Why You Need Estate Planning to Protect Your Assets
There’s no doubt; you felt a shockwave when you heard that pop singer, Prince, had died. There is a myriad of thoughts that always runs through our heads when we hear about surprising high-profile celebrities dying – most of which lead back to the inevitability that we are mortal. And while we may have little in common with the pop-icon, one similarity is protecting our assets and ensuring that our final wishes are met. Regardless of how much wealth we accumulate, the adage, “you can’t take it with you,” still applies. After the initial days of celebrity and fan reaction …
The Important Documents You Need to Redraft After Getting Divorced
Divorce is an opportunity for unhappy people to start clean. Before turning to the next chapter in life, some important documents may require revision. The following is a list of some documents you must remember to revise in order to jot down your new joyous journey. Title Changes Beyond your last name, there are some important titles you should consider changing quickly. If you shared titled to the home you once shared with your former spouse then the deed should be revised to reflect the current owner. Any real property should also be refinanced in order to eliminate any obligation …
How to Successfully Start a Small Business
Eight out of ten entrepreneurs will have to turn off their business’ lights within the first 18 months of operation, according to Bloomberg. If you’re trying to beat the odds, you’ll need more than just a great idea and enthusiasm to see it through. These are three vital steps to successfully starting your small business. Define Your Goals Are you in this to make money, change the world, or both? Defining your goals and how you plan on achieving them are two vital components you need to establish immediately. If you create a road map, the path to success will …
Tips to Protect Yourself During a “For Sale by Owner”
Buying a home is one of the most important investments you will ever make but there are some risks that come with this reward. If you plan on buying a home that is a For Sale by Owner, you need to be prepared to handle some of the work a real estate agent would usually help you with. Use these three tips to protect yourself during this process. Do Your Research If you’re planning on living in this home for the foreseeable future, you want to make sure this investment is your dream home instead of a neighborhood nightmare. Compare …
How to File Taxes While Getting a Divorce
While your marriage is dissolving, filing taxes is probably the last thing on your mind, but ignoring these state and federal requirements may lead to a different kind of heartache down the road. This guide is not meant for married couples that are in love limbo; this is for pairs who are intent on parting ways. If your divorce is not finalized by December 31st, you need to decide how you want to file. Here are the three most common filings for still married and legally separated couples to find the best option for you. Joint Return Before the ink …
Special Needs Trusts: How to Take Care of Your Loved One After You’re Gone
You may dedicate your entire life to raising a special needs loved one but do you know how they’ll get by after you’re gone? Family members and friends with special needs require extra care and protection that you will no longer be able to provide when you pass away. Make sure your final wishes are clear by knowing which Special Needs Trust (SNT) is best for your beneficiary. First-Party Trusts Supplemental Security Income (SSI) may be a tremendous help in affording basic needs but it may not be enough to provide your loved one with the lifestyle you envisioned. A …
The Five People You Need to Meet With Before Buying Commercial Property
Some of the most successful people in the world attribute their accolades to the team that backs them. This entourage of experts is particularly important when investing in commercial real estate. Here are the five people you need to meet with before buying commercial property. Investors Commercial properties are typically incredibly expensive and if you don’t want to tie up all your assets you’ll likely have to join forces with other investors. It’s crucial to meet with these future business partners beforehand to ensure your goals and priorities are in sync. Current Owner Sometimes going straight to the source can …
Why Securing General Counsel is Right for Your Business
Trapeze artists fly through the air with ease, mostly because they’ve made the same maneuvers thousands of times. But they also know that safety nets are always in place. Wouldn’t you want the same protection for your business? Hiring a general counsel for your business is like securing an invisible safety net that can protect your company from a serious fall. These safety nets provide security, reassurance, and the ability to take risks. Here are three reasons your business needs a general counsel and the traits you should look for in an attorney. Knowing Your Business You likely don’t go …
How a Living Trust Can Save Your Loved Ones Thousands in Property Taxes
Passing your home down to your loved ones after you pass away might be a dream of yours but this generous act could end up being a taxation nightmare for them. Luckily, you can help your beneficiaries avoid financial heartache by protecting this asset in a living trust. Here’s how to save your loved one thousands of dollars in taxes when they inherit your home and the mistakes you must avoid. Step-Up Basis Rule The value of a home typically increases with time but so does the amount of tax you must pay on the gain. However, there is a …
The Traits You Should Look For in a Family Law Attorney
You could have the most intelligent attorney in the country, but if they aren’t reliable and responsive, you are working with the wrong representation. The character of your counsel can be especially crucial when handling sensitive cases like family law. Remember the helpful acronym C.A.R.E. while searching for a family law attorney. Compassionate With family law cases, it is likely that you will have to share some personal life details with your attorney that you have never even told your closest friends. Entrust this information with an attorney who is not only smart, but also sympathetic towards your situation. If …
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