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The difference between wills and trusts

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Most people are familiar with the terms and know they have something to do with estate planning, yet few understand what they are, even when they have one or both. Both are legal documents used to transfer assets to others, but they are very different and serve different purposes. An oversimplification is that wills are written instructions to the probate court telling the court, after you die, who is getting your assets, who is taking […]

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Protection by Corporations and LLCs for Personal Services

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I was recently told by an individual that they had formed an LLC to protect their assets from liabilities and lawsuits associated with the work they were doing through the LLC. The work they were providing was personal services in the medical field. Unfortunately for them, the LLC would be of little protection. It may protect you personally from a breach of contract, however, as a professional we are all responsible for our own actions. […]

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Why your 18 year old needs a health care surrogate

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Imagine, your child just turned 18 and they suffer an injury that requires surgery. They’re still on your health insurance and they’re still in high school, but you can’t access the records or make any of the decisions. Seems crazy, but it’s true. Once your child turns 18 they are legally an adult and in order for any health care providers to give you any information, your child must consent to them speaking to you about […]

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How to determine the value of a business

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There are numerous methods for determining the value of a business, however, as a general rule a business is valued at 2 to 4 times the business owners benefit based upon the businesses financial records. The business owners benefit will typically include their salary, dividends, health insurance, company car and any other expenses paid by the business for the benefit of the owner. Although this is the general rule, there are many factors that can […]

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Financing the sale of your small business

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When it comes time to sell your small business there are traditionally 4 methods of paying the sale price … cash, bank loan, private loan, seller loan. Often times, the sale involves a combination of 2 or more of these methods. If you are the seller, you typically want to get paid in full at the time of the sale, whether its cash, a bank loan, a private loan, or any combination of those 3. […]

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