Vacations can be the perfect opportunity to relax, disconnect from work and responsibilities, and enjoy your spouse, partner, kids’ or friend’s company. But before you head off on your next getaway, there’s something else you should consider doing that might not sound quite as fun—creating an estate plan. While it may not sound like the most …
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Who Would Care For Your Children If You Got Sick With COVID-19?
Trusts are often underused or misused tools for business owners, as they can provide a range of tax, asset protection, and succession planning benefits, when established and maintained in the right way.As a Personal Family Lawyer® who also focuses on serving business owners, I can help you choose the right Trust strategy for protecting your …
Who Would Care For Your Children If You Got Sick With COVID-19?
Keeping your finances in order is crucial for the success of your business. Even if you’re running a small operation, bookkeeping is a critical component that cannot be overlooked. While it may not be the most exciting task, it’s important to ensure accuracy to avoid costly mistakes that could hurt your business in the long …
Who Would Care For Your Children If You Got Sick With COVID-19?
As the world and its laws continue to evolve, everyone needs to keep their estate plans up to date. An estate plan is a set of documents, such as a will or trust, that dictate how assets will be distributed upon death or incapacity. An individual’s current legal and financial situation should be considered to …
Who Would Care For Your Children If You Got Sick With COVID-19?
As a business owner, you may want to keep your personal information private and out of the public record. Luckily, if you want to run your own business but prefer to stay out of the spotlight, there’s a solution to this problem that many business owners use – nominee services. Nominee services allow you to …
Who Would Care For Your Children If You Got Sick With COVID-19?
Making important decisions for aging parents can be a challenging task, but power of attorney (POA) can provide peace of mind and clarity in times of need. POA enables individuals to make crucial decisions on behalf of their parents, such as managing their finances or making medical decisions, when they are unable to do so …
Who Would Care For Your Children If You Got Sick With COVID-19?
As a parent, you are quite accustomed to managing your children’s legal and medical affairs, as circumstances require. If your child requires urgent medical attention while away from you, a simple phone call authorizing care can do the trick. But what happens when those “children” turn 18, now adults in the eyes of the law, …
Who Would Care For Your Children If You Got Sick With COVID-19?
To run a business successfully, it is necessary to create various financial documents, including cash flow and profit and loss (P&L) statements. Doing this enables business owners to understand their business’s current financial health and make appropriate changes to improve company performance. Many business owners hire accountants to create these documents. Still, it can be …
Who Would Care For Your Children If You Got Sick With COVID-19?
If you have a current estate plan, I’ll bet you plan to leave your assets to your children outright and unprotected by age 35, or maybe a little later. Go take a look at your estate plan, and see what it does right now. And, if you don’t have an estate plan, and you have …
Who Would Care For Your Children If You Got Sick With COVID-19?
Client contracts, or agreements, refer to legal agreements between businesses and consumers. They help establish expectations for the individuals who use a business’s products or services. Additionally, they outline what customers can do if they have an issue with the product or service, including how they can complain. Businesses typically use client contracts to ensure …
Who Would Care For Your Children If You Got Sick With COVID-19?
If you dream of one day retiring from your business, selling it, or leaving your company to your family, there are essential planning steps to take care of today, no matter how far away you think that time may be. Even if you are just starting, beginning with the end in mind will set your …
Who Would Care For Your Children If You Got Sick With COVID-19?
In most cases, from the most sophisticated business people with the highest net worth to those just starting in the workforce and on their path to adulthood, you very likely do not know how to evaluate estimates when shopping for an estate plan.Shopping for an estate plan based on getting the lowest cost plan possible …
Who Would Care For Your Children If You Got Sick With COVID-19?
Like most people, you likely think estate planning is just one more task to check off your life’s endless “to-do” list.You can shop around and find a lawyer to create planning documents for you or create your own DIY plan using online documents. Then, you’ll put those documents into a drawer, mentally check estate planning …
Who Would Care For Your Children If You Got Sick With COVID-19?
Regardless of the industry you are in, the reality of being a business owner is that you open yourself up to a number of unique risks that most people don’t have to worry about—and the more successful your business is, the more risks you face.Unfortunately, most business owners aren’t fully aware of all the potential …
Who Would Care For Your Children If You Got Sick With COVID-19?
Being asked by a loved one to serve as Trustee for their Trust upon their death can be quite an honor, but it’s also a significant responsibility—and the role is not for everyone. Indeed, serving as a Trustee entails a broad array of duties, and you are both ethically and legally required to execute those …
Who Would Care For Your Children If You Got Sick With COVID-19?
One of the main reasons to up your business as a corporation or limited liability company (LLC) is to shield your personal assets from debts and other liabilities incurred by your business. Corporations and LLCs exist as separate legal entities from their owners, allowing the business to acquire assets, enter into contracts, and take on …
Who Would Care For Your Children If You Got Sick With COVID-19?
Paying your children—whether they’re tweens, teens, or young adults—to work for your company is one of the greatest advantages of running a family business. By hiring your kids, you can help them develop a strong work ethic, give them experience managing money, and jumpstart their ability to save for their future, all while keeping more …
Who Would Care For Your Children If You Got Sick With COVID-19?
Investing in life insurance is a foundational part of estate planning, and when done right it’s a primary way to say “I love you” to your loved ones after you are gone. However, when naming your policy’s beneficiaries, several mistakes can lead to potentially dire consequences for the people you’re investing to protect and support.The following …
Who Would Care For Your Children If You Got Sick With COVID-19?
You’ve probably heard you need a trust to keep your family out of court and maybe out of conflict in the event of your death or incapacity. And, if you haven’t, you are hearing it now. If you own any “probatable” assets in your name at the time of your incapacity or death, your family …
Who Would Care For Your Children If You Got Sick With COVID-19?
Far too many aspiring entrepreneurs jump-start their businesses without taking the time to plan properly. Just as a builder uses a blueprint to ensure a new construction project will be structurally sound, a carefully researched and well-thought-out business plan allows you to determine whether or not your business concept will succeed and make money.A solid …
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