Imagine the following scenario: You have been living in a house for years. As your mother’s sole heir, you inherited it from her when she passed away. You pay the taxes and insurance. You make the repairs and mow the lawn. You call it home, and everyone in the family calls it...
Category: Limited Liability Company
How to Protect Your Family When You and Your Spouse Work in the Same Business
You and your spouse live together, work together, and likely spend a great deal of your free time together. Having a successful marriage and business takes hard work and dedication, but it can also be among the most rewarding things in life. To help keep you on the right track, here are...
3 Asset Protection Tips You Can Use Now
A common misconception is that only wealthy individuals and people in high-risk professions, such as doctors or lawyers, need an asset protection plan. However, anyone can be sued. A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that could crush your finances.
Caution: Your Traditional Asset Protection Plan Is Set Up to Fail
You may be surprised to learn that, not only has asset protection planning been around for a long time, but you likely have already engaged in it at some point. In fact, you probably have one or more types of traditional asset protection planning currently in place. The problem is, in many...
Corporate Transparency Act Update
Under the Corporate Transparency Act (CTA), which took effect January 1, 2024, many business entities including small limited liability companies (LLCs) and partnerships are required to file reports with the Treasury Department’s Financial Crime Enforcement Network (FinCEN). In these filings, applicable businesses must disclose important information about their entity. However, recent developments...
How the Corporate Transparency Act May Impact Your Estate Plan
Starting on January 1, 2024, under a new law called the Corporate Transparency Act (CTA), owners of certain business entities must file a report with the federal government including details regarding the ownership of their entity. The CTA was enacted to help combat money laundering, financing of terrorism, tax fraud, and other...
How the Corporate Transparency Act May Impact Your Estate Plan
Starting on January 1, 2024, under a new law called the Corporate Transparency Act (CTA), owners of certain business entities must file a report with the federal government including details regarding the ownership of their entity. The CTA was enacted to help combat money laundering, financing of terrorism, tax fraud, and other...
Five Things to Know Before Including a Limited Liability Company in Your Estate Plan
When it comes to protecting your hard-earned money and property, it is important that you have the right plan, which can include a number of tools for your unique situation. One tool that might benefit you is a limited liability company (LLC) that owns some of your accounts and property.
Pros and Cons of a Family Limited Partnership
Owning your own business or investment portfolio can be incredibly rewarding. However, to preserve the fruits of your labor and dedication, you must do everything you can to protect it. Whether you seek to protect yourself, your investments, and your family from taxes, creditors, or probate, a family limited partnership (FLP) is...