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December 2017 Archives

Business planning and succession needs legal assistance

For many people who start a business in New Jersey, it is not simply a method to earn a living and provide goods and services. A vast portion of business are the life's work of the person who started it and its future is still a concern even if they are considering moving on. It might be a family business with it passed from one person to another for generations and stayed in the family. Or there could be a complicated structure with partners and others who would like to take over. Business succession is not as simple as handing the reins to the next person in line. There could be issues that make it necessary to negotiate business disputes and there could be disagreements as to the structure of ownership. With any business and a succession plan, having a lawyer to help is crucial.

Entity formation is important even when selling the business

Business owners in New Jersey who are still trying to determine how best to move forward during the structural changes being proposed and implemented by the presidential administration of Donald J. Trump must keep certain factors in mind. This extends to what type of entity formation is best for them, especially when thinking about a near or distant future in which the business will seek a buyout from a larger company.

Is probate important when crafting an estate plan?

For a New Jersey resident who is preparing an estate plan, a frequently overlooked part of the process is probate. Many people who take the steps to craft an estate plan do not fully grasp the importance of probate. It is vital for people who would like the distribution of assets to go smoothly and according to their estate plan that they are fully cognizant of probate and its different aspects.

How to avoid a probate that drags on for years

Probate is a long process. It is necessary that the courts allow plenty of time to verify the identity of your heirs, the value of your property and the validity of your will. Your creditors must also have a chance to claim what you still owe at the time of your demise. All of this may take about nine months or longer, but this time frame depends on many factors.

Factors of a trade name for a New Jersey business start up

Many New Jersey residents have a dream to start their own business. Often, they even have a solid product or service to sell at the start. However, the technical aspects of business formation are not just confusing, but are outright frightening. Such issues as what the legal form of the business will be and how to go about putting it into action can leave prospective business owners stagnant. This is when it is imperative to maintain focus on the goal and to have legal assistance with the start-up company and how to get it moving in the right direction.

How may proposed tax changes influence my business entity form?

People in New Jersey and across the nation who have a business or are considering a business start-up have been watching the debate about changes to the tax code with a close eye. The changes, if they are completed, will fundamentally alter how business is done everywhere. While it can be confusing, there are some issues that should be fully understood and they can affect people who are in business or are planning a business. Although there will be a reduction in taxes for small businesses, it is not necessarily prudent to form a corporation yet.

With trusts, is a testamentary trust right for me?

For many New Jersey residents who are estate planning, a will in and of itself is not sufficient for their purposes. There are other instruments they would like to use as part of the comprehensive estate plan. A will determines what property will go to whom after the settlor's death. Some people want to have a trust too. There are types of trusts that will become effective at the time of the settlor's death. This is known as a testamentary trust.

Don't underestimate the importance of estate planning

While consider our demise isn't something we normally do on a regular basis, thinking about the end of life can be reframed in a positive way. By considering how important estate planning is and taking the right steps to protect your assets, you can begin to consider the ultimate end while knowing you've done everything to provide for those who mean most - your family.

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Mount Laurel Office
403 Birchfield Drive
Suite 403A
Mount Laurel, NJ 08054

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Linwood Office
327 Central Avenue
Linwood, NJ 08221

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Cape May Court House Office
618 Route 9 South
Cape May Court House, NJ 08210

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Woodbury, NJ 08096

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