Caring For Your Aging Parents
During the planning process, many of our clients express concern over the planning (or lack thereof) done by their parents and what impact that might have on them. As is the case with younger clients, proactive planning is always better than reactive planning. While a will or trust may be an important part of planning for aging parents, having a financial power of attorney and healthcare power of attorney in place prior to needing them is a significant benefit. In addition to planning, we have relationships with several companies and charities that specifically serve the aging community. For example, there are potential benefits for veterans and their caregivers that many people simply don’t know exist. Please let us know if we can be a resource or assist you or your parents with planning that will benefit them and you.
Business Law – Making Someone a Partner in Your Business
Incentive based compensation is nothing new and often allows companies to hire individuals at a lower salary by giving that person a stake in the business. Granting ownership for services has a downside that most business owners don’t fully comprehend. Depending on how the entity is taxed (S-corp, partnership, or C-corp), the structure of the units or stock needs to follow certain rules. Also, depending on how you structure the units or stock, the issuance can cause a significant tax consequence for the recipient. If you are considering issuing equity to an employee, please contact us for a free consultation to make sure that you understand the potential pitfalls and alternatives.