Blog - Page 22 of 37 - Lawan Law Group, PLLC

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Why Everyone Needs to Keep Their Estate Plan Updated

As the world and its laws continue to evolve, everyone needs to keep their estate plans up to date. An estate plan is a set of documents, such as a will or trust, that dictate how assets will be distributed upon death or incapacity. An individual’s current legal and financial situation should be considered to create a comprehensive estate plan tailored specifically to their needs. Ensure Your Wishes Are Respected The primary reason to update an estate plan is to ensure that an individual’s wishes are respected upon death. For example, suppose an individual has recently acquired valuable property or… View Post

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Protecting Your Privacy: Understanding Nominee Services for Business Owners

As a business owner, you may want to keep your personal information private and out of the public record. Luckily, if you want to run your own business but prefer to stay out of the spotlight, there’s a solution to this problem that many business owners use – nominee services. Nominee services allow you to use the personal information of a nominee on your business’s records, such as articles of incorporation and annual financial reports, instead of using your own personal information. By doing so, you can keep your identity confidential while still complying with legal requirements. What Is a… View Post

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Obtaining A Power Of Attorney For Elderly Parents

Making important decisions for aging parents can be a challenging task, but power of attorney (POA) can provide peace of mind and clarity in times of need. POA enables individuals to make crucial decisions on behalf of their parents, such as managing their finances or making medical decisions, when they are unable to do so themselves due to age or illness. While it may be difficult to approach this topic with your parents, having these discussions early on can help ensure that you follow their wishes if their health changes over time. Starting the conversation with empathy and understanding can… View Post

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Understanding The Difference Between A Cash Flow Statement And A Profit And Loss Statement

To run a business successfully, it is necessary to create various financial documents, including cash flow and profit and loss (P&L) statements. Doing this enables business owners to understand their business’s current financial health and make appropriate changes to improve company performance. Many business owners hire accountants to create these documents. Still, it can be beneficial for these individuals to learn how to do this themselves, as this can help them reduce their costs and gain a greater understanding of their businesses. For business owners to create these documents, knowing the differences between them is essential. What Is a Cash… View Post

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Your Rights As The Parent Of A Young Adult — What You Need To Know When A Medical Crisis Hits

As a parent, you are quite accustomed to managing your children’s legal and medical affairs, as circumstances require. If your child requires urgent medical attention while away from you, a simple phone call authorizing care can do the trick. But what happens when those “children” turn 18, now adults in the eyes of the law, and need urgent medical attention far from home? The simple fact is that the day your child turns 18, he or she becomes an adult and has the legal rights of an adult. This means that you lose your prior held rights to make medical… View Post