I am often asked how liability insurance is different from entity liability protection. Liability insurance is purchased from an insurance company to cover claims against the business. Business entities such as limited liability companies (LLC’s) and corporations provide limited liability protection, which prevents creditors from seizing the business owners’ assets. Business owners do not realize…
If you become unable to direct your own medical care because of illness, an accident, or advanced age, the right legal documents are your lifeline. When you don’t write down your wishes about the kinds of medical treatment you want and name someone you trust to oversee your care, these important matters can be placed…
Most marriage-oriented trusts postpone payment of estate taxes until both spouses in a marriage have died. A marital deduction trust allows you to put property in trust with your spouse as the beneficiary. Upon your death, your spouse has the right to use the property in the trust. No matter how valuable the property in…
Many times employers improperly classify their employees as independent contractors so they, the employers, do not have to pay payroll taxes, the minimum wage or overtime, comply with other wage and hour law requirements such as providing meal periods and rest breaks, or reimburse their workers for business expenses incurred in performing their jobs. Moreover,…
I am often asked how liability insurance is different from entity liability protection. Liability insurance is purchased from an insurance company to cover claims against the business. Business entities such as limited liability companies (LLC’s) and corporations provide limited liability protection, which prevents creditors from seizing the business owners’ assets. Business owners do not realize…
Many believe that setting up an estate plan is all there is to estate planning. This is incorrect, and potentially disastrous. Estate plans need to be updated if certain life changes occur, and if there are no life changes, every three to four years. By leaving an estate plan stagnant, trustors put themselves and their beneficiaries…
