June 2019 - Jim A Lyon Law Firm

Tips for Family Business Succession Planning

Statistics compiled by Forbes reveal that approximately 80 to 90% of businesses in the United States are either owned or controlled by families. Other data reveals that only one third of these businesses survive into the second generation of a family and that only 10% of businesses make it to the third generation. One of the reasons why businesses are not successfully passed between generations is lack of adequate estate planning. It is important to remember that there is simply no universal estate plan that works for every business, which is why options like online estate planning often does not work. Instead, it is critical to carefully consider the various ways to pass ownership of a business between family members. Obtain the assistance of an experienced estate planning lawyer who can help guide you in creating the right business succession plan. The following will review some helpful tips that you should remember when creating a strong succession plan for a family-owned business. Consider Changing the Business Structure If a business is structured as a sole proprietorship or a partnership, it is important to remember that these entities are viewed as comparable to personal assets of the owner and cannot be [...]

Estate Planning Lessons From Tom Petty and Other Celebrities

One of the most repeated pieces of estate planning advice is to create a will. While the late musician Tom Petty made sure to create a will prior to his death in 2017, there is still an ongoing legal battle concerning the administration of Petty’s estate. Even though Petty established a trust and named his wife as trustee, Petty’s daughters from an earlier marriage claim that Petty’s widow is not providing them with enough control over Petty’s assets. Petty’s daughters have initiated a lawsuit against Tom Petty Unlimited, which is an LLC tasked with managing the musician’s legacy. This dispute is just one of several recent highly-publicized estate battles involving celebrities with similar situations, such as Aretha Franklin and Prince. Because it can be difficult to create a good estate plan, many people find the assistance of an experienced estate planning attorney particularly valuable. The following are some valuable lessons that can be gleaned from recent celebrity deaths. Plan for Unanticipated Events There a number of celebrities who pass away with trusts and wills in place, but because they fail to take potential births or deaths into consideration, problems arise after death. For example, the late rapper XXXTenacion failed to [...]

gstealth132019-06-22T12:52:19+00:00Tags: estate planning|

Five Essential Steps to Take When Estate Planning for Your Pet

It can be difficult adjusting to life without a loved pet. It can be just as challenging to make sure a pet is properly cared for in the event that something happens to you. While it might be a grim thought, the truth is that every day a countless number of people are killed or incapacitated by serious accidents. If you were involved in a catastrophe of this nature, you would want to make sure that someone else could provide the care and love that your pet deserves. Despite recognizing the value of a pet trust, many people fail to create one. As a result when accidents do occur, pets are left to face the consequences. The ASPCA reports that each year, approximately half a million cats and dogs are placed in shelters because their owners are either killed or incapacitated in serious injuries. Fortunately, with some adequate estate planning, it is possible to make sure that your pet is cared for in the event something happens to you. Make Sure to Appoint Someone to Manage Your Pet’s Care Many people decide to use formal estate planning documents like wills to appoint someone to take care of a pet. [...]

gstealth132019-06-12T00:15:14+00:00Tags: estate planning, pet trusts, pets|

Things to Look for When Selecting an Estate Planning Attorney

Estate planning is an important process for all people, regardless of the extent of their assets. One of the primary purposes of estate planning is to make sure that your estate, debts, and assets are distributed in accordance with your wishes following your death. There are, however, a number of complex issues that arise during the estate planning process. For this reason, having the help of an experienced estate planning attorney is paramount. The following are just some of the reasons why things you should look for in an experienced estate planning lawyer. The Lawyer Focuses on Estate Planning Performing proper estate planning requires a unique set of skills. Not only is it important to understand some of the complex laws that dictate how estate planning proceeds, a skilled lawyer also must understand some of the unique emotional considerations involved with estate planning. Additionally, the best estate planning lawyers have helped a number of people successfully navigate the same estate planning issues that you are now facing. The Attorney Knows How to Best Protect You and Your Family It is important to retain the assistance of an estate planning attorney who can make sure that you and your family pass [...]

gstealth132019-06-09T13:55:30+00:00Tags: estate plan, estate planning|