Key Points: LLC owners should plan for what happens to their business upon death or incapacity. Single-member LLCs generally face fewer complications than multimember LLCs. Death clauses in operating agreements or buy-sell agreements help protect the LLC and heirs. Without…
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,…
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…
Estate plans can be as unique as the individuals and families they protect. Do not assume you need the same type of will or trust option that your parents or friends chose. Instead, work with your estate planning attorney to explore all…
We rely on our friends, family, and colleagues to help us through life’s challenges. These trusted individuals can also be incredibly important when setting up an estate plan. It is vital to appoint a fiduciary to act on your behalf.…
If you’re thinking about giving your children their inheritance early, you’re not alone. Studies suggest that these days, nearly two-thirds of people over the age of 50 would rather pass their assets to the children early than make them wait…
You may have been running around for weeks, getting your new college student off to school. It's exhilarating, and your heart likely is bursting at the seams. You're probably prouder than you can say, but you're a little afraid, too.…