Blog

When you first realize that your biggest personal and business expense—bar none—is taxes, it can come as quite a shock. Seeing so much of your hard-earned money wind up in the government's hands can feel like a shakedown. That said, focusing a relatively small amount of time and effort into strat...

You might think that only the super wealthy need to worry about asset protection planning. But the truth is that if you don't have millions, you may be at even greater risk. For instance, if you are a multi-millionaire, a $50,000 judgment against you might not be that big of a deal. But for a fam...

Many business owners structure their business as a limited liability company (LLC) because like corporations, LLCs offer personal liability protection for their owners. But unlike corporations, LLCs are not required to adhere to many of the same burdensome corporate formalities required of corpor...

If you must work in order to earn your income, you need to have disability insurance. That said, purchasing such insurance is a “buyer beware” situation. This is because when it comes to most disability insurance policies, you must be aware of the numerous pitfalls that come with acquiring covera...

Running a business is a huge responsibility, so putting a lot of thought and effort into your legal agreements is likely pretty low on your list of priorities. But giving short shrift to your agreements can cost you big time—and in more ways than one. In order to save time and money, you may be ...

Last week, in part one, we looked at the different things having a will in place allows you to do. Here, in part two, we detail all of the things that your will does not do, along with identifying the specific estate planning tools and strategies that you should have in place to make up for the p...

Setting up the right legal structure for your business may seem like a boring detail that you don't need to spend much time on. But, in reality, selecting the right entity for your company is one of the most critical decisions you can make as a business owner. That said, there are all sorts of m...

If you have already prepared your will, congratulations—too few Americans have taken this key first step in the estate planning process. In fact, only 33% of Americans have created their will, according to Caring.com's 2022 Wills and Estate Planning Study.  Yet, while having a will is important—...

While you may think of your team as family and believe that they would never sue you, lawsuits filed by employees are actually one of the most common causes of litigation for small businesses. In fact, nearly one in every five small businesses will get sued by an employee at some point. Of all ...

Following the death of a loved one, close family members are sometimes surprised to learn that they didn't receive the inheritance they were expecting, and that the deceased instead left most of their estate to an individual they only recently met, who wasn't even a relative. While it's not alway...

Putting in place the right types and amounts of business insurance is a key part of your company's LIFT risk-mitigation and asset-protection foundation. However, like other foundational business systems, if your business insurance isn't regularly reviewed and updated as your operation grows, your...

If you have started to save for your child or grandchild's college education, it's worth considering whether to use a 529 plan, an education savings account, or an irrevocable trust.  Last week we discussed 529 plans and education savings accounts, which are both popular options for saving for c...

Using independent contractors (ICs) can give your company an edge in today's thriving gig economy, but if you are not careful, contractors can also be a serious liability. In fact, working with ICs comes with a number of unique legal and financial risks that can be potentially ruinous to your bus...

If you have started to save for your child or grandchild's college education, it's worth considering whether to use a 529 plan, an education savings account, or an Irrevocable Trust.  Here's what we think you should consider as you decide:  First, consider whether you want your offspring to hav...

When you run your own business, oftentimes one of the most confusing aspects of the job, especially if you are new to the experience, is understanding how to separate yourself from your business. And this issue can show up in so many ways, from achieving a work/life balance and managing your time...

In August, President Biden, Vice President Harris, and the U.S. Department of Education (DOE) announced a three-part plan to help low and middle-income families deal with the increasingly burdensome cost of paying for college, while also making the student loan system more efficient and easier fo...

If you dream of one day leaving your company to your family, but you haven't properly included your business in your estate plan, that dream could become a nightmare for your heirs—and for your partners, team members, and clients, too. In fact, properly planning for what would happen to your busi...

Despite the fact that it happens to every single one of us and is as every bit as natural as birth, very few among us are properly prepared for death—whether our own death or the death of a loved one.  Yet the pandemic might be changing this. According to Census figures, the pandemic caused the...

Although it's the likely most boring part of your website, having a well-thought-out Terms of Use page for your company's website is a smart move. Your Terms of Use page sets the rules for your company's website, and going without one opens your business up to a number of unnecessary risks. Also...

Despite the fact that it happens to every single one of us and is as every bit as natural as birth, very few among us are properly prepared for death—whether our own death or the death of a loved one.  Yet the pandemic might be changing this. According to Census figures, the pandemic caused the...

There are numerous advantages to running your own business: being your own boss, setting your own hours, getting to decide who you work with and what you work on. However, business ownership can also be one of the most stressful endeavors you'll ever undertake in your life. While running your ow...

With divorce occurring in roughly 50% of all marriages in the U.S. and life expectancy increasing every day, second—and even third—marriages are becoming quite common. And when people get remarried in mid-life and beyond, they often bring children from prior marriages into the mix. Such unions ar...

Regardless of the industry you are in, the reality of being a business owner is that you open yourself up to a number of unique risks that most people don't have to worry about—and the more successful your business is, the more risks you face.  Unfortunately, most business owners aren't fully aw...

When creating an estate plan, people are often most concerned with passing on the “big things” like real estate, bank accounts, and vehicles. Yet these possessions very often aren't the items that have the most meaning for the loved ones we leave behind. Smaller items, like family heirlooms and ...

Do you feel obligated to check work emails, texts, and voicemails at all hours? Do you often work evenings, weekends, and holidays, even after you promised yourself you wouldn't? Do you feel pressured to say yes to pushy clients because it's easier than saying no? Do you feel resentful of clie...