Parklin Law Blogs

  All Beneficiaries Should Have Some Form Of An Estate Plan Parklin Law All Beneficiaries Should Have Some Form Of An Estate Plan Creating an estate plan is one of the most thoughtful things you can do for your family. It allows you to have control of your assets, ensuring they are distributed according to your wishes. Estate planning also includes legal strategies to help you save on taxes and protect your assets from creditors. The most basic element of an estate plan is a will A will is a document that dictates who receives the deceased person’s property and who will administer the affairs of the decedent. An attorney can assist you in drafting a will. As part of your estate plan, you should also include a letter of intent. This is an essentially non-binding document that defines your intent regarding the disposition of your assets upon your death. In some cases, you may want to include a few special requests. Another important part of an estate plan is a durable power of attorn...

  Estate Planning Is The Process Of Getting Parklin Law What Is Estate Planning? The process of planning your estate has been around for many years. It involves making a plan to determine who you want to be your guardians and who you want to make your decisions for your health and wellbeing. Having a plan in place can ensure that your wishes are fulfilled when you pass away. This is also a good way to minimize your estate taxes. An estate is a term that is used to describe a person’s possessions, real estate, and financial assets. These items include cars, houses, life insurance, retirement accounts, and more. A will can be used to give directions to these items in the event of death When making a will, it is important to designate a guardian for your minor children. The court will then decide their living arrangements. In some cases, you can name a friend or family member to act as your executor. Make sure you provide this person with all the information he or she will need. Choos...

  Qualities To Look For In An Estate Planning Attorney Parklin Law Estate planning can be a complex and tedious process Getting your estate properly planned can be a tedious process, and one that needs to be completed carefully. Having a good attorney to help you through the process is important. Here are some of the qualities to look for in  valid estate planning Utah . Creating a will to ensures that your possessions go to the people you want A will helps your family and loved ones know who to turn to during a difficult time. The will also gives your family guidance on how to handle your affairs after you die. It can also help create a trust for a minor child or a pet. Creating a trust is an important part of estate planning It provides the opportunity to protect your assets, minimize taxes and distribute income. It can also simplify the probate process. Choosing a type of trust is dependent on the type of assets you own and your desires for managing them. There are two main...

  How Business Law Determines The Formal Process Of Forming A Company Parklin Law Business law determines the formal process of Whether you are in the process of forming a company or if you are considering starting one, it is important to be aware of  business law . This is because business law determines the formal process of forming a company, and it also determines the procedures that should be followed in order to protect your interests. Raising capital A business plan and a solid financial footing is the first step in the process. With the right legal and fiscal framework, a burgeoning small business can ply its trade and grow into the big leagues. Getting your small business off the ground involves a myriad of tasks ranging from marketing and sales to accounting and administration. Luckily, there are a bevy of qualified professionals available to provide the guidance you need. Some examples include lawyers, accountants, consultants and insurance agents. It’s also not unu...

  Estate Planning And Trusts Are Critical To Protecting Your Assets Parklin Law Investing in the right kind of  trusts and estate planning attorney near me  is a critical step to protecting your assets. A trust is a legal document that allows you to retain control of your property and investments while allowing someone else to manage them on your behalf. Grantor retained trusts Using a grantor retained annuity trust  (GRAT) can help your family pass your assets on to your heirs   without paying estate and gift taxes. However, you should consult a tax professional to ensure that the GRAT is the right choice for your family. A grantor retained annuity trust is an irrevocable trust that holds assets for the benefit of your heirs. Generally, the trust is created for a specified period of time, such as two years or ten years. The trust also provides the benefit of asset appreciation. Once the trust has ended, the remaining assets are distributed to your heirs. Trust ...