Often, older people will add the name of one or more of their children to their checking accounts or brokerage accounts. They might do this to make it easier for the children to help them with their financial affairs. Or they might think that it’s a clever way to avoid probate. Joint ownership can be good in some cases, but there are a number of dangers in setting things up this way. To illustrate, imagine that
If you haven’t updated your power of attorney documents in many years, it might be worth having them reviewed to see if you can take advantage of some recent changes in the tax laws. If you’re ever near death and unable to manage your affairs, your agent may be able to make some smart financial moves that will dramatically reduce taxes for your heirs. But your agent can do this only if your power of attorney
Many people have an instinctively negative reaction when they hear the term “prenuptial agreement.” That’s because, when prenups first became popular, they were often seen as weapons by which rich spouses took advantage of less wealthy, less sophisticated partners. A person who got engaged and said, “I want a prenup” was often seen as unromantic at best and scheming at worst. But the truth is, prenups often provide important advantages for both partners. They’re not always
Ken and Judy are a couple in their 30s. They recently bought a home, and they have a small child. But apart from some home equity, a retirement account at work and a life insurance policy, they don’t have a lot of assets or investments. Do they really need estate planning? Can’t they get by with a simple will from the Internet? The truth is, even a couple like Ken and Judy can benefit from a
Most companies need only a handful of Internet domain names to operate, but a lot of them buy up additional names to “play defense” and prevent competitors or disgruntled customers from hijacking their brand. It’s common for companies to not only register the standard “.com,” “.net” and “.org” domains, but also: Register the “.biz,” “.info” and “.us” extensions; Add common country-code extensions such as “.uk,” “.ca,” “.co,” etc.; Block their company name with the “.xxx” extension
With all the ups and downs in the real estate market in the last few years, it’s worth thinking about what would happen to a commercial tenant if the landlord were to go bankrupt, or be unable to pay its lenders. In general (and there are always exceptions), lenders have priority over tenants. So if a lender forecloses on a commercial property, the lender can invalidate the lease and evict the tenant – even if the
Commercial tenants, managers, licensees and franchise operators are often asked to sign a “radius restriction” as part of a contract. This limits them from operating a similar or competing business within a certain proximity of the current business. These restrictions are fair – up to a point. But if you’re negotiating one, on either side, it’s important to think carefully about the language in the contract so you don’t create confusion or disputes later.
A growing number of companies are conducting background checks to screen job applicants, looking for criminal records, credit problems, and other issues. But many employers are unaware that a federal law strictly limits how these checks can be conducted. Employers who make a mistake can be sued, and if they conduct such checks routinely, they could be subject to a class action. Recently, Wal-Mart paid $6.8 million to settle a class action under the law, and
“David has been a trusted estate planning advisor to our family for years. We appreciate his strategic counsel, attention to detail, responsiveness, and ability to explain complex laws in laymen’s terms so that we can make the best decisions for our family. We highly recommend David and his team, particularly for more complicated estate situations that require strategic planners with an in-depth knowledge of the law, a wealth of past experience, and a strong commitment to
By David Beliveau People usually establish business entities to protect their personal assets from the risks of operating a business. There are several types of business entities available, and each has its own set of pros and cons. The types of business entities include sole proprietorship, partnership, Limited Liability Company (LLC), Limited Liability Partnership (LLP), Internal Revenue Code (IRC) subchapter C corporation, and IRC subchapter S corporation. The choice of business entity has both nontax and
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