Questions First Responders Must Consider to Best Protect Their Loved Ones

by Tara Cheever ~ Attorney at Law November 19, 2021 Asset Protection, Estate Planning, Healthcare, Power of Attorney, Trust Administration & Probate, Trusts, Wills

Being unable to work or make decisions for yourself can seem like an unimaginable scenario. You spend your time coming to other people’s rescue, so it may be difficult for you to imagine a time when you might need help or rescue. However, such things happen to people every day. To best protect yourself and your loved ones, there are a few things you should consider.

Disability insurance allows you to supplement some of or all your income (depending on your level of coverage) while you cannot work. With the proper range in place, you know that, should you be injured, you and your loved ones will still have money coming in to support you. If you have no disability insurance or are concerned that its coverage is insufficient, consider reaching out to an insurance agent to review your current situation and future needs expertly. READ MORE

Think You Are Too Young to Need An Estate Plan? Think Again

by Tara Cheever ~ Attorney at Law November 16, 2021 Estate Planning, Trusts, Wills

All adults over age 18 should have some basic estate planning documents in place. And this is true regardless of how much money you have, whether you are married or single, and whether or not you have kids. On that note, if you are an adult of any age and the pandemic didn’t inspire you to create your estate plan, here are four reasons why you shouldn’t wait another day to get your plan started.

Most people assume estate planning only comes into play when they die, but that’s dead wrong – pun fully intended. Although planning for your eventual death is a big part of the process, it’s just as important – if not more so – to plan for your potential incapacity due to a severe accident or illness. READ MORE

Should You Consider a Life Estate for Your Home?

by Tara Cheever ~ Attorney at Law November 12, 2021 Estate Planning

A life estate, sometimes called a right of occupancy, is a property law concept that allows a property owner to split their interest in real estate and other types of property into different kinds of ownership that can exist simultaneously. For example, the owner of a cabin could legally split their ownership interest in the cabin, allowing them to possess and enjoy the cabin for the remainder of their life and then, at death, automatically pass full ownership of the cabin to a named individual.

Using a life estate deed is one way to establish a life estate in your home. This type of deed must be drafted carefully to identify who will own the life interest (the right to possess and enjoy the property during their life) and who will receive the remainder interest (the right to receive the property when the individual owns the life interest dies). READ MORE

Estate Planning Must-Haves for Parents – Even If You Have Legal Documents

by Tara Cheever ~ Attorney at Law November 9, 2021 Estate Planning, Guardians for Minor Children, Special Needs Trust, Trusts

A comprehensive estate plan can protect the things that matter most. For many, this means their property and their family.

When naming a legal guardian for your minor children, there are many factors to consider, such as whether the guardian has similar values to yours or can provide a welcoming home environment. But the most challenging decisions are often the most important. Consider the outcome if you died without having legal protections for your children in place. Your children could be subject to conflict between relatives, or they could be raised by someone you would never want or in a way you wouldn’t want. They could even temporarily be taken into the care of strangers. READ MORE

10 Reasons Why Your Business Needs a Family Business Lawyer™

by Tara Cheever ~ Attorney at Law November 5, 2021 Business Law

Without the guidance and support of trusted legal counsel, you are likely not aware of all the ways your business is leaking money, putting yourself and your family at risk, and possibly limiting the positive impact you have on the lives of your clients.

Beyond those potential issues, if you are handling all of your company’s legal, insurance, financial, and tax decisions yourself, you’ll likely get overwhelmed by all the necessary pieces required to run a business daily – crunching numbers, negotiating contracts, dealing with insurance, and preparing your taxes – and something will suffer. READ MORE

2021 Estate Planning Checkup: Is Your Estate Plan Up to Date?

by Tara Cheever ~ Attorney at Law November 2, 2021 Estate Planning

Even if you put an excellent estate plan in place, it can turn out to be worthless for the people you love if it’s not regularly updated.

Estate planning is not a one-and-done type of deal – your plan should continuously evolve along with your life circumstances and other changing conditions, such as your assets and the law. 

No matter who you are, your life will inevitably change: families change, laws change, assets change, and goals change. In the absence of any significant life events, we recommend reviewing your estate plan annually to ensure its terms are up to date. READ MORE

5 Mistakes Start-ups Make When Forming Their Business

by Tara Cheever ~ Attorney at Law October 29, 2021 Business Law

It seems that everywhere you look, a new start-up is trying to make it big with a game-changing idea. But it’s only the ones that can turn that idea into a reality that reach business success. Too many start-ups fail to transition from concept to execution or encounter significant setbacks along the way. While developing your growing start-up, don’t make the common mistake of disregarding tedious but vital tasks such as making sure all your legal, insurance, financial, and tax ducks are in a row. 

Establishing a solid legal system can help you avoid costly mistakes and save time and stress down the road. Many entrepreneurs struggle with developing such systems because they don’t foresee the most common mistakes start-ups make. Avoiding these only takes a little self-awareness and planning, so read on to learn how to sidestep the five biggest legal mistakes a start-up can make. READ MORE

How Estate Planning Can Bring Blended Families Closer

by Tara Cheever ~ Attorney at Law October 26, 2021 Estate Planning

Yours, mine, and ours, in today’s modern family, it’s oh so familiar. The blended family is the product of 2nd or more marriages, in which one or more of the parties comes with children from a prior marriage. And then, they may even go on to have children together.

Suppose you have or are part of a blended family. In that case, it’s essential to understand how estate planning could be precisely what you need to keep your family out of conflict and in love, both during life, in the event of incapacity, and when one or more of the senior generation or parents dies. 

Let’s begin with understanding where potential conflicts could arise when you have a blended family.  READ MORE

Why Operation Agreements Are a Must For Business Owners

by Tara Cheever ~ Attorney at Law October 22, 2021 Business Law

As with so many things in life, some of the same qualities that help small businesses succeed can also lead to their demise. Fortunately, much of that risk can be lessened through operational excellence.

For example, the owners and managers of small businesses often know each other before going into business together. Sometimes, they’re even related. Preexisting relationships can help propel small businesses forward, especially when there are high levels of trust and competence.

Unfortunately, however, familiarity is sometimes accompanied by a lax attitude toward operational formalities. Owners and managers may skimp in critical areas such as:

Governing documents such as articles of incorporation, partnership agreements, and bylaws;

Solid or regular auditing and accounting practices; and

Shareholder meetings and minutes. READ MORE

Why You Need a Trust – Even if You Aren’t Rich

by Tara Cheever ~ Attorney at Law October 19, 2021 Estate Planning, Trusts

When you hear the words, “trust fund,” do you conjure up images of stately mansions and party yachts? A trust fund – or trust – is actually a great estate planning tool for many people with a wide range of incomes who want to accomplish a specific purpose with their money.

Simply put, a trust is just a vehicle used to transfer assets, and trusts are especially useful for parents of minor children as well as those who wish to spare their beneficiaries the hassle of going to Court in the event of their incapacity or death.

And why would you want to keep your family out of court (known as avoiding probate)? READ MORE

Estate Planning Awareness Week: Don’t Fall Victim to These Common Myths

by Tara Cheever ~ Attorney at Law October 18, 2021 Estate Planning

This week is Estate Planning Awareness Week. To that end, we are geared towards helping you become aware of and better understand common estate planning myths. Left unaddressed, these myths can create serious trouble for your loved ones, often leading to intrafamily conflict, permanently damaged relationships and lengthy and expensive court battles. READ MORE

With Tax Laws in Flux: What Should Business Owners Do Now?

by Tara Cheever ~ Attorney at Law October 15, 2021 Business Law, Tax

If you read last week’s blog titled, “House Democrats Propose Sweeping New Changes To Tax Laws That Stand To Have Major Impact On Business Taxation and Estate Planning—Part 1” or if you’ve been following the news about the coming changes, you know that none of us know what will ultimately happen – or even when we will know the final outcome.

Given that the 2017 Tax Cuts and Jobs Act was not passed until December 2017, and the same thing could happen here, with some provisions potentially impacting your taxes this year, as well as provisions that could impact decisions you’d make for next year, but those decisions must be made now, what should you do? READ MORE

With Tax Laws in Flux: What Should You Do Now?

by Tara Cheever ~ Attorney at Law October 12, 2021 Estate Planning, Tax

Last week in our blog titled “House Democrats Propose Sweeping New Changes to Tax Laws That Stand To Have Major Impact on Estate Planning – Part 1,” we discussed the new bill’s proposed changes to tax rates and estate planning vehicles, including several different types of trusts.

Here, in part two, we’ll focus on what you should do now, given that the tax law is in flux and we may not have clear answers until close to the end of the year. READ MORE

House Democrats Propose Sweeping New Changes To Tax Laws That Stand To Have Major Impact On Business Taxation and Estate Planning – Part 1

by Tara Cheever ~ Attorney at Law October 8, 2021 Business Law, Estate Planning, Tax

On September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws. Specifically, the Democrats have proposed a number of significant tax increases and other changes to fund the plan, including increases to personal income tax rates and READ MORE

House Democrats Propose Sweeping New Changes To Tax Laws That Stand To Have Major Impact On Estate Planning – Part 1

by Tara Cheever ~ Attorney at Law October 6, 2021 Estate Planning, Tax

On September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws. Specifically, the Democrats have proposed a number of significant tax increases and other changes to fund the plan, including increases to personal income tax rates and the capital gains tax rate, along with a major reduction to the federal estate and gift tax exclusion and new restrictions on Grantor Trusts that would basically eliminate such trust’s ability to be used as planning vehicles.

While the proposed legislation is still under consideration and far from being finalized, given the broad-reaching impact these changes stand to have, we strongly encourage you to take action now if you would be affected by the proposed legislation if it does pass. With the exception of capital gains rate increase, which could go into effect on transactions that occur on or after Sept. 13, 2021, most of the proposed changes would be effective after December 31, 2021, meaning that you have time to plan now.

That said, due to the time it takes to plan and execute some of the financial and estate planning actions we’d need to support you with, we suggest you start strategizing now. That way, you’ll have plenty of time to take the appropriate action before the end of the year. With that in mind, here we’ll outline how the proposed tax law changes stand to affect your financial, tax, and estate planning, so you can contact us if you would be impacted if the new bill does pass. READ MORE