Let’s say you own valuable home but do not have many other assets. You may be able to avoid probate if you did not own the home and if you take care of your bank accounts by listing your kids as the POD (Payable On Death) beneficiaries. Question – Can you...
S-Corporations are a popular business structure but not always a perfect fit. Pros: Pass-through taxation (no double taxation) Limited liability protection for owners Potential tax savings on self-employment taxes Cons: Stricter operational requirements than LLCs...
Here are the 4 typical “contingencies” you will find in contracts to purchase or sell property. Basically, contingencies will kill the deal. Pay attention to these: Financing – if buyer doesn’t get financing – no deal. Appraisal – if the property doesn’t appraise for...
It can be overwhelming when a loved one passes away. Then, throw in a probate and it can feel worse but it doesn’t have to be. Here is the simplified overview of what to expect from a probate: File the Will and an Application for Probate. Appoint an Executor. Notify...
It is critical for developers to understand zoning laws. Here are a few of the biggie areas to know for successful projects: Types of zoning classifications (residential, commercial, industrial, etc). Permitted uses within each classification. Process to change zoning...
Don’t run your business any longer without a good Buy-Sell Agreement. Buy-Sell Agreement = documents what happens when a business owner wants to leave; becomes incapacitated; or passes away. Here are 5 key elements to include: Triggering Events (death, disability,...
