Residual Beneficiaries, Remote Contingencies, & Why You Need Them

Don’t make the mistake of skipping over these terms because you are under the impression that you don’t need an estate plan. If you are an adult with assets (or a family), you should strongly consider meeting with an estate planning attorney.  In addition to asset protection, one of the benefits of estate planning is distributing your assets to people of your choice. Without a plan in place, your estate will pass Read More

The Importance Of A Waiver Of Bonds

If you have never been (or dealt with) an executor of an estate, you may have never heard of a surety bond. Or have heard the term in passing and want to understand what it is and how it pertains to you. More importantly, you should have a solid grasp as to how they protect you. If you were to pass away without having done any estate planning or even drafted a will, then you are said to have died intestate. In other Read More

Generation-Skipping Trust

A generation-skipping trust is commonly abbreviated as GST, and it is precisely what it sounds like. The person who places or funds the trust with their asset is known as the grantor. The grantor establishes a GST with the intention that everything gets passed down while skipping a generation. Think of a grandparent who wishes to give specific assets to their grandchildren. The beneficiaries are not members of the Read More

Can A Business Get Probated?

When someone passes away without a will, everything they own must pass through probate. One of the reasons people draft wills or create trusts is to add a level of control. Without an estate plan, the state’s rules and laws governing intestate succession apply. In other words, the laws of the state determine where your assets go. This can lead to an entire host of problems. For instance, if you are a business owner Read More

Reasons To Build A Business Succession Plan

People who have spent their lives developing and growing a business want to see it live on. Choosing who will run your business when you step down is critical. And the implementation thereof may require time to think, decide, and transition.  As an entrepreneur or business owner, you should accept that you need to groom your replacement. The success rate of a business drops significantly the more generations it Read More

Facing Your First Lawsuit? Here Are the First Two Steps You Need To Get You Through

Facing your first lawsuit as a business owner can throw you into emotional turmoil and fear, understandably. Suddenly you are faced with extraordinary costs and uncertainty. Even worse, the lawsuit may be reflecting back to you your greatest fears about yourself, and perhaps even about the work you do. But a lawsuit doesn’t have to spell the end of your business nor the collapse of your dignity. Instead, it can be a Read More

How To Protect Your Property

When people are in the early stages of creating an estate plan, they ask about some everyday things. Most of their questions center around what happens if they don’t make an estate plan. For instance, people want to know what happens to their property when they die.  The answer to that is entirely dependent on the steps they take right now. That is part of the power of estate planning. It allows you to dictate the Read More

How LLCs Are Connected To Investment Properties

Business owners have a vested interest in limiting their personal liability. A limited liability company (LLC) is a type of business entity. Owners of LLCs are not personally responsible for any debt taken on by the business. In other words, the owner’s personal property (house, cars, bank accounts) cannot be seized by people or organizations who are owed money by the business. Anyone who is starting a business and Read More