Estate Planning: What is an Estate? Do I need an Estate Plan?
Some of the most common questions around estate planning come down to defining an “estate” and the need for a “plan.”
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Thoughtful guidance for what comes next.
Practical perspective on estate planning, business planning, asset protection, and the legal decisions that shape your future.
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Diligent, Experienced Legal Counsel OR AI? What's the fallout?
Recently, while working as corporate counsel for a telecom, I had an experience that I would like to share.
American Disabilities Act Compliance Traps for Small Businesses
From coffee shops to law firms to realtor offices, there has been a noticeable increase in ADA driven lawsuits recently.
Remember the FinCEN Corporate Transparency Act? Well now it’s the Residential Real Estate Reporting Rule!
Effective March 1, 2026, the Financial Crimes Enforcement Network (FinCEN) requires federal reporting of certain residential real estate transactions under the new Residential Real Estate Reporting Rule (31 CFR § 1031.320).
The ABCs and the XYZs of Asset Protection
Most business owners understand the basics of forming a legal entity. You create an LLC or corporation to separate your personal assets from business risk.
The ABCs of Employee Retention
One of the critical issues for small businesses is employee turnover and the costs that come with it. For instance, if a secretary quits, the task of finding and then training a new secretary can be crippling to a small business with tight margins. This cost or loss is intensified when the newly hired and trained secretary also leaves. Resources have been expended, time and patience are exhausted, and there is a considerable risk that it will happen over and over again.
What's a Revocable Living Trust - Shopping Cart Analogy
I often explain the concept of a revocable living trust by relating a story from the early days of my marriage.
How Does Guardianship Play into Divorce and Blended Families?
There are estate planning situations that simply scream for careful thought and preparation. Divorce is obvious because it would typically be a problem if a former spouse has control of your assets and absolute control over the raising of the children. Blended families are another common situation. Choices regarding separate and jointly held property have to be made as well as potential issues that might arise regarding minor children and will arise regarding eventual inheritance. (e.g. Does grandma’s house go to the other spouse’s children as well as your children?) Lastly, guardianship is a powerful tool but also a potential point of contention. Which side of the family would be responsible in the event someone has to raise and provide for the children? That’s often a very difficult question to answer.
My Take on Office Equipment for Small Businesses
When starting a company, office equipment can be a very difficult issue due to the high cost and the sheer number of competing products. To a degree, the decision on what brand to go with depends largely on your expected use. For instance, if you are a GIS mapping consultant, your needs will deviate significantly from a daycare provider or a solo practice attorney. Coming from a personal perspective, I recommend the following brands within a series of different product categories.
Should I Require My Business Partners to Get a Property or Prenuptial Agreement?
Let's be honest, prenuptial agreements have a bad rap. The most common attitude toward these sorts of property agreements is that they are effectively nothing short of planning to get a divorce at some time in the future. They are often viewed as unfair toward the disadvantaged spouse and cruel and selfish in nature. But is that really the case? If we are talking about some super wealthy tycoon and the brand new trophy spouse, well maybe that's exactly what a prenup would be. But in a business context, a property agreement that shelters the other owners from being forced into partnership with someone who is an outsider might be a more reasonable and responsible use.
An Estate Planning Attorney’s Perspective on Life Insurance
Some say “yes!” life insurance is critical. Others say “no!” life insurance is a waste of money. Which one has it right? Well, that’s a complex question and depends on your individual circumstances and how the policy is written!
What is the Benefit of having a Retainer Agreement for Outside Counsel?
It’s fairly straightforward to explain. Many companies are “outsourcing” certain services like accounting or human resources. Why not outsource legal counsel too using a retainer agreement? In brief, a “retainer” is an agreement that helps an organization have an attorney at its immediate disposal…without the substantial cost associated with having full time, in-house counsel. This arrangement not only facilitates a closer relationship between businesses and their counsel but also offers a myriad of advantages, from financial predictability to immediate access to specialized legal expertise at a lower overall cost.
What is Involved in “Funding” my Trust?
To put it simply, “Funding” is transferring your ownership or interest in property into the trust. If you think of your trust as a vehicle for transporting your assets to your heirs, then it’s easier to picture loading them into your trust. The reason why this is so critical is that if property or assets are NOT transferred to your trust, then they will have to be transferred, either to the trust, or to your heirs through some other process.
Do You Have an Employee Handbook...?
If you don’t, you definitely should have one! It’s not legally “required” but not having an employee handbook leads to legal risks (like discrimination/harassment lawsuits), inconsistent management (unfairness), poor onboarding, low morale, high turnover, and difficulty proving compliance during audits, creating confusion about policies (pay, leave, conduct) and undermining a company's defense in disputes. It leaves companies vulnerable to claims, damages culture, and signals disorganization to regulators and employees alike, despite not always being explicitly illegal to lack one.
My Company is Supposed to Protect my Assets, Right?
That depends. When a business fails to meet its obligations like by breaching a contract or committing a tort (e.g. like injuring someone), injured parties may try to hold the business’ owners personally liable. The most common legal tool to get to the owners’ assets is the doctrine of “alter ego” liability. This doctrine allows courts to pierce the corporate veil and treat the business and its owners as one and the same – “alter egos.” Get it? Piercing the corporate veil, however, is not granted lightly—courts carefully scrutinize the facts and do so differently in cases involving tort claims versus cases involving contract disputes.
How to Avoid Cyber Threats
The cyber-threats being directed toward small business entities are increasing on an exponential scale. The time when small businesses were too meager of a target to get attention from cyber criminals and fraudsters is past. An alarming number of businesses are falling to hackers, phishing events and debilitating ransomware attacks.
Risks and Rewards of Owner-Carry Contracts
When selling personal property like vehicles or real estate or business interests, owner-carry contracts will often come into the picture. An owner-carry contract (OCC) is a private contract between the buyer and seller setting out the terms of the arrangement. Typically, a financial institution or title company is not involved in the property transfer and in monitoring the payments, etc.
How to Keep Your Family Business from Featuring on Shows like the Cold Case Files
The U-Haul company was founded by Leonard Shoen who had thirteen children. Following his death, a vicious power struggle over the company erupted primarily between Samuel W. Shoen (the former president) and Edward “Joe” Shoen (the chairman). It lasted for decades and involved physical altercations, libelous accusations, lawsuits, corporate maneuvering and family drama allegedly including the murder of Samuel W. Shoen’s wife… Eventually, Edward “Joe” Shoen managed to consolidate his control of the company, and the disputes settled down into seething sibling antagonism and mutual hatred.
What is a Family Limited Partnership?
An FLP is a type of limited partnership formed by family members to hold and manage family assets. Typically, parents or grandparents will form the FLP and serve as general partners, maintaining control over the partnership’s operations. Other family members are brought in as limited partners, receiving ownership interests but having little to no control over day-to-day management and limited liability!
ALERT! Scammers Targeting Small Business Owners
Scammers have come up with a new twist on an old scam to collect data and unnecessary payments from owners of state-registered businesses.
AI Drafted Contracts are the “Latest Greatest Thing!” or are They?
Generative AI contract management and drafting tools are increasingly accessible and widespread, and many companies are experimenting with these tools to draft full legal agreements.
What’s Required to Operate My Business in Another State?
Operating your business out of state can be an enormous step forward in growth potential. There are some tricks and traps, however, to shifting over to another state.
WARNING: There’s a Superhighway Running Straight to Your Assets
When your home is paid for, your investment accounts are pumped up, and your debts are gone, your future is safe, right? Not necessarily… Now, it might be time to think about succession and asset protection.
What is Involved in Selling My Company?
Most closely-held businesses reach a point when selling full or partial ownership becomes a desire or even an absolute necessity. But what are the steps and considerations from “we need to sell” to the closing process…and even beyond?
Do I Really Have to Formally Dissolve my LLC?
An LLC is a legally formed business entity, and there is risk in leaving it just languishing. An “inactive” LLC still exists until it is formally dissolved.
1031 EXCHANGE: It’s Tricky!
IRC Section 1031 allows sellers of qualifying real estate to exchange it for like-kind real estate and defer payment of taxes.
Do I Need a Business Succession Plan?
Estate planning isn’t only about distributing your house to your heirs. If you own a business, it is also about protecting this most valuable asset. Without proper planning, issues will arise regarding who will take over leadership, whether the business should be sold, or how ownership interests will be managed. Failure to account for these crucial steps can result in the loss of the business or a loss of significant portions of its value.
Start-up Equity Mistakes
It started in Fred’s living room, and everyone was excited about the possibilities. Questions about type of entity, shares in the company, vesting schedules, equity splits, and breakups were far from their minds…until that fateful day, that nobody expected, but which always comes.
So…What does a Trustee do Afterwards…?
I am often asked…What exactly do trustees do after the grantors are no longer able to manage their trust? Well, to put it simply, a successor trustee manages the trust. Oh, is that all? We’re done then? I can go? Well, not exactly.
Which Business Structure is Right for Me?
Understanding corporate structures is essential to optimizing strategies, managing tax obligations, and streamlining operations. The choice of structure is key to resolving these central issues.
Why Compliance Really, Really Matters?
When first starting out, it is normal to create an LLC or a Corporation just to get the tax savings and to name your new venture.
Can I Just Give It to Them Now? Risks of Transferring Property to Your Heirs Ahead of Time
Sometimes people will transfer title of their assets to their adult children while they are living, thinking it will make things easier for their children (I.E. To avoid probate, etc.). While doing this can solve some problems, there are substantial complications that can make the situation far worse.
Debt: Anchor or Sail?
I grew up in New England, and sailing in the Long Island Sound and along the rocky northern coast is among my fondest memories. Regarding sailing terms: An anchor, naturally, is used to limit the movement of the sailboat. It’s heavy, has arms or cups to help it grip the bottom to keep the boat in place. A sail, on the other hand, is used for motive power. By harnessing wind, the sail transmits kinetic energy through the mast to move the boat. The first holds in place or restricts movement, and the second generates power to move forward.
The Importance of Advanced Directives & Living Wills – The Terri Schiavo Story
Theresa (Terri) Marie Schindler married Michael Schiavo in 1984. When Terri’s parents moved to Florida in 1986, the couple followed.
Asset Protection: Rabbit Plan vs. Lion Plan
This blog discusses the difference between chaos or unstructured asset pools and alternatively establishing highly structured approaches for effective asset protection.
So, You’re Starting a Business? What’s Next?
Many small businesses entrepreneurs have great ideas and the energy to reach out and start, but what comes next? Most small businesses owners report issues with finances, difficulties in reaching customers, obtaining workable contracts, operational hurdles like managing cash flow, securing funding, hiring – retaining – and managing employees, and managing risk like regulatory changes, inflation or unanticipated competition… It can be overwhelming.
Hedging Against Inflation
Rising inflation can be terrifying. In the face of it, safeguarding the value of your hard-earned money has never been more critical. As we all know, the continuous increase in the prices of goods and services can erode purchasing power, leaving individuals and families struggling to maintain their standard of living. In this article, we delve into advanced techniques designed to not only preserve but potentially enhance your purchasing power in an inflationary economic environment. I will draw upon expert insights and innovative strategies to provide a roadmap for those looking to navigate the complexities of the financial landscape with an eye toward inflationary pressure.
Do I Need to Formally Close My Business?
If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits.Dissolving a business can seem overwhelming, but with careful planning and the right legal guidance, you can protect your interests and ensure a smooth transition. An
Common Misconceptions About Trusts
Here are some of the most common misconceptions about trusts:§ Trusts are only for the wealthy… Trusts are not exclusively for the wealthy. In fact, the wealthy can afford a complex probate, but the less advantaged folks cannot. Trusts can be beneficial for individuals or families with varying financial backgrounds, because they offer advantages like avoiding probate, maintaining privacy, and ensuring assets are distributed according to one's wishes without the cost of a probate matter.§ Trusts
Most common questions about probate in Idaho and Utah
Here are some of the most common questions people have about probate in Idaho and Utah:
Electronic Estate Planning Signatures: Are they valid?
In short: Electronic signatures and transactions will not always suffice in lieu of physical documents and physical or “wet” signatures.
Abating Existential Dread by Building Connections with your Ancestors and Legacies for your Descendents
General anxiety can be driven by a lack of connection with the past and uncertainty about the future. This is often linked to what is termed, “existential dread” or “existential anxiety,” which is essentially a feeling of uneasiness about the fundamental nature of one’s existence or place in the ongoing march of events in human history.
Oh NO! I Can't Access Mom's Account!
What happens to your email when you pass away? Not having access to email can result in serious complications regarding online accounts, digital currency, etc. This article outlines the essential steps for integrating email accounts into your estate planning and providing a roadmap for a seamless transition of your digital footprint.
Estate Planning: What are Litigation Stop Points?
To be brief, a Litigation Stop Point (“LSP”) is a provision in your Will, Trust or Power of Attorney that will require court intervention before administration can continue. Most clients who pay substantial amounts of money for their estate plan do not anticipate the LSPs that might be hidden in the documents.
Beware Cookie-cutter LLC Documents!
To save money, the entrepreneur forms their LLC online and elects to be taxed as an S-Corporation to save on taxes. All good so far... The formation documents are automatically generated from cookie-cutter templates or by an AI assistant. It's certainly inexpensive at the starting gate, right?
Can You Enhance Well-being Through Philanthropy?
Incorporating strategic philanthropy into one's life can profoundly impact psychological resilience and overall well-being. This concept goes beyond the simple act of giving; it encompasses a thoughtful approach to how and why one chooses to contribute to the welfare of others. One effective strategy is to engage in cause-related philanthropy, which involves identifying and supporting causes deeply resonant on a personal level. This approach not only maximizes the impact of charitable efforts by aligning with one's values and passions but also enhances emotional engagement and satisfaction. Furthermore, by setting concrete philanthropic goals and regularly assessing the impact of one's contributions, individuals can foster a sense of purpose and achievement, which are critical components of psychological resilience.
What is a “Piercing the Corporate Veil” Action?
In corporate litigation, one of the most common challenges presented to legal professionals and claimants alike is the process of piercing the corporate veil. This legal action is intended to hold the individuals behind corporate entities accountable for the corporation's liabilities and misconduct. Understanding how such an action is undertaken will help you to implement better asset protection for your business. This article provides an overview of the strategies involved in piercing the corporate veil, reviews the conditions under which this approach may be pursued, and explains the evidentiary standards required, and the steps needed to avoid having your LLC or Corporate pierced.
My Estate Planning: Is It Done?
As estate planning evolves beyond the initial setup of wills and trusts, the importance of ongoing estate management comes into sharper focus. This comprehensive approach, essential for ensuring that one's legacy is preserved and intentions are accurately fulfilled over time, requires meticulous attention to detail and an understanding of changing legal, financial, and personal circumstances. In this blog, we delve into the critical aspects of continuous estate management, discussing the necessity for regular updates, the roles of advisors, and the impact of neglecting this vital component of financial planning. Join us as we explore the nuances of sustaining your estate's integrity, not just for your peace of mind but for the benefit of your heirs.
Is High-Speed Internet Beneficial to Rural Communities?
In short, Yes! Providing high-speed internet to a rural community can have a significant positive economic impact. It can lead to increased business growth, improved education outcomes, and expanded job opportunities. Additionally, it can boost rural entrepreneurship, attract remote workers, and enhance overall economic resilience.
Please, please, please... do the work before it happens!
Estate and Business Planning is not something to put off. The cost of doing the work now is nothing compared to what it will be if the planning isn't done. Let's break it down briefly:
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