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Should I Pass on Heirlooms Before I Die?

Friday, October 23rd, 2020

Many people have family heirlooms that they have inherited from their parents or grandparents. Some of these items may have been in your family for generations and hold significant sentimental value, if not actual monetary value. Even those that aren’t as old, such as a piece of jewelry your grandmother owned, may be considered valuable...  read more

Things to Avoid Doing Before You File Bankruptcy

Thursday, October 15th, 2020

If you’re thinking about filing for bankruptcy, there are a number of things you should not do in the coming months. Making these mistakes can make your bankruptcy case more complicated, even if you do them without any malicious intent. Don’t Give Away Property or Large Amounts of Money The bankruptcy court doesn’t just look...  read more

How Does Bankruptcy Affect Taxes?

Wednesday, September 30th, 2020

If you declare bankruptcy, will that affect your tax return in any way? The answer is yes, it will have an impact on your taxes. The type of bankruptcy you file for will determine what happens with your taxes, especially if you receive a refund. You Must File Taxes While in the Bankruptcy Process First,...  read more

What Debts Are Not Discharged in Chapter 7 Bankruptcy?

Tuesday, August 25th, 2020

If you’ve decided to file bankruptcy, you’ve likely already looked over your options. For individuals, the most common options are Chapter 7 and Chapter 13. There are differences between these two options, including how debt is handled. Bankruptcy doesn’t simply wipe away all of your debts. If you’re filing for Chapter 7, there are some...  read more

Using a Trust vs Leaving Assets to Heirs in a Will

Saturday, August 15th, 2020

You can leave assets to your heirs in two different ways: through a will and through a trust. Both have their pros and cons, and neither is inheritably better than the other. If you’re beginning the estate planning process, it’s important to understand how these two options differ so you can determine which one works...  read more

What Are the Disadvantages of Chapter 13 Bankruptcy?

Tuesday, July 28th, 2020

Filing for Chapter 13 can save you financially. However, like with any bankruptcy tool, you do need to make certain you’re using it correctly. There are some disadvantages to Chapter 13, and sometimes, those disadvantages do outweigh the advantages. If you’re considering bankruptcy, here are some of the disadvantages of Chapter 13 bankruptcy you need...  read more

What Is a Spendthrift Trust?

Wednesday, July 15th, 2020

There are a number of different types of trust funds you can create to leave assets to your heirs. One of the more limited types of trusts is called a spendthrift trust. This type of trust does not give the beneficiary direct access to any of the money in the trust. Instead, the trust pays...  read more

When Is the Right Time to Declare Bankruptcy?

Tuesday, June 23rd, 2020

Bankruptcy can be a great tool for handling financial hardship and giving you the fresh start you need. However, most people who file for bankruptcy don’t do so at the right time. This means that while they do benefit from bankruptcy, they don’t get all of its benefits. How do you determine when to file...  read more

Who Can You Disinherit?

Monday, June 15th, 2020

If you have had a major falling out with a family member, you may want to legally disinherit them. This term simply means you leave them nothing in your will. Legally, they are not entitled to any asset or part of your estate. Of course, as with any legal action related to your estate, there...  read more

Why You May Want to Leave a Token Inheritance to Someone

Friday, May 29th, 2020

You may have heard of someone leaving one of their children or other relatives a dollar in their will. Why would they do that? Was it a joke? In many cases, leaving someone a token inheritance is not a joke. It’s actually a legal strategy that can help stop that person from contesting the will....  read more