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Colorado Estate Planning Blog

The importance of proper employee classifications

Employee support is the lifeblood of many businesses. Therefore, it is quite beneficial for employers to have protocols in place that help to support their employees.

Along with them being beneficial for productivity, having necessary business protocols in place aids in keeping the business out of litigation. Particularly in regards to employees, there are a few important aspects for determining employee classifications

UNDERREPORTING BUSINESS INCOME CAN BACKFIRE IN SELLING YOUR BUSINESS

As a business attorney, I've represented several clients who have sold or bought existing businesses. Sometimes the seller of the business will intimate, or even outright admit, that they have underreported their income on the business tax returns.

A Loved One's Incapacity - What Do You Need To Manage Their Affairs?

When someone you love has become too ill to make their own decisions, the natural impulse is to step in to help. However, the law requires that you obtain the authority to make legal, financial, or medical decisions for someone. There are essentially two different ways to obtain that authority, through a power of attorney document signed by the loved one while they were well, or through the courts.

An employment contract contains mutually beneficial elements

More detailed than a basic employment agreement, an employment contract should clearly state employee benefits and employer expectations.

If written correctly with clarity and focus, the contract should serve the interests of both parties well. Here are five elements to include.

Paying Hourly Employees: What Counts as "Hours Worked" Colorado?

As small business attorneys, our clients often ask about laws that mandate how and when employees must be paid.

Many small businesses employ workers who are considered non-exempt under the Fair Labor Standards Act (FLSA). The employer must pay those employees at least minimum wage for all "hours worked." Overtime requirements to are determined by this standard of "hours worked."

For some employers, however, the activities that qualify as "hours worked" may be more complicated than first appears. A few of the examples below have been classified by the U.S. Department of Labor as work and therefore must be compensated as hours worked.

What to Consider Before Buying a Business

Entrepreneurship is part of the spirit of America, the land of opportunity. Many have worked hard from the ground up to build successful companies. Perhaps you want to take part in the American dream but do not want to start completely from scratch.

An alternative action is to buy an existing business. Many owners want to sell, and not just because the company may be in financial hot water. The person may simply be ready to move on to a different phase of life or start another business and give full attention to that one. If looking to buy, remember to consider these important factors.

Which Bank Deserves Your Money

A father who lived in Colorado named his son, who lives out of state, as personal representative of his will. The father had a safe deposit box in Colorado, and after his death the bank insisted that the son was the only person who could access the safe deposit box, and that he must travel across the country to do so. The bank would not allow the son to authorize his sister, who lived in Colorado, to access the account. The paperwork that the bank demanded showed their ignorance of both the situation and Colorado law, and eventually the son had to hire Karen to correct the miscommunication with the bank.

Have You Signed A Personal Guarantee for your Business Debts? 5 Ways Small Business Owners Can Reduce Personal Liability

As a small business owner myself, I have an affinity for those who choose to hang out their own shingle. I like to help small business owners minimize their risk.

One way owners of closely held businesses face personal risk is through a personal guarantee. You set up a corporation or limited liability company precisely to limit your personal risk. Now in order to get a lease or financing, you are being asked to sign a personal guarantee.

Family Conflict in Estate Planning

Communication between family members can be difficult even under the best of circumstances. No matter how much we love and want to support each other, it can be easy for old baggage and disagreements to get in the way. Unfortunately, estate planning often does not occur under the best of circumstances, so it came as no surprise to us that a recent survey identified family conflict as the biggest threat to estate planning.

Common Legal Myths About Estate Planning

It is vital for all American adults to take a more proactive approach to their legacy. All adults need to start estate planning well in advance when they are still in a good state of mind to do so. You need to protect your assets and finances so you can pass down important items to your children and other loved ones. 

There are numerous myths that persist around estate planning. Many of these myths cause people to make errors in their paperwork. It is paramount to debunk these myths so that Colorado residents can become better prepared for their golden years. 

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