When a loved one passes away due to another's actions, it often leads to two distinct legal proceedings: a wrongful death lawsuit and probate. Both are civil legal matters but serve different purposes. This post aims to provide a comprehensive understanding of wrongful death and probate, how they...
A shareholder agreement is a crucial contract between the shareholders of a corporation, outlining their rights, responsibilities, and obligations to one another and the corporation. These agreements, also known as stockholder agreements, are optional but highly beneficial, particularly for close...
Running a company involves daily demands that often leave little time for contemplating the future. While strategic agility allows for quick responses to external changes, it's crucial to set baseline goals and establish a roadmap for the next quarter, year, and beyond. Small business owners und...
Introduction to SECURE 2.0 and Its Impact on Saving for Retirement The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 and the subsequent SECURE 2.0 Act of 2022, part of the Consolidated Appropriations Act, 2023, introduced significant reforms aimed at bolstering Ameri...
Understanding Wills vs. Living Trusts in Estate Planning Wills and living trusts are pivotal in estate planning, directing the distribution of assets post-mortem. However, a revocable living trust, often simply termed as a living trust or inter vivos trust, stands out by offering enhanced flexib...
Exploring the Trend of Adult Children Living at Home Today, more young adults are living at home with their parents than at any time since the 1940s. The rise in young adults residing at home is primarily attributed to financial reasons. This demographic shift has sparked various opinions and di...
As a business owner, you've invested years into building your successful enterprise. Now, it's time to plan the next steps, whether that's selling or transitioning your business. Proper estate planning and strategic exit planning are key to maximizing your returns and ensuring a smooth transition...
National Small Business Week—an annual event that honors America's entrepreneurs and small business owners—takes place April 28 through May 4 this year. Commemorated since 1963, National Small Business Week includes an award ceremony and virtual summit presented by the US Small Business Administ...
As poet Robert Burns mused centuries ago, the best-laid plans of mice and men often go awry. Despite thoughtful effort and a concerted strategy, you cannot prepare for every emergency in life. A car accident, sudden illness, workplace injury, or chronic medical condition can force you to reevalua...
Death is a personal and private affair that affects the deceased's close family and friends. However, there is at least one aspect of death that may require state oversight: probate. Probate is the court-supervised process of either (a) carrying out the instructions laid out in the deceased's w...
For many business owners, their business is one of the most valuable and important things they own. When it is time to sit down and create an estate plan, it is critical that business owners plan for their business just as they would plan for their home or finances. Effective business succession ...
Many people believe that estate planning is only about planning for their death. But planning for what happens after you die is only one piece of the estate-planning puzzle. It is just as important to plan for what happens if you become unable to manage your own financial or medical affairs while...
An intrafamily loan is a financial arrangement between family members—one who is lending and another who is borrowing. An intrafamily loan may be used to help a family member who needs money for a number of reasons: ● buying a home ● funding or purchasing shares in a business ● ...
The first private pension plan in the United States was established in the late 1800s. Through 1980, nearly 40 percent of Americans were covered by a traditional employer-funded pension. But employer-provided retirement plans have now largely shifted to retirement savings vehicles like 401(k) pla...
Comprehensive estate planning involves more than just planning for your legacy after your death, avoiding probate, and reducing taxes. Good estate planning also appoints people to make legal, financial, and medical decisions for you if you are alive but unable to make those decisions for yourself...
As a parent, you are responsible for the care of your minor child. In most circumstances, this means getting them up for school, making sure they are fed, and providing for other basic needs. However, what would happen if you and your child's other parent were unable to care for them? It is i...
Sitting down to create or update your estate plan can be overwhelming. Crucial to a successful plan is your ability to address two major questions: Who will get your stuff when you die, and how do you want those individuals or charities to receive that stuff? Ways to Give Away Your Money and ...
Remote work has become the new norm for many employees, creating opportunities as well as challenges for employers. One of those challenges is verifying the identity and eligibility of remote workers for employment in the United States. Form I-9,[1] a document all employers must complete and ret...
When people think about creating an estate plan, they may think it just involves getting a set of forms that convey their wishes regarding their finances, health, and what will happen to their stuff when they die. Although the documents that comprise an estate plan may seem like simple forms, the...
Family members with special needs may require assistance throughout their lives. If you want to ensure that a loved one with a disability is taken care of after you are gone, you can help manage resources for them by using a third-party special needs trust (SNT). Also known as a supplemental ne...
Starting a business requires a great deal of planning and execution. Exiting from your small business should entail a similar level of forethought and preparation. Nevertheless, some surveys indicate that nearly half of business owners have no exit strategy.[1] After years of expanding your busi...
While television and movies provide great entertainment, they are not always factual. Even shows based on real events are not entirely accurate. Creators of television programs and movies will often alter details of a story or situation to provide an enjoyable experience. Because of these widespr...
When creating a last will and testament (commonly known as a will), one of your most important considerations is who to choose to serve as the executor (also called a personal representative) of your estate. As the name implies, the role of the executor is to execute the instructions that you p...
Artificial intelligence (AI) is arguably the most transformative technology since the advent of the internet. It is poised to play a significant role in many areas of human life, including the workplace, where AI is changing not only how we work but also how we hire. Due to the emergence of AI hi...
When people think about estate planning, they usually focus on who will receive their money and property when they pass away and how it will be received. However, estate planning can also address your end-of-life wishes—the considerations and expenses involved when it is time to say goodbye to yo...
