If you have started a business, you know few things compare to pursuing your passion and having the autonomy to do things your way. You also know it takes more than hard work and determination to be successful. Business growth requires the right strategies and partnerships, as well as products and/or services with strong market demand. While it may seem strange, as part of those strategies, an entrepreneur should also […]
Continue reading
An asset protection trust is an irrevocable trust that is often created to protect beneficiaries from overly litigious lawsuits. Without holding legal title to any of the assets, each beneficiary has ownership of an equitable interest in the trust’s assets. If you have a sizable estate you wish to protect consider renting your home from your business for tax purposes. Under an asset protection trust, renting your home in such […]
Continue reading
People often make the mistake of thinking they do not need an estate plan until they have reached a certain age or have a certain amount of money in the bank. This simply is not the case as there are documents which you are well-advised to have in place as early as when you gain independence from your parents in your 20s. The complexity of estate planning varies by age […]
Continue reading
When a high net worth individual (HNWI) becomes involved in charitable giving their goals are not limited to chalking up a gift tax deduction or preserving their legacy. One of the most compelling reasons why HNWI donate money is to make a difference in the world. They specifically seek out causes where the money they give will transform into actions that can be seen and felt. In order to qualify, […]
Continue reading
Whether you inherited your wealth or earned it yourself, the way you manage it now is critical to your future financial health. Any number of unexpected circumstances, from a sudden devastating illness to a precipitous drop in the stock market, can take a heavy toll on your personal finances. Developing a strong risk management strategy is one of the best ways to safeguard your money. All investments maintain a relationship […]
Continue reading
While wills tend to be more natural for couples with children, in order to ensure their children will be taken care of when they die, they can be more important for childless individuals. Wills can help determine who your assets will go to when you pass away, and sometimes, more importantly, who they will not pass to. According to U.S. News & World Report, over 55 percent of people do […]
Continue readingSaving money can be a lot harder than it seems. However, the beginning of the year is a great time to start changing your spending habits and begin saving more money for the future. According to CNBC, 20 percent of Americans have not saved any money for retirement. While more than 25 percent of people have saved at least $200 thousand, more than 75 percent of Americans stated they are […]
Continue readingOur firm is unique in the services we offer. We often deal with a substantial amount of assets and every individual and family has different estate planning and asset protection goals. If you anticipate attending a consultation with any attorney and you have significant assets, you may need to prepare for an initial consultation a little differently than other clients. Here are some tips to stay proactive from the onset. […]
Continue readingExecutors are entrusted to administer an estate and fulfill their fiduciary duties under the law. Unfortunately, executors can breach these duties and leave beneficiaries to pay the price. Often, executors will go to great lengths to cover up misconduct. As the beneficiary of your late loved one’s estate, it can be a good idea to know how executors can breach their duties to prevent your inheritance from being compromised. Here […]
Continue readingCharitable giving can leave a legacy of generosity for years and even decades after you have passed away. Not only does charitable giving have a philanthropic appeal, but it provides enormous income, state, capital gains, and gift tax deduction benefits. While some donors gift money during their lifetime, others bequeath assets to charity through wills and trusts that go into effect upon their deaths. Depending on the type of charity […]
Continue reading