The pros and cons of turning your home into a rental
If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and...
No matter how much effort you’ve invested in designing your estate plan, your will, trusts and other official documents may not be enough. Consider creating a road map — an informal letter or
Your road map should include, among other things:
Your road map can also be a good place to explain to loved ones the reasoning behind certain estate planning decisions. Perhaps you’re distributing your assets unequally, distributing specific assets to specific heirs or placing certain restrictions on an heir’s entitlement to trust distributions. There are many good reasons for these strategies, but it’s important for your family to understand your motives to help avoid hurt feelings or disputes.
Finally, like other estate planning documents, your road map won’t be effective unless your family knows where to find it, so it’s a good idea to leave it with a trusted advisor (and consider giving copies to other trusted parties). Please contact us if you’d like help drafting your road map.
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If you’re buying a new home, you may have thought about keeping your current home and renting it out. In March, average rents for one- and...
If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for...
If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully...