Estate planning traditionally focuses on efficiently transferring assets at death while minimizing the tax burden to your beneficiaries. However, a truly comprehensive estate plan encompasses something deeper: the transmission of your values, wisdom, and family legacy to future generations. At…
In theory, a limited liability company (LLC) can last in perpetuity. However, the owners of an LLC should plan for the day when they are no longer there to run their business. This includes not only situations like retirement or…
Divorce is rarely simple. When two people’s lives are intertwined—physically, emotionally, and legally—separating the individual strands can be a task akin to untying the Gordian knot. The longer a couple has been together and the more they share, the more…
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…
The limited liability company (LLC) is a popular business structure that provides liability protection and prevents double taxation. Trusts are popular asset transfer vehicles that allow you to avoid probate and keep assets out of the hands of creditors. By…
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…