Family Wealth and Other Musings

Along with personal liability protection, record-keeping requirements, and how you plan to finance your operation, one of the main factors to consider when choosing an entity structure for your business is deciding how your want your company taxed. Your choice of entity will not only determine the rate at which. your business is taxes, as well as how and when you are required to file your taxes, but it can also impact a variety of other factors affecting both you and your company. 

Last week we covered sole proprietorships, partnerships, and LLCs. This week listen in as your host, Becky Easton provides a brief overview of the tax obligations for C Corporations and S Corporations, along with some of the advantages and disadvantages inherent to each structure. 

Be sure to reach out to a Family Business Lawyer near you for assistance and advice before making your final decision. 

(c) New Law Business Model

If you earn a good living now, but you worry about not having enough money for a future time when you cannot work due to illness or injury, disability insurance is your answer. However, you need to make sure you are getting an insurance policy that will meet your needs and not waste your money.

Today, your host, Becky Easton, covers 7 issues to consider when purchasing disability insurance.

Along with personal liability protection, record-keeping requirements, and how you plan to finance your operation, one of the main factors to consider when choosing an entity structure for your business is deciding how your want your company taxed. Your choice of entity will not only determine the rate at which. your business is taxes, as well as how and when you are required to file your taxes, but it can also impact a variety of other factors affecting both you and your company.

Listen in as your host, Becky Easton provides a brief overview of the tax obligations for each type of business entity, along with some of the advantages and disadvantages inherent to each structure.

Be sure to reach out to a Family Business Lawyer near you for assistance and advice before making your final decision.

(c) New Law Business Model

If you have preferences about what happens to your digital footprint after your death, you need to take action. Unless you've planned ahead, some of your digital accounts survive indefinitely, while others automatically expire, and others have specific processes allowing you to name individuals who may have access to manage your accounts.

In this week's final edition of the series, your host, Becky Easton discusses the most effective methods for including digital assets in your estate plan.

Check out these programs and services mentioned in the podcast:

lastpass.com

directivecommunications.com

Find a Personal Family Lawyer near you: personalfamilylawyer.com

Despite the critical role agreements play in a company’s success, far too many business owners fail to take their agreements seriously. Whether it’s winging it by creating your own agreements or using cheap, do-it-yourself (DIY) legal documents you purchase online, failing to treat your legal agreements with the respect they deserve can seriously cost you.

Last week, in part one, your host, Becky Easton covered the first 5 of 10 pitfalls that can put your company in serious jeopardy if you take the DIY route with your legal agreements. Here in part two, she’ll cover the five remaining pitfalls that you’re likely to encounter when going it alone with these vital documents.

Find a Family Business Lawyer near you: familybusinesslawyer.co

(c) New Law Business Model

Following your death, unless you’ve planned ahead, some of your online accounts will survive indefinitely, while others automatically expire after a period of inactivity, and still others have specific processes that let you give family and friends the ability to access and posthumously manage your accounts.

Last week, in part one of this series, your host, Becky Easton covered the processes that Facebook and Google have in place to manage your digital accounts following your death. Here in part two, she'll continue the discussion, covering how Instagram, Twitter, and Apple’s collection of online platforms handle your accounts once you log off for the final time.

Check out our blog at FamilyWealthSecrets.eastonlawpllc.com

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Hot on the heels of Episode 87 on what you SHOULD keep in your safe deposit box, your host, Becky Easton now discusses a few of the things you should NOT keep in your safe deposit box.

Sourced from this Kiplinger.com article.

With digital records and cloud storage becoming the norm, the bricks-and-mortar safe deposit box might seem outmoded. But don’t rush to declare the safe deposit box a relic of the past just yet. Listen in as your host, Becky Easton discusses 11 things you SHOULD consider keeping in your safe deposit box.

Sourced from this Kiplinger.com article.

Even if you do have a Will or a Trust, this alone may not be enough to give your loved ones access to the contents of your iPhone after you pass away.

A lot of your financial information is stored on your phone, and with the rise of two-factor authentication your loved ones may find that they need to receive a text message on your phone to access an account of yours after your death. 

Listen in as your host, Becky Easton, discusses the iOS 15 Digital Legacy Contact and how to set it up.

If you are named a Digital Legacy Contact and are ready to request access, head to digital-legacy.apple.com with the access key and a copy of your loved one's death certificate.

Agreements are the heart of your business. Indeed, your entire business is one vast series of agreements: agreements with investors and lenders, clients and vendors, employees and contractors, as well as partners and customers. Yet, despite the critical role they play in a company’s success, far too many business owners fail to take their agreements seriously.

Listen in as your host, Becky Easton discusses how complex legal agreements can be and how ill-prepared you are to draft your own, with 10 pitfalls that can put your company in serious jeopardy if you take the DIY route with such important legal documents.

Tune back in next Wednesday for the rest of the discussion!

Find a Family Business Lawyer near you: familybusinesslawyer.com

(c) New Law Business Model