Think Twice Before You Gift Your House to Your Children
Giving away your home to your children before you pass away can have major tax consequences and prevent legacy planning opportunities. In spite of this, many people follow outdated advice of giving away property before they pass away.
Why You Should Set Up an Irrevocable Trust
An Irrevocable Trust is a trust that you generally cannot revoke or change. You may want to set up an Irrevocable Trust to reduce estate taxes, or even protect your property against Divorces, Lawsuits and/or Creditors. Let’s learn more about how Irrevocable Trusts are structured, and the benefits they can provide.
Common Estate Planning Myths We Wish People Would Stop Believing.
As Estate Planning attorneys, we understand how important it is to properly plan for both the future and the here and now. While most of the general population would tend to agree with this statement, most people often overlook the importance of Estate Planning and the crucial role it can play in their individual planning.
Choose the Best Connecticut Trust Lawyer
As a lawyer who focuses in trusts and estates, I understand the importance of choosing the best trust lawyer in for your family. The decision to create a trust is not one that should be taken lightly, and it is essential to have an experienced and knowledgeable lawyer to guide you through the process.
The Dangers of DIY Contracts
Contracts are an essential component of effective business management and development. Savvy business owners recognize the value of contracts but often explore ways to reduce the cost of obtaining them. In some instances, business owners attempt to create their own contracts by using templates available online.
7 Steps for Settling an Estate in Connecticut
Probate is the legal process during which a named representative for the estate (“fiduciary”) carries out the filings required by the Probate Court and makes distributions to estate beneficiaries. The Probate Court in the district the individual last resided oversees this process and ensures that administration expenses and debts are paid and that the property and possessions of the deceased are distributed to the correct people.
If you are the Executor or Administrator of an estate, the following outline provides you with some of the major responsibilities you will have in settling the estate. Every situation is different, and you should consult with an attorney specializing in estate administration to ensure that filings are timely and accurate and that you are following correct distribution procedures.
How to Start Your Business Year Strong
It has been a tough couple of years for many small businesses, but, as the adage goes, what doesn’t kill you makes you stronger.
Small businesses that survived the challenges of 2020 and 2021—the worst pandemic in US history, a nationwide labor shortage, supply chain volatility, and rising inflation during 2022—are heading into 2023 with fresh hope. According to a new survey from the US Chamber of Commerce and MetLife, more than 75 percent of small business owners are optimistic about the future of their business. About 60 percent say their business is in good health, and 42 percent say they plan to invest in their business in the next twelve months.
Does My Employment Agreement Protect My Business?
Does your employment agreement protect your business ?Employment agreements are essential to protect your business and your employees. These agreements create legal obligations and represent the contractual relationships between employers and employees. A word of caution, however: Not all employment agreements are the same. An employment agreement could do more harm than good if it is not carefully crafted for your specific situation. When hiring a new employee, it is vital to ensure that your agreement accurately captures the expectations of both parties. Here are a few guidelines to keep in mind when creating an employment agreement for a new hire.
How to Open a Business Account
New business owners often wonder which action items to prioritize when launching a new venture. If you recently started or are about to start a business, one of the most important steps you should take is to open a business bank account that is separate from your personal account. Opening a separate account will lay the foundation for more effective liability management, financial tracking, and tax preparation.
Understanding Payroll as an Employer
Understand payroll like a boss. Here are a few concepts to get you started.
Asset Protection For Entrepreneurs
Going into business for yourself is a risky endeavor. From investing in goods and services and hiring employees to simply carrying out the daily tasks related to your business, each step is fraught with risks. This is especially true given the litigious nature of our society. As a result, many entrepreneurs employ asset protection strategies. Asset protection is a form of strategic planning aimed at minimizing risk and protecting assets from creditors’ claims and litigation.
Planning for Long-term Care with Medicaid
Medicaid, also known as “Title XIX”, is a needs-based program for individuals who are 65 years of age or older, or disabled, and who lack sufficient income and assets to pay for their long-term medical care and treatment. If an individual meets the eligibility criteria, Medicaid will pay health care providers directly for long-term health care services delivered to the individual in a nursing home or at home. Medicaid also pays for additional medical services, such as doctor visits, inpatient and outpatient hospital care, laboratory services, and transportation necessary to receive medical care.