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What Is Reverse Veil Piercing and How Should You Protect Against It?

Posted by Mona O'Connor | Feb 09, 2022 | 0 Comments

Most business owners have heard the phrase "piercing the corporate veil", whereby creditors who win a legal judgment against the corporation or LLC target the personal assets of a shareholder or LLC member to satisfy the debt. But few have heard of reverse veil piercing, which is an exception to the legal separateness between corporate or LLC entities and their owners, but in the opposite direction. When the corporate veil is pierced—in reverse—business assets can be used to pay for obligations incurred by the owner. Read this blog to learn more about review veil piercing and the state courts that have ruled in favor of it.

Bankruptcy’s Effects on Estate Planning

Posted by Mona O'Connor | Feb 04, 2022 | 0 Comments

What happens to your estate if you file for bankruptcy protection but die while still in bankruptcy? What if one of your beneficiaries is in bankruptcy or is soon likely to be? None of us knows what the future holds, so you should consider these important issues in your estate plan, even if the possibility of bankruptcy seems far-fetched right now. Read this blog to learn more about ways to protect your assets from creditors.

How to Set Up Your Board of Directors

Posted by Mona O'Connor | Feb 02, 2022 | 0 Comments

A board of directors is not something that only big companies have. All S corporations and C corporations—even small businesses—are legally required to have boards of directors. Specific rules for the board of directors are established by state law or in the corporate bylaws and other corporate documents. Read this blog to learn more about the establishing a board of directors for your business. 

Common Trusts: Parenting beyond the Grave

Posted by Mona O'Connor | Jan 31, 2022 | 0 Comments

Parents strive to make their children feel equally valued as reflected in the fact that, when setting up an estate plan, parents typically divide their accounts and property equally among their children. Instead of simply dividing your accounts and property equally among your children, you can place accounts and property in what is known as a pot trust or common trust with instructions for your trustee on how to spend the money and property on behalf of all the beneficiaries. Keep reading to learn more about the use of a common trust for your children in your estate plan.

QTIP Trust - Will My Spouse Get What They Need?

Posted by Mona O'Connor | Jan 28, 2022 | 0 Comments

Since no one can predict how much they will own at the time of their death, which spouse will die first, whether the surviving spouse will remarry, or what the estate tax rate will be when they die, a QTIP trust can help deal with and minimize these uncertainties about the future and maximize certain tax advantages - without the need for a crystal ball. Read this blog to learn more about a QTIP trust.

Pour-Over Will: Not Your Average Will

Posted by Mona O'Connor | Jan 24, 2022 | 0 Comments

A pour-over will adds peace of mind to your trust-based estate plan. If you neglect to transfer any accounts and property into a living trust during your lifetime, or fail to designate the trust or anyone else as a beneficiary at your death, the pour-over will ensures that those assets end up in the trust after you die. To learn more about a pour-over will, continue reading this blog.

Using Real Estate Deeds in Estate Planning

Posted by Mona O'Connor | Jan 15, 2022 | 0 Comments

An important question arises regarding the type of deed that should be used for transferring real property into the trust's name. There are several types of deeds that can be used, one of which is a general warranty deed. The other types of deeds commonly used in the United States for transferring property are quitclaim deeds and special warranty deeds. Read this blog to gain a better understanding of the impact the type of deed has on your estate plan.

Hobby or Business: What Factors Does the IRS Consider?

Posted by Mona O'Connor | Jan 12, 2022 | 0 Comments

There are some activities we engage in outside of work strictly for personal reasons, with no thought of ever profiting from them. Then there are pastimes that we do not consider to be a job or primary income source but that enable us to earn some additional money. Even though you are making a bit of money on the side, you still think of your activity as a hobby, not as a business. The Internal Revenue Service (IRS), however, has its own rules for determining whether an activity is a business or a hobby. Understanding these rules can help you take advantage of tax breaks and avoid adverse action by the IRS. Read this blog for a better understanding of the hobby vs. business rules.

Qualified Personal Residence Trust: What Is It and When Should You Consider One?

Posted by Mona O'Connor | Jan 10, 2022 | 0 Comments

For individuals and families whose wealth is significant enough that their estates could be subject to estate taxes, it can be important to be aware of some of the tried-and-true strategies for reducing their taxable estate’s value to avoid paying more tax at death than absolutely necessary. One strategy is the qualified personal residence trust (QPRT). A QPRT is a specific type of irrevocable trust that is designed to own a taxpayer’s personal residence. If a QPRT is designed and implemented correctly, it offers the taxpayer a number of benefits. However, as with most things tax related, whenever you get a tax benefit, there are going to be trade-offs that must be considered, and the same holds true for QPRTs. Read this blog to develop a better understanding of QPRTs.

Slayer Statutes: Preventing Killers from Profiting from Their Crimes

Posted by Mona O'Connor | Jan 07, 2022 | 0 Comments

Most states have laws that prevent someone who has intentionally killed another individual from being able to inherit any property from their victim. In general, these laws are referred to as “slayer statutes” and are designed to prevent the patently unjust outcome of a killer inheriting property as the result of such a heinous crime. Read this blog to develop a better understanding of some states' slayer statutees.

How to Start Your Business Year Strong

Posted by Mona O'Connor | Jan 05, 2022 | 0 Comments

Small businesses that survived the challenges of 2020 and 2021 are heading into 2022 with fresh hope. While a healthy dose of optimism can help business owners persevere through hard times, your business needs an actionable plan to truly move forward. The beginning of the year is a great time to reflect on what worked and what didn’t in the prior year. Read this blog for more information to help your business succeed in 2022!

Untangling Tangled Titles: Homeownership, Property Deeds, and Estate Planning

Posted by Mona O'Connor | Jan 03, 2022 | 0 Comments

If you are currently living in a property that you inherited but the deed has not been transferred into your name, you may be surprised to learn that, under the law, you are technically not the owner. This legal situation is known as “tangled title.” A tangled title negatively impacts a property’s current occupant in a number of ways. It can also harm generational wealth and even contribute to fraud.

What Happens to Your Social Media Accounts at Your Death?

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

Have you ever thought about what will happen to your social media accounts when you die? If you have spent time creating, uploading, and sharing content, it is important to take a look now at what will happen after you pass away so you can determine your content's future. Read this blog for a quick summary of the options available for various social media accounts.

All Good Things Must Come to an End: Reasons a Trust Might Terminate

Posted by Mona O'Connor | Dec 17, 2021 | 0 Comments

While trusts can stretch across generations and keep valuable money and property within a family, every trust will end at some point. The reasons why a trust might terminate can vary, but termination generally occurs because the trust has accomplished its purpose, is no longer economically feasible, has distributed all of its property, is revoked, or is dissolved by the court because of a dispute or an illegality. Click to read more about the termination of a trust or call our office if you need assistance.

Complying With Estimated Quarterly Taxes

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

Tax day is one of the most important—and one of the most dreaded—days on the calendar for Americans. You must pay income on income earned through your full-time job, as well as any part-time job, side job or self-employed role, which means that you may need to make quarterly estimated tax payments. If you need to make estimated tax payments, you need to know the payment deadlines for both federal and state withholdings, as well as some additional rules. Read this blog to gain a greater understanding of quarterly estimated tax payments before you contact your tax accountant.

Common Considerations for Using a Liability Waiver in Your Business

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

Exposure to lawsuits involving injury and loss claims is among the biggest risks that businesses face. Courts in most US jurisdictions have ruled that liability waivers are legally enforceable as long as they are drafted in a way that makes it clear to customers what risks they face and what rights they are agreeing to waive. If you are considering using one, you will need to ensure that it will hold up if tested. Read this blog for additional information on liability waivers.

How Do I Start a Home-Based Business?

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

The number of people working from home has never been higher. Accustomed to the freedom and flexibility of remote work during the pandemic, some workers have quit their jobs to pursue more flexible work arrangements. As a result, Americans are starting new businesses at an unprecedented rate, and a large percentage of them are home-based businesses. Launching a home-based business requires much of the same preparation needed to start any new business. However, home-based businesses also have their own challenges and considerations. Before making a move to home-based entrepreneurship, you need to lay the groundwork. Read this blog for a better understanding of the rewards and the challenges presented to a home-based business owner!

Protecting the New Athletic Superstars

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

It is a new era for college student athletes, who can now (as of July 1, 2021) profit from their name, image, and likeness (NIL). The NCAA has long been criticized for generating billions in annual revenue from athletic programs while barring athletes from sharing the profits. Student athletes have not wasted time profiting under the new rules, with many already cashing in. NIL agreements will undoubtedly benefit athletes and their families, but it also adds a fresh wrinkle to the old problem of athletes’ financial planning. Most athletic careers are short, and athletes go bankrupt at an alarming rate. In light of the updated NIL policies, estate planning is more essential than ever for student athletes. For help with estate planning for student athletes, read this blog and then contact our office to schedule an appointment to discuss in more detail.

Mental Health Considerations in Estate Planning

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

Removing the stigma of mental health starts with realizing that many people are affected by mental illness. Understanding this fact can lead to more people getting the help they require, not only by seeking guidance from a mental health expert, but also by planning for the future with mental health considerations in mind. Estate planning is a sensitive subject and it can be even more sensitive when the issue of mental health is involved. If you need to set up an estate plan, or revise an existing estate plan, around mental health concerns, please read this blog for guidance on why estate planning is so important and to begin taking the next steps. We are here to help!

Are Family Limited Partnerships under Attack?

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

The family limited partnership (FLP) is an estate planning tool that allows families not only to transfer significant amounts of their wealth to succeeding generations while reducing estate, gift, and income tax liabilities but also to achieve several other important estate planning goals. But the FLP is under attack with the Biden Administration. But there are also some exclusions. Read this blog to develop a better understanding of FLPs and to see if such a structure would be beneficial in your own estate plan.

What Is HEMS and Why Is It Included in So Many Trusts?

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

You may come across the acronym HEMS from time to time when looking at your estate planning documents. HEMS stands for “health, education, maintenance, or support” and is frequently included in trust agreements to guide a trustee on the types of distributions they may make to a trust beneficiary. Used properly, not only can it be a powerful and effective tool to reduce the risk of unnecessary taxation at each generation as wealth passes through the family, but it can also protect trust property from people who should not have access to it, such as creditors, divorcing spouses, and predators. Read this blog for a better understanding HEMS use in the distribution to your loved ones.

What Can First Responders Do To Protect Their Loved Ones?

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

We rely upon our first responders to provide aid and/or assistance to us during emergencies. O'Connor Law Offices thanks you for everything you do every day and we understand that being the first one on the scene can come with many different risks. And we are dedicated to protecting you and your loved ones from the different types of emergencies that may pop up during your own life. This blog addresses some important questions any first responder should consider to prevent your own family emergency.

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