Articles Tagged with estateplanning

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Crypto investors are taking their operations overseas, and it’s easy to see why—many foreign countries have far more favorable laws when it comes to taxes, reporting, and cryptocurrency in general. These structures should be set up in a way that is consistent with both foreign and domestic laws, and that takes planning.

In this article, we’ll look at some of the advantages and requirements of offshore crypto-asset protection structures along with some general tips for success.

Offshore Entities – Some Basics

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One item that is absolutely vital to an ironclad estate plan is an advance directive. An advance directive spells out your wishes regarding medical treatment in the event that you become incapacitated or incapable of making your own decisions.

Definition of an Advance Directive

Also commonly called a healthcare directive or healthcare power of attorney, an advance directive is simply a document with written legal instructions on medical treatment. It only takes effect if you become incapable of making those decisions on your own, such as if you are put in a coma, become incapacitated, etc. The purpose is to help medical professionals and caregivers make the right choices regarding medical treatment.

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It’s important to know how to safeguard your wealth against creditors. A carefully constructed asset protection plan can help you tremendously in the event that you become subject to a lawsuit, and it’s an essential part of estate planning as well.

That said, there are a number of pitfalls that you should avoid when creating an asset protection plan. We’ll go over a few of the most common here.

1. Assuming You Don’t Need an Asset Protection Plan

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The death of a loved one is always heartbreaking, but it’s especially tragic when it happens as the result of another person’s negligent actions. In these cases, Illinois residents have two forms of legal recourse, both of which can be filed as part of probate proceedings for the deceased person’s estate. These are wrongful death and survival actions.

Wrongful Death Vs. Survival Actions in Illinois

These two forms of legal actions differ in terms of who is compensated for the accident and its resulting expenses. These differences are as follows:

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A major part of estate planning is minimizing the impact that probate has on the distribution of your estate. In some cases, this means using special tactics to handle certain aspects of your estate, but in some cases, an estate may be small enough to be able to avoid probate altogether.

In these cases, a small estate affidavit may be filed by your estate’s administrator after you pass away.

The Small Estate Affidavit in Illinois

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Probate has the potential to be a bit long and drawn out, especially if there’s any dispute over how your estate should be disbursed. When planning how to handle your estate, it helps to know which types of assets go through probate and which ones don’t.

Following is a breakdown of which assets go through probate in the state of Illinois.

Assets that Go Through Probate

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One way to protect real estate is through a trust. Doing so has its advantages, but there are also potential drawbacks to take into account. In this article, we’ll explore the benefits and disadvantages of placing real estate in a trust.

How to Use a Trust to Protect Real Property

A trust is an arrangement in which a trustee holds your property. This can help protect you from certain liabilities, such as legal actions, seizure from creditors, and some taxes. Trusts are a common component of estate planning since they help preserve wealth for your heirs.

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Part of completing your estate plan is choosing an attorney to walk you through the process and execute the documents involved. To get started choosing an attorney to help you through the process, here are some pointers and best practices to follow.

General Tips on Finding an Estate Planning Attorney

To begin, there are a few general tips to follow when starting the search for an estate planning attorney.

A will can be a valuable component of any estate plan since it helps expedite the probate process. By making your last wishes known, you’ll make it easier for the court to make sure your property is divided appropriately. However, there are some items that really don’t belong on your will, either because they’d complicate the disposition of your estate or because it’s simply unnecessary to mention them.

Here, we’ll look at a number of items that you typically should not put on your will.

Anything with a Named Beneficiary

With the outbreak, more employees are working from home than ever before, and for many businesses, it has become necessary to revisit policies concerning the protection of trade secrets. It can be a challenge to keep proprietary information safe when employees need access to it from home, but it can be done with adequate protocols set in place.

Establishing Trade Secrets

The first principle of protecting trade secrets is to make sure they are legally recognized as such. In order for something to be considered a trade secret, you must have reasonable measures in place to protect it. Without those measures, it’s likely to lose that classification in a court of law.

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