SANSONE LAW BLOG

Jun
14
Five Reasons Business Owners Need Estate Plans

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Business owners are notorious for engrossing themselves in the day-to-day management and functions of their businesses. As a business owner, you are likely the heart and soul of the company you lead, as you have built unique relationships with your customers, employees, contractors, and suppliers.


As we all know, life is often unpredictable. Imagine that tragedy strikes and you, as the business owner, are in a car accident and are severely injured or killed, which leaves you unable to make decisions or care for yourself and your family. What will happen to your business in such a situation? Who will take over your role? We do not know what tomorrow holds. Circumstances like this can happen to...


Apr
30
How Refinancing a Property Can Affect Your Estate Plan


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The mortgage business is booming in many parts of the country. Low interest rates have created an almost frenzied environment with homeowners scrambling to refinance their home loans at these low interest rates. Even a few tenths of a percentage point of interest, over thirty years, can make a massive difference in the amount of interest that is ultimately paid on a loan. For many, it makes perfect sense to take advantage of these interest rates. Aside from the transaction fees associated with refinancing, there is frequently little to no downside to refinancing in times like these.

However, one often overlooked consideration is the impact that refinancing your home could have on your esta...


Apr
09
A Deeper Dive into Advance Healthcare Directives

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When it comes to your healthcare, especially during these uncertain times, you need to ensure that two estate planning documents in particular are up to date. The first is your healthcare power of attorney. This document allows you to name a person to make medical decisions on your behalf or communicate your wishes in the event you are unable to. The second document your estate plan should include is an advance healthcare directive, sometimes referred to as a living will. (It’s important to note that in some states, these two documents are combined into a single document.) An advanced healthcare directive clearly spells out your wishes for the end of your life. For example, you can spe...


Apr
02
Considerations for Forming a Limited Liability Company for Real Estate

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For individuals who own real estate, it is important to consider the best way to structure your ownership. When you are just starting out as an investor in real estate, you may hold title to the real estate personally, but that may not be the most advantageous method of ownership. Another option is to create a limited liability company (LLC) for your real estate ventures. An LLC is a type of legal business structure organized under your state’s law.



There are many important considerations to keep in mind as you decide whether to form an LLC to hold your real estate. Here are a few things to think about to help you make the best decision for your unique circumstances.

1. Liability. One ...


Mar
30
How You Can Build an Estate Plan that Includes Asset Protection

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Much of estate planning has to do with the way a person’s assets will be distributed upon their death. However, there is more to consider than just distribution of assets upon death. From planning for incapacity to diligent probate avoidance, there is a lot that goes into crafting a comprehensive estate plan. One important factor to consider is asset protection.

One of the most important things to understand about asset protection is that you must plan for it in advance. Not much good can come from trying to protect your assets reactively when you unexpectedly face situations such as bankruptcy or divorce. The best way to take full advantage of asset protection within your estate plan i...


Feb
01
Wills, Trusts, and Dying Intestate: How They Differ







Most people understand that having some sort of an estate plan in place is beneficial. However, many of us do not take the first steps to get that estate plan in place because we do not understand the nuances between a will and trust, and the impact of dying without either.

Here is what will generally happen if you die with a will, with a revocable living trust, or without either, which is referred to as dying intestate. For this example, we are assuming you have two children, but no spouse:

1. If you die intestate, your accounts and property will go through probate and anyone can find out what you owned, what you owed, and who got what. Your mortgage company, car loan company, and credit ca...


Oct
12
Three Common Reasons People Procrastinate on Their Estate Plan

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There’s no doubt it can feel challenging to get motivated about your estate plan. You might feel uncomfortable thinking, let alone talking, about death. Maybe you feel you just don’t have time to complete what you anticipate will be a long and stressful process. Or, the whole idea of an estate plan may just seem confusing. Even if you have one or all of these thoughts running through your mind, you also likely want to make sure your loved ones are protected and receive your hard-earned money and property if something happens to you.


These are some of the most common reasons people provide when asked why they still do not have an estate plan in place. Do not let these common road...


Sep
14
COVID-19 and Minor Children: Things to Consider Now

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Protecting your family is important, especially when you have minor children, and even more so now that we are living through a pandemic. With all of the unknowns of our current situation, you need some certainty. Having an up-to-date estate plan can be the first step toward providing that certainty in an uncertain world.


Many people believe estate planning should only be used to make arrangements for your death. However, a properly crafted estate plan should also be used to make arrangements for circumstances where you are still alive but you are unable to make decisions for yourself or your minor children. The inability to make decisions or care for oneself or a minor child is often referre...


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