Difference Between a Will and a Trust

You’ve heard of a “will” and a “trust,” but you may not know the differences between the two. You may be asking yourself, “Do I need a will?” or “Do I need a trust?” or “Do I need both?” Both wills and trusts are valuable estate planning tools that serve different purposes. Depending on an […]

Attorney J. Kenneth Harris to Present at Trusts 101 Seminar

Attorney J. Kenneth Harris of Harris Law Offices will be discussing Grantor Trusts during his presentation at the National Business Institute’s Trusts 101 Seminar on October 6. The seminar is designed for professionals who are involved in the creation, administration, and termination of trusts – this includes attorneys, accountants, tax preparers, trust officers, and paralegals. […]

Tax ID Numbers for LLCs ©2014

I recently had a client contact me with the following situation: a limited liability company (“LLC”) was formed to operate a business and there was a single owner/member of the LLC. In the case of a single member LLC, the IRS (Internal Revenue Service) says that absent a specific election to the contrary a single […]

Change of Beneficiary – What You Need to Know

One of the main purposes of estate planning is to have control over how your assets are distributed when you die. When you choose people to receive your money, your home, your furnishings and personal belongings, they are called “beneficiaries.” A beneficiary is anyone who gains an advantage or profits from something. In the estate […]

How To Probate Your Estate

“Oh! Pick me! I know the answer to this one. I can probate myself easily. I just write up a Will and then when I die, that Will holds true.” Well that is great and saves us all the time of this blog post, right? Wrong! If probating an estate were really that easy then […]

Why Plan Your Estate?

Throughout life, there is one inevitable fact: someday, we all will pass on. This can be a scary thought for some of us, especially if we fear death. Imagine how much scarier this would be for those who have to live on in our absence. After this stark true realization, the question then becomes, how […]

The Benefits of Probate

It’s very difficult for spouses, family members and close friends to deal with their loved one’s passing and to complicate matters even more, they have to start thinking about what to do with their loved one’s property and making sure that an inheritance is passed on to the heirs. What some people may not realize […]

Last Will and Testaments

The last will and testament, otherwise known as a “will” is a legal document that communicates one’s personal wishes as pertaining to their possessions and their heirs or beneficiaries. Your last will and testament will outline what you want done with your possessions; for example, whether you want them to be left to certain family […]

Importance of a Retirement Plan

From a personal and financial perspective, retirement is an important milestone in life. For most of us, realizing a comfortable retirement where we don’t have to pinch pennies is an incredibly extensive process that requires sensible planning and many years of diligent persistence. Once you reach retirement age, managing your retirement funds is an ongoing […]

Do I Need A Buy-Sell Agreement?

Buy-sell agreements, cross purchase agreements, shareholder agreements and stock redemption agreements are the various forms and names of agreements between business owners (“Agreements”) which are used to provide for the orderly transfer of closely held business interests. They differ only in respect of the manner in which the purchase is accomplished and the purchaser. The […]