Updated: Oct 23, 2020 A Common Mistake When Creating Trusts A revocable living trust, or some derivative thereof, is now becoming the “go-to” for estate planning. Many times clients will speak with their estate planning attorney, or advisor, who recommend a trust be drafted to manage the client’s estate in the event of death or incapacity. After going through the process…
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What Is A Limited Liability Company (LLC) And Do I Need One For My Business?
Introduction A limited liability company (“LLC”) is the combination of what most would agree are the best features of a sole proprietorship, partnership, and corporation. The LLC has become a popular way to structure one’s business because of the personal protection it provides its members from the liabilities and debts of the company; the numerous tax advantages it enjoys; and,…
The “Special” LLC For Rental Property
Introduction If you are an individual with rental properties or foresee yourself purchasing rental properties in future, how you choose to incorporate and hold title to these properties will determine the strength in which your assets are protected. The traditional Limited Liability Company has long been the go-to entity for real estate investors as they provide strong insulation from personal…
5 things every new and existing business owner should know.
Everyday individual’s contemplate starting a business. Generally someone will have an idea of what service(s) and/or product(s) they would like to offer to consumers, but often lack the proper structuring within the business necessary for its healthy operation. Below are 5 must-dos that will ensure your business ideas become a successful reality. Tip 1 – PUT IT DOWN ON PAPER…
A MUST Read for Parents and Grandparents: The most commonly overlooked way to protect your children.
Take a moment and think back to when you were 18. You were a brand new young adult eager to explore the world. Maybe you had aspirations of college or jumping into the workforce, who knows, maybe you were exhausted from high school and needed to take a ”gap” year in the name of self-care. It is fair to say…
I have a Last Will and Testament so I should be fine … right?
A Last Will and Testament is a great estate planning tool that ensures your estate will be distributed according to your wishes. However, in the last 100 years people are living an average of 30 years longer. Why is this an issue? A Last Will and Testament takes effect when you pass, but it does not protect you in the…
ESTATE PLANNING: OVERVIEW
Estate planning is an ongoing process where individuals arrange their intentions of how to be cared for in the event of death or disability by drafting the necessary legal documents. When creating these documents, individuals base their decisions on facts and circumstances they are currently aware of or are reasonably foreseeable in the future. However, the variables of life such…