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Beware of These Top 7 Estate Planning Mistakes

Uncategorized May 05, 2021

Most people view estate planning in the same way they view a root canal: Put it off until the pain is too great to ignore any longer. Also, those with little income or net worth believe that estate planning doesn’t apply to their situation. But estate planning is much more than just the allocation of cash, real estate, and other assets. There are other things to consider, too.

 There are many errors that occur again and again in estate planning. Avoiding these mistakes is half the battle.

 

Steer clear of these mistakes for a successful estate plan:

 1. Estate planning is a little like completing a tax return. No one really wants to do it. But it’s so important to push your resistance aside and get it done!

 

2. Not paying attention to the conflicts that exist within your beneficiaries and estate plan. For example, if your will declares that your husband receive your retirement account, but your ex-husband’s name is still listed as the...

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A Foolproof Formula for Staying Healthy After Your Divorce

You may need to call a doctor, as well as a lawyer, when you’re going through a divorce. The end of your marriage can affect your mental and physical health.

Divorce increases the risk for mobility issues and chronic conditions including heart disease and diabetes for both men and women, according to a study by the Johns Hopkins Bloomberg School of Public Health.

 

On the other hand, the experience varies for each individual. You might feel overwhelmed by emotional and financial issues. You might find yourself thriving and enjoying life more.

 

Whatever your circumstances, the end of a marriage is a major transition. Try these suggestions for keeping your mind and body strong and fit.

 

Protecting Your Physical Health after a Divorce:

1. Schedule screenings. The stress of a divorce can affect your immune system and make you more vulnerable to many serious health conditions. Be proactive. Discuss your situation with your doctor and follow their recommendations...

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How to Create an Estate Plan

How to Create an Estate Plan

An estate plan is an important part of organizing your future. Legal forms used in estate planning let you stay in control of your care in the event of incapacitation and establish how your assets will be passed along when you pass on.

 

1. Find an estate planning attorney. You will need an experienced attorney to help you put together an estate plan. This can be a complicated matter that requires a great deal of legal paperwork.

 

2. Organize your files and examine your assets. Your attorney will need to see the details of your assets.

 

 3. Discuss potential issues with your attorney. Do you anticipate a big fight among your children once you're gone? Do you have extensive debts that need to be paid?

 

 4. Ensure you have a will. You may also want a living will so your wishes for your medical care are followed if you become incapacitated.

 

 5.File beneficiary forms and make final...

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Divorce and Financial Survival

Divorce and Financial Survival

No one gets married with the expectation of getting divorced someday. Regrettably, though, divorce rates are expected to continue climbing. Divorce affects all areas of your life, including your financial health, and can result in significant challenges.

If you're struggling through a divorce, there are several things you can do to minimize the negative effects on your finances.

Consider these options to help you financially survive a divorce:

1. Come to an agreement on how to divide your assets. A particularly difficult thing in any divorce is the decision of who gets what. You and your spouse both may have an economic and emotional investment in almost everything, from the house to the art collection you acquired together.

  • It really is beneficial to avoid having the lawyers get involved in the process. Once the legal system is formally involved, the process is much more expensive and financially and emotionally draining.

2. Try mediation....

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Signs that Bankruptcy Might Be Worth Consideration

Many people believe that bankruptcy ruins your life and should never be considered. But bankruptcy can be a reasonable solution for some and can offer a fresh start.  It does create challenges, but those considering bankruptcy already have challenges.

Your financial situation will only get worse for the foreseeable future. Your debt is increasing every month and you have no way of increasing your income.  Bankruptcy is worth consideration under these conditions. Check off the situations that apply to you:

  • You’re insolvent. Your assets and income are no match for your debts.
  • You’re forced to use credit to buy food. If you can’t meet your basic needs without resorting to credit, your financial situation is likely to only get worse.
  • You’ve sought professional help without any viable solutions. Credit counseling can help to determine if you’re a good candidate for bankruptcy. It can be challenging to find a trustworthy credit counselor, so do you...
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How the Changes in Credit Reporting Will Affect You

#credit #creditreport Jan 06, 2021

How the Changes in Credit Reporting Will Affect You

More than 200 million Americans have a credit score. A poor credit score can limit your ability to borrow money, obtain a credit card, or even acquire a job in some industries. Your credit score and report have the power to make your life easier or much more challenging.

Credit reports are known for containing many errors, and these errors can be challenging to remove. Credit reporting agencies have avoided spending the necessary time and resources to resolve consumer disputes.

Unpaid medical bills are a significant component of many credit reports. Fifty-three percent of the debt listed on credit reports is related to medical bills.

To address these issues, the major credit bureaus, Equifax, Experian, and TransUnion, have agreed to alter the manner in which they report credit information. The major changes involve unpaid medical bills and errors.

 Some of these changes are: 

 1.  Consumer-reported errors...

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6 Tips to Avoid Trust Scams

Hello all,

I am attorney Margaret Webb of Legacy Legal & Business Services PLC. It is hard to believe that I just began working on my 16th year of practice. One of my main areas of practice is estate planning and I have seen my fair share of Estate Planning Fraud and Trust Mills. When thinking back over my experience, I have compiled some tips that I thought you would find helpful:

1) Do not be pressured into a trust on an in-home sales pitch; Now if you are or your loved one is not able to get out of the house it is certainly appropriate to invite an attorney to your house, but when the attorney or sales agent invites their self to your home then that should be a red flag.

2) The situation is suspect for trust scams if the person is selling annuities as well as trust packages as they are making money on both; Early in my career, I had an elderly woman fall for one of these type scenarios and we had to go to court to have an irrevocable trust revoked. This is no easy feat as you...

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Are You Fighting for Custody? 6 Actions That Can Sabotage Your Case

Uncategorized Dec 09, 2020

 One of the most painful parts of your divorce may be facing the possibility of losing custody of your kids. If you are in a custody battle, it is crucial to avoid any actions – both in and outside of court – that may turn the tables against you.

 Be careful to avoid these mistakes that can sabotage your case:

 

  1. Ignoring your visitations. The court system pays attention to parent behavior during the custody trials.
  • If you are not using your visitations, then the courts may question your dedication to the children. They may ask questions about why you want custody if you are not spending any time with the kids.

 

  1. Threatening your ex. The court system takes threats seriously, and you may not be aware that your ex is recording every conversation.
  • During a custody battle, it’s important to act civilized and avoid threatening your previous partner. These types of threats may range from physical to emotional harm. The courts won’t...
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Save Your Estate for Your Heirs: Avoid These Probate Issues

Uncategorized Dec 09, 2020

All estates must go through the probate process. Probate is the legal process of determining if a will is valid, paying any qualifying debt and estate taxes, and distributing whatever assets remain.

 

It is potentially a very complicated legal process, and an attorney should be involved in any estate planning activities.

 

Using these strategies will help you design your estate to avoid some common challenges of the probate process and save you money:

 

  1. Have a valid will. Probate can last up to a year in many cases; typically this is due to a protracted process of validating the will. Probate is a legal process, so the longer it takes, the more money the attorneys make. Be sure to draw up your will with an attorney and review it annually for anything that needs to be addressed.
  2. Avoid having your assets pass through probate.

  • Create one or more trusts. Assets and property within a properly drafted trust avoid the probate process. They are simply transferred to the...
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Is Bankruptcy the Right Choice for You?

Uncategorized Dec 09, 2020

Bankruptcy is a very scary term to most people. Many who are considering filing for it are already in a highly stressful situation.

 

Bankruptcy is a tool that exists in order to give people a second chance when there doesn’t appear to be any viable alternatives. Just be certain it is the right tool for your situation.

 

Consider these points:

 

  1. There are two main types of bankruptcy for individuals.

 

  • Chapter 7. This eliminates essentially all of your debts (excluding student loans). The process is very straightforward, quick, and simple in most cases. There are certain requirements that must be met. Contact an attorney or do some research online.
  • Chapter 13. This is like a bankruptcy payment plan. If you don’t qualify for Chapter 7, Chapter 13 is the alternative. You would make payments to a trustee, and the money would be dispersed to your creditors. This usually lasts from 3 to 5 years.

 

  1. Consider an alternative. Sometimes bankruptcy is...
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