Families with a high net worth may use a Family Limited Partnership (FLP) as part of their estate plan. This legal structure can be designed to provide three distinct advantages:
The “Queen of Soul” died last August. At the time of her passing, her heirs were not aware of an estate plan. Now, months after her passing, handwritten wills were recently discovered in her home.
The current legal market is shifting from one where a single individual can handle almost any legal issue to a market that requires specialization. Much like the medical field, these days it is common for each attorney to have a specialty. As a result, just like you would not go to a cardiologist to treat a broken foot, it is generally best to avoid asking a family law practitioner about your estate planning needs.
Estate planning plays a vital role in protecting your loved ones and your legacy. Unfortunately, common estate planning myths can push people down the wrong path when it comes to protecting their wishes and their family.
An elder law attorney is a legal professional that specializes in the issues that arise as we age. These issues can include the transfer of the power to make financial or health care related decisions and planning for long-term care needs.
A second marriage brings unique estate planning needs. Although some may view the need to discuss an estate plan as a relatively morbid topic, the discussion can prompt a conversation about future goals.