In this article, you will discover: The different types of guardianship for minor children. How the role of a guardian differs from the role of a trustee for minor children. How to fund a special needs trust. When Should A Guardianship Be Set Up For Your Minor Children? It’s important to establish guardianship for your minor children as part of your estate planning process. You can do this when creating your will, just be sure to designate a guardian for your child. Additionally, you might consider setting up a trust to further protect your child’s interests and inherited assets. Can Life Insurance Documents Be Included In Estate Planning As A Method To Provide For Minor Children? While life insurance can be included in a trust, there might be potential tax consequences to consider. Our firm specializes in trust creation and administration, but if you’re considering adding life insurance to your trust, it’s…Read More
When starting or buying a business, people often need to think about how they will set up their legal structure. Is it a sole proprietorship, joint venture, LLC or corporation? For best protection from liability, the latter two are often used. An LLC is less paper intensive than a C or S Corporation. For example, I bought a pizza parlor with a relative at 50/50 ownership. We set up a S corporation (requires a special filing with the IRS and is time sensitive) and listed our ownership, prepared the necessary documentation and state filings. Registering as a merchant, including getting payroll and liability insurance were among the many things we we had to do as new business owners. When thinking about setting up a legal entity, one should speak with and hire an attorney. I have seen new business owners look more at cost savings vs. what services will be…Read More
