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Gevurtz Menashe
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Founded On Families
Founded On Families

14 followers
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These days, virtually every American has an expansive range of digital assets. They are so ingrained in our daily life that we don’t consider the complications that could arise should something happen to us. In addition to protecting our homes, cars, bank accounts, retirement accounts, and other “traditional assets,” we must think about what will happen to our “digital assets.” Here are a few things to consider when it comes to estate planning and digital assets:

http://www.gevurtzmenashe.com/blog/2016-11-22/estate-planning-digital-assets.html

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It's back to school season and we know life gets hectic! Organizing carpools, daycare, lunches, and activities along with establishing bedtimes and encouraging homework can consume our energy. Amidst this, there is one homework assignment that parents shouldn't put off: executing an estate plan. Have you done your homework?

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Changes in Federal estate taxes will not affect the estate tax systems in Oregon and Washington. However, Hilary Clinton's and Donald Trump's proposed estate tax plan may still cost an individual millions in gross estate taxes.

Read our post Hilary versus Trump: Comparing Estate Tax Plans http://www.gevurtzmenashe.com/firm-news/hillary-versus-trump--comparing-estate-tax-plans/ #estateplanning #elections2016

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Before you hit “send” on a message to your spouse, ask yourself: “Is this something I would want a judge to see in court?”...

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In today’s modern family, creating a basic estate plan is critical to protecting those you care about most.  Whether you’re going through a divorce or have never been married, here are a few basic estate planning tools we recommend for single parents:

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The Fate of Prince’s Estate
By Taylor S. Kittell
 
It's been several weeks since the news broke about Prince's death, and along with the many questions being asked on the state of his health and the ultimate cause of his death, many are left dealing with the future of his fortune. After several decades in the entertainment industry, according to CNN, Prince's net worth is estimated at $300 million. Earlier this week, a court hearing was held to determine the fate of Prince's estate, including the contents of a secret vault the musician left behind at his estate in Paisley Park.  No will or trust has been discovered. Since Prince was not married, had no children, his parents are deceased, and he didn't have an estate plan, his estate will likely go to his siblings. Dividing up all the assets, including the control his brand, the management of his NPG record label, and thousands of unreleased songs, will likely get messy.
 
Unfortunately, in today’s day in age, the absence of an estate plan usually sets the stage for conflict among heirs, and an estate of this financial magnitude could continue for years. The estate of Jimi Hendrix was still absorbed in a bitter battle 45 years after his death. With no clear direction on what Prince wanted to happen to his assets, from his wardrobe to his complex intellectual property, fans and estate planners alike are curious to see how his probate will unfold.
 
These are not just problems for the rich and famous. These dramas break out in ordinary families after someone passes.  Having an estate plan is critical to keeping your family's affairs private and to giving your loved ones peace of mind and clear instructions about what to do. Planning is half the battle. As estate planning attorneys, we’ll help you determine which approach is best for you and your loved ones. To schedule a consultation, call our Portland offices at 503-227-1515, our Vancouver offices at 360-823-0410, or contact us online anytime.

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While the basics of divorce are similar from state to state, Oregon has some unique processes. Learn more about them here...

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Estate Planning Tips for Entrepreneurs and Business Owners

As a small business owner, you’ve worked hard to ensure the operation of your business runs smoothly.  Careful estate and succession planning will ensure your business is protected in case of a death or emergency.  Here are some tips and tools to help the planning and maintenance continue to run smoothly.

1. Plan for the Unexpected

Life happens. Whether it is a divorce, incapacity, or even death, having a plan for some of life’s biggest transitions is the best way to protect yourself and your business. Make sure someone you trust has access to your information such as bank accounts and email. Considering the length and complexity of the process for someone to take over your business affairs is an important part of planning for a smooth transition.

2. Protect Your Personal Estate

Accidents happen. Should an accident take place on your business property, ensuring your personal estate plan is protected ahead of time is a critical part of the planning process. Asset protection planning can prevent the loss of your personal property if there is a claim against your business.

3. Communication Is Key

Many people like to keep their legal plans private but with end of life issues, communication is key to success. If you are unable to properly care for your business, communicating your plan ahead of time is just as important as the planning process itself. This also ensures that someone else has the information they need to carry out your wishes. Death and incapacity can be a highly emotional process. Having discerning judgment on who can take responsibility, as well as properly communicating with family members and employees, is an important part of the planning and maintenance process. Disputes can occur when family members and/or business partners are caught by surprise about estate plans, don’t understand the reasoning behind them, or when someone’s personal estate plan conflicts with their business succession plan.

4. Save For An Emergency

Part of planning is building awareness of any taxes or any potential issues that may arise in your business’ future. Make sure you have enough extra cash or liquid funds to use as back-up in case of an emergency.  Having property alone will not be enough for an unexpected cost or liability claim, and obtaining life insurance or putting a solid plan in place to make sure the business can pay its bills is essential.
 
5. A Revocable Living Trust For Entrepreneurs

A quality estate plan typically includes a number of documents including a will, a power of attorney for finances, and an advanced directive for medical decisions, but if you are an entrepreneur, you might also consider a Revocable Living Trust. A Revocable Living Trust can serve as an instruction manual for how the estate (and business) is to be managed and distributed after your death. One of the key reasons for using a Revocable Living Trust is to avoid probate, which means that your privacy is protected and your business can continue to run smoothly without costly court delays.

Planning ahead for a business transition can be overwhelming but we’re here to help you along the way. Please contact Gevurtz Menashe to speak with an experienced estate planning attorney for help. Our Portland office can be reached at 503-227-1515 and our Vancouver office at 360-823-0410. You can also send us a message at any time.

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Top 5 Things to Consider Before Filing for Divorce

Things to consider before initiating divorce proceedings.
Divorce is one of the most stressful life events a person can go through. It is usually not a single event, but a process that can take much longer than originally expected. People often find it hard to think as clearly as they would like during the process. Here are some suggestions to consider reducing the inevitable stress that can come with a divorce.

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We celebrate the life and achievements of Dr. Martin Luther King Jr. by teaming up with local non-profit Sisters of the Road café to give back to the community.
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