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FamilyTrust


Entity Term and Liquidation Issues for Participants

Each Entity must have a specifically stated date to dissolve and wind up business. The Entity can be extended (or dissolved earlier) by mutual agreement of the Participants, but this may be difficult to obtain in the future. Therefore, the founder(s) should specify a life likely to accomplish the intended business purpose(s) of the Entity Read More …


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FamilyTrust


How to keep your legal documents current

A mistake many entrepreneurs make is not having current legal documents. This makes them vulnerable to the piercing of the corporate veil. Corporations or LLCs are separate entities; the owners and managers have limited personal liability for the company’s debts. If the corporate veil is pierced you could be held personally liable for corporate debts. Read More …


family trust heir responsibility

FamilyTrust


How to educate heirs on their future roles and responsibilities

When preparing your legacy to pass on to your heirs it’s important for them to understand what will happen after you pass. They should know their future roles and responsibilities. It is your job to prepare them. If taking over the family business or philanthropic foundation is an important piece of your legacy, educate your Read More …


Family Trust incentive trusts

FamilyTrust


How to foster heir responsibility through incentive trusts

Everyone hopes their heirs will be responsible with their inheritance, but too often the heirs experience Sudden Money Syndrome and treat their inheritance like lottery winnings. A simple solution to this is making money available when a beneficiary makes responsible decisions instead of dispensing funds from a trust at certain ages. This is commonly called Read More …


incentive trusts can drive family discord

FamilyTrust


Avoiding Potential Issues With Incentive Trusts

An incentive trust promotes your values to your heirs by setting stipulations before beneficiaries may receive funds. They are a popular way of discouraging frivolous spending and fostering a healthy work ethic. For example, they may provide a payment for a high GPA in college and on completion of a degree, or when the beneficiary Read More …


Your Living Will Might Kill You

FamilyTrust


Don’t Let a Living Will Be the Death of You

A living will is a legal document that says “let me die” if death is pending as defined by state statute. It is typically a subjective statement of one’s intent to die – specifying how to let one die if one does not die immediately, such as by removal of food and/or water. A living Read More …


Tax Savings for Commercial Builders and Renovators

FamilyTrust


Tax Savings for Commercial Builders and Renovators

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Digital Assets = Passive Power!

FamilyTrust


Digital Assets Explosion = Passive Power!

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Plan - Protect - Control

FamilyTrust


Connect Legacy Planning and Asset Protection to Your Tax-Reduction Strategies

If you take just one of the following steps, you can start to reap tax-saving benefits that will significantly reduce your tax liability every year. If you take two or all three of these steps, you can take your business and personal portfolios to the next level, where even more opportunity for tax savings exist. Read More …


Wealth Building & Legacy Planning

FamilyTrust


Legacy Planning & Wealth Building

Your success has been hard-earned and full of important lessons about the value of each and every dollar you’ve received or spent. You’ve burned the midnight oil once too often, but recognize that is what it took to get to the point of being a successful entrepreneur with a loving family and an important role Read More …