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In December 2024, Pennsylvania enacted Act 61, a new law with significant implications for seniors and business owners alike. Designed to streamline property and asset transfers while protecting vulnerable individuals, Act 61 has far-reaching consequences for those looking to create effective business succession plans. For small business owners, particularly those approaching retirement, the law emphasizes […]

In Florida, a groundbreaking proposal spearheaded by state lawmakers aims to protect vulnerable seniors from financial scams. This new legislation would allow victims or their representatives to quickly freeze fraudulent bank transactions, even when the scammer remains unidentified. This initiative highlights the importance of protecting our elders and ensuring their financial security. At Estate Planning

Running a restaurant is more than just creating great meals; it’s about building a brand, fostering relationships, and maintaining seamless operations. But what happens when the time comes to pass the torch? Whether you’re looking toward retirement or planning for unexpected events, a solid business succession plan is essential for ensuring your restaurant’s continued success.

For small- and mid-sized business owners, thinking about the future often takes a back seat to the daily demands of running a company. Yet, creating a clear business succession plan is one of the most important steps you can take to safeguard your company’s longevity. Whether preparing for a planned retirement or the unexpected loss

For decades, offshore asset protection trusts (FAPTs) have been marketed as the ultimate solution for shielding wealth from creditors. Promoters highlight the supposed benefits of these trusts, often touting cases like Arline Grant as success stories. However, when closely examined, these trusts often fail to deliver the promised protection and can even leave clients and

On June 6, 2024, the Supreme Court issued a unanimous decision in Connelly v. United States, significantly affecting how business owners and families approach estate tax planning. The ruling addressed whether life insurance proceeds used to redeem shares in a closely held corporation could reduce the corporation’s taxable value for estate tax purposes. The Court

Donald Trump’s 2024 election victory and the Republican Party’s control of Congress signal significant implications for estate tax planning. With the potential extension of the 2017 Tax Cuts and Jobs Act (TCJA) on the horizon, individuals and families should consider how these changes may affect their long-term financial plans. The historically high federal estate tax

With the 2017 Tax Cuts and Jobs Act set to expire on December 31, 2025, and new political leadership in Washington, estate tax planning has become more critical than ever. For families and individuals with significant wealth, understanding the impact of the upcoming changes and taking proactive steps now can make a significant difference. The

Applying for a lasting power of attorney (LPA) can be one of the most important steps in planning for the future. It allows you to name a trusted individual to act on your behalf if you’re ever unable to manage your financial or medical affairs. However, recent data reveals that more than 50,000 power of

If you’ve created a Power of Attorney (POA) or are considering one, there’s a significant change in Michigan law that could impact your document. As of July 1, 2024, Michigan adopted the Uniform Power of Attorney Act (UPOAA), introducing greater accessibility, reliability, and consistency for POAs. This law ensures that POAs are more effective tools