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January 2020 Archives

Business formation: Beyond the idea

Great ideas are easy to recognize at play in the marketplace. But as an aspiring entrepreneur, it can be hard to settle on an idea that's truly workable. Your instinct may be to go with your gut for a business concept-your first "great" idea. However, it's important to seriously consider the potential profitability of your endeavor before you move forward legally with business formation.

Probate litigation could result over life insurance beneficiaries

It is common to leave assets to surviving loved ones using payable-on-death or transfer-on-death designations. These designations allow you to name beneficiaries directly to take over an account or asset. Life insurance policies typically allow for direct beneficiary designations, and while this can be convenient, issues could arise during probate if a spouse is not named as the beneficiary.

Testamentary trusts can better ensure asset control

Questions about how to provide for irresponsible family members and minor children are common in estate planning. Rather than simply not leaving assets to those loved ones, you may want to consider your planning options. Fortunately, numerous estate planning tools can be utilized to create a plan for you and your family. A testamentary trust is one such estate planning tool.

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