We Help Entrepreneurs and Families
Keep the Skies Clear and the Future Bright
Sky Unlimited Legal Advisory offers you the perfect combination of trusted advisor, problem solver, keeper of secrets and deep listener.
Our attorneys are specifically trained to help you keep more money in your business and personal accounts, watch out for pitfalls, handle sticky situations (ideally before they even get sticky) and effectively tend to the parts of your business that are especially challenging.
At the same time, we work as your trusted advisor who helps you make the very best personal, financial, legal, and business decisions for your family throughout your lifetime.
You always said you wanted someone who could do all “that” stuff - the tasks that you’d rather not handle.
That's precisely where we step in - protecting your business and your family!
Notes from Our Chief Counsel's Desk
Yet, amidst the hustle and bustle of daily life, it's easy to overlook a crucial aspect of their future: what happens to them if we're no longer here to care for them?
It's a sobering thought, but one that deserves your attention. You may assume that in the event of your untimely passing, your children will automatically be cared for and inherit your assets. However, the reality is far more complex and potentially unsettling.
Let's unpack why relying on these assumptions could leave your children's future in uncertain hands.
The Myth of Automatic Care
Yes, it's true that your children will inherit your assets upon your passing. However, without advance planning, the management of those assets will fall into the hands of a court-appointed trustee. This is an expensive proposition for the people you love most, and worse, the trustee may not necessarily align with your values or financial philosophy, leaving your hard-earned assets vulnerable to mismanagement.
And even more importantly – have you thought about what happens to your loved ones if you’re forced to leave your business unexpectedly because you die or become ill?
Like most entrepreneurs, your business and your family are your greatest loves. Show them just how much you care for them by making sure there’s a plan in place for their care, and the management of your business, when you’re no longer at the helm.
The Business Owner's Dilemma
Picture this: You're lounging on a beach, sipping a colorful drink with an umbrella, and basking in the glory of retirement. Sounds dreamy, right? Now, imagine your business, left to fend for itself like a lost puppy in a rainstorm. Without a clear plan for succession, your business could face uncertain times ahead, and the thought of your hard work going down the drain is anything but relaxing.
Love is undoubtedly the most profound and cherished thread that weaves us all together, and there are many different ways to express our love to the people who mean the most to us.
Often when we think of showing our love, we think of bouquets of flowers, surprise gifts, and meaningful notes.
But an often overlooked – and incredibly meaningful – way of showing your love is to put that love into a plan for the future.
While estate planning may seem like a realm of financial jargon and legalities, it is, at its core, a tangible expression of your care for those closest to you. (And that’s why I refer to estate planning as Life & Legacy Planning).
In this blog article, we'll look at why adding your partner to your Trust, Will and estate plan as a whole isn’t just a romantic gesture but the ultimate act of love.
Plus, it keeps more money in the family and out of the hands of Uncle Sam.
In return, you get employees who are committed, work well in a team, and are loyal. This might even set the stage for a long-term succession plan for your family business.
Adding to these advantages, bringing your kids into your business can also lead to some helpful tax savings. Thanks to the Tax Cuts and Jobs Act (TCJA), these tax benefits are now bigger than ever.
However, it's crucial to ensure that if you hire your kids, they actually do real work, and you pay them fair wages. Otherwise, you might draw unwanted attention from the IRS. Some of the benefits of the TCJA will be expiring in 2025, so make sure to take advantage of these benefits this year while you can. I'll provide more details on this below.
That’s why I refer to my services as Life & Legacy Planning.
When done right, planning for your assets and your death is something that should start right now through honest, open conversations with your family.
It starts by talking with your parents, siblings, and children about what you want the future of your family to look like, how you’d like assets managed, and what type of care each family member would want in the event of a debilitating or terminal illness.
You may have already started a conversation about estate planning with your family.
But this week, I dive deeper into the conversations you need to have right now to truly understand your family’s financial picture and plan for the future in the best way. Keep reading to learn the two conversations about money and death you need to have right now.