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- Are You Ready to Exit Your Business? But Is Your Business Ready?
by NM Law, APC
Let’s say that a buyer came to you and offered you plenty of cash for your business that would give you total financial security…would you sell?
- Saving Private Practice: Preserving Income after Departure
by NM Law, APC
A professional practice (dental, medical, legal, etc.) is unlike any other type of business in that it is not freely transferable and it cannot be owned or operated by someone who is not a licensed member of the profession.
- Estate Planning for Young Families
Individuals who have young families have special considerations. They often need to take specific and direct steps to protect their spouse and children. While many individuals postpone estate planning until they are older, doing so can lead to disastrous consequences.
- What Is the Application of Dower and Curtesy?
Dower and curtesy are antiquated terms that refer to married spouses’ property rights. These rights most often arise in situations involving death and inheritance. However, they may also arise in other contexts and may prevent one spouse from selling or transferring property without the consent of the affected spouse.
- Problems with Using Fill in the Blank Wills
Some office supply stores and websites offer inexpensive fill-in-the-blank wills that seem like an affordable alternative to having to pay an estate planning lawyer. However, these generic documents are often not a suitable do-it-yourself alternative. Failing to hire an estate planning lawyer can result in disastrous consequences.
- Treating Children Fairly in Wills
Many individuals leave an inheritance to their children. They may be concerned about how to treat their children fairly in their wills in order to avoid hard feelings or bitter battles between siblings. Some considerations to this topic include:
- How to Account for Property in Another State
In today’s mobile world, many people own property that is located in other states. They may own a vacation home or may keep certain personal property in another state than the state where they currently reside. This property must be carefully accounted for in a person’s estate plan.
- What is a Small Estate Administration Process?
When a person dies, his or her will is submitted to the probate court. The process that follows includes having the will probated, notifying heirs and creditors of the decedent’s passing, paying off debts and distributing the property to the heirs or beneficiaries. This process can often be long, exhaustive and expensive. This is why many people use the small estate administration process.
- How to Modify a Will
A will is an important estate planning document that instructs an executor about how to dispose of the property a person owns at the time of his or her passing. Many people have a will executed on their behalf to ensure that their wishes are carried out. However, there may become a time when a will needs to be modified.
- When is an Oral Will Valid?
In most cases, it is recommended that a will be put in writing. This creates more credibility and indicates more clearly how the testator’s wishes should be carried out. However, in some situations an oral will may be created and enforced.