Key Points: Dividing a business during divorce can be complex and requires careful planning. Determining whether the business is marital or separate property is critical. Business valuation may involve multiple experts and different methods. Prenuptial, postnuptial, and operating agreements can…
Probate is the court-supervised process of either (a) carrying out the instructions laid out in a deceased person’s will, or (b) applying state law to distribute the assets and property of someone who died without a will. Not all wills,…
Happy Easter! Although your fur-babies are not considered dependents for tax purposes, there are reasons to add them to your estate plan. The Humane Society estimates that half a million pets get sent to shelters every year because their owners…
Key Points: Placing LLC membership interests in a trust combines liability protection with estate planning benefits. Trusts help avoid probate, protect assets, and plan for incapacity. There are three main types of trusts for LLCs: revocable, irrevocable, and asset protection…
In a public corporation, shareholders can sell company stock at the current market price at any time. However, selling shares in a privately held corporation is more complicated because stock cannot be sold to the general public. Typically, private companies…
A business owner may relocate a business to another state for a variety of reasons, including increased real estate costs, property taxes, business taxes, or business regulations in the old location; changes in the target market; or even personal or…
No one enjoys thinking about their own funeral, but making those funeral planning arrangements in advance yourself may be one of the most thoughtful acts you can do for your loved ones. More and more people are including funeral planning…
Bankruptcy may be one of the last things on your mind when you are creating an estate plan. Fortunately, the number of bankruptcy filings has declined as the economy has improved, but there were still a whopping 433,658 bankruptcy filings…
Although it’s the season of giving, no one wants to share with the IRS. Luckily, the law provides you many opportunities to give gifts to family, friends, and charities tax-free. Some are straightforward, while others may require the help of…
For many people, their IRA is their largest asset other than their home. Thanks to tax-free compounding, an IRA tends to grow more rapidly over time than any other asset. The Long-Term Value of a Properly Planned IRA If you…