When There’s a Will, There’s Probate One of the most prevalent misconceptions when it comes to estate planning is that if you have a will, it will take care of everything that needs to happen after you die in terms of your assets. But before you leave everything to just a will, consider these circumstances…
There is much to be learned from the mistakes of others and the celebrity world abounds with cautionary tales when it comes to estate planning. Even with all the financial resources available to them, celebrities can neglect the basics when it comes to protecting assets. How to Avoid Estate Planning Mistakes We come across sad…
Maybe you have dreamed of leaving the business you have built to your heirs, but if you do not have a buy-sell agreement, a business succession plan, a business transition plan or a business preservation plan in place, that dream may not be realized. Any number of factors can work against your dreams if you…
It’s been said that into every life a little rain must fall, and for small business owners, that shower (or storm) can come in the form of a customer or client’s bankruptcy. Here are some tips on what you need to do to improve your odds of getting paid: Stop contact. Bankruptcy law prohibits creditors…
One of the most impactful decisions business owners will make is their selection of business entity – sole proprietorship, partnership, limited liability company (LLC) or corporation – for their company. This decision has important tax, legal and operational implications, so choosing the right entity is vital. Business owners have several choices when it comes to…
Robin Williams’ wife Susan has gone to court over personal items she says were taken from the couple’s Tiburon, California, home without her permission. Williams’ children say their father set up a trust that bequeathed the items to them and that his wife of three years is acting against his wishes. Could this have been…
Terri Kelly, a mother of six who started her “second life” as an entrepreneur designing comfortable flip-flops, did everything right when she launched her company. First, she designed a great product that addressed a market need. She worked tirelessly to get her product into shops, boutiques, and local stores. And she trademarked her unique branding…
Once you have chosen the people you want to receive any of your assets — either from a will, a trust, a life insurance policy or a retirement or bank account — the way you designate how they will inherit should be a key consideration. What You Need to Consider Before Naming Beneficiaries Here are…
Why You Might Want to Consider Unequal Treatment of Children in Estate Matters It is natural for parents to want to treat their children equally when it comes to inheritances. However, equal treatment is not always the best course of action when it comes to estate planning and gifts. Here are some situations that call…
What to Know About Bankruptcy Bankruptcy. It’s the bad word every business owner is working hard to avoid. And, yes, it’s also a tool given to entrepreneurs as an encouragement to take risk and be able to have a fresh start when things do not go as planned. It’s a thought that may have crossed…
Legal Document Case Gone Wrong If you’ve been following along here for any length of time, you’ve seen us write quite often about the need for every adult to have specific legal documents in place. What we haven’t written about quite as much is why legal documents themselves simply are not enough to ensure the well-being…
Maintaining Your Business During Divorce Whether it is due to the high unemployment rates that hit several years ago or the entrepreneurial itch, Baby Boomers are now, instead of retiring, married people who are starting their own businesses. If you own a business, it is probably your largest single financial asset. If you divorce, your ex…
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