As a parent, you're likely hoping to leave your children an inheritance, and doing so maybe one of the primary factors motivating your life's work. But without taking the proper precautions, the wealth you pass on is at serious risk of being accidentally lost or squandered due to common life events, such as divorce, serious debt, devastating illness, and unfortunate accidents.
Estate planning is not a one-and-done type of deal. Even if you put a totally solid estate plan in place, it can turn out to be worthless for the people you love if it's not regularly updated. No matter who you are, your life will inevitably change, and your plan should continuously evolve along with your life circumstances and other changing conditions. In the absence of any major life events, we recommend reviewing your estate plan annually to ensure its terms are up to date.
The entity you choose for your business affects everything contracted by your company. Your business entity will determine the amount of taxes you pay, what kind of records you keep, and how vulnerable your assets are to lawsuits. Among the different business entities, all companies should be one of the following legal structures: a sole proprietorship, partnership, corporation, or limited liability company (LLC).
When starting a business, you have to make a ton of decisions. Deciding what to name your company and hiring employees, what kind of products or services you should sell, and how to fund your operation, getting your business off the ground comes with a nearly endless number of decisions. Of all these decisions, perhaps none is more important or has a more significant impact on your success (or failure) than your choice of business entity structure.
Planning for your potential incapacity and eventual death, regardless of your financial status, is something that you should take care of immediately, especially when you have children. While Aretha lived a relatively long life, you'll never know when tragedy may strike, and through diligent estate planning, you can save your family from the needless disputes, expense, and embarrassing public exposure the late singer's loved ones are currently enduring.
A last will and testament is the most commonly thought-of document when it comes to an estate plan. But really, it's only a very small part of an integrated plan that ensures your family stays out of court and out of conflict if and when something happens to you. Do not think you can just write your own will that will help your family, especially when you plan on creating it online. If you need help in getting started, consult with Personal Family Lawyer® that will help you through the process.
To make certain that your business—and the income it generates for your family—would continue to run smoothly when something happens to you, you need to create a comprehensive estate plan, and it really needs to include a trust. Without such a plan in place, your business will be stuck in an unnecessary court process that could easily cause the loss of everything you’ve worked so hard to build.
A Lifetime Asset Protection Trust is a unique estate planning vehicle specifically designed to protect your children's inheritance from unfortunate life events. The sudden death of a Legendary host, Larry King, became controversial because of not using Lifetime Asset Protection Trust to distribute his assets to his children upon his death. His story demonstrates that do-it-yourself planning can have terrible consequences for your loved ones - even worse than if you had no estate plan at all.
Due to government-mandated business closures and stay-home orders, many owners and employees of small businesses were forced to work virtually. Working virtually has shown promising benefits in employees' productivity, which many companies see as a significant idea to utilize and maintain remote workforces. However, there are factors to consider in implementing and managing remote workforces. Here are relevant factors to consider and preparations to implement.