While most parents have the best intentions when it comes to teaching their children about handling finances wisely, sometimes the lessons don’t take. In addition to concerns about spendthrift behavior, some children experience problems with substance abuse or have mental issues that make giving them access to wealth a problem. This is where a trust [...]
When getting a business off the ground, one common mistake business owners make is not establishing a solid legal foundation to protect their company from unforeseen situations and circumstances. The most effective and efficient way to provide this legal bedrock is by putting a set of key legal agreements in place. Gleaned from years of [...]
On an earlier blog post, we discussed the benefits of a unique estate planning vehicle known as a Lifetime Asset Protection Trust (LAPT). We referenced this planning tool in the context of how it could have protected Clare Bronfman, the heiress to the multi-billion-dollar Seagram’s fortune, who was manipulated into blowing much of her $200 [...]
This is the fourth in an ongoing series of NLBM articles discussing the true costs and consequences of failed estate planning. The series highlights a few of the most common—and costly—planning mistakes we encounter with clients. If the series exposes any potential gaps or weak spots in your plan, meet with us, your neighborhood Personal [...]
As its name suggests, limited liability companies (LLCs) protect personal assets from debts and other business liabilities. But you may not be aware that LLCs can also offer tax savings. As an LLC, you have flexibility in choosing how you’ll be taxed. This allows you to reap a number of benefits unavailable to other business [...]
When you create your estate plan, the idea that one of your adult children would ever use their inheritance to bankroll a cult is probably something you’d never dream of, much less anticipate. Yet that’s exactly what 40-year-old Clare Bronfman, heiress to the multi-billion-dollar Seagram’s fortune, did with hers. In the end, with her inheritance—and [...]
One of the coolest parts of owning a business is getting to come up with its name. On the creative side, you’re choosing a name to represent and encapsulate the essence of your life’s work. On the practical side, you’re trying to come up with something that will most effectively grab the interest of potential [...]
If you own a small company where you personally know and interact with everyone who works for you, it can be hard to fathom that one of those people would ever steal from you. But the fact is, embezzlement happens all the time, even at small, family-owned businesses. Indeed, according to a 2017 study on [...]
Today many people are using a revocable living trust instead of a will or joint ownership as the foundation of their estate plan. When properly prepared, a living trust will avoid the public, costly and time-consuming court processes of conservatorship or guardianship (due to incapacity) or probate (after death). Still, many people make a big [...]
The whirlwind of excitement and activity surrounding the launch of a startup can feel overwhelming. You’re so focused on managing the day-to-day logistics of getting your business up and running, you often don’t have time to focus on the bigger picture. Because of this, it can be easy to overlook some perilous legal pitfalls that [...]
