Experienced Tennessee business law attorneys routinely help commercial principals across the state create agreements that are critically important for their enterprises. The work that proven legal counsel does spans contract preparation, negotiation, review, periodic revision and, when necessary, enforcement.
Do you know who will make important decisions if you cannot?
You probably already know that an estate plan can help you plan what you want to happen after your death. However, many people do not realize that an estate plan also allows you to plan what you want to happen while you are alive.
Durable powers of attorney and living wills are specific tools that can help protect you and your assets if you ever become incapacitated. Understanding what each of these tools offers can help you make the most of your estate plan.
Probate litigation can be spurred by many, diverse factors
The Tennessee probate process governs asset administration following an individual's death. A common probate scenario spotlights court-directed oversight of the asset-transfer process from a decedent to beneficiaries specified in a will.
We note on our website at the established Middle Tennessee estate planning law firm of Russ Cook & Associates that probate is often a "straightforward" exercise that does not present undue challenges. The process will always take a bit of time and cost some money, but it is hardly a life-upending event in legions of cases.
What to consider when choosing a trustee
A trust provides you with enhanced control and protection over your hard-earned assets. Notably, a trust can protect your assets from risks like divorce, creditors, federal estate taxes and more.
However, you must choose another to oversee and administer the assets within the trust. Choosing your trustee can be a complex decision. You must consider family dynamics, personal attributes, financial literacy and more. Forbes outlines several considerations for identifying a trustee:
LLC or corporation: What's right for your Tennessee business?
We noted in a recent Russ Cook & Associates blog post two distinct business forms that often attract close attention from entrepreneurs and start-up principals in Tennessee and nationally.
Those are corporations and limited liability companies (LLCs), respectively. We stress in our July 1 blog entry that, because "ultimate business success or failure is often determined at company inception," it is imperative for owners to make the right entity selection for their enterprises.
Considerations surrounding entity choice: LLC or corporation?
"Entrepreneurship is risky."
We note that point in a prior blog post at Russ Cook & Associates. We stress in our April 6 entry that it is a given in the American business world, with its diverse and quickly changing landscape.
Employment agreements important for many TN business owners
At the established Brentwood business law firm of Russ & Cook Associates, we believe that effective representation of Tennessee business owners spans the entire lifecycle of a business – from early issues focused on entity formation to late-stage matters addressing dissolution and buy-out agreements.
We address those matters and many other key business issues on our firm’s website. In doing so, we spotlight one area upon which many commercial principals and entrepreneurs especially focus: the “preparation, review and negotiation of internal contracts and agreements.”
New family member? Time to update your will.
It's typical for most people to update their will every three to five years. However, some situations should kickstart this process.
Adding a new addition to the family is definitely one reason to make modifications sooner rather than later. Here's when a new addition should change what's in your will.
Can I prevent a child's inheritance from being squandered?
You will always love your kids, but that does not mean that you must trust them. When children grow into adults, they sometimes go their own directions. Some adult children never develop good money management skills. They may spend money as soon as they receive it, they may have significant debts or they may use their money to feed unhealthy addictions like drugs or gambling.
If you have a child who is less than financially savvy, you may have concerns about allowing him or her to inherit some of your wealth. However, there is a way to pass on your assets while protecting your child from himself or herself.
Preserving digital assets in your estate plan
You may have made a comfortable living from your popular food blog. You may also own a substantial amount in cryptocurrency holdings. Lastly, you may store a large amount of your personal information online, from your various social media accounts to your photos and videos saved online.
The reality of today is that you likely have at least some of your personal information, accounts, records or more stored online. Your estate plan may meticulously account for your plans to transfer your Nashville home, vehicle, wealth, prized art collection and more to loved ones. However, what happens to your digital assets?
