You have spent years building your small business, but have you taken time to consider what will happen to it when you retire, become disabled, or pass away? Although it is often hard to fathom an event that may not occur for many years, it is important to put plans in place in advance. The [...]
Following up on our last post about Why Title Matters for real estate. This month we will examining some common real estate interests and related titling options. Real estate is more than just your primary residence. It can include other real estate such as a vacation home or a rental property. Depending upon the type [...]
Real estate can take on different forms of ownership depending upon the number of parties and the unique circumstances involved. Understanding how your real estate is owned, or “titled,” is necessary because this determines the extent of control you have over your real estate, how susceptible your property is to creditors, and what will happen [...]
In 2020, we alerted you to the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), which became effective as of January 1, 2020. See our original blog post HERE. The SECURE Act requires most designated beneficiaries (other than a surviving spouse or certain protected classes of beneficiaries) to withdraw the entire balance of [...]
With a push by the Democratic party to restore federal estate taxes to their historic norms, taxpayers need to act now before Congress passes legislation that could adversely impact their estates. Currently, the federal estate and gift tax exemption is set at $11.58 million per taxpayer. Assets included in a decedent’s estate that exceed the [...]
Last week, Missouri finally approved the notarization and witnessing of estate planning documents by virtual presence. Until the order was passed, we were conducting our signing meetings at the building entrance to avoid traffic in the office suite. For those that signed their documents during this time, a special witness was present in addition to [...]
In the midst of a global pandemic, it goes without saying that an updated estate plan is critical. While we are monitoring the current situation with COVID-19 (Coronavirus) and are mindful of CDC recommendations, The Lynn Law Firm, LLC remains open at this time and committed to assisting our clients with protecting themselves and their [...]
If you have kept up with current events, you know that January 1st marked a significant change to retirement accounts. On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), which became effective January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in [...]
An unexpected death, disability, or retirement. An irreconcilable dispute. Divorce. These triggering events may put your successful, stable business into a tailspin. Luckily, a buy-sell agreement can help you and your business be better prepared to handle these events. What is a Buy-Sell Agreement? A buy-sell agreement is a legally binding agreement between co-owners of [...]
A great article from Time - worth the read...click to go to Time.com... WHY YOU NEED TO MAKE A 'WHEN I DIE' FILE BEFORE IT'S TOO LATE
