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Most Recent Attorney’s Blog Posts
- Corporate and LLC Meetings, Minutes & Resolutions
Business owners are often advised on the importance of holding annual meetings, documenting their minutes, and exercising proper corporate formalities as a method of preventing the “piercing of the corporate veil.” However, although many people know they should be holding meetings and doing their minutes, our experience with new business owners who do not have a history of being in the “corporate” world or serving on a “board of directors” is often a feeling of confusion and cluelessness as to what meetings and minutes are and what purposes they serve. Although the general purpose of meetings, minutes and resolutions are ... read more - Getting Married? You’ll Need a Caterer, a Photographer, a DJ … and a Lawyer!
The process of getting married can be one of the most wonderful, exciting … and stressful periods in a person’s life. There’s so much to plan for and do (and so many people to impress) that it can be hard to focus on what’s really important – the fact that you are making a commitment to love, honor and cherish the person who is (hopefully) the love of your life. In the midst of deciding what flavor of cake to have and who will make the cut in terms of getting an invitation, please don’t overlook the fact that ... read more - Penalty-Free Early IRA Distributions for College Education Expenses
Do you have tuition or other college expenses due for yourself, your spouse, or your child? Would you like to use your IRA to pay for these expenses? Would you like to avoid the 10% early withdrawal penalty for accessing your IRA funds before you are age 59 ½? This article outlines how you can avoid the 10% early withdrawal penalty when using your IRA to pay for higher education expenses. Whether you should actually take a distribution from your IRA to pay for the higher education expenses of your child is another topic. Sadly, too many parents have raided ... read more - Essential Tax & Legal Tips for the NEW Business Owner
Starting a business is a process. It is MUCH more than filing the one or two page articles/certificate of formation with the state. At the same time, it doesn’t have to be so complicated and overwhelming that you never start. Further, not only is starting a business a process, it’s a process that is unique to YOU. It is not a cookie-cutter one size fits all proposition. What your business and YOUR situation require may be completely different than anyone else you might know who is self-employed. Having said that, here are ten tips that apply to all businesses, but ... read more - Buying a Retirement Home With Your Self-Directed IRA
A common question among self-directed IRA investors is, “Can I buy a future retirement home with my IRA?” Yes, you can buy a future retirement home with your IRA, but you need to understand the rules and drawbacks before doing so. First, keep in mind that IRAs can only hold investments and you cannot go buy a residence or second home with your IRA for personal use. However, you can buy an investment property with a self-directed IRA (aka “SDIRA”) that you later distribute from your IRA and use personally. The strategy essentially works in two phases. First, the ... read more - Til Death Do Us Part – Marriage and Asset Protection
The question of whether a spouse can be held liable for the debts of the other spouse is often asked from married (or to be married) couples, but the answer is not uniform and depends largely on the laws of the state where you reside. MOST STATES – COMMON LAW TREATMENT The large majority of states that are NOT one of the nine “community property” states discussed below operate under the “common law” system, derived from Great Britain. In these common law states, the liabilities of married couples are generally determined under the “title” theory, meaning whichever spouse is ... read more - Pokémon No! How Pikachu Ended Up Getting Served with a Class Action Lawsuit
Remember Pokémon Go? About this time last year, the “augmented reality” game in which players use their smartphones to capture and train various species of Pokémon was a global phenomenon, with nearly seven million daily downloads. It was sort of the “thing to do” of Summer 2016. While Pokémon Fever has certainly subsided a bit, the game still has plenty of rabid fans. In fact, last month’s Pokémon Go Fest in Chicago drew 20,000 Pokémon Go die-hards to the city’s Grant Park. The Fest was billed as a chance for Pokémon Go “trainers” to compete against each other and bag ... read more - Self-Directed IRAs, the DOL Fiduciary Rule, and Private Investment Denials
The so-called “DOL Fiduciary Rule” went into effect in June and has caused negative repercussions on self-directed retirement account investors who self-directed their IRA, 401(k), or pension into alternative investments. Many self-directed investors have been shut out from investing into private offerings – real estate funds, private placements, start-ups, private REITs, etc. – as investment sponsors or private companies raising funds fear that, by accepting the self-directed retirement account’s investment, they will be labeled a “fiduciary” and will need to adhere to fiduciary rules really meant for investment advisers. What is a Fiduciary? The ... read more - Estate Planning 101: 5 Tips to Avoid Mistakes
As I work with small business owners and investors throughout the year, I want them to see the big picture when it comes to Estate Planning. Many misunderstand what the Estate Plan is all about and think it’s simply an ‘asset protection’ strategy…that couldn’t be further from the truth. An Estate Plan is about passing on your hard earned wealth to your loved ones, or a project/institution you love. What a tragedy for a small business owner or investor to spend decades toiling to build wealth, only to have it crumble at the very end of their life because ... read more - Legal Tips for Wholesaling Real Estate
Many real estate investors regard wholesaling as a way to learn how to evaluate deals and develop your real estate network. It is also a method to profit from investing in real estate without requiring significant up front capital. Wholesaling is a strategy whereby the wholesaler enters into a purchase contract with a seller of real estate and then assigns the purchase contract to another third party who will typically rehab the property and flip it for a profit (at least that is the goal). Although most investors regard wholesaling as involving less risk than, for example, the flipper ... read more
