Blog Category - Estate Planning Page 10

Name: Strauss Attorneys PLLC
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Aug

What Does “Devise” Mean in an Estate Plan?

When creating an estate plan, you may encounter unfamiliar terms that can be confusing. Adding to the confusion, some of these terms may sound the same but have different meanings and spellings. For instance, “heir” refers to someone who receives money or property through a will...

Aug

What Not to Include in Your Estate Planning Documents

One important purpose of estate planning is to facilitate the transfer of ownership of your money and property to your family and loved ones when you pass away. For this transfer to be as stress-free and efficient as possible, it is crucial that estate planning documents be thoro...

Aug

Home Security Systems and Estate Planning

Are You Protected from Property Crime? Did you know that property crimes are the leading type of crime in the United States? Every year, around 2. 5 million homes are burglarized. A break-in occurs every twenty-six seconds, and a burglary occurs every fifteen seconds. Yet few...

Aug

Are You Single with a Minor Child? If So, You Need a Plan

You have a minor child who depends on you for their survival, so you need to make sure that they will be cared for if you are ever unable to care for them. By creating an estate plan, you can address your minor child’s care and custody and provide instructions about how your mone...

Aug

Important Things to Do As You Begin 2023

January is National Mentoring Month: Three Creative Ways to Use the Estate Planning Process to Be a Mentor From Iron Man and Spiderman to the relationship between Hopper and Elle in Stranger Things, the value and importance of mentor relationships is everywhere we look. And this...

Aug

2022 Year End Letter from Strauss Attorneys

We are coming to the end of another year! It has been, yet again, a roller-coaster of a ride. This year marked the apparent end of Covid, as well as The Godfather’s fiftieth anniversary. And, of course, we all are feeling the pinch of rising inflation rates. For estate planners...

Aug

Basics of Social Security Retirement Benefits

Social Security provides a foundation for long-term financial support for almost every American. Most of us will depend on Social Security to live on during our later years. These years cost money, and if we are not working during our later years, then we can count on Social Secu...

Aug

New IRS “Clawback” Regulations Have Limited Applicability to Gift Transactions

The Tax Cut and Jobs Act of 2017 (TCJA) doubled the exemption amount available during lifetime or at death from $5 million to $10 million, inflation adjusted, until January 1, 2026. The 2022 exemption amount is $12. 06 million and will decline under current law, subject to further...

Aug

When Forgetfulness is a Problem

Head, shoulders, knees, and toes. We learned those body parts as youngsters as we sang along to the song. As we age, we often find that our head, shoulders, knees, and toes don't quite work like they used to. While these physical ailments can be a sobering reminder that we ...

Aug

Revised Limited Liability Company Act

When dealing with the death of a loved one, the amount of information to be processed and documents to be sorted through might seem overwhelming. Faced with unfamiliar concepts, terminology, and deadlines along with one’s own grief, the trust and probate administration process ca...

Aug

Three’s a Crowd, and Two Can Be Too: The Pitfalls of Joint Property Ownership (Part 2 of 2)

In Part 1 of this two-part series, we discussed a few of the ways that joint ownership of assets can complicate an estate plan by unintentionally changing the manner in which assets are distributed after someone dies. Part 2 of this series will examine some additional issues tha...

Aug

Three’s a Crowd, and Two Can Be Too: The Pitfalls of Joint Property Ownership (Part 1 of 2)

As with any finely tuned machine, a well-maintained estate plan requires a thorough understanding of all its component parts to ensure that it functions efficiently. While the core documents that make up your estate plan might vary depending on the complexity of your wealth and ...

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