Why Your Marital Agreement Should Be Shown to Your Estate Planner
Fri 23 Jul, by FritzLaw on Estate Planning, Probate
It is not uncommon for couples to enter into marital agreements stating what property is separately owned by each spouse and the property rights each spouse will have in the event of separation, divorce, or death. They are most common when one or both of the spouses is wealthy, owns a family business, or expects a large inheritance, as well as when one or both spouses marries for a second time. Because these agreements can …
Seven Ways to Avoid Family Fights Over Your Property
Fri 16 Jul, by FritzLaw on Estate Planning, Probate
Ask a group of friends if they have experienced a family fight over property after a loved one has died, and you will be in for a lively and eye-opening conversation. Far too many families end up fighting, or at least experiencing tension, over a family inheritance. But it does not have to be that way. Many families have worked through the details of divvying up a deceased loved one’s property remarkably well and ended …
Estate Planning for Franchise and Multilevel Marketing Business Owners
Fri 9 Jul, by FritzLaw on Estate Planning, Probate
Franchise and multilevel marketing (MLM) businesses are often attractive because they offer people the chance to start a small business with a well-known brand and an established business model. However, they present different estate planning challenges than other types of small businesses because the rights and obligations of franchisees and multilevel marketers are spelled out in contractual agreements. What Is a Franchise? When you purchase a franchise, you are purchasing a unit from a company …
What If I Can’t Find My Loved One’s Documents?
Fri 2 Jul, by FritzLaw on Estate Planning, Probate
If a loved one has recently died or become mentally incapacitated, finding the person’s estate planning documents is essential. The estate planning process and associated documents are critical to making decisions on the loved one’s behalf, gaining access to accounts, and discovering your deceased loved one’s wishes regarding how to distribute the individual’s money and property. Properly prepared documents have significant legal power to help you handle these vital tasks. However, despite the importance of …
Can Dual Citizenship Ruin Your Estate Plan?
Fri 25 Jun, by FritzLaw on Estate Planning, Probate
In early 2020, married actors Tom Hanks and Rita Wilson became honorary citizens of Greece. The president of Greece bestowed this honor upon them due in large part to their humanitarian work in the country after a deadly wildfire swept through Athens in 2018. Hanks and Wilson spend considerable time in Greece as it is one of their favorite spots for extended vacations, so when this honor was offered to them, they graciously accepted. Although …