South Florida Estate Planning News
Recent Posts and Articles
How to Own Real Estate
How to Own Your Real Estate Your real estate encompasses not only your primary residence but also any vacation homes, rental properties, or even vacant land you may own. The ideal form of ownership varies depending on the type of property and your individual circumstances. Your Primary Residence How you…
A Simple Guide for Business Owners Thinking About Retirement
Business Owner Retirement: Employee-Based Succession Planning: MBOs and ESOPs Explained After years of pouring your energy, passion, and grit into building a successful business, the idea of handing over the reins can feel both thrilling and a little nerve-racking. But what if your exit strategy could reward the very people…
Retirement Planning for Business Owners
Business owners often devote years of time, energy, and money into building their companies, sometimes assuming the business itself is the retirement plan. While your business may be a valuable asset, relying on it as your only source of retirement income can be risky. Retirement planning looks very different when…
Who Runs Your Business If You Can’t? The Essential Guide to Planning Ahead
Life doesn’t warn us before it interrupts our plans. If you’re a business owner, even a few weeks away — whether due to illness, travel, or unexpected emergencies — can cause real disruption
Running a Business with Your Spouse? Here’s How to Stay on Track—At Work and at Home
Running a business with your spouse can be incredibly rewarding—but let’s be honest, it’s not always easy. You live together, work together, and probably spend most of your free time together too. With that kind of closeness, it’s important to find balance, both personally and professionally. Here are a few…
Why Your LLC Needs an Operating Agreement
An operating agreement is crucial for LLCs as it outlines the operational framework and provides various benefits.
• Customizable Business Operations: An operating agreement allows LLCs to customize their management and ownership structures, including profit distribution, ownership transfer restrictions, tax payment methods, and signatories for business accounts.
• Maintaining Limited Liability: Having an operating agreement helps maintain the limited liability of LLC members by demonstrating the separation between the business and its owners, which is especially important for single-member LLCs.
• Decision-Making Framework: The agreement specifies how decisions are made within the LLC, which is vital for multimember and manager-managed LLCs to avoid conflicts and ensure smooth operations.
Continuity Planning
Our friend John has a job at Publix. He has a good job, a comfortable salary, and a nice home. However, John has never thought about what would happen if he lost his job or became ill or injured. One day, John is involved in a car accident and is…
CTA Imposes New Small Business Reporting Requirements for 2024
If you have a small business, you will most likely have to comply with the new Corporate Transparency Act. Failure to comply with the new act has both civil and criminal penalties, including imprisonment, so it is imperative to understand if you are responsible to comply with the act.
Planning for Your Digital Legacy
Instead of existing in photo albums and on videotapes and DVDs, most of our family photos and videos are now digital. Even if they lack commercial value, they certainly have sentimental value that you want to preserve for your family and friends. Social media accounts containing your photos and videos can also have value to your loved ones when you are gone.
LLC Voting Rights: Who Has a Voice?
On average, 4 million new businesses are started each year in the United States. Many of those businesses are organized as limited liability companies (LLCs). Combining the benefits of a corporation and a partnership, an LLC protects its members’ personal assets from business liabilities, avoids double taxation, and provides flexibility…
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