Opening your own business is an exciting journey but I caution you, the path to business formation and government compliance is looted with legal questions and hurdles which may require the advice of a business law attorney. Before you start your entrepreneurial trek up the mountain of job freedom, you need to do the following: First, decide whether you will operate as a corporate entity, under a fictitious business name, or as an individual, under your own name. If you choo

You may be thinking that because you are not married, do not have children, do not earn $100,000, and do not have assets sitting in diverse vehicles across numerous financial institutions, that you do not need an estate plan. But what if you get into a car accident tomorrow and become incapacitated? Morbid, I know, but who would make your medical decisions? Will your family agree on everything? Who will pay your bills so you do not find your finances in disarray when you

Pitfalls of Not Having a Buy-Sell Agreement As we all know, unfortunate events can and will occur in the course of owning and running a closely held business. But are you prepared for when these hard times come? That is to say, do you have a plan if you or your business partner die, divorce, become disabled, become disqualified from ownership, or depart the company (voluntarily or involuntarily)? Who will legally own and run the business? What will become of your company? W

Living Trust Will / Nomination of Guardian Durable Power of Attorney Advance Health Care Directive You may be wondering: what are these and why do I need them? To put it simply, they are legal documents that ensure your wishes are fulfilled when you die or if you become disabled or incapacitated. In any of these events, they protect you, your estate, and your family. The consequences of not getting these documents can be devastating for all parties involved. If you die withou

If you are planning to retire soon, here are 7 things you need to consider before you take the plunge: Are you fully vested in your retirement benefits? Many employers require that you become fully vested before you receive the full amount the employer has contributed as a match to your retirement account. Be sure you understand the rules; staying until you are fully vested could add a lot to your retirement security. Decide when to claim Social Security. You can now access y

Asset protection is about protecting the “things” you’ve worked your lifetime to accumulate. It may sound easy but yet many people don’t seek to take the necessary asset protection steps until it’s too late. This article will first explain why asset protection planning is a crucial part of any comprehensive estate plan and then it will provide an overview of Florida’s asset protection strategies. Safeguarding Your Assets The mechanism used to safeguard assets is different f

As the Tax Cuts and Jobs Act, introduced on November 2, 2017, makes it was through the Senate today for a final vote* before heading to President Trump's desk, most of you are probably wondering how the new tax bill may affect your business and personal tax liability. In order to help those wondering minds, I present the following brief summary of some key changes: What does the new tax bill mean for you, individually? According to Congress’ official website, the new tax bi

A lot of clients have come to me recently with concerns about the costly and time-consuming headache that probate may create for their family. Many seek to draft revocable trusts to transfer their property at death to their family fairly and proportionately. A revocable living trust allows you to direct who manages your property and benefits from your property after your death. Basically, whatever property is held in the name of the revocable living trust passes without the

While you prepare the nursery, make day care arrangements, and buy new baby clothes, your estate plan may be the last thing on the list of things to do before your newborn bundle of joy is born. This may be because you do not fully understand the breadth of protection an estate plan offers your family. This article seeks to address the key aspects of an estate plan for new parents, which include: Designating a guardian for your child; Setting up a trust; Drafting up a Last

I am often put in the position to counsel clients on whether it is better to have a Last Will and Testament or a Living Trust to dispose of their assets at death. Time and time again, I recommend the Living Trust. A Last Will and Testament requires the client’s family to not only prove the client’s Will in court, but it also requires the court to oversee the distribution of the client’s assets and before that ever happens, the client's debt may have to be paid, thereby decrea