A trustee is a person or entity responsible for managing and administering your trust according to your instructions and in accordance with state law. They are considered a fiduciary (meaning they are held to a higher standard of care and owe certain duties to the beneficiaries). As a fiduciary, ...
When you decide to create a comprehensive estate plan, there are many things to consider. One is whether to tell your loved ones about your plan and how much information to share with them. Estate planning can be a complex and sensitive matter, so your choice may depend on your unique relationshi...
As the holiday season approaches, gift-giving is on the minds of many business owners. But there are reasons why a business owner may want to give gifts to workers and clients throughout the year and not just during the holidays. Whether to recognize a job well done, boost employee morale, or sol...
Did you know that irrevocable trusts can be modified? If you did not, you are not alone. The name lends itself to that very misconception. However, the truth is that changes in laws, family, trustees, and finances can frustrate the trustmaker's original intent when the trust was created. Or, some...
Today, many estate plans contain an irrevocable trust that will continue for the benefit of a spouse's lifetime and then continue for the benefit of several generations. Because trusts like these are designed to span multiple decades, it is important that they include trust decanting provisions t...
All registered corporations are required by law to hold an annual meeting. Limited liability companies (LLCs), although not subject to the same statutory requirement, may hold regular meetings in accordance with their governing documents. What Is the Purpose of a Corporation's Annual Meeting? I...
Trust protectors are commonly used in the United States. Essentially, a trust protector is someone who serves as an appointed authority over a trust that will be in effect for a long period of time. Trust protectors ensure that trustees maintain the integrity of the trust, make solid distribution...
Over time, your business can undergo significant changes. What may have started as a humble, one-person operation can grow into a more complex company, with multiple owners, employees, an evolving mission statement, and increasing risks. As the scope and goals of your business shift, an accompan...
Starting on January 1, 2024, under a new law called the Corporate Transparency Act (CTA), owners of certain business entities must file a report with the federal government including details regarding the ownership of their entity. The CTA was enacted to help combat money laundering, financing of...
Small business owners are no strangers to government regulations. There are many requirements that businesses must be aware of and comply with, including business license and permit rules. Most businesses must obtain licenses or permits, so it is important for each business to know which ones it...
Jimmy Buffett died on September 1, 2023, at age 76 after a diagnosis of Merkel cell carcinoma (skin cancer) four years earlier. He was a renowned singer-songwriter, film producer, businessman, novelist, and philanthropist. Buffett released his first album, Down to Earth, in 1970. By 2023, his ne...
Michael Oher has had a remarkable life so far. Born to a single mother struggling with addiction and growing up in and out of foster care, Oher went on to star as a University of Mississippi football player and was selected in the first round of the 2009 NFL draft. He played eight seasons in the ...
Assets, liabilities, and equity are accounting terms that every small business owner should be familiar with. They are included on a business's balance sheet, providing a snapshot of financial health. A balance sheet shows a company's assets and liabilities at a given time and how money is flowi...
No technology in recent memory has generated more hype, both positive and negative, than ChatGPT. ChatGPT is probably the most well-known of many generative artificial intelligence (AI) applications and tools that are currently available. There are many tasks that it can help to automate, optimiz...
On December 29, 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0 Act). The previous SECURE Act in 2020 made several changes to retirement planning: It increased the required beginning date (RBD) for required minimum distributions (RMDs)...
One of the most important decisions you will make when creating your estate plan is choosing who will inherit your assets and who will manage them on your behalf. These people are known as beneficiaries and fiduciaries, respectively. In this blog post, we will explain what these terms mean, why t...
Probate is the court process that oversees the administration of your estate after you die. It involves proving the validity of your will (if you have one), appointing a personal representative (also called an executor), identifying and notifying your heirs and creditors, paying your debts and ta...
A will is a legal document that expresses your wishes for how you want your property distributed after you die. It also allows you to name a personal representative (also called an executor) who will manage your estate and a guardian who will care for your minor children if you have any. A tru...
Buying a business and purchasing real estate are two very different investments. Business ownership typically requires some management skills and knowledge about market conditions, consumer trends, staffing, and finances. Ownership of real estate, on the other hand, requires considerable due dili...
You can create your estate plan at any time, but many people choose to begin the process sooner rather than later. Why? Because you never know when life-changing medical or financial emergencies can strike that will require someone else to manage your affairs during your lifetime. When Should Yo...
Most people usually think about who will receive their retirement and bank accounts, life insurance proceeds, real estate, and other valuable possessions upon their death. However, a person's personal property (their stuff) can also be a source of value that needs to be addressed. When looking to...
Platforms such as Airbnb and VRBO have disrupted an industry once dominated by hotels and resorts, allowing individuals to open their homes and residential properties to travelers. The boom in short-term rentals has created new opportunities for investors who want to buy income-generating propert...
When starting a business, entrepreneurs typically have two options: they can either build a new business or purchase an existing business. Buying an existing business can offer the advantages of name recognition and a proven business model. The advantages can be even greater if the business is a ...
At a time of record home unaffordability, more people are teaming up with friends and relatives to realize the home ownership dream. According to the National Association of Realtors (NAR), more than 75 percent of homes on the market now are too expensive for middle-income buyers. Just five years...
People often engage in transactions that result in money being owed to them, such as loaning money to a friend or business partner or renting a house to a tenant. But what happens if someone passes away before they receive the money owed to them? Can someone else collect these debts? If your love...