If you own a rental house or apartment, where others are paying rent to reside on your property, it should never be titled in your personal name. If so, and a tenant falls in the bathtub or on the stairs, your liability for their injuries, which could be lifelong, could take all of your assets. ... [Read More]
Tag: lawsuits
Estate Planning for Blended Families Is an Adventure
Any time you are doing Estate Planning for Blended Families, it is always a balancing act. You have to balance the couple’s desire to take care of each other vs. their desire to take care of their children from their previous marriage. As usual, a Revocable Living Trust is the best foundational Estate Planning tool. ... [Read More]
Asset Protection – Do It Right!
I know a very bright and courageous entrepreneur who is trying to do Asset Protection, but they are being taken advantage of. Unfortunately, this very bright person has bought into the “seminar circuit” and has attended seminars by a national speaker who travels and hits some high points, tells some horror stories about asset protection... [Read More]
Why Whitney Houston Shouldn’t Have Used a Will
Unfortunately, Whitney Houston used a Will based Estate Plan. Her “Last Will and Testament,” or Will, was admitted into Probate Court in Atlanta, Georgia. As guessed, Whitney’s 19 year old daughter is her sole beneficiary of the Will with payouts to her at ages 21, 25, and 30. Meanwhile, the Trustee would make payments on... [Read More]
Whitney Houston and Estate Planning – Part 3
As discussed before, right after we hear of the death of a celebrity, we ask, “How?”. Not long after, we ask, “How much money did they leave and to whom?”. Again, Whitney had traveled a troubled road of drug addiction and tough relationships. While alive, she had been separately sued at different times by her... [Read More]
Whitney Houston’s Estate Plan Upon Her Unexpected Death
After the sudden death of 48 year old Whitney Houston, some of the first questions asked are: How did she die? What about her family? Some questions that come to mind right after that are: What estate did she leave behind and to whom did she leave it? Then, the informed reader asks: Will her... [Read More]
Protect What You Own!
Business owners and real estate investors are just some of those at risk for losing their personal assets if they are sued by a customer or tenants. We talked some last time about owning your rental property or business in an entity. See my blog of January 26, 2012. I spoke with a lady this... [Read More]