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


Why Every Adult Needs A Living Will

When it comes to estate planning and wills, you have a variety of options for legal documents. The most common of these options is a “last will and testament,” which is also known simply as a “will.” But you may have also heard people talk about a “living will” and wonder what that is, and whether you need a living will in addition to a regular last will and testament.

Both terms describe important legal documents used in estate planning, but their purpose and function differ significantly.

 

In this article, we will review some of the most critical things you need to know about living wills and why having a living will is essential to every adult’s estate plan. And it may be that a living will is even more important than a last will and testament.

 

WHAT IS A LIVING WILL?

A living will, also called an advance healthcare directive, is a legal document that tells your loved ones and doctors how you would want your medical care handled if you become incapacitated and cannot make such decisions yourself, particularly at the end of life.  Specifically, a living will outlines the procedures, medications, and treatments you would want and would not want to prolong your life if you cannot make such decisions yourself.

 

 

Read More

Why Your LLC Agreement Must Be Customized To Consider The End, Before You Even Start

Starting a business is exciting, but it can quickly become a stressful situation if the owners can’t agree.

This is especially true when it comes to closely held businesses, such as LLCs, with two equal owners. In these situations, it’s ideal for key agreements, such as LLC operating agreements, bylaws, or buy-sell agreements to have deadlock provisions. 

 

Deadlock provisions in an agreement are clauses that outline the actions to be taken in the event that the members are unable to make important decisions because of a deadlock.

 

A deadlock can occur when there is a stalemate among members over important matters, such as the direction of the business or the allocation of profits. These provisions can include procedures for resolving the deadlock, such as mediation or arbitration, or procedures for dissolving the LLC if the deadlock cannot be resolved. It can also include provisions for buying out one of the member's interests or in some cases removing a member who is causing the deadlock. 

 

 

Read More

Creditors And Your Estate Plan

What Happens To Your Debt When You Die?

In some cases, you could inadvertently leave a reality in which your surviving heirs—your kids, parents, or others—are responsible for your debt. Alternatively, if you structure your affairs properly, your debt could die right along with you.

 

According to the Federal Trade Commission, an individual’s debt does not disappear once that person dies. Rather, the debt must either be paid out of the deceased’s estate or by a co-creditor. And that could be bad news for you or the people you love.

 

What exactly happens to this debt can vary. One of the purposes of the court process known as probate is to provide a time period for creditors to make a claim against the deceased’s estate, in which case debts would be paid before beneficiaries receive their inheritance. But if there is nothing in the probate estate and all assets are held outside of the probate estate, then what?

 

Well, that’s where we come in, and why it’s so important to get your affairs in order, even if you have a lot more debt than assets. Your “estate” isn’t just what you own, it includes what you owe, too. And with good planning, we can help you align it all in exactly the way you want.

 

DEBT AFTER DEATH

When an individual dies, someone will handle his or her affairs, and this person is known as an executor. The executor can either be someone of the individual’s choice, if he or she planned in advance, or someone appointed by the court in the absence of planning. The executor opens the probate process, during which the court recognizes any will that’s in place and formally appoints the executor to administer the deceased’s estate and distribute any outstanding assets to their loved ones.

 

During this process, the estate’s assets are used to pay any outstanding debt. This usually includes all of an individual’s assets, although it does not include assets with beneficiary designations, such as 401(k) plans and insurance policies. The estate does not own these assets, and they pass directly to the named beneficiaries. Given these factors, if an individual’s assets are subject to probate and the person has outstanding debt, their beneficiaries will receive a smaller share of anything left to them in the estate plan.

Read More

How A Nominee Can Protect Your Privacy

As a business owner, you may want to keep your identity private and out of the public record. To do this, we recommend using the services of a nominee to place the nominee’s personal information on your business records instead of using your personal information.

These records typically include articles of incorporation and annual financial reports, whereby the business lists the nominee as a company officer, member, director, or manager. Nominee services can protect your privacy, which can be useful for a person who likes the idea of running his or her own business but wants to avoid the attention that can come along with it.

 

WHAT IS A NOMINEE?

According to the Stolen Asset Recovery Initiative (StAR) of The World Bank, a nominee is an individual or corporate entity that rents its name to someone else to protect that person’s identity. Nominees can be any individual, including friends, family members, or professionals like accountants or lawyers. Often, business owners will look for companies that specifically offer nominee services rather than individuals.

 

The primary reason for company owners to use nominees is to legally ensure the owner’s privacy. However, the Internal Revenue Service (IRS) notably requires the actual business owner’s information when you apply for an employer information number (EIN) for your business. This means that, while the true business details are not publicly available, the IRS does have record of who actually owns the business.

Read More

3 Essential Questions To Ask Before Creating Your Will Online

If you are looking to create your last will and testament, or will, online, you’ll find dozens of websites that let you prepare a variety of estate planning documents for very little money, and even for free. With so many do-it-yourself online document services out there, you might believe you can create your will online, all on your own, without paying a lawyer to help.  And in some cases, you can create your will online.

But if you do, you need to understand how these services can backfire on you and your family. Online estate planning can be a catastrophe for those who aren’t aware of the risks. And as you’ll see, creating your will online without a lawyer’s guidance can even be worse for your family than if you’d done nothing at all.

 

KNOW WHAT’S POSSIBLE—AND WHAT’S NOT 

A great way to start educating yourself is by watching this training video by family financial and legal expert Ali Katz. This free, one-hour training clarifies what you can do yourself online, and when you really need a lawyer’s support. The training also gives you access to an online tool you can use to create an inventory of all your assets, which is critically important to leave to your loved ones, no matter how much or little you have to pass on.  Meanwhile, if you are looking  to create your own will online, first ask yourself the following 3 questions.

 

After considering these 3 questions, if you determine you can create your own will online, you should seriously consider having us review it for you once you complete the document to be certain you’ve properly covered everything and everyone you care about. 

 

01 - WILL YOUR ONLINE WILL KEEP YOUR FAMILY OUT OF COURT?

When considering creating your own will online, the first question you need to ask yourself is: “Should I become incapacitated or when I die, do I want to keep my family out of court?” If your answer is “Yes, I 100% want to keep my family out of court,” then creating your own will online may not be the best idea.

 

While a will is a necessary element of most estate plans, it’s typically just one small part of an integrated plan. And a will by itself won’t keep your family out of court. In order for assets covered by your will to be transferred to your beneficiaries, your will must first pass through the court process known as probate. 

Read More