The Corporate Transparency Act & Maintaining Compliance

I don't work with public companies, but I do observe the general economic conditions. Right now, the stock market has tanked, and inflation has continued to go up. The world is in a chaotic space right now. Many of my corporate clients are looking for opportunities to sell their businesses. 

Prince Rogers Nelson notoriously litigated furiously and made a lot of lawyers very rich, but he never drew up a will. I, like many others, was convinced for the longest time that there would be this tiny county attorney who would come forward with Prince's will, but it never happened. 

The number one mistake business owners make is waiting too long to begin the exit planning process. If you wait until the last minute to start exit planning then you might get less value out of your business than you would have otherwise. This could be because you didn't do proper tax planning and therefore the tax effects of the transaction are not favorable to you. 

You might be creating a huge mess. You've worked your whole life to create this nest egg, this value, this wealth of opportunity, and it's all going to go down the drain if you don't plan accordingly. 

What is Probate Law? It's the area of estate planning that deals with the assets of a deceased person after they have passed away, and there are multiple processes. Probate is technically when you have a person who had a Will, but we use the term sort of generically. 

Your will is important. In today’s “hustle and bustle” world, it can be an afterthought—something you’re going to “get to” when you “have the time.” 

Here's what you need to know about tax proposals to pay for the Biden administration’s “Build Back Better Act".

Following on our last blog regarding the NCAA clearing of student-athletes to pursue name, image and likeness (NIL) deals, we want to talk about why this makes sense to major corporations and the lesson for each of us.