and Myths Busted

Obtaining a durable power of attorney is one of the most important and powerful estate planning moves you can make. It allows someone who you appoint (referred to as your agent) to make decisions on your behalf in the event you become incapacitated. If you have no power of attorney, then your loved ones may not have the authority to make decisions on your behalf in case you become severely
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New Law Makes it Easy to Report Elder Financial Abuse

The Economic Growth, Regulatory Relief, and Consumer Protection Act was signed into law on May 24, 2018. There are a few important factors of the Act to keep in mind: There is a section in the Act that was once a stand-alone bill from Sen. Susan Collins (R-Maine)– designed to encourage elder (age 65 and older) financial abuse reporting. The Act does not mandate that financial institutions report financial abuse,
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THE NEW 199A REGULATIONS AND YOUR BUSINESS

New Tax Savings Opportunities Wondering about the new Section 199A deduction in 2018? The deduction became effective on January 1, 2018, but guidance on how it would be calculated has been the topic of much speculation. Congress delegated the job to the Internal Revenue Service (IRS), and it’s finally coming to light. For months, we’ve had no specific guidance to work with but now things are becoming more clear. Tax
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Prenups: Not Just For Movie Stars

George and Ginny had a great marriage, with an extended family to whom they wanted to leave everything when they passed. Unfortunately, Ginny was then diagnosed with cancer. She began to worry: What could happen if she died before George did, and George remarried? Or vice versa? What if the second spouse started pushing to get what Ginny and George had intended would be their children’s inheritance? Neither Ginny nor
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Planning For The Financial Future Of A Troubled Adult Child

Your 3-Step Guide to Creating an Informed Estate Plan Are you concerned about any of your adult children? Estate planning can pose extra challenges for families with adult children struggling with addiction, marital issues, or irresponsibility with money. The last thing you want is for your wealth to end up having a negative impact on your child, or to see them squander their inheritance. Many parents are concerned about what
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FAILURE TO LAUNCH KIDS

Set expectations about financial aid early in writing to avoid long term dependency I have noticed lately more than ever how many children live off their parents. In many cases, the parents are afraid to cutoff aid to a child who lives at home because they’re afraid they will hurt or lose the relationship. In almost every case, it seems like the situation could have been avoided with some thoughtful
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SHOULD YOU DISINHERIT A CHILD?

Most parents choose to leave their estates equally to their children. But sometimes, parents intentionally choose to not leave anything to a child. There may be what the parents consider to be a legitimate reason: one child has been more financially successful than the others; not wanting a special needs child to lose government benefits; or not wanting to leave an inheritance to an irresponsible or drug-dependent child. Sometimes a
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