With COVID-19 spreading rapidly, communities and individuals alike are racing to protect themselves and their loved ones. Many of these precautions are simple and short term, such as working with neighbors to deliver groceries while someone is in quarantine. There are also long-term estate planning steps that you can take, however, to keep your loved ones informed and your wishes respected in the face of the virus.
How has the Pandemic Changed How Our Law Firm Services Clients?
The pandemic has changed so much about how everyone is doing things, from wearing masks in public to homeschooling as the norm. That applies to the legal field as well. Here in Jefferson County, judges are holding hearings using webinar software, all jury trials have been vacated, and legal paperwork that can't be filed online has to be delivered to a dropbox. I read recently that https://kdvr.com/news/coronavirus/tennessee-judge-turns-parking-lot-into-courtroom/.
Keep good employees on board with a good benefits package
Perhaps you have lost one or two super-star employees to the competition and do not want to see any others go out the door.
One way to keep good employees happy and disinclined to leave your company is to provide the kind of benefits package that keeps them on board.
Your Plan Only Works If It Is There When Most Needed Estate Planning in Times of Crisis
This is the first in a series of blog posts written in response to the Covid-19 crisis. I've been hesitant to write anything that could be construed as exploiting this terrible pandemic. Yet, like so many others, I've been looking for a way to use what I know to help. Turns out that the virus has prompted a lot of interest right now in estate planning. The anxiety and confusion that permeates everyone's life right now is causing many people to question whether they are properly prepared for the future.
How COVID-19 Is Shaping The Law In Colorado And Beyond
One of the first obstacles our office faced while making plans to quarantine was the document signing process. After all, an in-person signature with witnesses and notaries are an essential element of most of our legally binding documents. While we can discuss, draft, and share your estate planning documents remotely, our delivery process typically requires at least 5 people in the room to finalize signatures.
Transparency Issues in Estates and Trusts
Requesting Inventories, Accountings, and other Information
As you became involved with your own estate planning or that of a loved one, one of the first questions that arose likely involved the exchange of information. When you're the beneficiary of an estate, can you get an inventory of all of the estate's assets? What about a copy of the Will and other legal documents? When you're the Personal Representative of a trust, what do you have to tell the interested parties, and how often do you have to update this information?
Misunderstandings about the rights and duties of interested parties can lead to conflict and even, in extreme cases, legal battles and lawsuits. When both the beneficiary and Personal Representative/Trustee understand their rights and duties, much of this unpleasantness can be avoided.
Making business succession part of your estate plan
What will happen to your business when you retire? What will happen to it if you die or become incapacitated?
These are questions that will likely come to mind as you prepare or update your estate plan. Therefore, here are three business succession options to consider:
Supporting Adult Children Before and After Your Estate Plan
As we enter 2020, it's certainly no secret at this point that adult Millennials and Generation Z have needed to rely on their parents for financial stability. According to this article from Consumer Reports, as many as 7 out of 10 parents give more money to their adult children than they do to their own savings or retirement plans. Although this article is largely concerned with the effect this pattern of gifting has on retirement and the younger generation's independence, we'd like to look at the way these gifts affect estate planning.
Craft your business plan with your audience in mind
If you are about to launch a new venture, your business plan is going to be a highly important tool to help you reach your goals.
You may want several versions of the plan because you will want to target different audiences for different reasons. That said, here are five points to include in every version.
Business formation types that limit personal liability
Unless you are careful when you initially set up your new business, you run the risk of exposing yourself to potential liability. The type of business structure you create ultimately determines everything from how you pay your business's taxes to the type of paperwork you need to file to stay compliant. Thus, while there are many variables involved in picking the structure that may best fit your needs, there are two specific types you may want to consider if limiting liability is a primary objective.
More specifically, two business types that limit personal liability and protect your personal assets include the limited liability company and the S corporation. In other words, if someone sues your business and you used one of these formation types when creating it, your home, car, savings accounts and other assets will typically remain safe.
