Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Author: Scarinci Hollenbeck, LLC
Date: June 2, 2014
The Firm
201-896-4100 info@sh-law.comFar too many married couples fail to make an estate plan because they imagine that the surviving spouse can deal with passing on their shared possessions.
In reality, proper estate planning should begin long before either spouse passes away, if you hope to minimize your tax liability and accomplish your financial and non-financial goals. We’ve included the most common reasons that married couples create an estate plan.
Minimizing tax liability
If your net worth is higher than the estate tax exemption for the U.S. or for your state, it is important to think about minimizing your tax liability. Often, married couples are able to pay little-to-no taxes on their estates with proper planning, which maximizes the amount of assets that can be passed on to loved ones.
Providing for children
If you have children who are too young to take care of themselves, it is crucial that you and your spouse discuss what should happen to them in the event that both of you meet an untimely end. Part of making an estate plan is putting in writing who will ensure that your children and other dependents are provided for.
Privacy
With no estate plan, the court will appoint an administrator to oversee your estate. This administrator is generally required to post bond and ask permission of the court in order to act on behalf of the estate. This means that anything that you wished to keep private may end up before a court in the event that you die without a will.
Many married couples assume that an estate plan isn’t relevant to them, or that a written will is enough. Shifting laws, assets and family relationships, however, can mean that it is difficult for an amateur to write a will in such a way that the writer’s wishes will be honored. Talking to an estate planner is the best way to ensure that everything will continue running smoothly after you’re gone.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits. Dissolving a business can seem […]
Author: Christopher D. Warren
Contrary to what many people think, corporate restructuring isn’t all doom and gloom. Revamping a company’s organizational structure, corporate hierarchy, or operations procedures can help keep your business competitive. This is particularly true during challenging times. Corporate restructuring plays a critical role in modern business strategy. It helps companies adapt quickly to market changes. Following […]
Author: Dan Brecher
Cryptocurrency intimidates most people. The reason is straightforward. People fear what they do not understand. When confusion sets in, the common reaction is either to ignore the subject entirely or to mistrust it. For years, that is exactly how most of the public and even many in law enforcement treated cryptocurrency. However, such apprehension changed […]
Author: Bryce S. Robins
Using chattel paper to obtain a security interest in personal property is a powerful tool. It can ensure lenders have a legal claim on collateral ranging from inventory to intellectual property. To reduce risk and protect your legal rights, businesses and lenders should understand the legal framework. This framework governs the creation, sale, and enforcement […]
Author: Dan Brecher
For years, digital assets operated in a legal gray area, a frontier where innovation outpaced the reach of regulators and law enforcement. In this early “Wild West” phase of finance, crypto startups thrived under minimal oversight. That era, however, is coming to an end. The importance of crypto compliance has become paramount as cryptocurrency has […]
Author: Bryce S. Robins
Earlier this month, the U.S. Supreme Court issued a decision in Ames v. Ohio Department of Youth Services vitiating the so-called “background circumstances” test required by half of federal circuit courts.1 The background circumstances test required majority group plaintiffs pleading discrimination under Title VII of the Civil Rights Act to meet a heightened pleading standard […]
Author: Matthew F. Mimnaugh
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!