Your Estate Plan Could Help Grow – or Ruin – Your Family Fortune

Most Americans have heard the names “Rockefeller” and “Vanderbilt.” The two families are firmly embedded in American culture through academia (e.g., Vanderbilt University), real estate (e.g., Rockefeller Plaza), charitable organizations, politics, etc. The progenitors of these now-iconic names were John D. Rockefeller and Cornelius Vanderbilt. Both men enjoyed incredible success in different areas of the business world which resulted in substantial fortunes. Both men left vast sums of money to their loved ones. However, the ways in which their fortunes were distributed between descendants varied greatly, which led to two completely different outcomes that highlight just how important proper estate...

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Is Your Estate Plan Up To Date?

One of the unique services provided by InSight Law to all clients is a periodic review and update to your estate planning documents. We believe routinely reviewing and updating, as needed, these documents is extremely important to ensure they are correct, current, and legally valid. This is why InSight Law created the "Client Update" program. It is a formal review process to ensure your estate plan is current with the latest laws and estate planning techniques. InSight clients can have their documents reviewed and renewed every two years. If you are due to an estate plan update, make sure to...

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Info You Need to Know About Moving Your Business Domicile To A Different State

If you decide it makes sense to relocate your company from the state of formation to a different state, there are a series of steps that must be taken in order to change the company’s domicile. This process is known as domestication. You are able to change the domicile from any state, but can only domesticate to a state that recognizes domestication. Benefits of Domestication The benefits of domestication include keeping the same tax ID (EIN), the same company structure, and with some states also the original date of formation. The disadvantage is cost and relative complexity of the process, compared to...

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Trust Funding – Education is our Goal

At InSight Law, our focus is always on education. We are constantly striving to educate our clients, their families, and advisors around the community. One thing we stress is trust “funding”. Trust funding involves the coordination of all your assets with your trust. This is to ensure all the instructions you lay out in your trust will apply to your assets in the event of a disability or a death. We often see clients that have setup a trust several years ago and never done anything with it. It eventually becomes just a pretty binder on a shelf. Then, a disability...

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Death with Dignity – How You Can Incorporate a “Graceful Departure” in Your Estate Plan

The D.C. Council is debating legislation that would allow doctors to prescribe lethal doses of prescription medication to terminally ill patients. The “Death with Dignity Act,” introduced by Council member Mary Cheh made it out of a five-member committee by a 3-2 vote. Council member Cheh introduced the bill to give “dying patients greater choice and control over their final moments,” according to the Washington Times. “In the face of imminent death, meeting a patient’s individual needs and wishes compassionately should be our top priority. If a dying person wishes to peacefully end his or her life rather than endure prolonged pain...

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Having That Awkward Conversation – Family Inheritance

UBS Wealth Management published a report revealing how badly families are talking about inheritance. The report indicates that it’s easier to have a will (83 percent of respondents had one) than discuss the will with children (about half have had a conversation about the will), and it’s even harder to tell children what the assets are in the will (only 34 percent of respondents discussed the will in detail). The issue of not discussing family inheritance spans the economic spectrum including both wealthy and not-so-wealthy people, according to the New York Times. The UBS report showed that only 55 percent...

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