It was once said, “Why work to make someone else successful when you can work to make yourself successful?” For many people, being their own boss is a dream come true. If you have managed to achieve this dream, you undoubtedly have taken measures to protect your business while you're here. However, what about after you're gone? You wouldn't want all of your hard work and sacrifice to fall apart as a result of your retirement, incapacity, or death. Including business succession planning in your … [Read more...]
Famous Estates-Champ or Chump? Estée Lauder
Estée Lauder's Ecstasy of Achievement “Serenity is pleasant, but it lacks the ecstasy of achievement.” Undoubtedly, Estée Lauder believed in her own words. After all, she was one of the most driven individuals in the history of business. Lauder was said to never take lunch nor to have ever worked a day in her life without selling. Beyond her incomparable drive, Lauder believed fervently in her own self-made beauty empire. Yet, her self-professed consumption in business made her single-minded. … [Read more...]
You Never Know: Planning for the Unexpected
This article examines the deaths of two people who died from doing very typical things. You never know what risks might be around the corner, even in seemingly safe endeavors, so you should be prepared. The article looks at the elements of a basic plan.You Never Know: Planning for the Unexpected … [Read more...]
Applying for Medicaid as a Senior
You have likely heard of the Medicaid program but you might not be as familiar with its eligibility guidelines. After all, if you have never needed to qualify for Medicaid benefits, why would you? Many people go their entire working years without ever worrying about their ability to qualify for Medicaid benefits. However, be warned. Applying for medicaid as a senior is all too common if you need long-term care.Unfortunately, people often fail to plan ahead for the possibility that they will … [Read more...]
Famous Estates-Champ or Chump?-Mickey Rooney
Mickey Rooney's Big Personality Mickey Rooney was an American actor of film, television, Broadway, radio and vaudeville. His career stretched across nearly nine decades and included his part in more than 300 films. From birth to death, Rooney overcame the constant evolution of cinema. He was one of the few to make the jump from silent film to sound and certainly one of the last of his generation to end his career in acting. He was a man who transcended art styles, from Broadway to character … [Read more...]
Kiddie Tax is Worse Than Ever
The Kiddie Tax can apply to the unearned income of children. Read on to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax.Kiddie Tax is Worse Than Ever … [Read more...]
Why You Should Not Try to Revoke a Will Yourself
What should you do if you have a Last Will and Testament that you wish to change or revoke? One frequent mistake is to simply write the words “Revoked” on the document; however, that may not accomplish what you intend it to – in fact, it may not accomplish anything. Understanding why you should never write on your Will is important.Your Last Will and Testament typically serves as the foundation for a comprehensive estate plan. Like most legal documents, your Will should be reviewed and … [Read more...]
Famous Estates-Champ or Chump? Geraldine Ferraro
Sometimes we must take a step back to thank those who helped us get where we are today. Geraldine A Ferraro is not a particularly well recognized name. Yet, she blazed the trail for famous women in leadership. Ferraro was the first woman to run for vice president in the United States. While she might not have found victory, she took on the weight of being the first. In many ways this is a triumph all its own. Ferraro believed that “some leaders are born women” and she successfully shifted the … [Read more...]
What is a GST Trust?
A Generation-Skipping or “GST” trust can be a good way to keep assets out of the taxable estate of a beneficiary and yet still allow them to be used for the beneficiary’s benefit during life. Read on to learn more about this type of trust and whether it might make sense for you.What is a GST Trust? … [Read more...]
When Does a Living Trust Terminate
Although a Last Will and Testament remains the most common estate planning tool, a living trust is not far behind in terms of popularity. If you find yourself to be the beneficiary of a living trust, you may have a number of questions about how the trust works. For example, you may want to know more about the lifespan of the trust. The Houston living trust lawyers at Mendel Law Firm, L.P. explain when and how a living trust terminates.What Is a Living Trust?The person who creates a trust … [Read more...]
