When creating the terms of a trust, we usually consider present circumstances and existing assets. For instance, we include beneficiaries thinking they would still be in our lives by the time of the trust’s execution. But unforeseeable events can force you to change...
Estate Planning
Essential steps to estate planning
On Behalf of The Coleman Law Firm, PLLC Attorneys and Counselors at Law | Apr 18, 2023 | Estate Planning
Estate planning is when you create a formal and legal plan for managing and controlling your estate after you pass or if you suffer severe incapacity. Here are the basic steps you must take to indisputably go through the estate planning process. Identify all your...
3 essential documents to include in your estate plan
On Behalf of The Coleman Law Firm, PLLC Attorneys and Counselors at Law | Apr 6, 2023 | Estate Planning
There is more to creating an estate plan than writing a will or creating a trust. While those documents are essential for determining what happens to your estate after your death, there are additional documents to include in an estate plan that can be beneficial...
Should you create a trust for your possessions?
On Behalf of The Coleman Law Firm, PLLC Attorneys and Counselors at Law | Mar 30, 2023 | Estate Planning
A will is a document that stipulates how your possessions and assets should distribute among beneficiaries after your death. A trust is a fiduciary arrangement that allows a trustee to manage and hold assets on behalf of beneficiaries. While a will does not become...
What are the responsibilities of an executor?
On Behalf of The Coleman Law Firm, PLLC Attorneys and Counselors at Law | Mar 27, 2023 | Estate Planning
When you create an estate plan and write a will, you name an executor to oversee your estate when you pass away. When deciding who to choose as the executor of your estate, you should consider what the responsibilities of an executor are before making any decisions....
When should you review and update your estate plan?
On Behalf of The Coleman Law Firm, PLLC Attorneys and Counselors at Law | Mar 24, 2023 | Estate Planning
You should review your estate plan every three to five years to ensure that your assets will distribute as you desire. However, there are certain life events and changes in circumstances that should trigger you to update your estate plan, regardless of when these...
Planning for your stepchildren’s inheritance
On Behalf of The Coleman Law Firm, PLLC Attorneys and Counselors at Law | Mar 24, 2023 | Estate Planning
Blended families are becoming increasingly common. With these changing family dynamics comes the need for estate planning that considers the inheritance of stepchildren. However, this can be a complex process that requires careful consideration of the unique...
Estate planning strategies for business owners
On Behalf of The Coleman Law Firm, PLLC Attorneys and Counselors at Law | Mar 23, 2023 | Estate Planning
Building a startup remains a dream for many. After all, who can deny the appeal of working for oneself while shaking up the marketplace? If all goes well, it is reasonable to expect that the business will far outlast the life of its creator. Thus, it is vital to have...
Why is asset protection important?
On Behalf of The Coleman Law Firm, PLLC Attorneys and Counselors at Law | Mar 15, 2023 | Estate Planning
Estate planning is the process of arranging your financial affairs and assets to ensure their smooth transfer to your heirs and beneficiaries after you pass away. Asset protection is essential to estate planning. It involves safeguarding your assets against various...
3 common myths about estate planning
On Behalf of The Coleman Law Firm, PLLC Attorneys and Counselors at Law | Mar 14, 2023 | Estate Planning
For most people in Jacksonville, estate planning is something they rarely think about or do. Many people have never started their estate plan or even considered what they would want in a plan. So it's no surprise that there are a lot of misconceptions about estate...
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