northeastlegalteam.com https://northeastlegalteam.com Estate Planning & Business Law Firm Mon, 25 Jun 2018 20:14:32 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.6 How to Choose a Trustee https://northeastlegalteam.com/2018/04/21/how-to-choose-a-trustee/ https://northeastlegalteam.com/2018/04/21/how-to-choose-a-trustee/#respond Sat, 21 Apr 2018 01:45:07 +0000 http://northeastlegalteam.com/?p=46723 When you establish a trust, you name someone to be the trustee. A trustee basically does what you do right now with your financial affairs–collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep accurate records and generally keep things organized and in good order.The Key Takeaways You can be trustee of your revocable living trust. If you are married, your spouse can […]

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What Documents Do You Need to Find After a Loved One Dies? https://northeastlegalteam.com/2018/04/10/what-documents-do-you-need-to-find-after-a-loved-one-dies/ https://northeastlegalteam.com/2018/04/10/what-documents-do-you-need-to-find-after-a-loved-one-dies/#respond Tue, 10 Apr 2018 01:46:25 +0000 http://northeastlegalteam.com/?p=46725 After a loved one dies, you need to gather the important documents that are necessary to settle their final affairs. While the documents required will vary depending on what your loved one owned and owed, below is a list of common documents you will need to find: Account statements – These may include bank statements and investment account statements (including brokerage accounts, IRAs, 401(k)s, 403(b)s, annuities, pensions, and health savings accounts). The closer to the […]

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How to Easily Integrate Asset Protection Trusts into Your Estate Plan https://northeastlegalteam.com/2018/03/27/how-to-easily-integrate-asset-protection-trusts-into-your-estate-plan/ https://northeastlegalteam.com/2018/03/27/how-to-easily-integrate-asset-protection-trusts-into-your-estate-plan/#respond Tue, 27 Mar 2018 01:47:33 +0000 http://northeastlegalteam.com/?p=46727 Asset protection has become a common goal of estate planning. Asset protection trusts come in many different forms and can be used to protect property for your use and benefit as well as for the use and benefit of your family. What is An Asset Protection Trust? An asset protection trust is a special type of irrevocable trust in which the trust funds are held and invested by the Trustee and are only distributed on […]

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The Bottom Line on Asset Protection Trusts https://northeastlegalteam.com/2018/03/09/the-bottom-line-on-asset-protection-trusts/ https://northeastlegalteam.com/2018/03/09/the-bottom-line-on-asset-protection-trusts/#respond Fri, 09 Mar 2018 01:48:59 +0000 http://northeastlegalteam.com/?p=46729 Asset protection trusts offer a great deal of planning opportunities for people of even modest means. We are available to answer your questions about asset protection trusts and help you integrate this type of planning into your estate plan. Who Needs an Estate Plan? If you’re reading this, you need an estate plan. Why? The short answer is “Everyone, age 18 and older needs an estate plan.” It doesn’t matter if you are old or […]

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Strategies for Those Awkward Financial Discussions https://northeastlegalteam.com/2018/02/15/strategies-for-those-awkward-financial-discussions/ https://northeastlegalteam.com/2018/02/15/strategies-for-those-awkward-financial-discussions/#respond Thu, 15 Feb 2018 01:50:06 +0000 http://northeastlegalteam.com/?p=46731 There may be people close to you (spouse, parents, children) who are practicing financial behaviors that are unproductive or destructive. You want to help them get back on track, but you don’t want to come across as judgmental or condescending, or put them on the defensive. The Key Takeaways Living within one’s means liberates spending for high-priority purchases. Financial discipline, and correcting bad behaviors, leads to financial security. Correcting Bad Behavior Leads to Financial Security […]

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Young Adults Need Estate Planning, Too https://northeastlegalteam.com/2018/01/22/young-adults-need-estate-planning-too/ https://northeastlegalteam.com/2018/01/22/young-adults-need-estate-planning-too/#respond Mon, 22 Jan 2018 01:51:29 +0000 http://northeastlegalteam.com/?p=46733 Once a child turns 18, parents lose the legal ability to make decisions for their child or even to find out basic information. Learning you cannot see your college student’s grades without his/her permission can be mildly frustrating. But a medical emergency can take this frustration to a completely different level. The parents (or a sibling or another person) will probably have to go to court and ask for permission to obtain information about the […]

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4 Tips for Avoiding a Will or Trust Contest https://northeastlegalteam.com/2017/06/10/4-tips-for-avoiding-a-will-or-trust-contest/ https://northeastlegalteam.com/2017/06/10/4-tips-for-avoiding-a-will-or-trust-contest/#respond Sat, 10 Jun 2017 21:16:45 +0000 http://northeastlegalteam.com/?p=46711 A will or trust contest can derail your final wishes, rapidly deplete your estate, and tear your loved ones apart. But with proper planning, you can help your family avoid a potentially disastrous will or trust contest.If you are concerned about challenges to your estate plan, consider the following: 1. Do not attempt “do it yourself” solutions. If you are concerned about an heir contesting your estate plan, the last thing you want to do […]

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Are You Wasting Money? Part Two: Food, Clothing and Entertainment https://northeastlegalteam.com/2017/06/05/are-you-wasting-money-part-two-food-clothing-and-entertainment/ https://northeastlegalteam.com/2017/06/05/are-you-wasting-money-part-two-food-clothing-and-entertainment/#respond Mon, 05 Jun 2017 21:24:23 +0000 http://northeastlegalteam.com/?p=46713 In many ways, it is the routine purchases that occur without planning that subsequently accumulate to large amounts. An area of high importance when making beneficiary distributions is for the money to be used in meaningful ways such as home purchases, education, and investing and not simply to cover shortfalls in month-to-month expenditures. These simple lessons are helpful reminders for everyone. The Key Takeaways o Money is wasted when we pay more for convenience, excess, […]

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Choosing a Successor Trustee https://northeastlegalteam.com/2017/05/24/choosing-a-successor-trustee/ https://northeastlegalteam.com/2017/05/24/choosing-a-successor-trustee/#respond Wed, 24 May 2017 01:41:32 +0000 http://northeastlegalteam.com/?p=46719 If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually someone will need to step in for you when you are no longer able to act due to incapacity or after your death. The Successor Trustee plays an important role in the effective execution of your estate plan. The Key Takeaways: o Because successor trustees have a lot of responsibility, […]

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Organize Now! https://northeastlegalteam.com/2017/05/17/organize-now/ https://northeastlegalteam.com/2017/05/17/organize-now/#respond Wed, 17 May 2017 01:43:50 +0000 http://northeastlegalteam.com/?p=46721 Think for a few moments about what would happen if you suddenly became incapacitated or died. Would your spouse or family know what to do? Would they know where to find important records, assets and insurance documents? Would they be able to access (or even know about) online accounts or files on your computer? Would they know whom to ask if they need help? Putting the effort in now to establish a formal document inventory […]

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