A life estate is a property, usually a residence, that an individual owns and may use for the duration of their lifetime. This person is called the life tenant and shares ownership of the property with a second person. The second person is referred to as theremaindermanand automatically rec...
A trust can be used to determine how a person’s money should be managed and distributed while that person is alive or after death. A trust helps an estate avoid taxes and probate. It can protect assets from creditors and dictate the terms of inheritance for beneficiaries. The disadvantages ...
This is the key difference between legal duties and other types of duties, such as moral or ethical duties. While it may be immoral to lie to a parent about coming home after curfew, it is not illegal; however, it is both immoral and illegal to lie to the tax collector about the ...
Legal purpose: A contract must have a lawful purpose to be enforceable. For example, if one business partner contracted someone to kill another business partner, but the person took the money without fulfilling the contract, there's nothing that can be done. A contract of murder for hire is ...
A real estate contract is a legal contract for the purchase or exchange of land and property between parties. Most real estate...
However, an estate plan is more comprehensive than a will is alone. Why are estate plans important? Estate plans are important for legal, financial, and personal reasons. For example, an estate plan can help ensure that you, your family, and your hard-earned assets are protected before and...
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In the case of bankruptcy, an individual’s estate is the sum of his or her assets that can be sold or distributed to cover outstanding debt. This is usually determined by the legal proceeding governing a bankruptcy case; some personal property is exempt from being seized by creditors. The ...
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Real assets like real estate, precious metals and commodities can boost returns and offer diversification. By Kate Stalter | Reviewed by Rachel McVearry | Feb. 22, 2024, at 4:40 p.m. Save MoreGetty Images Timber is an example of a real asset investors can explore options for. Advisor...