An LLC is a particularly flexible form of business entity that is governed by statute and most often is organized in the estate planning context as a ‘manager managed’ LLC.
To protect assets effectively, you have to store them in the right legal entity. However, that can depend on whether you’re looking to protect business assets, avoid estate taxes, or protect personal assets from legal liability while running a business.
Most estate planning starts with a will. The legal document covers what to do with your assets and provides important direction on the care for minor children.
A frequent complaint by next-generation members is that the senior generation never fully lets go of business tasks.
Failing to properly plan for disability, death, or the ultimate transition of a family business can lead to disastrous financial consequences for both the business and the family.
Robert, the older brother, and Lon, the younger one, were close as they were growing up in the Queens borough of New York City. However, when their mother passed away and left the bulk of her estate to Robert, Lon was devastated.
Doing some ‘upstream’ planning now will take the guesswork out of what’s coming your way.
When you own or operate a business, ensuring that this plan accounts for the future of the business is critical.
No one enters a relationship — be it personal or business — thinking it will fail. However, what happens when it does?
A common and often costly mistake when it comes to business succession planning is not starting the process early enough.
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