More people are reporting feeling the financial “pinch” this year.
In fact, bankruptcy filings for individuals and small businesses have increased sharply. Business Chapter 11 filings reached a dramatic 67% surge in February compared to the previous year.
People also are moving to regions with a lower cost of living and where housing is more affordable. Likewise, young adults are feeling the pinch and living with their parents at a significantly higher rate than in previous decades. Not only are the children having to move back home (46% of parents are reporting that their young adults have returned), but they also are staying in the home longer before they move out for the first time; the typical age for children moving out now falls between 24 and 27 years old.
Another significant trend: 40% of all new marriages are remarriages for at least one of the partners, and more couples are committing to long-term relationships in which they live together without marriage. Approximately 11% of these unmarried couples are purchasing real property together.
PROTECT YOUR FUTURE NOW
All these scenarios can set the stage for epic legal struggles if someone dies — or even splits up — without a plan. One good solution is a trust: a flexible document that can establish your plan to simplify unforeseen situations and help you manage hard times.
Such a document can ensure that:
- there is a written agreement to continue business operations in the case of an unexpected illness or death.
- there is someone to handle your finances should you be unable to do so due to illness or incapacity
- there is a plan if significant others or adult children need assistance.
People should be more concerned than ever about protecting their real property and assets in these hard times. Having the correct legal documents in place — such as a trust — is crucial. Consult with a professional to discuss how a trust can help cover you in these scenarios.
Kathy Brown van Zutphen of Coastwide Law LLC is an attorney licensed to practice law in Alabama and Louisiana. She focuses on the “elder law” areas of trusts, estates and conservatorships. Additionally, she litigates lawsuits and represents small business owners as part of her legal practice. Visit coastwidelaw.com to learn more or reach her at her office: (228) 357-5227.