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 team is 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


The Valentine's Gift That Truly Matters

As Valentine's Day approaches, you might be thinking about flowers, chocolates, or a romantic dinner. And hey, those are all great (who doesn’t love a little chocolate?). But what if I told you there's a way to show your love that lasts far longer than roses and holds far more meaning than any box of truffles?

I'm talking about estate planning—specifically, Life & Legacy Planning—the ultimate love letter to the people you care about most.

 

A DIFFERENT KIND OF LOVE LETTER

Love isn't just about grand gestures or perfectly curated date nights. The deepest expressions of love are often found in the quiet, intentional actions we take to care for and protect the people we cherish.

 

And while estate planning might not seem romantic at first glance, I’d argue it’s one of the most loving things you can do.

 

Think about it—when you create an estate plan, you’re writing a love letter that says:

"I care about you so much that I’ve taken the time to make sure that when I'm gone, you know what to do, you know how to find what I've left behind and make sure it's easy to transfer to you, and I've left you the support so you don't have to go it alone."

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Trusts & Homeowner’s Insurance: What You Need to Know So You Don’t Get a Claim Denied In the Future

When you create an estate plan that includes a living trust, you've taken an essential step toward protecting your home and family from the cost of court. However, many people don't realize that placing their home in a trust requires updating their homeowner's insurance policy.

Without this crucial step, you could face a devastating scenario: paying out of pocket for significant damage because your insurance claim was denied. Let's explore how to ensure your trust and insurance work together to protect your most valuable asset.

 

THE HIDDEN RISK OF TRUST OWNERSHIP

When you transfer your home into a trust, you change its legal ownership structure. While you might still live in the home and act as the trustee, depending on how your trust is structured, the trust becomes the legal owner of the property. If your trust is a revocable trust, this change of title won’t impact your taxes because you are still the owner for all tax purposes, but this title change could give your homeowner’s insurance company a reason to deny your claim. And, whether that denial turns out to be valid or not, or could be contested in a court proceeding against the insurance carrier, you don’t want to have to deal with any of that. 

 

Insurance companies base their coverage decisions on legal ownership. If there's a mismatch between the property's legal owner and the named insured on your policy, the insurer might deny your claim. Imagine discovering after a major fire that your insurance company denies your claim because your policy doesn't reflect your trust ownership. This nightmare scenario happens more often than you might think, but it's easily avoidable with proper planning.

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Choosing the Right Business Structure: Beyond the Basic LLC

When starting a business, one of the most critical decisions you'll face is choosing your business structure. While many entrepreneurs automatically gravitate toward forming an LLC (Limited Liability Company), this one-size-fits-all approach might not be optimal for your specific situation.

Your choice of entity will affect everything from your tax obligations and personal liability to your ability to raise capital and plan for succession. Making the wrong choice could expose you to unnecessary risks or burden you with excessive taxes and administrative requirements.

 

UNDERSTANDING TAX IMPLICATIONS ACROSS DIFFERENT STRUCTURES

Each business structure comes with distinct tax treatment that can significantly impact your bottom line. As a sole proprietor, for instance, all business income passes through to your personal tax return, where you'll pay both income tax and self-employment taxes on your earnings. While this arrangement offers simplicity, it could come with an increased audit risk.

 

An LLC offers more flexibility in tax treatment than just defaulting to sole proprietorship/pass-through treatment. A single-member LLC can be taxed as a sole proprietorship, while multi-member LLCs can be taxed as partnerships. However, an often-overlooked option is electing to have your LLC taxed as an S Corporation, which can provide significant tax savings once your business reaches around $60,000 in annual revenue.

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From Preparation to Recovery: When Disaster Strikes

When disaster strikes, time is your most precious resource. Whether it’s a wildfire, hurricane, or flood, being ready to act can make all the difference for you and your loved ones. Having a clear plan helps you stay calm and focused during emergencies.

In this blog article, we will walk you through how to prepare for evacuation, manage an emergency, and recover afterward. We'll also explain how estate planning can safeguard your loved ones’ future, even in the most challenging times. Let’s get started so you can learn how to protect what matters most.

 

PACKING SMART WHEN TIME IS TIGHT

Imagine the type of emergency in which you have just 15 minutes to leave your home. What would you grab? It’s a scenario no one wants to face, but planning ahead can turn chaos into action. And, as we’re seeing with the hurricane that hit Asheville unexpectedly and the wildfires in Los Angeles, this is a scenario we all need to be ready for, and the time to plan is right now.

 

Start by packing a go-bag with the essentials you’d need if you had to leave in a hurry. Include chargers for your devices, as well as critical medical items like prescriptions, hearing aids, and oxygen if you or a loved one relies on them. Don’t forget your pets! 

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Single-Member LLCs: Are You Sure Your Assets Are Protected?

As a business owner, you've likely heard that forming a Limited Liability Company (“LLC”) is one of the best ways to protect your personal assets from business liabilities. While this can be true, the reality is more nuanced – especially if you’re the sole owner (generally called a “member” in an LLC).

This is called a single-member LLC (“SMLLC”). Many entrepreneurs form SMLLCs believing they've created an impenetrable wall between their personal and business assets, only to discover too late that this shield has significant vulnerabilities. Let's explore why your SMLLC might not provide the protection you think it does and what you can do about it.

 

KNOW THE BOUNDARIES BETWEEN YOU AND YOUR BUSINESS

The idea behind an LLC is that it creates a legal wall between your personal finances and your business. If someone sues your business or a creditor comes after it, your personal assets—like your home or savings—should, in theory, stay safe. But that wall, often called the “corporate veil,” can fail if you don’t maintain your LLC properly.

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