Business and Industry Law Articles
Articles written by attorneys and experts worldwide
discussing legal aspects related to Business and Industry.
Unintended heirs are those people who end up with your money, without you intending to give it to them. Often the government, your surviving spouse’s new significant other, or an estranged relative are unintended heirs. Unfortunately, children are unintentionally disinherited with poor estate planning and inappropriate asset ownership. Instead the assets go to unintended heirs. Every adult needs a comprehensive up-to-date estate plan that is customized for his or her individual situation.
In this article #2, I explain how you use equity plans, that is, stock option plans and restricted stock plans to reward and encourage your employees. Equity means stock or ownership, so with an equity plan you give ownership in the company to the employees. This article applies to both stock option plans and restricted stock plans.
Overview of article series on Stock Option Plans, Restricted Stock, Phantom Stock and Other Incentive Plans for Closely Held Businesses. Article #1 – Overview - This series of articles explains how restricted stock, stock options, cash plans, phantom stock and stock appreciation rights really work for closely held companies, and what their real value is for the company and the employee.
You need to know how to bring in a new shareholder or partner to help run your business. If you're the new partner, you need to know what's at stake when you step into the business. When I speak of a "partner," I mean a partner in the non-legal sense, that is, the incoming doctor, dentist, chiropractor, software writer or other professional who will directly service clients on a full-time basis.
In a compensation structure, the tension is between salary and productivity payments. Both have their pluses and minuses. On the positive side of the ledger, salaries create team spirit, while productivity payments give incentive to work. As for the negatives, a compensation structure that is heavy on salary leads to freeloading. Why work so hard if either way you’ll get paid the same?
Everyone, who has attained the age of 18, needs his or her own will. There is often some confusion about what a will can and cannot do so we created this will fact sheet to guide our clients. We hope you find it helpful.
If you have not yet handled your estate planning affairs, you will want to carefully consider your needs to determine your individual estate planning goals. It's important to have planning in place so that you're always prepared. If you don't have an estate plan, you may have to deal with serious consequences.
Taking the time to develop your estate plan can be an overwhelming and confusing process. When you’re new to planning, you will likely have a lot of questions and concerns. It’s important to have an open line of communication with your attorney so that you’re able to better understand your planning and get the help that you need.
If you want to have the best estate plan possible, you need to be aware of potential pitfalls and plan so that you avoid potential problems. Your wishes may also not be respected if there are errors. Take a look at the following information, to learn more. If you have any questions, or if you’d like begin creating your estate plan, contact an estate planning attorney.
In 2006, Anna Nicole Smith made headlines when she appealed a 9th Circuit Court of Appeals decision all the way to the U.S. Supreme Court. The famous model and later reality television star made headlines when she married billionaire J. Howard Marshall. Marshall, 62 years older than Smith, was her second husband. Many speculated that she wed Marshall solely for his sizeable estate and wealth.
It may seem confusing and scary having to plan your own estate planning affairs. Know that by creating a plan you will be taking the first steps in preparing yourself for the future. If you’re just getting started with your planning, take a look at the following steps; this will help to guide you throughout the process. If you have any questions, or if you’d like to begin your estate planning, contact an estate planning attorney.
When most people think of the elderly, they envision someone that is very thrifty with their money, and in some cases they’d be right. Some of the elderly people of today lived through events like the Great Depression. Due to their experiences, these people learned to put away for a rainy day, and only purchase items that were necessary.
For many people life insurance is an important safety net for their loved ones. With a life insurance policy you know that your family will be financially secure even if something was to happen and you could no longer provide for them. When you have a young family, there is no doubt that life insurance is very important, but is it as important once you are retired?
Have you heard of incapacity planning, guardianships, or conservatorship? Have you heard of a living willpowers of attorney, and trust planning. If you’re like most folks, you’ve heard the terms somewhere but don’t have a full grasp of how it all fits together; that’s totally normal. But, incapacity planning is much more important than you think. Just ask anyone who’s ever had to use a disability plan, which worked or didn’t work.
If you’re planning for the future, you will have many planning needs, including a living will in your comprehensive estate plan. This will allow you to legally spell out your end of life treatment decisions. Without a plan in place, others will be left to guess and make difficult choices. Take a look at the following information, to learn more about this planning need.
Sometimes, probate lawyers become involved in cases where their clients ask for their assistance in drafting wills that will give their spouses very little of their estates or nothing at all. Probate lawyers may also become involved in cases representing spouses who receive nothing through disinheritance.
If your children are minors and/or you want to protect the assets that go to your children from creditors and divorcing spouses, you need trust planning. As a single parent, there is no back up if you become incapacitated or die. A strong, comprehensive, and up-to-date trust-based estate plan needs to be in place to protect your children.
If you’ve been named as a guardian for minor children in a loved one’s will, your hands will be full if you are called upon to act. It’s important to fully understand your duties before agreeing to serve as a guardian. This will allow you to be better prepared and can make it possible for you to decide if you’re the right fit.
One way that you can invest in your retirement is through annuities, though this retirement tool may not be right for everyone. If you are still young and would like to save more for retirement than what you can contribute to your retirement plan each year, an annuity may be a good option.
Many parents with young children have difficulty deciding on a guardian. In many of these cases the parents have many possible guardians to choose from or they don’t have someone who is a complete fit. This is completely normal. If you’re having trouble deciding on a guardian, take a look at some of the tips below. Your estate planning attorney can help you decide on a guardian for your children.
A will is an important estate planning document that many people never take the time to create. A will can help you achieve many of your estate planning goals. It can also be used to determine how many of your affairs will be handled after your death. Take a look at the following 5 benefits to creating a will. If you have any questions, or if you’d like to create a will, meet with an estate planning attorney.
The Wall Street Journal reported, “[a]ccording to the National Association of Unclaimed Property Administrators, state treasurers currently hold $32.9 billion in unclaimed bank accounts and other assets. (You can search for unclaimed assets at MissingMoney.com.)” For the most part, this is money heirs didn’t know about because their loved ones either didn’t do estate planning or didn’t stay organized and it was missed.
If you’re planning or updating your estate plan, you may want to consider creating a revocable living trust. Trusts are a highly beneficial estate planning tool. Take a look at the following information, to better understand 10 benefits of a revocable living trust. If you have any questions, or if you’d like to create a trust, contact an estate planning attorney.
In estate planning circles the estate tax is always a core issue, but it was an especially hot topic in 2010. A provision contained in the Economic Growth and Tax Relief Reconciliation Act of 2001 (commonly referred to as the “Bush tax cuts”) called for a repeal of the estate tax for the 2010 calendar year. It was set to return in 2011 with an exclusion of just $1 million and a top rate of a whopping 55% (it was 45% in '09).
Some of the concerns related to the changing economy and an agricultural relationship between the generations of farmers, in an industry that pushes small businesses to failure. A simple understanding of how to leave your small business or farm to the right persons or family members in planning your estate ahead of time can be vexing, especially when such an action is necessary.
A lot of people these days are not seeing consistent growth in their retirement savings, if they have a retirement account at all. The reason why retirement accounts fail to grow often has nothing to do with the market, and everything to do with the everyday cost of living.
The “death tax” is a euphemism for the estate tax. Estate tax is imposed "on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States.
Elder Law is a term that has been coined to encompass the body of law regarding the aging population. It is an area of law that has seen significant growth as the baby boomer generation ages.
If you’re like most people, you’ve heard of the term, “probate.” Essentially, the term “probate” and “estate administration are used interchangeably and refer to the winding down of a person’s financial life after death. Technically, the term, “probate,» refers to court validation of your will.
Arkansas enacted its Pet Trust Law in 2005. Since then, pet owners have been able to create a Trust to ensure that their pets are properly cared for after the pet owners die. Though you should talk to a qualified estate planning attorney if you want assistance creating a Pet Trust or have specific questions, let’s take a moment to look at what the Arkansas statute states.
Creating a will is the starting point of estate planning, but it certainly should not be the ending point. While there are several other documents that make up a comprehensive estate plan, we answer questions involving the most important document, the will.
The practice of elder law is an area of expertise that developed from the need of a growing population of senior citizens with specific legal issues. What can an elder law attorney do for you or a loved one? Elder law is a relative new area in the practice of law, arising from the need of a growing population of senior citizens with specific legal needs.
Despite its purpose, a will is a living document, meaning it should be updated or changed as situations warrant and life changes occur. In fact, even if circumstances do not change, a will should be reviewed every three to five years.
One aspect of estate planning involves disability planning, which is creating a contingency plan in case of incapacitation in later years. A living trust is one estate planning tool that can often be put to good use within a disability plan.
Estate planning for clients who are in their second marriage often presents some challenges that are not present where the clients are in their first marriage.Sorting through a confusing mix of what belongs to whom, and who gets what belonging to whom, can produce feelings of hurt and resentment.
When most people create their Last Will and Testament, they nominate a spouse, partner, child or parent as the executor of the Will without giving much thought to what the position of executor actually entails. However, once you understand the complex nature of the duties of an executor, you may decide to give a little more thought to the choice of the executor.
Anyone who has a substantial estate knows that avoiding estate taxes is one of the primary goals of estate planning. The estate tax rate changes on a regular basis; however, it is typically high, meaning an estate could lose as much as half of its value to taxes. One option for avoiding estate taxes is to gift assets to family members and loved ones during your lifetime.
Back in 2010, there was a lot of uncertainty surrounding the estate tax. The tax was repealed for that year due to provisions contained within the Bush era tax cuts. However, as the laws stood throughout most of 2010, the estate tax was scheduled to reappear in 2011. At that time the exclusion was scheduled to be $1 million, and the maximum rate was set at 55%.
Taxes are an interesting thing because they can spawn conflicting emotions. Money is hard earned and nobody wants to part with a significant portion their earnings and give them to the tax man. However, the vast majority of thinking people recognize the need to fund certain foundational elements of society.
People tend to procrastinate when it comes to addressing the issues of aging and the inevitability of death and you are probably among them. Of course, these are not especially pleasant subjects to consider. These are realities all the same and it is useful to remember that you are assisting your family members when you take action and make the appropriate arrangements.
It is important to consult with a Central New Jersey Estate Planning attorney when you are making plans for the future regardless of your family dynamic. There are a lot of different bases to cover if you want to be comprehensively prepared for all the eventualities of aging and your eventual death. Professional guidance is key if you want to be certain that nothing is being overlooked.
The estate tax can have an enormous impact on the family members that you will be leaving behind and it is something to be very aware of when you are making preparations for the future. A single imposition of this federal levy is a big deal because it carries a 35% rate at the present time, and in fact this rate is scheduled to rise to 55% at the beginning of next year. But imagine having to pay this twice.
Among the many estate planning tools, an irrevocable life insurance trust, or ILIT, offers numerous advantages with few disadvantages. The primary goal of an estate plan is to determine how you wish your assets to be distributed upon your death; however, there are often important secondary goals and considerations.
Generally, Florida law does not allow an adopted child to inherit through intestacy from his or her biological parents. The limited exception to this rule is when an adopted child’s birth parent dies but his or her surviving parent remarries a stepparent who subsequently adopts his or her deceased spouse’s biological child. In this limited situation, the adopted child of his or her stepparent and biological child of his or her deceased parent can inherit from both parents.
Many states enacted estate tax programs which supplemented the federal estate income tax laws. Known as “pick-up” taxes, state estate tax programs typically picked up where federal taxes left-off. Thus, since most estates did not owe federal income taxes, a small number of Floridians paid state pick-up estate taxes.
One of the things that you have to concern yourself with when you are planning your estate is asset erosion. The most significant form of this erosion is the federal estate tax, and in the same way that a body of water can erode a landmass generation in and generation out the estate tax can keep coming in waves.
People can sometimes have very different perspectives on the same subject, and this is something to consider when you are devising a plan for aging and eventual death. If you don't make each and every one of your wishes known, your family members may wind up having to come to some kind of mutual decisions.
International sale is when one of its elements it is connected with the legal order of another state or country. Uniform regulation of international sales is contained in the Vienna Convention (IC) of the United Nations on Contracts for the International Sale of Goods.
If you expect to retire when you are in your mid-60s, you are going to have to save enough money to provide for your needs for perhaps 20 years or more. Most people will require a thoughtful and practical plan to be able to accumulate the resources that they need to comfortably enjoy their retirement years.
If it’s time for a loved one to move to a nursing home, it is likely that your entire family is upset about the situation. This is because living in a nursing home is a big change. Luckily, there are steps that you can take that will make the move easier. Take a look at the following information to learn more. If you have any questions, or if you’d like to discuss nursing home options, contact an estate planning attorney.
Even if you don't have a lot of property, you can benefit by creating an estate plan that chooses how your property passes after you die. If you don't set your choices out in a legally recognized manner, Arkansas state law makes the decision for you through its laws of intestate succession. These laws are quite complicated and can lead to a number of different scenarios, so you should talk to a qualified estate planning attorney for specific advice about what might happen to your estate.
When you are anticipating the eventualities of aging long-term budget projections are necessary. To estimate your future expenses accurately you have to be fully aware of the facts, and with this in mind you would do well to know a few things about long-term care and the costs involved.
If you are not apprised of current elder law statistics you may be somewhat surprised to hear about the facts regarding incapacity among those who reach an advanced age. According to the Alzheimer's Association, some 13% of senior citizens are afflicted by the disease. Alzheimer’s causes dementia, which can rob its victims of the ability to make sound personal, financial and medical decisions.
Nobody wants to pay their taxes twice, and this is why a lot of people take umbrage with the federal estate tax. The estate tax can be logically called an instance of double taxation, and we will explain by way of example. Let's say that you work for a company and receive direct deposits every two weeks throughout your forty-year career. When that money gets to your account it is going to be markedly less than your gross income, right?
A properly drafted medical power of attorney in Arkansas, sometimes known as a durable power of attorney, is an essential part of a good estate plan. State laws have very specific rules when it comes to making these advance medical directives, and you must follow these requirements to ensure your power of attorney is legal.
For many of us, the idea of leaving our pets without adequate care after we die is not an option. While you know how much you love your pet, the law doesn't recognize the right for an animal to own property, which means you cannot leave your property to your pet after you die.
Many people hear the term “estate planning «and immediately think it doesn’t apply to them. After all, estate planning, is only for the rich or the elderly, right? Wrong. Basic estate planning is a necessity for everyone. As you age, or your estate grows, you can revise your estate plan to include more complex tools. Understanding some of the most basic estate planning tools, can help you on your comprehensive estate plan and should be started, preferably, early on in life.
At some point in your life you may have a loved one who requires the care and attention that only a nursing home can provide. The decision to place your loved one in a nursing home is never reached easily. Once you have reached the decision, it is important to choose the best nursing home possible for your loved one’s care.
Although we may dread the aging process, most of us hope to live long enough to enjoy our “golden years». If you still have many years to go before your own “golden years», there is a good chance that you have a loved one who is currently enjoying his or hers.
Background - Mechanism of the investment licenses that is applied by BKPM to the investor covers provisions concerning business sector and business entity that could be managed by the investor in the territory of Indonesia. Principally, provisions on the mechanism of the investment licenses apply the same treatment to all of the investors, either foreign investor or domestic investor.
Definition of Limited Liability Companies according Article 1 paragraph 1 of Law Number 40 of Year 2007 (“Company Law”), stated: Limited Liability Company (“Company”) means a legal entity which constitutes an alliance of capital established pursuant to a contract in order to carry on business activities with an authorized capital all of which is divided into shares and which fulfils the requirements stipulated in this law and its implementing regulations”
Law Number 40 of 2007 on Limited Liability Company (“Company Law”) only recognizes the classification of registered shares. However, Article 53 paragraph (1), (2) and (3) of Company Law states that, the Articles of Association may determine more than one classification of shares. If there is more than one classification of shares, then the Articles of Association determines one of them as common share.
Background - Merger is a legal action conducted by one or more company to merge with another existing company causing the assets and liabilities of the merging company transferred by law to the surviving company. Moreover, the legal entity status of the merging company will be ended by law.
Background - International Center for Settlement of International Dispute (“ICSID”) was established on the basis of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States of 1966 (“ICSID Convention“). This ICSID Convention regulates the settlement of dispute between a country with foreign individual or company who have invested their capital in the country, by peaceful means through conciliation or arbitration.
A living will becomes valid in Florida upon the incapacity of the person drafting or making it. An individual can revoke or cancel his living will as long as he is mentally competent to do so. You may cancel or revoke your living will by physically destroying it, creating a new one or in writing through a letter of revocation. You can also revoke or cancel your health care surrogate designation in the same way.
In most cases, the Internal Revenue Service does not impose federal income taxes on inheritances. Thus, recipients of large inheritances may not have to pay income taxes on the value of their gifts. Instead, Congress enacted tax laws imposing the federal income tax liabilities on estates.
By Jaburg Wilk
The appearance of your pest control technician matters. How something or someone looks impacts customers and their experience with your company. Study after study shows that consumers purchase with their eyes. Presentation matters. There is no doubt that how something or someone looks impacts customers and their experience with your company. Study after study shows that consumers purchase with their eyes.
A brief summary of some positive and negative consequences of the America Invents Act. America Invents Act: Pros and Cons - by Todd Juneau
In 2006, Texas enacted legislation that allowed residents to create pet trusts, specific types of trusts that allow you to leave property for the care of your pet. The trusts are an ideal way for any pet owner who wants to leave their pets safe and secure after they die. Let’s look at some common questions about Texas pet trusts.
Given the typically high rate of both gift taxes and estate taxes, the grantor retained annuity trust, or GRAT, has become a popular estate planning option over recent years. Although the rules for a GRAT are complex and ever-changing, the basic concept is simple enough to understand.
A contract is a written agreement made between the parties which states the terms of their legal relationship. Every contract will contain different terms and conditions concerning the bargain it embodies. A dispute will occur when any of the terms and conditions are breached by either party, when there is disagreement as to interpretation of the written agreement or in the event that the written agreement has failed to address a specific matter.
The avoidance of estate taxes and the often costly and lengthy process known as probate, are two important goals of many estate plans. For those who have substantial assets that they anticipate leaving to family and loved ones, estate taxes are a prominent consideration when estate planning. Although the estate tax rate changes on a regular basis, it is typically extremely high -- often hovering around 50 percent.
During the recent one and a half year we could view a sharp increase in the interest of subsoil users and their contractors to the issues of Kazakhstani content in the procurement of goods, works and services. In the first instance it is connected with changes of subsoil and subsoil use legislation, as well as with toughening of the policy held by the Kazakhstan Government with regard to development of Kazakhstani content.
An estate plan, once created, is not set in stone. You can, and should, make changes to your plan as time goes on. If you haven't made changes recently, there are several areas you should look at and update as necessary.
It is important to be aware of just how likely it is that you may go through a period of incapacitation before you pass away. Alzheimer's induced dementia is very common among our nation's elderly, and this is one of the reasons why it is good idea to be prepared. However, there are other causes of incapacity as well and it is better to err to the side of safety rather than leaving things to chance.
A high percentage of people are not at all prepared for the eventualities of aging. One of the primary reasons for this is the fact that many individuals don't want to consider unpleasant possibilities. While this may be understandable on a particular level it is actually quite irresponsible. There are certain realities that are facts of life and there is really no excuse for refusing to accept them.
When you use a last will to direct the transfer of your assets after your death it is not just passed around among your loved ones. The probate or surrogate court must determine its validity, and most lay people have no understanding of the expectations of the probate court. This is one of the reasons why the guidance of a good central New Jersey probate lawyer is important when you are drawing up your will.
Planning all corporate taxes: income taxes, VAT, withholding taxes, dividends taxes and considering the tax impact on your business, should play a significant role in every financial step your company in Bulgaria undertakes. Even if you consider that your business is not currently in need, you can seek for taxing information as at the moment Bulgarian system almost apply tax free levying of income for residents and non residents.
Introduction - There are over 6,000 charities in Hong Kong, responsible for raising more than HK$ 8 billion dollars in the fiscal year 2008-2009. However, the charity sector lacks a comprehensive framework for the establishment and regulation of charities as compared to other overseas jurisdictions.
One of the things that critics point out about the estate tax is the fact that the exclusion frequently moves around. So one family could be forced to pay an exorbitant tax on a particular sum of money during a particular year while another family could pay nothing at all on the same amount of money because a loved one died during a different year.
By Jaburg Wilk
January 1, 2012, the minimum wage in Arizona became $7.65 per hour. Arizona’s rate is .40 cents per hour higher than the federal minimum wage and you are required to pay the higher of the two. Arizona's minimum wage law ("AMWA") has some important variations from the federal minimum wage law. By: Gary J. Jaburg, Esq.
Indian companies are accessing the Frankfurt Stock Exchange (“FSE”) and other foreign capital markets in search of capital and liquidity for their shares. The Entry Standard of the FSE is an appealing option for Indian issuers seeking an access point to European capital markets. By Brenda Lee Hamilton, Attorney
On December 20, 2011, Deutsche Börse AG suspended new listings for the First Quotation Board due to fraud and new cases of suspected market manipulation among several shares listed in the First Quotation Board. Deutsche Börse AG stated, “prosecution according to criminal law and supervisory legislation only seems to have a limited deterrent effect. By Brenda Lee Hamilton
Everyone knows what a last will is intended to achieve, and it is indeed the most commonly utilized instrument in the field of estate planning. However, it is important to recognize the fact that this is not your only option when it comes to transferring assets to your loved ones after you pass away.
You see a lot of acronyms when you are trying to learn about some of the tools that are used in the field of the estate planning and one of them is the FLP. These initials stand for family limited partnerships, and they are primarily useful for people who want to gain tax efficiency when they are giving gifts to family members.
All states have their own set of probate laws and procedures that govern what happens to your property after you die. They also have their own court systems that handle probate cases. In many states, these cases are heard by probate court judges, while in others they are handled by district or circuit court judges. In New York State, probate cases are heard in front of the Surrogate's Court.
Cumulative Voting. Under CA Corporations Code §708, CA requires cumulative voting for the election of directors. To invoke cumulative voting, one or more shareholders must give notice prior to the meeting of the intention to vote cumulatively. Any candidate for whom shares are to be voted cumulatively must have been placed in nomination prior to the voting.
The purpose of this Memorandum is to discuss certain procedures and operations relevant to a newly-formed California corporation. The summaries below are not a complete analysis of the areas discussed, rather they are provided to give a basic understanding of the legal requirements which California corporation should follow.
Forming a business can feel overwhelming. You worry about all the things you know, and you worry about all the things you don’t know. I write this checklist to fill in the great unknown. This checklist gives you a bird’s eye view of legal compliance for your start-up business. Let's start at the beginning - incorporation.
To pet lovers, the fact pet planning as part of estate planning has now become commonplace, is a “What took you so long?” In recognition that our pets are beloved members of our families, animal advocates, the Massachusetts state legislature, and estate planning attorneys have brought pet planning to the forefront of many estate planning discussions.
In America, it seems as though we are always worrying about one tax obligation or another. Everything from our income to the food we purchase is taxed. Most Americans devote a considerable amount of time and effort to limiting their tax burden throughout the year and looking for every possible deduction and credit at the end of the year.
Loan agreement is one of the most common ways of financing in Belarusian companies when a foreign shareholder provides a loan to the Belarusian Company. This article covers some crucial issues of receiving loans from foreign companies including currency and tax regulations.
If you are planning for the future, you probably have considered the use of life insurance. This can be a great tool to help protect your loved ones. However, many people don’t carefully consider their life insurance needs. Take a look at the information below, to better understand the need for enough life insurance coverage. If you have any questions, or if you’d like to discuss life insurance options, contact an estate planning attorney.
If you have friends and family members who mean the world to you, it’s important to discuss their need for an estate plan. This can be easy to approach if you’ve recently handled your planning affairs. You likely want to make sure that your loved ones will always be protected with an estate plan, throughout all of life’s events.
If your loved one is in need of long term care, you’re probably taking the time to compare different long term care facilities and options. Many seniors prefer to age at home so that they’re able to live a more comfortable life in a familiar environment. If you’re considering at home care for your loved one, you will need to carefully consider his or her needs.
Few people want to have to talk about estate planning because it involves uncomfortable subjects like money, health, disability, death, and dying. However, having a conversation or series of conversations over the years truly will benefit you and your family.
Your will or revocable living trust may indicate that if you are legally separated or divorced, your ex will be deemed to have predeceased you and cannot inherit from you. However, certain plan documents containing beneficiary designations – such life insurance, annuities, retirement plans, and pensions - do not have this same provision. These later plan documents rule and can result in your ex inheriting from you.
Sometimes the unthinkable can occur, and it can be all the more tragic if there are no estate planning tools in place to address the ‘what ifs. It’s unfortunate that more young couples don’t have an estate plan in place, neither a basic will nor durable power of attorney. They often wait until after they have started a family, or when they purchase their first home or even when they reach their 30’s or 40’s.
There are people out there who feel as though estate planning is something that is only relevant to those who reach an advanced age. Of course it is pure common sense to recognize the fact that the likelihood of your death becomes greater as you age, but this does not mean that estate planning is something that only senior citizens need to engage in.
Estate planning attorneys will often say that it is important to avoid asset erosion when you are engaged in legacy planning. This causes a lot of people to scratch their heads. They wonder why there should be any reason to be concerned about the value of their assets being reduced simply because they pass away and want to transfer them to family members.