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Five Reasons to Protect Your Retirement Accounts Now

Posted by Mona O'Connor | Mar 12, 2021 | 0 Comments

Your retirement account provides asset protection during your lifetime, but as soon as you pass that account to a loved one, that protection evaporates. When your spouse, child, or other loved one inherits your retirement account, creditors have the power to seize it and use the funds to satisfy ...

How to Move a Business to Another State

Posted by Mona O'Connor | Mar 05, 2021 | 0 Comments

A business owner may relocate a business to another state for a variety of reasons, including increased real estate costs, property taxes, business taxes, or business regulations in the old location; changes in the target market; or even personal or family reasons. Relocating your residence from ...

What If No One Wants My Stuff

Posted by Mona O'Connor | Mar 03, 2021 | 0 Comments

A critical question to ask yourself when creating an estate plan is who will get your stuff when you pass on? While most people think about who they would like to receive the major items—homes, retirement accounts, savings—personal property such as jewelry, clothing, sports equipment, vehicles, a...

What If I Can't Find My Loved One's Documents

Posted by Mona O'Connor | Feb 26, 2021 | 0 Comments

If a loved one has recently died or become mentally incapacitated, finding the person's estate planning documents is essential. The estate planning process and associated documents are critical to making decisions on the loved one's behalf, gaining access to accounts, and discovering your decease...

My Loved One Has Died

Posted by Mona O'Connor | Feb 19, 2021 | 0 Comments

When a family member or other loved one dies, grief and shock can sometimes be overwhelming. The last thing most people want to think about is making phone calls or funeral arrangements. Some things do not need to be done immediately, but there are some steps that should be taken soon after the l...

What Happens When LLC Members Disagree

Posted by Mona O'Connor | Feb 15, 2021 | 0 Comments

Every business should have a proper legal structure and bylaws or an operating agreement that sets forth the rights and responsibilities of its owners or members. While the partnership or corporation structure is better suited to some businesses, limited liability companies (LLCs) have become one...

Including Noncitizens in Your Estate Planning

Posted by Mona O'Connor | Feb 15, 2021 | 0 Comments

With our society becoming increasingly mobile and international travel becoming more affordable than ever before – well, at least prior to the pandemic, families and family-like relationships have steadily grown far more diverse in terms of citizenship. It is no longer uncommon for spouses from d...

Common Mistakes People Make When Forming a Business

Posted by Mona O'Connor | Feb 15, 2021 | 0 Comments

The key to a successful business is having the right people, financial knowledge, effective processes, and a well-researched business plan. According to the Bureau of Labor Statistics, approximately 20 percent of businesses fail in their first year, and 50 percent fail by their fifth year. Formin...

Who Should Be Your Successor Trustee?

Posted by Mona O'Connor | Feb 05, 2021 | 0 Comments

If you have a revocable living trust, you probably named yourself as the initial trustee so you can continue to manage your financial affairs. Eventually someone else will need to step in when you are no longer able to act due to incapacity or after your death, however. Your successor trustee pla...

Protecting Your Rights as a Shareholder

Posted by Mona O'Connor | Feb 03, 2021 | 0 Comments

If you are considering purchasing shares in a company, do you understand the potential risks, as well as the perks? What are the rights and privileges of a shareholder? And how do you protect these rights once you have them? Before becoming a shareholder, review the shareholders' agreement caref...

How to Choose a Trustee

Posted by Mona O'Connor | Feb 01, 2021 | 0 Comments

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 property, provide for your loved ones, keep accurate records, and generally keep thing...

Third-Party Supplemental Needs Trusts

Posted by Mona O'Connor | Jan 29, 2021 | 0 Comments

If you want to provide for a loved one who is disabled or has special needs when you are no longer here, care must be taken to ensure that the inheritance you leave will help rather than harm your loved one. An inheritance received outright could negatively impact your loved one if he or she is c...

Key Considerations for Noncompete Agreements

Posted by Mona O'Connor | Jan 27, 2021 | 0 Comments

Companies grow by investing time and money in various resources, including their employees. Yet business owners are often anxious about losing their investment, i.e., the time they spend training new hires and the confidential information they share with their new employees. Once confidential inf...

Severing Joint Ownership of Property

Posted by Mona O'Connor | Jan 25, 2021 | 0 Comments

One of the most common forms of property ownership in the United States is joint tenancy with rights of survivorship (JTWROS or joint tenancy). But what is joint tenancy? Joint tenancy is a legal right to property that provides the owner an undivided right to the enjoyment of the property. In oth...

Things You Need to Know as Successor Trustee

Posted by Mona O'Connor | Jan 22, 2021 | 0 Comments

Being named as a successor trustee in someone's revocable living trust document can be considered a great honor. But with that honor comes responsibility. Whether you were appointed to this role due to someone's death or incapacity, we are here to assist you with understanding your role in the tr...

What You Need to Know about Buy-Sell Agreements

Posted by Mona O'Connor | Jan 20, 2021 | 0 Comments

If you are a business owner, you probably worry about your bottom line, employee retention, and health insurance premiums, but have you also considered what will happen to your business if you are in an accident? What if your business partner gets divorced and your partner's ex-spouse is awarded ...

The Importance of a Successor Trustee

Posted by Mona O'Connor | Jan 18, 2021 | 0 Comments

An estate plan that includes a revocable living trust is an excellent way to protect yourself and your loved ones upon your passing or in the event you are unable to manage your own affairs. As opposed to other estate planning options, a revocable living trust gives you the ability to keep contro...

Should Your Trust Own a Timeshare?

Posted by Mona O'Connor | Jan 15, 2021 | 0 Comments

Timeshares have come a long way since they first arrived in the real estate market back in the '70s. In the early days of timeshare ownership, high-pressure sales tactics, exceedingly vague contracts, and inflexible scheduling policies caused many people to quickly regret such purchases. Over tim...

Limited Liability Companies & 1099 Reporting

Posted by Mona O'Connor | Jan 13, 2021 | 0 Comments

Business owners typically dislike dealing with the tax reporting, filing, and payment requirements associated with running a business. It can be tedious and require attention to numerous details. For businesses that have made payments to vendors and independent contractors, the type of tax report...

Can Dual Citizenship Ruin Your Estate Plan?

Posted by Mona O'Connor | Jan 11, 2021 | 0 Comments

In early 2020, married actors Tom Hanks and Rita Wilson became honorary citizens of Greece. The president of Greece bestowed this honor upon them due in large part to their humanitarian work in the country after a deadly wildfire swept through Athens in 2018. Hanks and Wilson spend considerable t...

Understanding Payroll When You Are the Employer

Posted by Mona O'Connor | Jan 06, 2021 | 0 Comments

Congratulations! You have started your business and you are ready to hire your first employee. Where do you begin? What will the employee's schedule be and how much will the employee get paid? Will your new hire be an employee or an independent contractor—and what is the difference? Did the emplo...

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