You have spent years building your small business, but have you taken time to consider what will happen to it when you retire, become disabled, or pass away? Although it is often hard to fathom an event that may not occur for many years, it is important to put plans in place in advance. The failure to do so could result in the eventual loss of the business. There are several factors you should keep in mind in making plans for the future of your small business. Identify a successor(s). Many…Read More
An operating agreement is a contract that controls your LLC’s operations as well as member interaction with each other and with the LLC. You may think that an operating agreement is not necessary for your single-member LLC – after all – why make an agreement with yourself? Is the Operating Agreement a Legal Requirement? Most states don’t require an LLC to have an operating agreement. Of the states that do, some require the operating agreement be written while others permit oral agreements. No state requires an LLC to file an…Read More
Real estate encompasses not only one’s primary residence but also other real estate such as a vacation home or a rental property. The ideal form of ownership varies depending on the type of real estate you own. Below, we take a look at the different types of real estate and offer advice about the best form of ownership for each. Primary Residence Because your primary residence receives special tax treatment, you should carefully consider how your home is owned. In some states, tenancy by the entirety offers married couples creditor…Read More
Estate planning—it is an incredibly important tool, not just for the uber wealthy or those thinking about retirement. On the contrary, estate planning is something every adult should do. Estate planning can help you accomplish any number of goals, including appointing guardians for minor children, choosing healthcare agents to make decisions for you should you become ill, minimizing taxes so you can pass more wealth onto your family members, and stating how and to whom you would like to pass your estate on to when you pass away. While it…Read More
Divorce. An unexpected death, disability, or retirement. An irreconcilable dispute. These triggering events may put your successful, stable business into a tailspin. Luckily, a buy-sell agreement can help you and your business be better prepared to handle these events. What Is A Buy-sell Agreement? A buy-sell agreement is a legally binding agreement between co-owners of a business that controls what happens if a co-owner leaves the business—think of it as a change management tool. What Should a Buy-Sell Agreement Consider and Include? We’ve created this checklist as a starting point…Read More
Often in estate planning, attorneys present the idea of guardianship and/or conservatorship as a bad thing – something to be avoided. In a perfect world, we could move through our lives from cradle to grave without such things as guardianships and conservatorships. But in order to achieve this perfect world, we have to do advance planning to provide for our own care if we become impaired or incapacitated, and we need trustworthy, responsible and financially astute family members who are willing and able to assist us. For some people, these…Read More
The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law on December 20, 2019, and went into effect on January 1, 2020. It is the most impactful legislation affecting retirement accounts in at least a decade. If your estate plan distributes your retirement assets to your beneficiaries in trust, please contact us for a review of your plan to determine if updates are required to avoid the “conduit trust disaster,” explained below. The SECURE Act poses significant problems for clients who wish to protect retirement…Read More
Do you know what kind of estate plan your parents have, if any? And conversely, do your kids know what your wishes are in the event of your death or incapacity? Beginning a conversation with your elderly parents or with your children about planning to prepare for eventual incapacity and death can be a very difficult thing to do. The holidays can be a great time to begin the conversation and discuss wishes, desires, and completing a solid estate plan together. You may find out that your parents have a…Read More
If you have a child or another loved one who is physically, mentally, or developmentally disabled, he or she may be entitled to government benefits such as SSI or Medicaid. Most benefits are available only to those with limited financial assets and income. As a result, leaving an inheritance to a disabled loved one may cause the loved one to no longer qualify for government benefits. Is there a way to allow such a family member to receive an inheritance and also continue to receive government benefits? The answer is,…Read More
