Blog - Page 40 of 43 - Lawan Law Group, PLLC

ummil

How Estate Planning Can Bring Blended Families Closer

Yours, mine and ours … in today’s modern family, it’s oh so common. The blended family is theproduct of 2nd (or more) marriages, in which one or more of the parties comes with childrenfrom a prior marriage. And then, they may even go on to have children together. If you have or are part of a blended family, it’s important to understand how estate planningcould be exactly what you need to keep your family out of conflict and in love, both during life,in the event of incapacity, and when one or more of the senior generation (read: parents) dies. Let’s… View Post

ummil

Why Operation Agreements Are a Must For Business Owners

As with so many things in life, some of the same qualities that help small businesses succeed can also lead to their demise. Fortunately, much of that risk can be lessened through operational excellence. For example, the owners and managers of small businesses often know each other before they go into business together. Sometimes, they’re even related. Preexisting relationships can help propel small businesses forward, especially when there are high levels of trust and competence. Unfortunately, however, familiarity is sometimes accompanied by a lax attitude toward operational formalities. Owners and managers may skimp in critical areas such as: Governing documents… View Post

ummil

Why You Need a Trust – Even if You Aren’t Rich

When you hear the words, “trust fund,” do you conjure up images of stately mansions and party yachts? A trust fund – or trust – is actually a great estate planning tool for many people with a wide range of incomes who want to accomplish a specific purpose with their money. Simply put, a trust is just a vehicle used to transfer assets, and trusts are especially useful for parents of minor children as well as those who wish to spare their beneficiaries the hassle of going to Court in the event of their incapacity or death. And why would… View Post

ummil

With Tax Laws in Flux: What Should Business Owners Do Now?

As we wrote last week, on September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws. Specifically, the Democrats proposed a number of significant tax increases and other changes to fund the plan, including increases to personal income tax rates and the capital gains tax rate, along with a major reduction to the federal estate and gift tax exclusion and new restrictions on qualified business income (QBI) deductions. While the proposed legislation is still under consideration and far from being finalized, given… View Post

ummil

House Democrats Propose Sweeping New Changes To Tax Laws That Stand To Have Major Impact On Estate Planning and Business—Part 1

On September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws. Specifically, the Democrats have proposed a number of significant tax increases and other changes to fund the plan, including increases to personal income tax rates and the capital gains tax rate, along with a major reduction to the federal estate and gift tax exclusion and new restrictions on qualified business income (QBI) deductions. While the proposed legislation is still under consideration and far from being finalized, given the broad-reaching impact these… View Post