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"The Blog"

The Importance of a Successor Trustee

Posted by Darryl V. Pratt | Jan 07, 2021 | 0 Comments

An estate plan that includes a revocable living trust is an excellent way to protect yourself and your loved ones upon your passing or in the event you are unable to manage your own affairs. As opposed to other estate planning options, a revocable living trust gives you the ability to keep contro...

Things You Need to Know as Successor Trustee

Posted by Darryl V. Pratt | Jan 07, 2021 | 0 Comments

Being named as a successor trustee in someone's revocable living trust document can be considered a great honor. But with that honor comes responsibility. Whether you were appointed to this role due to someone's death or incapacity, we are here to assist you with understanding your role in the tr...

Key Considerations for Noncompete Agreements

Posted by Darryl V. Pratt | Jan 07, 2021 | 0 Comments

Companies grow by investing time and money in various resources, including their employees. Yet business owners are often anxious about losing their investment, i.e., the time they spend training new hires and the confidential information they share with their new employees. Once confidential inf...

How Trusts Have Helped Professional Athletes

Posted by Darryl V. Pratt | Jan 03, 2021 | 0 Comments

Estate planning is not just about what happens when you die. Proper estate planning takes into consideration all aspects of your life and how to protect your accounts and property so that you can receive the maximum use and enjoyment during your life as well as protect whatever you choose to leav...

Estate Planning: 3 Reasons We Run the Other Way

Posted by Darryl V. Pratt | Dec 14, 2020 | 0 Comments

It can be hard to get motivated about your estate planning; it sounds about as fun as getting a root canal. However, you also probably want to make sure that your loved ones are protected and receive your hard-earned money and property –regardless of whether you have $10 million or $10,000. Do n...

What You Need to Know about Severance Packages

Posted by Darryl V. Pratt | Dec 14, 2020 | 0 Comments

Business owners agree that people are the lifeline of a company. The people you hire can make or break your business. Yet as an employer, it is essential to recognize that things change. There are instances when you may have to terminate an employee. Developing a severance package is one effect...

How to Own Your Real Estate

Posted by Darryl V. Pratt | Dec 06, 2020 | 0 Comments

Real estate encompasses not only one's primary residence but also other real estate such as a vacation home or a rental property. The ideal form of ownership varies depending on the type of real estate you own. Below, we take a look at the different types of real estate and offer advice about the...

Why You Need an Employer Identification Number

Posted by Darryl V. Pratt | Dec 06, 2020 | 0 Comments

There are many essential tasks to complete if you are thinking of forming a new business. An important but often overlooked step is obtaining an Employer Identification Number (EIN). An EIN is a nine-digit federal tax identification number obtained from the Internal Revenue Service (IRS). It uniq...

How Refinancing a Property Can Affect Your Estate Plan

Posted by Darryl V. Pratt | Dec 06, 2020 | 0 Comments

The mortgage business is booming in many parts of the country. Historically low interest rates have created an almost frenzied environment with homeowners scrambling to refinance their home loans at these low interest rates. Even a few tenths of a percentage point of interest, over thirty years, ...

What to Do When a Loved One Dies Abroad

Posted by Darryl V. Pratt | Dec 06, 2020 | 0 Comments

The death of a loved one can be one of the most disorienting life events. But if the loved one dies while traveling in a foreign country, the emotional and bureaucratic burdens can multiply exponentially. Contact the United States Bureau of Consular Affairs If foreign local authorities report a...

Choosing a Corporate Trustee

Posted by Darryl V. Pratt | Dec 06, 2020 | 0 Comments

Making plans for your money and property after you pass away is not the most exciting thing to do. It involves thinking about situations that may cause feelings of fear and uncertainty. Nevertheless, it is essential to face those decisions head-on. You must determine what people, things, and valu...

Should You Own Your Timeshare in Your Trust?

Posted by Darryl V. Pratt | Dec 06, 2020 | 0 Comments

Timeshares have come a long way since they first arrived in the real estate market back in the '70s. In the early days of timeshare ownership, high-pressure sales tactics, exceedingly vague contracts, and inflexible scheduling policies caused many people to quickly regret such purchases. Over tim...

You Inherited a Retirement Account: Now What?

Posted by Darryl V. Pratt | Dec 06, 2020 | 0 Comments

For decades, common financial planning wisdom has encouraged almost all American workers to maximize their contributions to qualified retirement accounts. Indeed, doing so can be a powerful way to reduce your current income tax liability, grow your savings exponentially tax-free, and, in most sta...

Can Dual Citizenship Ruin Your Estate Plan?

Posted by Darryl V. Pratt | Dec 06, 2020 | 0 Comments

In early 2020, married actors Tom Hanks and Rita Wilson became honorary citizens of Greece.  The president of Greece bestowed this honor upon them due in large part to their humanitarian work in the country after a deadly wildfire swept through Athens in 2018. Hanks and Wilson spend considerable ...

The Recipe for a Satisfying Estate Plan

Posted by Darryl V. Pratt | Dec 06, 2020 | 0 Comments

Misconceptions about who needs an estate plan abound. Most people believe that estate planning is only for extremely wealthy business moguls or celebrities. But that could not be further from the truth. Estate planning is the process of making decisions about what happens to you, your money, and ...

Five Reasons Business Owners Need Estate Plans

Posted by Darryl V. Pratt | Dec 06, 2020 | 0 Comments

Business owners are notorious for engrossing themselves in the day-to-day management and functions of their businesses. As a business owner, you are likely the heart and soul of the company you lead. Your clients love you, and you have built unique relationships with your contractors and supplier...

What Happens If My Beneficiary Dies Before Me?

Posted by Darryl V. Pratt | Oct 06, 2020 | 0 Comments

When planning for death, most people assume they will die before their beneficiaries (e.g., their spouse, children, and grandchildren). While these assumptions are often well-founded, they do not always come to pass. Sometimes a beneficiary of an estate or trust dies before the person leaving the...

Tips for Divvying Up Personal Property

Posted by Darryl V. Pratt | Oct 06, 2020 | 0 Comments

We collect stuff throughout our lives. This “stuff” is known as our personal property. Some items are valuable, like jewelry, baseball cards, and works of art. Other items are sentimental, like grandma's tea set, old Christmas ornaments, and photographs. Regardless of the value, it is important t...

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