Setting up an estate plan is critically important for business owners because owning a business is challenging even in the best of times and with the current global pandemic, things are much more overwhelming as you pivot to build the most stability for you and your business. If a whole estate plan feels too overwhelming right now, at least get an inventory of your assets and business in place, where your loved ones/partners and your team could access if you become ill or die. Learn more here.
There isn’t a single person who isn’t impacted by the spread of COVID-19, in some way. People are anxious, wondering whether they or their family will get the virus themselves or whether their job is at risk now with the sheer number of businesses closing. And while you are undoubtedly very concerned about your business, your employees may be very on edge too. Here are a few recommendations on how to inspire your team to persevere in the face of all of these anxieties.
As a business owner, you must thoroughly understand how cardholder data is collected and flows through the business in order to comply with the security standards of the PCI Security Standards Council. Here are the twelve PCI Data Security Standards that you must comply with if you plan to accept credit and debit card payments.
Your retirement account assets are extremely valuable, and you’ll want to ensure those assets are well managed not just for yourself but for your future generations. While the SECURE Act has significantly altered the tax implications for retirement planning and estate planning, there are still plenty of tax-saving options available for managing your retirement account assets, but these options are only available if you plan for them. Read here to know more.
The changes ushered in by the SECURE Act have dramatic implications for both your retirement and estate planning strategies—and not all of them are positive. Here are three of the SECURE Act’s biggest changes and how they stand to affect your retirement account both during your lifetime and after your death.
Same-Gender spouses are often challenged when they need to make parental, medical, and financial decisions for partners who are incapacitated or unable to communicate because they may have family members who remain opposed to the validity of their marriage. If you're in the same situation, you especially must need to put a comprehensive estate plan specifically design for your situation to ensure your planning strategies for your loved ones work exactly as you intended. Learn more here.
As a small business owner, it is necessary that you understand the business credit terms. Like personal credit, business credit is a reflection of how well your company manages money and whether your company can be trusted by the way it manages money. We advise separating your business and personal affairs to optimize your opportunities and help you grow your business. Consult with a business law attorney like us to help you structure your business plan.
Scammers view seniors as easy targets and nowadays, they use a wide array of sophisticated and highly effective tactics which even the most intelligent and educated can be duped. Be alert and protect your aging loved ones and yourself from such predators by knowing the three big red flags of financial exploitation we listed to safeguard your family's finances.
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.
Staying in control is the key to good governance and here are 4 key practices to help you. Practicing good governance of the LLC helps make the intent and purpose of the LLC clear to its members and to outside parties. These practices will help you in conflict by providing a clear picture of what you intended for the LLC. Read here on how to practice good governance.