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Navigating Business Succession: A Comprehensive Approach

February 5, 2024
As business owners focus on day-to-day operations and growth, the thought of leaving or selling their business often takes a backseat. However, as Frank Fantozzi, a certified exit planning adviser, emphasizes, “for most owners, the business is their largest asset.” This makes succession planning an exit strategy and a crucial part of overall business planning. The Importance of Early Succession Planning in Business Strategy Succession planning should be an integral part of a business’s foundation. Delaying this process can lead to complications, especially when unforeseen circumstances like the “5Ds” – death, disability, divorce, disagreement and distress – arise. Early planning…
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What Kind of Trust Works Best for Your Estate Plan?

February 4, 2024
Trusts are common. However, there are numerous variations, and there is still considerable confusion about what is legal and what is not.
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Pitfalls of Do-It-Yourself Estate Planning: Should I Use a DIY Trust?

February 3, 2024
Estate planning is a critical component of financial stability, ensuring that your wishes are honored in life and after death. In this digital age, online platforms offering do-it-yourself legal documentation have gained popularity, tempting many to wonder, "Should I use a DIY trust?" While these services seem convenient and cost-effective, they often fall drastically short of a reliable estate plan created by a seasoned attorney. Using a DIY trust can lead to numerous legal complications, emotional distress and financial loss. Do You Need a Will or a Living Trust? Understanding the Difference A living…
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How Marital Trusts Help Protect Blended Families

February 2, 2024
Understanding marital trusts is crucial for couples looking to secure their financial future and provide for the surviving spouse tax-efficiently. This article is a guide to marital trusts, how they work and their advantages and disadvantages. With the potential to safeguard assets and ensure that they reach the intended beneficiaries, marital trusts can be an effective part of a comprehensive estate plan, particularly for those in a second marriage or a blended family. What Is a Marital Trust? A marital trust is a type of irrevocable trust and is crafted to benefit…
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Make a New Year's Resolution to Do Your Estate Planning in 2024

January 31, 2024
Creating or reviewing an estate plan is something that many people know they should do but often put off. It’s natural to say things like: “I’ll take care of it later,” or “I don’t have enough money to have an estate plan.” However, life and circumstances happen that may be out of your control. Every adult needs…
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Protecting Your Assets from Nursing Home Costs

January 28, 2024
Elder law attorneys see firsthand the financial strain that nursing home expenses can place on families. With the rising costs of long-term care and the complexities of becoming eligible for Medicaid benefits, it’s crucial to understand how to protect your nest egg. This article sheds light on the financial strain many Americans face regarding elder care costs. Using planning methods to preserve your hard-earned assets while ensuring quality care for yourself or your loved ones by working with an experienced elder law attorney is crucial. Start the discussion early with your spouse or family about ways to protect your assets…
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Estate Planning Essentials for the Sandwich Generation

January 27, 2024
The sandwich generation, a term for individuals juggling the care of their children and aging parents, faces unique challenges. This demographic, typically in their 30s and 40s, is experiencing a rise due to later childbirth and an aging population, compounded by the recent pandemic’s impact on long-term care facilities. Effective estate planning for the sandwich generation is critical in managing these dual responsibilities. Understanding the Demographics and Trends Significant societal trends influence the increasing numbers of the sandwich generation. Understanding these trends is essential for tailored estate planning strategies. The Importance of Estate Planning for the Sandwich Generation Estate planning…
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Problems Created by Adding Adult Children as Joint Owners

January 26, 2024
You’ve likely heard your friends or family—or even the bank teller, at times—counsel you to add an adult child to your bank account.
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Revocable Living Trust can Help with Planning for Incapacity

January 25, 2024
While physical disabilities may not impact a client’s ability to manage their own assets, mental illnesses and age-related cognitive impairment can eventually lead to incapacitation and the inability to manage their own assets.
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Can You Amend a Will or a Trust?

January 24, 2024
Wills and trusts are typically changed over time as life circumstances, the state where you reside, or your desired outcomes change.
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805 Bigley Avenue
Charleston, WV 25302

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805 Bigley Avenue
Charleston, WV 25302

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