No matter who you are, your life will inevitably change: families change, laws change, assets change, and goals change. In the absence of any major life events, it is important to review your plan annually to make sure its terms are up to date. There are several common life events that require you to immediately update your plan—that is, if you want it to actually work and keep your loved ones out of court and out of conflict.
You might assume your close family and friends will take care of your children if anything ever happens to you, but everything won’t be simple and easy unless you prepare for it. Your family and friends would probably want to take care of your children, but it is not up to them to decide. If you did not appoint a guardian for your children, even a stranger could gain custody of your loved ones. Plan now so you could make certain that your children are never taken into the care of strangers.
Traveling, especially in foreign destinations, means you’ll likely be at greater risk than usual for illness, injury, and even death. In light of this reality, you must have a legally sound and updated estate plan in place before taking your next trip. Read here the 4 critical estate planning tasks before going on vacation.
It’s critically important to have the appropriate safeguards in place to reduce the risk of fraud and identity theft, especially for your senior parents. Because your parents are probably not as savvy about digital technology and may be losing some of their powers of discernment as they age, it’s quite likely up to you to help them protect themselves—and ultimately your inheritance.
Proactive steps to guard against cyber attacks are not only important to protect your business’s financial welfare, but they are also necessary to avoid liability under data privacy laws. It is important for you to take steps to protect your business’s data, reputation, and customer and employee information. Read here some of the most important actions for small businesses to consider.
When starting a new business it is important to plan for the future while taking care of the present state of the business. You may not think a non-compete clause is necessary for your LLC but it can protect your company in many situations. Read here the importance of a non-compete clause.
When it comes to powers of attorney, there are several options for granting decision-making authority in your life. Which option might be better for you depends on the situation and type of decision. Here are some things to consider when considering power of attorney.
Estate planning isn’t a set it and forget it practice. It’s a living process that supports you in making financial, legal and personal decisions that are right for you, throughout your lifetime. If you created an estate plan that includes a living trust, you must review it to determine if it contains language that could create unnecessary cost, effort and stress for your surviving spouse.
A transfer of LLC membership interests can mean selling, donating, assigning, or gifting—basically one LLC member turning over his or her membership interests to another individual or entity. The transfer can be voluntary or involuntary. Read here how transferable membership interests can be.
Most of us don’t have that much extra cash lying around. We simply don’t have the luxury of being able to pay off our family home and maxing out our retirement contributions and investing in a side business. It’s pretty much an either-or proposition. Here are a few options and their advantages.