Small businesses make a huge contribution to the U.S. economy. Nevertheless, starting a new business is risky. Lenders view loans to small businesses, particularly start-ups, as among the riskiest they make, particularly when there is little or no credit history or business revenue on which to base their decision. In an effort to lessen their risk, lenders frequently require small business owners to sign personal…
Your Vacation Checklist
You’ve packed sunblock and a beach novel. You’ve planned your itinerary and bought plane tickets. But have you ensured that your estate plan is up to date? Don’t leave home without making sure your financial health and the future of your loved ones is provided for. It’s even more crucial than getting a pet sitter and locking the front door. Creating an Estate PlanIf you…
Beverly, MA Estate Planning Attorney: How to Use a 529 Plan to Save for Education Expenses While Benefiting Your Estate
If you’ve heard of a 529 Plan, you probably think of it as a means of education funding for your children or your grandchildren. These plans are sponsored by state agencies or educational institutions, and they’re available to people of all income brackets. While a 529 Plan is a great tool for saving for college, you can also use it as part of your estate…
How Long Does It Take to Settle an Estate in Essex County and Middlesex County, MA?
One of the most common questions asked when it comes to settling an estate in Essex County or Middlesex County, MA is, “How long is this going to take?” The answer to that question is, of course, going to vary depending upon several factors. In some situations, probate may just take a few months; in others, it could take well over a year. Due to…
Loan, Gift, or Advancement: Why the Classification Matters
While we all want to provide financial help to our loved ones—whether they are family or close friends—it is important to understand that how the money is classified will directly affect your estate planning. Accordingly, the intent behind the transfer of the money is key when determining if it will be considered a loan, gift, or advancement. Understanding the Differences Loan If there is a…
Want a Greater Sense of Purpose? Plan Your Legacy
When you think about the legacy you’ll leave, what comes to mind? Perhaps it’s security for your family or a positive contribution to your community. It could also be a tribute to the arts. Whatever it is, you don’t have to wait until you pass on to actualize your legacy. Now is the time to begin planning and implementing your wishes. It’s Not Too Soon…
How to Avoid a Disastrous Will or Trust Contest
A will or trust contest can derail your final wishes, rapidly deplete your estate, and tear your loved ones apart. But with proper planning, you can prevent that result. What is a Will or Trust Contest? A will or trust contest is a type of lawsuit that is filed to object to the validity of a will or trust. Who Can Contest a Will or…
Wondering Whether You Need to Update Your Estate Plan? Yes, You Do, and Here’s Why
Please allow us to be frank. It’s unrealistic to think that a piece of paper you draft, reflecting your life at a certain time, will work when your life has completely changed some years later. We’ll use the Kendrick family as an example. Meet the Kendricks Meet Bill and Karen Kendrick. They got their first estate plan in place when their daughter, Jessica, was born…
Your Personal Property Memorandum: 4 Tips for Success
What is a personal property memorandum? It is a frequently-used estate planning document that provides an opportunity to expand upon your will or trust. Many wills or trusts simply divide the whole of an estate equally between surviving family members. But, what if you’d prefer a more detailed plan for particular items you want to leave to specific individuals? If you’d like to ensure that…
Dealing with Negative Online Reviews of Your Business
You’ve worked hard to build your small business. Nothing is more frustrating than negative online reviews, particularly if you feel they are unjustified or have been posted in bad faith. There are several steps that you can take to prevent your business’s reputation from being damaged by unfavorable reviews. Respond promptly and professionally. More and more potential customers are turning to internet review sites like…