If a child you’ve added to your deed goes through a divorce, has tax issues, is sued by someone, or must declare bankruptcy, your house could be on the chopping block!
If there’s one thing that’s certain, it’s life’s uncertainty. While we all hope for the best, as a business owner, it’s important to be prepared for anything. Having an answer to life’s curveballs can help you stay in business, ensure that your legacy lives on, and that your business partners and family are taken care of.
There is a popular misperception among many seniors that in order to protect their assets from creditors, including the cost of nursing home care, they should consider gifting their assets to their children.
A living trust is a legal document which places ownership and control of property into a trust, managed by a trustee for your benefit. Living trusts are often used as part of estate planning and can be helpful in case of incapacity.
When you purchase and own a home, your name is on the title to the property, indicating ownership. However, you can transfer ownership of your residence to another person or entity in the form of a real estate trust.
First, debts in a person’s estate are payable from the decedent’s assets in the course of administering their probate estate or administering their living trust estate.
