What happens if you die without a will?
Each state has a law of intestacy that determines how the assets of an individual will be distributed. It is based upon the familial relationships that currently exist.
What is a trust?
A trust is a legal body that provides an entity for assets to be transferred without going through probate. There are many distinctive reasons for creating a trust.
What does the Durable Power of Attorney provide?
The Attorney is the agent that stands in the gap for an individual when the person is unable to meet the business and financial responsibilities of his/her life.
What does the Health Care Agent do?
The Health Care agent makes decisions for the patient in regards to plans of action when the patient cannot speak for him/herself.
How do we care for a loved one who is progressively requiring more supports?
The reality of a person who requires greater supports as time goes by is challenging but must be framed with maintaining dignity and respect as the forefront concern while remembering the desires of the loved one.
What supports can a parent or loved one provide to a person who is unable to make decisions to care for oneself and receiving governmental benefits?
There are trusts that can be established to provide support for a person with a disability that provides for the supplemental or special needs for someone under a disability.
What is the best way to support a person who is losing their ability to make decisions for the best safe keeping?
Guardianship and Conservatorship are legal vehicles that are used to keep loved ones safe if his/her ability to make decisions is impacted by physical or mental incapacity. The interventions taken should be determined based upon the depth of the incapacity as well as the term of incapacitation.
What is the impact on the spouse when an individual needs to be instutionalized in a nursing home?
There is an allowance/exemption for spouses to be able to stay in the community. The planning for support of the individual and spouse is location specific.
What is the best way to pass the business to the next leaders?
In closed corporations, organizations that are not available to be owned by the public, there needs to be action plans to move from the founder/current leader to the next generation. The planning has additional facets to consider when it is a family operated business. Valuation and taxation need to be incorporated into the planning.
What is the benefit of incorporating in another state such as Delaware or Nevada?
The considerations that contribute to the answer to that question include what is the source of the revenue; what is the product/service that is being provided?