Blog - Page 29 of 43 - Lawan Law Group, PLLC

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What Every Business Owner Needs Now… Live Every Day As If It Could Be Your Last

If you dream of one day retiring from your business, selling it, or leaving your company to your family, there are essential planning steps to take care of today, no matter how far away you think that time may be. Even if you are just starting, beginning with the end in mind will set your business up for a lifetime of success and leave your heirs, clients or customers, and team with a valuable asset when you are gone. Perhaps surprisingly, properly planning for what would happen to your business upon your death or incapacity is one of the most… View Post

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5 Reasons Why Shopping For The Cheapest Estate Plan Could Leave Your Family With An Unintended Mess

In most cases, from the most sophisticated business people with the highest net worth to those just starting in the workforce and on their path to adulthood, you very likely do not know how to evaluate estimates when shopping for an estate plan. Shopping for an estate plan based on getting the lowest cost plan possible is often the fastest path to leaving your family with an empty set of documents (maybe in a beautiful binder, but not worth the paper they are written on) that won’t work for your family when they need it. Unfortunately, we see the negative… View Post

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How To Choose The Right Entity Structure For Your Company—Part 2

Of all the different choices you have to make when starting a new business, arguably none is more critical or has a more significant impact on your success or failure than your choice of business entity structure. The entity you choose will affect everything from the amount of taxes you pay and the type of records you are required to keep to how vulnerable your personal assets are to the legal and financial liabilities incurred by your company, and even your ability to finance your venture. When choosing between the different entity types, you will be considering one of the… View Post

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3 Reasons Why Transferring Ownership Of Your Home To Your Child Is A Bad Idea

Whether it’s to qualify for Medicaid, avoid probate, or reduce your tax burden, transferring ownership of your home to your adult child during your lifetime may seem like a smart move. But in nearly all cases, it’s actually a huge mistake, which can lead to dire consequences for everyone involved. With this in mind, before you sign over the title to your family’s beloved homestead, consider the following potential risks. 1. Your Eligibility For Medicaid Could Be Jeopardized With the cost of long-term care skyrocketing, you may be worried about your (or your senior parents’) ability to pay for lengthy… View Post

ummil

How To Choose The Right Entity Structure For Your Company—Part 1

Of all the different choices you have to make when starting a new business, arguably none is more critical or has a more significant impact on your success or failure than your choice of business entity structure. The entity you choose will affect everything from the amount of taxes you pay and the type of records you are required to keep to how vulnerable your personal assets are to the legal and financial liabilities incurred by your company, and even your ability to finance your venture. When choosing between the different entity types, you will be considering one of the… View Post