An interest in an MLM or franchise business may not automatically transfer to your beneficiaries, even if you include it in your will or trust. Further, if it is permitted to be transferred, it may be forfeited if your beneficiaries fail to meet certain contractual requirements. This is because the transfer of those interests is governed by the terms of the agreement you entered into with the franchisor or MLM company.
Most people think of probate (the process of collecting, managing, and distributing a deceased person’s money and property) as a private process. However, because wills are filed at the courthouse, probated estates become a matter of public record.
The COVID-19 pandemic has led to volatile markets. In response , Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act was primarily aimed at providing quick and substantial relief to individuals and businesses affected by the economic shutdown In addition, the new legislation contains other provisions concerning retirement accounts that may lower your tax bill for 2020.
A skilled attorney is a critical part of any business owner’s advisory team. Business attorneys are equipped to assist you in handling a variety of tasks that can protect you from potential legal and business pitfalls, in addition to solving existing legal issues. As important as they are to your team, finding the right business attorney may be challenging if you do not know what to look for.
A guardian is an individual who cares for someone, often a minor child, who needs special protection. Parents can nominate a guardian in their will, but typically a court must confirm and officially appoint the guardian after both parents have passed away.
Trust funding is the process of transferring the ownership of accounts and property to the trust during your lifetime, or designating the trust as a beneficiary of an account or piece of property so that the trust will receive ownership upon your passing.
If postsecondary education is in your family’s future, including any of the following tools in your estate plan can be an excellent way to help provide for education needs.
There are many different options for funding your family’s education future, and what happens to any unused funds largely depends on which option you choose.
You are a new business owner and have decided to organize your business as a limited liability company (LLC). You are its sole owner and work for the company. How do you pay yourself? Are there guidelines regarding how often and how much you are entitled to? How do self-employment taxes come into play? The answers to these questions depend on how your LLC is taxed.
Education will still be costly. In times of uncertainty, it is important for your planning to be as flexible as possible while still meeting your needs. Some techniques for funding education expenses require that the funds be spent only on certain items to take full advantage of tax breaks and incentives.
July is National Sandwich Generation Month, a time to honor those who are caring for both their children and their aging parents. You can also alleviate the stress of caregiving by checking if your aging parents or adult children have legally valid and up-to-date estate planning documents in place.
Although more states are opening up, there are several precautions to consider and preparations to make as you plan your summer travels. We can help you design an estate plan that will protect you and your family if anything unexpected happens during your vacation.
How a business handles terminating an employee can either increase or decrease the risk of negative consequences like lawsuits and unfavorable public attention. Here are the best practices to keep in mind if you are considering terminating an employee.
Contrary to popular belief, the S corporation is not a distinct entity type. According to the Internal Revenue Service (IRS), an S corporation is a corporation that has elected treatment as a pass-through entity for federal income tax purposes under Subchapter S of the Internal Revenue Code. This tax election allows the corporation to enjoy a unique combination of benefits if it meets the requirements.
It is not uncommon for couples to enter into marital agreements stating what property is separately owned by each spouse and the property rights each spouse will have in the event of separation, divorce, or death. Because these agreements can change or limit a surviving spouse’s right to inherit, play certain roles in their deceased spouse’s estate plan, or take advantage of certain tax benefits, they can have a substantial effect on an estate plan.
The person you choose to be your executor (sometimes called a personal representative) will play an extremely important role, as that person will be responsible for gathering, securing, managing, and ultimately distributing your money and property when you pass away. As a result, you should make your selection only after careful consideration regarding who is the best person to fulfill this role.
Internships can be beneficial to both you as a business owner and the intern. Interns can receive hands-on training in their field of interest while assisting your company in reaching its goals. However, it is important to keep in mind the various legal considerations and requirements associated with this specific type of hire.
Assisted reproductive technology is an issue that could have a major impact on estate planning for families seeking to have children through its use. We can help you ensure that children born as a result of ART have a financially secure future, as well as help you think through whether you want to make a gift of your genetic material if you pass away before it can be used.
A limited liability company (LLC) is a business entity that protects its owners, referred to as members, from being personally liable for the debts of the company. The LLC is unique because it combines various characteristics of other entity types, which together make it one of today’s most preferred legal structures for companies.
There are several estate planning issues you should keep in mind if you have savings bonds or plan to invest in them. If you own savings bonds or are considering investing in them as part of your financial plan, we can help you consider the pros and cons, as well as the best ways to title them in order to achieve your estate planning goals.