When thinking about the estate planning process, it's easy to assume that it's mostly about naming beneficiaries and seeing that they get what was assigned to them. Taking that view, though, can leave people you love in a difficult position and make it harder for them to preserve your legacy. Here are some of the other issues you need to keep an eye on.
The Tax Bill Always Comes Due
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Facing a lot of debt can be stressful. You may have lived outside of your financial means, and now, you're facing the repercussions. If you're in this situation and are considering filing for bankruptcy, consider hiring an attorney. They can help you manage this difficult time in the following ways.
See If You're a Good Candidate
Not everyone is a great candidate for bankruptcy when struggling financially. For example, some people may be fully capable of paying back their debt by switching their lifestyle or spending habits.
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If you live near a racetrack and feel the need for speed, you might have plans to take a few laps; not during an actual race, of course, but when the track opens up for street cars. Many racetracks have events that allow regular drivers to cruise around the track, paying by the lap. To do so, you'll need to sign a waiver that stipulates you accept the risks of this dangerous activity and won't take legal action.
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When a car accident takes place, the person who caused the accident is responsible to pay for the damages that occur to the other party involved. One problem some people run into is that no one knows who is really at fault for the accident. If you are in this position and know that the other person is responsible for causing the accident, you will need to prove that this is true if you want to receive compensation from the other driver for your injuries and damages.
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If you're dealing with a serious disability that has left you unable to work, you may be stressed out about the future. It can be overwhelming worrying where you will get the money to continue paying your regular living expenses. Some individuals choose to file for social security benefits so they can get extra assistance and continue living their life. If you're considering this option, it's a good idea to contact a social security lawyer right away.
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