Selecting the right initial trustee is a crucial decision when setting up your trust. If you're creating a revocable living trust, you will likely serve as the initial trustee. However, it's important to choose successor trustees who can take over when you're no longer able to manage the trust. T...
Choosing the right guardian and trustee for your minor child is one of the most important decisions in your estate planning process. These roles involve caring for your child's well-being and managing their financial inheritance, making it crucial to understand the differences and the qualificati...
When planning your estate, selecting a trustee, executor, and agent under a power of attorney is a critical step. These individuals are fiduciaries, meaning they are legally obligated to act in your best interest and the best interests of your beneficiaries. Whether you are drafting a will or est...
Understanding the value of your business is just as important as knowing the worth of your home or the balance of your retirement account. Yet, many small business owners overlook the importance of obtaining a business valuation. Whether you're preparing for a sale, planning an exit strategy, or ...
Protecting Limited Liability with Corporate Formalities One of the biggest advantages of forming a corporation or limited liability company (LLC) is limited liability. This shield protects owners' personal assets from the debts and obligations of the business. However, this protection is not aut...
Your estate plan likely includes powers of attorney for medical and financial matters, ensuring someone can act on your behalf when needed. But have you considered what happens to your minor children when you're out of town? A comprehensive estate plan should not only protect you but also your c...
Estate planning isn't just for the wealthy—every adult should have a plan in place. Yet, most Americans do not. One of the main reasons for this is the perceived cost of creating an estate plan. Unfortunately, the financial consequences of not having a plan can be much greater than the upfront co...
Thinking about creating a simple estate plan on your own? While it might seem easy, estate planning is more complex than it appears. Laws vary significantly from state to state, and they frequently change, making it difficult to ensure everything is done correctly. Even a minor mistake—such as a ...
Many people choose to set up joint ownership for bank accounts or real estate, especially with rights of survivorship, as a way to avoid probate. It seems like a simple, convenient way to ensure that the surviving joint owner (usually a spouse or family member) automatically inherits the property...
Many people assume that if they die while married, their spouse and children will automatically inherit everything. However, this belief is rooted in state laws that apply when someone dies without a will—referred to as dying "intestate." In this situation, inheritance is determined by state-spec...
Strategies to Help Your Business Navigate Financial Distress In today's economic climate, increasing costs and rising interest rates are putting pressure on many businesses. If your business is in financial distress, there are proactive steps you can take to improve your financial condition and ...
Understanding Equipment Leasing and Its Benefits for Businesses What Is Equipment Leasing? Equipment leasing is a popular alternative to purchasing new equipment, especially amid volatile interest rates and inflated equipment costs. Many businesses opt for equipment leases to preserve cash flow...
When launching a new business, operating as a sole proprietorship often makes sense. Sole proprietorships are straightforward and cost-effective to set up, making them the most common form of business organization. However, as your business grows and evolves, transitioning to a more formal struct...
Written contracts are the foundation of any successful business relationship. They clearly define the rights, obligations, and expectations between parties, providing a legal framework that ensures all parties uphold their commitments. Without well-drafted contracts, business relationships can be...
Creating a comprehensive estate plan is essential to ensure that all your assets—both tangible and intangible—are properly accounted for. However, even the most meticulous planning can leave some assets unassigned, resulting in what is known as a residuary estate. This estate, which can include v...
The relationship between spouses is significant, especially in estate planning. While you can exclude certain family members like parents, siblings, and adult children from your estate plan, excluding a spouse is not as straightforward. Legal protections exist to prevent a spouse from being disin...
August is National Black Business Month, a time to celebrate and support Black-owned businesses across the nation. At The Robinson Advocacy Group, we recognize the critical role that entrepreneurs play in driving economic growth and fostering innovation within our communities. As a business law a...
Introduction Whether you are an entrepreneur starting a new venture or running a well-established business, your success often hinges on safeguarding innovative ideas and confidential information that give you an edge over competitors. If you have spent years perfecting a secret recipe for your ...
The Challenge of Loving Someone with an Addiction Loving someone with an addiction is incredibly challenging. It's especially tough for parents to watch their children, whom they once had high hopes for, struggle with substance abuse. Regardless of the circumstances, relationship, or age, having...
Why Estate Planning Matters Thinking about the future and how our loved ones will fare after we pass away can be challenging. While it's natural to avoid these thoughts, proactively planning and prioritizing your goals can help create an estate plan that ensures your wishes are fulfilled. The fi...
The Importance of a Business Name The first impression your business makes often comes from its name. While your business may operate under a different name than what's on its organizational documents, registering a Doing Business As (DBA) name allows this flexibility. Also known as an assumed n...
Estate Planning Trends and Why It Matters In 2024, less than one-third of Americans report having a will. Every adult—whether 19 or 99—should have at least a will, and many can benefit from additional estate planning documents such as trusts, powers of attorney, and advance directives. However, ...
Moving away from home marks a significant milestone in adulthood. It's an exciting but overwhelming time, with responsibilities like securing housing, buying insurance, signing up for utilities, and managing finances. Amidst these changes, it's crucial to have your legal affairs in order, includi...
Millennials, your contributions to the workforce and positive changes in the world are significant. Your concerns and priorities may differ from those of previous generations, making it crucial to have an estate plan that reflects your unique needs and goals. Here are key steps to ensure your est...
