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Davidov Law Group
In an interesting trend, more and more Americans are living in multigenerational households than ever before. Multigenerational homes are defined as those with more than one adult generation residing in them. In 2012, about 56.8 million Americans lived in such households, approximately 18.1% more than in 2011. In comparison, only about 28 million lived in such homes in 1980. Part of the reason for ...
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Davidov Law Group
You have built up a lifetime’s worth of assets, savings, and wealth, and are finally ready to retire. With smart financial decision-making and years of constant saving, you have even accumulated a healthy amount of money to leave as an inheritance to your children and grandchildren. But did you know that it can all disappear in a heartbeat if you should be sued? Whether it be the result of ...
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Davidov Law Group
When a person passes away, their assets are ordinarily distributed according to the terms of their will through probate court. With that being said, not all assets are required to go through this process. Obvious assets which need to go through probate are those that are titled in your name only, such as vehicles, property, investments, and more, as only the probate court can remove your name from ...
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Davidov Law Group
Most people believe that naming beneficiaries in their last will and testament is their only option for leaving property and assets to surviving loved ones at the time of their death. While this is indeed an option, perhaps a better option is to use a legal tool known as a living trust . A living trust, also known as an “inter vivos” or “revocable” trust, is a written legal document through which ...
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Davidov Law Group
While nobody ever wants to entertain the thought of their own death, it is an inevitability that must be planned for ahead of time. One of the most important ways for you to plan your final affairs is to draft a thorough and legally sound last will and testament . This document will provide your surviving loved ones with clear instructions regarding how you want your property and assets to be ...
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Posted By
Michael Davidov, Esq., CFP
Clients with Interests in Family Held Entities Urged to Consider Transfer Tax Planning While Discounts Remain Available By Michael Davidov, Esq., CFP Minority and marketability discounts are important benefits in transfer tax (estate and gift tax) planning for clients with closely held family entities and businesses, such as limited liability companies (LLCs), closely held corporations and limited ...
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Davidov Law Group
When a person passes away, no matter how much estate planning they accomplished, probate to some degree will be necessary to sort through their assets and interpret their will or trust . In most cases, somewhere in their estate plan, there is named an estate administrator . This person is now formally in charge of overseeing the management of the estate as it moves through probate. For many estate ...
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Davidov Law Group
Estate planning is an effective way to tell your loved ones what to do with your property and assets after you pass away. For many people reaching their golden years, wills are the go-to estate planning tool, and for good reason. Wills allow the testator to clearly state what they want to be inherited by whom and why. “My niece gets my car because she is an auto enthusiast,” for example, is easily ...
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Davidov Law Group
If you are considering creating an estate plan or are already knee-deep in the estate planning process, you have likely heard of both a “living will” and a “ living trust ” as two essential documents that you should include in your comprehensive plan. Despite their similar names, these two very important legal tools are quite different from one another and serve different purposes. A living will ...
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Davidov Law Group
When a person passes away, their assets are ordinarily collected and distributed according to the terms of their will (or to their closest living relatives if no will is present) through a process known as probate . This process is notorious for being lengthy, costly, and confusing, especially in the event that a dispute should arise among beneficiaries. Fortunately, there are many things that you ...
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Davidov Law Group
Many people believe that having an estate plan means simply having a last will and testament or trust. While these documents are indeed important, they are only a few of the many tools necessary in creating a comprehensive estate plan. If you are looking to create an estate plan or are reviewing your existing plan, it is important you make sure to have the following documents. Last Will and ...
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Davidov Law Group
People who are in their gray years will naturally and gradually lose the abilities to take care of themselves and manage their finances or estate. Rather than allow this process to slowly damage their wellbeing, it is important to establish a legal guardian ahead of time that will be tasked to control and care for their estate, as well as making important health related decisions for them. ...
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Davidov Law Group
Mixing up Medicare and Medicaid is pretty simple to do, thanks to their incredibly similar names. Despite how frequently Medicare and Medicaid are switched around inadvertently in conversation, the two government-sponsored programs are not all that similar to one another at all. If you are thinking you need government assistance to afford your healthcare costs, knowing the differences and details ...
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Davidov Law Group
It is never too early to begin thinking about the future and if you have a child with special needs, you must take extra care to plan for their future as well as your own. When planning for the future of a special needs child, there are additional factors to consider on top of traditional estate planning. By utilizing tools such as a special needs trust, you can provide your child with long term ...
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Davidov Law Group
Many people think incapacity planning is not for them, assuming only those who are approaching retirement age can benefit. The reality is, accidents can occur at any time and leave us mentally incapacitated. A car accident, for example, can leave victims in a coma while medical conditions such as Alzheimer’s disease can slowly take away a person’s mental capacity. By establishing a detailed ...
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