It can be unnerving to think about writing a will, but like anything you do it is best to plan ahead. A will simply tells your family how to handle your assets and debts when you pass away.
Starting a new business? How do you best protect your personal assets and separate yourself from that of the business? There are a variety of options and an LLC is just one of them.
It goes without saying, Congress will always talk of making it simplier for the average person or small business owner to file their taxes. Unfortunately, it only gets more confusing and complex.
Not really. It isn’t as bad as some make it sound. The State of Ohio will distribute your estate via Ohio Law: To your spouse and/or children, if none, then to immediate family, etc.
Your wishes not being adhered to. There are some potential unintended consequences should you pass away with a spouse and children as Ohio State Law requires distribution to both (i.e. die intestate – no will) It could require assets needing to be sold to comply.
Scroll down further and watch the video and then contact an attorney with further questions. Or check out our Will Kit at: www.rhaunlaw.com/willkit
Any small business owner, whether solo or with employees should separate their business assets from their personal assets. LLC, S-Corp, etc. If the business is not a separate legal entity and the business is sued or files for bankruptcy the plaintiff or Bankruptcy Trustee could get access to your personal assets to pay the business debts.
In most instances you will use Schedule C with your personal tax return to enter your business income and deductions, and at your personal income tax rate. An S-Corp has it’s own tax return and then you receive a schedule K to file with your personal tax return. The S-Corp, per se, doesn’t pay the income tax. You do.
Scroll down and watch the video and then reach out to your local attorney for more information.
The average form 1040 takes over 15 hours to prepare and it makes you feel like you are lost in a maze.
For small business owners the added complexity is even more burdensome. This doesn't take into account the constantly changing rules.
You may want to consider help or guidance through the maze with your specific taxation needs.
Documenting your Personal, Financial, and Medical Information
A companion to your will or booklet on its own serves to allows you to provide vital details your family and/or attorney will need to settle your affairs. Ranging from who to contact, your assets and liabilities, social media accounts, medical history and more.
Should you become incapaciated this information will be essential for identfying and maintaining your assets, paying your obligations, and supporting your family.
Have you been overwhelmed with piecing together a life puzzle with no guidance or documentation after experiencing the loss or incapacitation of a loved one?
Were you left to determine:
o Who to notify?
o What bills to pay?
o Where assets were located?
o Which accounts should be closed?
How do you get started?
Before the Sun Sets, in either hardcopy or Adobe® editable PDF format, is an organized solution for documenting YOUR personal, financial, and medical information in one location - readily available to your family if and when the need arises.
LEARN MORE and ORDER at http://www.rhaunlaw.com/btss
The Will Kit includes an editable PDF document to assist in identifying key information needed to begin drafting your Will.
Durable Power of Attorney for Healthcare
Durable Power of Attorney for Finances
LEARN MORE at www.rhaunlaw.com/willkit
The New Testament is comprised of 27 books or a total of 260 chapters. This booklet provides a summary of each of those chapters. The goal is to be a guide to support you on your journey while you learn more about the Lord Jesus, his ministry, his purpose, and his return. While the summaries may not convey every aspect mentioned in each chapter, they will convey key details to help you as you read the full text in the bible. In some instances commentary, recommendations, and/or references are provided to lead you to other resources to help as you grow in the knowledge of the Lord.
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