Starting a limited liability company (LLC) is an exciting step for any entrepreneur. Whether you have a single-member or multimember LLC, an operating agreement is one of the most crucial documents for your business. While most states do not require an LLC to have an operating agreement, it can provide significant benefits and help avoid […]
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One of the most powerful benefits of estate planning is protecting assets — not just from estate taxes, but also from creditors, lawsuits, divorces, and even long-term care costs. A well-drafted trust can be a critical tool in an asset protection plan, helping individuals and families safeguard wealth across generations. Below, we break down different
The Perils of Joint Property Setting up bank accounts or real estate in joint ownership with a family member can seem like a simple way to ensure that property transfers seamlessly upon death—avoiding probate. Joint tenancy is often easy to establish at the bank or title company, making it an appealing option. However, joint ownership
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Why You Need an Estate Plan: Protect Your Legacy and Loved Ones A recent survey found that only 33% of adults in the U.S. have estate planning documents like a will or trust. This is surprising because two-thirds of respondents said these documents are important. Many blame procrastination, while others wrongly believe estate planning is
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Who Should Be Your Successor Trustee? If you have a revocable living trust, you probably named yourself as trustee so you can continue to manage your own financial affairs, but eventually someone will need to step in for you when you are no longer able to act due to incapacity or after your death. The
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As a small business owner who puts in long hours to build your enterprise, it can sometimes feel like there is no separation between your personal and professional lives. You are probably willing to make this sacrifice to build a company that reflects your values and vision. But without a comprehensive asset protection strategy, everything
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In times of economic uncertainty, estate planning becomes even more important than usual. With the COVID-19 pandemic and its impact on the global economy, many people have experienced financial setbacks and instability. In such times, it is essential to have a solid estate plan in place to ensure that your assets are protected and your
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When you establish a trust, you name someone to be the trustee. A trustee does what you do right now with your financial affairs – collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for your loved ones, keep accurate records, and generally keep things organized and
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Five years ago, cryptocurrency was probably not on your radar. Today, it may be an important investment in your portfolio. You could even own some nonfungible tokens (NFTs), which are powered by the same blockchain-based technology. Despite the dizzying fluctuations in the value of these assets, you should ensure that they are included in your
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An estate plan often focuses on tangible property such as jewelry, artwork, money, and vehicles. However, in this age of technology, it is important to remember to include your digital assets. Digital assets consist of everything we own online. Because we spend more time on computers and smartphones than we ever did before, you may
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