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Colorado Estate Planning Blog

Bringing employees into your company? Have an employment contract

You may have been one of the many Colorado entrepreneurs who started your company in your home. Perhaps you handled all the necessary tasks alone or with one other person until your business got off the ground. Fortunately, your company saw success to a point where you knew you needed to find a commercial space from which to operate and to bring in outside help.

Outside help typically comes in the form of employees who business owners hire to carry out various tasks. If you have reached a point where you need to hire employees, you may feel excited. After all, this step means that your company has grown to a point where you cannot handle everything alone. However, it is important that you do not overlook the legal implications of bringing in hired workers.

Choosing an entity during the business planning process

There is much more involved with starting a business than simply having a good idea for a company and then creating a Facebook page. In the weeks and months leading up to starting a business, there are important decisions you will have to make that will lay the groundwork for the future direction and success of your company. One of these includes the choice of a business entity.

The business entity or type of structure will impact how your Colorado company operates in the future, taxation and your personal liability for business debts. There are several different options, and the right choice depends on your individual situation and the objectives you have for the operation of your company. This is an important decision, and it will be helpful to have an in-depth understanding of all of your options before you move forward.

4 Factors that may Affect Your Business's Succession Planning

You have a significant amount of time, money and effort invested in the business you started. Eventually, though, you must either step aside and let someone else take the reins or wrap up your venture. After all, you simply cannot work forever.

A business succession plan outlines what happens to your business before, during and after your departure. Not all succession plans are easy to draft, however. Here are four factors that may affect your business's succession planning.

Can You Plan Your Estate During A Pandemic?

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:

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5400 Ward Road, Building 5-170
Arvada, CO 80002

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