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Can a Trustee Be Held Personally Liable?
If you are ever appointed a trustee, you will have a fiduciary duty to act on behalf of the beneficiaries. If you breach that duty, you may find yourself in court. Being a trustee is not an easy job. Trustees must follow the terms of the trust and are accountable to...
Choosing a Business Entity Form for your New Company
Business Entity Formation Business entities can take many different forms - sole proprietorships, partnerships, limited liability companies (LLC), and corporations are the most common ones. Although they are simple and have the most flexibility and least regulation,...
Seven Reasons to Update Your Will
Even if you have a valid will, you may need to draft a new one for a variety of reasons. A will is an essential part of planning for the future. But don't think creating a will is a one-time proposition. Some Reasons You May Need to Draft a New Will Are: 1. Deaths -...
A Trust to Help Fund the Payment of Estate Taxes
Consider this dilemma faced by a high-net worth individual: He doesn't want his heirs to be burdened with estate taxes so he takes out a life insurance policy to cover the tax bill. But then the proceeds of the insurance policy wind up as part of his estate — only to...
Would a Revocable Trust be Beneficial to You?
When developing an estate plan, a revocable trust can provide benefits that, in some cases, significantly outweigh the cost of setting one up. A revocable trust offers great flexibility, can save money by avoiding probate, provides privacy about your finances and it...
Choosing the Right Legal Form for Your Business
Choosing the appropriate legal form for a business is one of the first issues most entrepreneurs face. It is an important decision at the formation stage and also as a business grows. Sole proprietorships are generally the easiest. Corporations offer some different...