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.
Businesses across the globe have experienced unprecedented interruptions and closures because of the COVID-19 pandemic. As a result, many businesses are finding it difficult to perform their contractual obligations. Consequently, a common but often overlooked contractual clause is in the limelight: the force majeure clause.
As a business owner, you may be exploring the idea of permanently utilizing a remote workforce; however, you may not be aware of all of the relevant factors to consider and preparations to implement. Be sure to take the following measures as you move toward permanent virtual employment.
Despite the uncertainty that has accompanied the COVID-19 pandemic and that still lies ahead, one thing remains certain: Most businesses will eventually reopen. Business owners navigating this new landscape must figure out how to restart their operations while keeping their staff and customers as healthy as possible.
If you see trouble brewing and are concerned that family members could contest your will or trust, a no-contest clause is one tool that could discourage dissatisfied beneficiaries from seeking to have it declared invalid.
On May 4, 2020, the Internal Revenue Service (IRS) published questions and answers regarding retirement provisions in Section 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In addition to providing aid for individuals and businesses, the CARES Act increases accessibility to funds and loans from certain retirement plans and accounts
As small business owners grapple with the economic realities of nationwide stay-home orders and social distancing mandates, legislatures have been updating laws and developing new programs to keep the economy afloat. The latest and most groundbreaking is the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2.2 trillion stimulus package aimed at supporting individuals, businesses, and governments now and beyond this pandemic. The federal government has earmarked $377 million to help small businesses avoid failure and encourage them to retain their workforces. Here are the most important things for business owners to know about the CARES Act.
In a matter of weeks, the COVID-19 pandemic has impacted the world and forced communities to reevaluate everything. Despite the unpredictability that has accompanied this global crisis, it is not too late to implement changes to protect you, your employees, and your business. Here are some tips and strategies to help you navigate these challenges and the ones to come.
You may not have a lot of free time to work on your estate planning. If you are able to answer the following questions or at least think them through, you can get a jump start on the estate planning process today.
Regardless of its dollar value, if you have a collection, it should be included in your estate plan. You should make arrangements in advance to ensure that the collection is handled in the way you want, and if it is worth a lot of money, that its value is maximized. Here is how to do that.
There are a number of dangers associated with failing to put a well-thought-out estate plan in place that could make your family members feel as though they are drowning if you were to pass away. A carefully designed estate plan is like a life vest for your family in a rough sea. Losing a family member is never easy, but we can help you put plans in place that will provide you with the peace of mind of knowing that your grieving family will not be overwhelmed if you die.
If you are administering the estate of someone who was a hoarder or even had an extensive collection of particular items or memorabilia, the process can be even more burdensome. Here are 8 things to thinking about before taking the job.
State Estate and Inheritance Taxes: Does Your State Have Them, What Are They, and How Should You Plan for Them
Even if you are not among those who currently need to plan to avoid federal estate tax liability, some states have their own estate tax and a few have an inheritance tax.
What have you done to prepare for your own care? Working together, we can craft the best possible estate planning prescription that will protect you today, tomorrow, and well into the future using the best legal tools available.
You can increase not only your own wellbeing but also that of your children or other beneficiaries by creating an estate plan designed to promote their happiness, which in turn, will enable them to live healthier and more successful lives.
The United States has experienced a surge in immigration since 1970, and there are now approximately 45 million foreign-born people living in the United States. Some of them have become U.S. citizens, but many non-citizens live in the United States as well. In 2019 alone, approximately 1,031,00...
Unclaimed Property - What is it, Where to find it, and Its Impact on Estate Planning and Administration
For most of us, every penny counts, so it is almost inconceivable that we could have lost track of any money or property. Regardless of how careful we are with our finances, it is possible for utility deposits, credit balances, unused gift certificates, banks accounts, and many more types of pr...
A Financial Power of Attorney (FPA) allows you to select a trusted family member or friend who will be responsible for managing your money and other property if you become mentally incapacitated (unable to make your own decisions) due to illness or injury. Without this document, bills won’t get paid, tax returns won’t be filed, bank and investment accounts held in your name will become inaccessible, retirement distributions can’t be requested, and property can’t be bought, sold, or managed.