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The elderly population has always been an easy target for financial fraud by both illegitimate and legitimate companies. During the recent economic recession, reports of fraud against the elderly have been rising. The Federal Trade Commission in conjunction with state attorney generals has been increasing their consumer protection programs to protect elderly consumers.
When it comes to the big decisions about your estate plan, such as deciding how much of your estate to divide amongst your children your will is usually going to focus around the important items. However, if you want to distribute your personal property, your Will is often not the best way to do it.
Tax laws have a direct and significant impact on your estate plan. During an election year, such as this year, the fate of many tax laws is often uncertain. Scheduling a review of your current estate plan with your estate planning attorney is a good way to make sure that your plan takes advantage of the current tax laws and anticipates any scheduled changes.
As you go about creating your estate plan and making choices about who you want to receive your property, you may experience a feeling of relief in knowing that your family will be cared for after your death.However, for many people, including some celebrities, the final choice they make is to disinherit their family or to leave their children and family members out of any inheritance whatsoever. Letís take a look at a couple of the more famous examples.
Several months ago there was an interesting story that was floating around various Atlanta area news outlets about a challenge that was issued by Bill Gates and Warren Buffet. Buffet has famously announced his intention to give away most of his wealth to charity and he has, in fact, already donated about $8 billion to the Bill & Melinda Gates Foundation.
When you are evaluating your assets and the heirs to whom you intend to make bequests, a lot of thoughts will invariably cross your mind. Money can do a lot, and being able to pass along financial resources to your family members after you pass away certainly provides you with a good bit of peace of mind.
When you are a child you are taught to understand right from wrong. Because so much effort is put into making this point to you, unfairness can seem like a very big deal when you are a youngster. Then, little by little, the landscape of childhood starts to pass away, and you come to understand that the way of the world as we know it is inherently unfair in some ways. But that doesn't mean you lose your ability to see right from wrong.
Surprisingly, many Americans are still counting on a family inheritance to support them during their golden years. This may be a seriously flawed estate plan. For centuries, families passed down the family fortune from one generation to the next. This was often done for pragmatic reasons. In many cases, the family wealth was the result of a family business -- a business that the next generation was expected to continue managing.
Huguette Clark, a New York heiress with an estate valued at more than $400 million, died last year just shy of her 105th birthday. A Last Will and Testament executed by Clark in May of 2005 was entered into probate shortly after her death.
As the name implies, a family owned business is a business that remains in the family under ideal circumstances. If you are the owner of a family owned business, you have likely considered passing down your business to future generations in the event of your death. While the desire to pass down your business to the next generation is certainly understandable, it is not always the wise choice.