Going into business with your spouse or romantic partner can be an amazing opportunity—but it can just as easily be an absolute nightmare if not handled properly. Regardless of how amazing your love life may be, there's no guarantee you'll be equally compatible in a working relationship. It can potentially wreck both your business and marriage if things don't work out. Make sure to clarify the potential problems, risks, and benefits before jumping into business together.
Nearly three years have passed since Aretha Franklin, known as the “Queen of Soul,” whose earnings are worth $80 million, died from pancreatic cancer at age 76. Yet, due to poor estate planning, her children have yet to see a dime of their inheritance, and what they ultimately receive will be significantly depleted by back taxes. Also, it’s still not clear whether or not Aretha ever had a valid will. Her story shows how destructive poor estate planning can be for the loved ones we leave behind.
Starting your own business can be exciting and scary at the same time. You are bound to make numerous mistakes along the way, yet you'll often discover that some of your biggest mistakes will later become your greatest strengths. Most of the lessons we learn and the knowledge we gain are learned the hard way. But if you can learn the lessons before making the mistakes, you can gain the advantage that much earlier and free yourself from the struggle of getting it wrong.
Should you become incapacitated without any planning in place, your family should apply to the court for guardianship. In most cases, the court appoints a family member as guardian, but this isn't always the case. If you have no living family members, or those you do have are unwilling to serve or deemed unsuitable by the court, a professional guardian would be appointed. Here's how you can protect yourself in the event of your incapacity using proactive estate planning.
Included within the 2021 National Defense Authorization Act passed on January 1, 2021, is the Corporate Transparency Act (CTA) that requires certain small businesses based in the U.S. to report the identities of their owners and organizers to the Department of Treasury's Financial Crimes Enforcement Network. It's an update to the federal government's anti-money laundering laws and designed to crack down on shell companies created for illicit financial activities.
The Netflix movie I Care a Lot provides a dark, violent, and somewhat comedic take on the real-life and not-at-all funny dangers of the legal (and sometimes corrupt) guardianship system. This two-part series discusses how the movie depicts such abuses, how this can happen in real life, and what you can do to prevent something similar from happening to you or your loved ones using proactive estate planning and our Family Wealth Planning process. Learn more here!
You don’t want to launch a nonprofit just to avoid the “business” aspects of running a business. You should form a nonprofit because you are passionate about its mission and want to benefit your community through your organization. That said, if your nonprofit is going to succeed, you’ll still need a head for business, and access to the proper legal, insurance, financial, and tax (LIFT) systems, which form the foundation of any successful company.
With 2020 firmly in our rear-view mirror, the economy appears to be on the rebound, and things are slowly getting back to a semblance of normalcy. That said, many families continue to struggle financially, and if this includes you, you may be able to find some relief from the American Rescue Plan. To highlight the ways the ARP can impact your family's bank account, we'll break down three additional parts of the law that stand to boost your family's finances. Learn more here!
Starting a nonprofit organization can be a great way to give back to your community while working for a cause you are passionate about. That said, if you are starting a nonprofit simply to avoid some of the more unsavory aspects of running a business, you should seriously reconsider. When running a nonprofit, you’ll be working in service to your mission rather than in service to yourself or to the other owners of your business—and that’s because there are no “owners” of nonprofits!
Signed into law on March 11th, President Biden's $1.9 trillion American Rescue Plan Act of 2021 (ARP) is the largest direct-to-taxpayer stimulus legislation ever passed, and it came just in time to save millions of Americans whose unemployment benefits were about to expire. This ARP comes with numerous other provisions that can seriously boost your family's finances for 2021. Learn more here to highlight the ways the ARP can impact your family's wallet.