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Recent blog posts
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What Is the Difference Between Estate Planning and Business Succession Planning?
: What Is the Difference Between Estate Planning and Business Succession Planning?At first, estate planning and a business succession plan might seem the same. However, they are two different processes that help ensure a smooth transition of assets and delegation of responsibilities. These plans help with the transfer of wealth in a person’s personal and professional life. If you want to know the difference between estate…
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The death of a business owner can have far-reaching consequences, affecting the personal lives of their family and loved ones and the business’s future. When a business owner dies, the remaining family members or partners must consider the company’s legal, financial, and operational aspects. Learn about the steps to take once a business owner passes…
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As a business owner, you do everything to protect your company. However, many people need to realize that estate planning should be a part of that process. While estate planning is not an exciting part of entrepreneurship, you need it to have a smooth transition of assets and minimize tax liabilities for beneficiaries. Here is…
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Why You Should Consider Putting Your LLC into a Trust
: Why You Should Consider Putting Your LLC into a TrustMany people turn to LLCs to protect their business and personal assets. From stronger asset protection to simplified estate planning, putting this business entity into a trust can offer plenty of benefits. If you want to secure your finances and businesses, here are a few reasons why you should consider putting your LLC into a…
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Being a caregiver to a senior loved one can be difficult, even when you are next door or across town. But what if you are several time zones away? Trying to provide (or monitor) care from a distance can seem almost impossible. When you are far away, it is difficult to know what to do…
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Placing business assets in a trust can offer many benefits. A trust can help with asset protection, estate planning, and managing the business after an owner’s death. However, trust law can be complicated, and it would be best to seek advice from a qualified professional. Whether you live in Illinois or New York, here are…
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Receiving a windfall, such as a cash settlement or inheritance, can be a life-changing event. However, for individuals who rely on Supplemental Security Income (SSI) and Medicaid benefits, it can also be a cause for concern. Fortunately, a few options can help individuals keep their SSI and Medicaid benefits while benefiting from the extra resources….
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You may think that an irrevocable trust is set in stone and its terms can never be changed. This is not the case. Say Auntie Anne dies leaving the proceeds from her successful pretzel chain business in her trust to her two brothers, Barclay and Clemson, naming her nephew Dusty as her trustee. The trust…
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Probate assets refer to any property (“asset”) owned by a decedent that must go through probatecourt to be transferred to the people who will ultimately inherit them. Probate is an expensivepublic proceeding, so if you want to maximize your estate and/or keep ownership of assetsprivate, note the common types of assets that typically go through…
