When two or more people come together to form a business, they may focus on many different issues that they anticipate will arise as they run the business. One of the main issues that should be discussed is a plan for how the business will be sold, dissolved, or inherited in the event one of… [Continue Reading]
When Time Matters in a Commercial Transaction
The use of contracts in commercial transactions is both common and recommended. Most contracts contain terms that are crucial to each party, and the failure to perform one or more obligations under the contract can affect the ability of the other party to perform under the contract. Therefore, when an aspect of the deal is… [Continue Reading]
Using a Domestic Asset Protection Trust
Asset protection in the context of marriage is usually done through the use of a prenuptial and sometimes postnuptial agreement. However, this is not the only way to protect a person’s assets from being divided in a divorce. People with significant personal wealth who do not wish to use a traditional prenuptial agreement can use… [Continue Reading]
Passing on Bank Accounts Through Totten Trusts
There are many ways in which a person can pass on property to others upon death. Some methods take longer than others to get through the probate process, while other methods avoid probate altogether. In fact, most people are advised to use estate planning tools that avoid probate, and this is true in situations where… [Continue Reading]
The Difference Between Revocable And Irrevocable Trusts
Trusts are an often recommended method of transferring assets after death. Trusts generally have many benefits, including the ability to avoid probate proceedings. There are different kinds of trusts that a person may establish, but they fall into two broad categories – revocable and irrevocable trusts. With both a revocable and an irrevocable trust, the… [Continue Reading]
Piercing the Corporate Veil and the Loss of Limited Liability Protection
One of the advantages of forming a business as a corporation or a limited liability company is the limitation on liability these business forms offer. Through the limited liability, shareholders and directors are protected from being held personally liable for the debts and obligations of the business. This protection is beneficial, especially when the business… [Continue Reading]
Filing for Chapter 7 Bankruptcy After Divorce
Divorces can be expensive in many ways, and for some people, being stuck with all the marital debt or a large portion of it can mean that filing for bankruptcy is inevitable. Filing for bankruptcy after a divorce does not always mean that a person’s obligation to pay off all debt is cancelled. Depending on the steps… [Continue Reading]
How to Protect the Online Reputation of Your Business
Having an online presence can be a great way for a business to maximize its profits. Using various social media platforms and other internet resources to reach consumers can help increase sales and better advertise products. However, having the wrong message sent out can hurt the business and require a major public relations clean-up campaign.… [Continue Reading]
Using a Pour Over Will Along With a Trust in Estate Planning
Some people prefer to use trusts as their main method of estate planning for various reasons, including the ability to avoid the long delay that probate may cause in distributing assets to beneficiaries. Those who use trusts often transfer titles to the property and assets they wish to distribute through the trust during their lifetimes.… [Continue Reading]
Deed in Lieu of Foreclosure
Homeowners who are facing foreclosure sometimes try to negotiate with the mortgage lender for permission to sell the home, and walk away without having to pay any difference between the selling price and the mortgage loan. However, if a sale is not possible, and there is no other available option for the homeowner to keep… [Continue Reading]
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