From Our Blog
Corporate Transparency Act Update
By: Timothy P. Brynteson, Esq. The U.S. Department of Treasury’s Corporate Transparency Act (CTA) was signed into law in 2021with an effective date of January 2025. It established Beneficial Ownership Information (BOI) filing requirements that targets layered corporate structures that can enable the conduct of illicit activities, money laundering, the
What Is The Generation-Skipping Transfer Tax?
By Corey W. Moore, Esq. When planning for tax implication upon death, most client questions revolve around the Federal Estate and Gift Tax and the corresponding exemption ($13,990,000 for 2025). However, there is potentially another tax that wealthier individuals need to take into consideration when planning their estates, the Generation-Skipping
The Challenges of Collecting a Judgment: Understanding the Process and Roadblocks
By Lee J. Morehead, Esq. Prevailing in a lawsuit and obtaining a judgment in your favor is often seen as the end of a legal battle, but it’s far from the end of the process. One of the most difficult aspects of the legal process comes after the judgment is
2024 Legal Developments in Trade Secret Law
By Frederick J. Steimling, Esq. Trade secrets are crucial to businesses across industries, safeguarding sensitive information that provides their competitive edge. Recent federal court cases highlight key principles and trade secret litigation. These cases also suggest that the law is developing in a way that is more friendly to trade
Common Contractual Provisions and Their Implications
By Derrick K. Galantowicz, Esq. Business owners deal with a variety of contracts in the course of their operations. Most focus on the main terms in a contract, such as what’s being purchased, payment terms, and timing considerations. However, certain contractual provisions with serious legal implications appear frequently across various
The Pitfalls of Legal AI Tools: Why DIY May Cost You More in the Long Run
By Lia Szasz, Esq. Legal technology has made remarkable strides in recent years, offering affordable, automated solutions for common legal needs. Platforms like LegalZoom, Rocket Lawyer, and others promise quick, low-cost options for forming businesses, drafting wills, or managing contracts. While these tools can be useful for basic tasks, they
Due Diligence for Zoning in a Commercial Real Estate Purchase
By Stacey L. Shea, Esq. When considering the purchase or lease of commercial real estate, there are a number of due diligence steps that one should take before committing. One important step in the due diligence process is understanding the property’s zoning and if it aligns with your intended use.
The Attributes of a Personal Representative for Your Estate
By: Timothy P. Bryntesen, Esq. Attorneys are often asked about the required qualities of the person to put “in charge” of a client’s estate after they die. The Personal Representative (also known as the Executor or Administrator) of an estate plays a crucial role in managing the administration of a
A House Divided: Separating Interests in Real Estate Through Partition Actions
By: Lia Szasz, Esq. Under Colorado law, a partition action is a legal proceeding used to divide or sell jointly owned real estate. When co-owners can’t agree on how to manage, use, or sell their property, Colorado’s partition statute provides a mechanism to separate their interests. Any co-owner can initiate
Revocable Living Trusts: What They Do (And What They Don’t)
By Jessica L. Miglarese, Esq. When many people hear the word “trust” or “trust fund”, they envision a tool used by the ultra-wealthy to protect assets, minimize taxes, and provide for future generations. While it is true that certain types of trusts offer these benefits to the trust creator (“Settlor”)
Letters of Intent: Are They Necessary?
By Derrick K. Galantowicz, Esq. A Letter of Intent (LOI) acts as a preliminary document outlining several basic and essential terms and conditions of a potential business transaction. They are generally not legally binding and are seen by some as an unnecessary formality, but they can play an impactful role
Colorado Legislature Gives Local Governments First Dibs on Certain Multifamily Properties
By Stacey L. Shea, Esq. While it is not unusual for surprises to pop up during due diligence reviews when buying or selling multifamily residential real estate, there will now be one more due diligence consideration to add to the list. Effective August 7, 2024, Colorado House Bill 24-1175 will
Otis & Bedingfield, LLC Wins ColoradoBiz’s 2024 Business Choice Award – Best Law Firm for Estate Planning
Otis & Bedingfield, LLC’s estate planning practice encompasses the drafting of wills and trust documents, enhancing asset protection and planning for special needs of a spouse, child, or grandchild, as well as the tax planning required to develop a comprehensive estate plan. The more complex area of this practice involves
The Federal Trade Commission New Non-Compete Rule in Effect
By: Frederick J. Steimling, Esq. July 2024 The Federal Trade Commission (FTC) proposed the Non-Compete Clause Rule on January 19, 2023, under sections 5 and 6(g) of the FTC Act. After a comprehensive review of empirical research and over 26,000 public comments, the FTC adopted a final rule addressing non-compete
The Need for Estate Planning
By: Corey W. Moore, Esq. June 4, 2024 Estate planning is not just for the wealthy or elderly; it is a vital task that every adult individual should undertake. At its core, estate planning involves making arrangements for the management and distribution of one’s assets and belongings in the event
Commercial Landlords & Property Managers Beware! Alleged Discrimination May Impede Eviction
By: Lee J. Morehead, Esq. May 5, 2024 On February 20, 2024, the Colorado Supreme Court ruled that a tenant could allege violations of the Colorado Fair Housing Act as a defense to an eviction proceeding. Previously, tenants had to countersue for the alleged violations, thus allowing the eviction process
Colorado’s Agricultural Equipment Right to Repair Law in Effect
By: Frederick J. Steimling, Esq. March 1, 2024 On January 1, 2024, Colorado’s first-of-its-kind Right to Repair agricultural equipment law, the Consumer Repairs Bill of Rights Act (CRBR), went into effect. In short, the CRBR requires the original farm equipment manufacturer to provide owners and independent repair providers with resources
Trademarks: Should I Register?
By: Derrick K. Galantowicz, Esq. February 1, 2024 Whether it be a logo, slogan, or a brand name, trademarks are all around us. Many businesses reach a point in their lifecycle when they consider whether they should federally register their brand name or logo with the United States Patent and
Dissolution: The Inferior Default Exit Strategy
By: Lee J. Morehead, Esq. December 1, 2023 Dissolution of a business or company occurs either voluntarily or judicially. In the case of voluntary Dissolution, all owners must agree either to dissolve the entity or identify a triggering event that will cause Dissolution. To accomplish judicial Dissolution, the owner(s) seeking
Taking Advantage of the Estate and Gift Tax Exemption
By: Corey W. Moore, Esq. November 1, 2023 The United States Internal Revenue Code, Subtitle B–Estate and Gift Taxes, provides every taxpayer with the ability to exempt a certain amount of assets from their estate. The Estate and Gift Tax Exemption (“Exemption”) for a single individual in 2023 is $12.92
Are You Ready for the Corporate Transparency Act?
You may or may not have heard of the Corporate Transparency Act (CTA), a component of the Anti-Money Laundering Act of 2020, which takes effect January 1, 2024. This law is, at its heart, an anti-crime law intended to combat money laundering, terrorism financing, tax fraud, human trafficking, and other illicit
Are Verbal Agreements Enforceable in Colorado?
To the surprise of many non-lawyers, most verbal agreements are enforceable under Colorado law, subject to a few categorical exceptions. Generally, the formation of a binding contract requires only that the contracting parties reach a “meeting of the minds” about the sufficiently definite terms of their agreement, and that the
Simplest Estate Planning
By Jeffrey T. Bedingfield, Esq. Have you ever wondered if there is a simple way to pass assets at death? Maybe for that elderly parent with few remaining assets? Well, there is. It certainly isn’t appropriate for all, but it can work well in the right situation. First, assets that
Revocable Living Trusts for Second Homes
By Timothy P. Brynteson, Esq. Many residents of Colorado own real estate in other states. If you own a condo, townhome or other piece of real estate in such popular destinations as Florida, Arizona or California, you may want to consider holding the property in a Revocable Living Trust located
Adverse Possession: Losing the Farm Without Even Knowing It
By Lia Szasz Did you know that, under Colorado statute, someone can obtain title to your land without paying for it? Under the doctrine of adverse possession, if someone uses your land continuously for 18 years, it may become theirs. This doctrine became famous when a retired judge in Boulder
Should I Form A Corporation or an LLC for My New Business?
By Lia Szasz, Esq. Two of the most popular entities chosen by entrepreneurs when forming a new business are the corporation and the limited liability company. Both entities offer protection against personal liability for their members or shareholders, but there are many other considerations to determine which form of entity
Turning Over the Keys to Your Business
By Jeffrey T. Bedingfield, Esq. We’ve all heard the saying that there are only two things in life that are certain – death and taxes. The same might be said for your business that you’ve spent a good part of your life building. The difference is that the death of
Is Your Property Titled Correctly?
By Timothy P. Brynteson, Esq. Most couples assume that if one them dies, their home or other real estate will pass automatically to their spouse. Normally couples own their home or other real estate “jointly” – in other words they own it together, or both of their names are on
Corporate Transparency Act Update
By: Timothy P. Brynteson, Esq. The U.S. Department of Treasury’s Corporate Transparency Act (CTA) was signed into law in 2021with an effective date of January 2025. It established Beneficial Ownership Information (BOI) filing requirements that targets layered corporate structures that can enable the conduct of illicit activities, money laundering, the financing of terrorism, and other financial crimes. The law’s planned effective date set in motion a flurry of activity in 2024 for an estimated 30 million United States businesses, mostly small-to medium-sized, to figure out how to comply with the law’s requirements. Not surprisingly, the BOI implementation deadlines led to the filing of lawsuits in late 2024 and early 2025 and contributed to significant confusion
What Is The Generation-Skipping Transfer Tax?
By Corey W. Moore, Esq. When planning for tax implication upon death, most client questions revolve around the Federal Estate and Gift Tax and the corresponding exemption ($13,990,000 for 2025). However, there is potentially another tax that wealthier individuals need to take into consideration when planning their estates, the Generation-Skipping Transfer (GST) Tax. The GST tax applies to transfers of wealth to beneficiaries who are more than one generation below the transferor, such as grandchildren or great-grandchildren. It is designed to prevent wealthy individuals from bypassing estate taxes by passing assets directly to younger generations, thereby “skipping” the intermediate generation—typically their children. Introduced as part of the Tax Reform Act of 1976, the GST tax
The Challenges of Collecting a Judgment: Understanding the Process and Roadblocks
By Lee J. Morehead, Esq. Prevailing in a lawsuit and obtaining a judgment in your favor is often seen as the end of a legal battle, but it’s far from the end of the process. One of the most difficult aspects of the legal process comes after the judgment is awarded: Collection. Collecting a judgment can be a prolonged and expensive process. Once a judgment is issued, the prevailing party must typically initiate further legal actions to enforce it, such as garnishing wages, placing liens on property, or levying bank accounts. These actions can take months or even years to complete. In some cases, the legal costs associated with these efforts can outweigh the amount
2024 Legal Developments in Trade Secret Law
By Frederick J. Steimling, Esq. Trade secrets are crucial to businesses across industries, safeguarding sensitive information that provides their competitive edge. Recent federal court cases highlight key principles and trade secret litigation. These cases also suggest that the law is developing in a way that is more friendly to trade secret owners. A preliminary question is, does a protected trade secret exist? A “trade secret” exists if: (1) the information is non-public; (2) reasonable measures have been taken to protect that information; and (3) that information derives independent economic value from not being publicly known. Very generally speaking, “misappropriation” occurs when a person improperly acquires, discloses, or uses another’s trade secret, knowing or having reason
Common Contractual Provisions and Their Implications
By Derrick K. Galantowicz, Esq. Business owners deal with a variety of contracts in the course of their operations. Most focus on the main terms in a contract, such as what’s being purchased, payment terms, and timing considerations. However, certain contractual provisions with serious legal implications appear frequently across various types of contracts and are commonly overlooked. Following is a discussion of a handful of these contractual provisions and their implications, emphasizing their practical and legal significance. Indemnity Clauses The indemnity clause of a contract allocates risk among the contract’s parties, sometimes assigning all risk to a single party. An improperly drafted indemnity clause can cause unintended liability for a business owner or a lack
The Pitfalls of Legal AI Tools: Why DIY May Cost You More in the Long Run
By Lia Szasz, Esq. Legal technology has made remarkable strides in recent years, offering affordable, automated solutions for common legal needs. Platforms like LegalZoom, Rocket Lawyer, and others promise quick, low-cost options for forming businesses, drafting wills, or managing contracts. While these tools can be useful for basic tasks, they come with significant limitations that users should not overlook. Relying on legal AI tools for complex issues or nuanced advice can lead to costly mistakes, missed opportunities, and legal vulnerabilities. Lack of Customization. Legal AI tools rely on standardized templates that may not account for the specific needs or circumstances of individual users. While an AI platform may help you establish an LLC, it might
Due Diligence for Zoning in a Commercial Real Estate Purchase
By Stacey L. Shea, Esq. When considering the purchase or lease of commercial real estate, there are a number of due diligence steps that one should take before committing. One important step in the due diligence process is understanding the property’s zoning and if it aligns with your intended use. The current use of property being similar or identical to your intended use is in no way an indicator that the use is compliant with the applicable zoning code. Unfortunately, county and municipal agencies do not have the capacity to do periodic zoning compliance checks and rely heavily on reports of possible violations for zoning enforcement. As such, an existing use may be a violation
The Attributes of a Personal Representative for Your Estate
By: Timothy P. Bryntesen, Esq. Attorneys are often asked about the required qualities of the person to put “in charge” of a client’s estate after they die. The Personal Representative (also known as the Executor or Administrator) of an estate plays a crucial role in managing the administration of a deceased person’s estate. The Personal Representative is responsible for ensuring the decedent’s final wishes are carried out and for handling all necessary legal, financial, and administrative tasks. The key attributes of an effective Personal Representative are: 1. Trustworthiness – A Personal Representative must be trusted to act in the best interests of the beneficiaries and the estate, avoiding any personal conflicts of interest. 2. Organizational
A House Divided: Separating Interests in Real Estate Through Partition Actions
By: Lia Szasz, Esq. Under Colorado law, a partition action is a legal proceeding used to divide or sell jointly owned real estate. When co-owners can’t agree on how to manage, use, or sell their property, Colorado’s partition statute provides a mechanism to separate their interests. Any co-owner can initiate a partition lawsuit independently. A partition action may be necessary where siblings jointly inherit real estate, but don’t agree on whether to hold the property or sell it. This is particularly common with agricultural land, where one sibling desires to continue farming or ranching and the others desire to cash out. Another common scenario is when unmarried couples purchase a home together. If the relationship
Revocable Living Trusts: What They Do (And What They Don’t)
By Jessica L. Miglarese, Esq. When many people hear the word “trust” or “trust fund”, they envision a tool used by the ultra-wealthy to protect assets, minimize taxes, and provide for future generations. While it is true that certain types of trusts offer these benefits to the trust creator (“Settlor”) while living, these trusts are irrevocable and not a practical tool for most people. A revocable or living trust (RLT) serves as a vehicle to transfer your assets upon death and is an effective estate planning strategy that anyone can utilize. When implemented correctly, an RLT offers the following benefits upon the Settlor’s death: What RLTs do not do: This is not intended to be
Letters of Intent: Are They Necessary?
By Derrick K. Galantowicz, Esq. A Letter of Intent (LOI) acts as a preliminary document outlining several basic and essential terms and conditions of a potential business transaction. They are generally not legally binding and are seen by some as an unnecessary formality, but they can play an impactful role in shaping a future Purchase and Sale Agreement (PSA) between two businesses. Weighing the benefits, drawbacks, and legal implications of an LOI is crucial for businesses contemplating a PSA. Benefits LOIs help provide the parties with a fundamental outline regarding the aspects of a business transaction without fully binding either party. Depending on the deal, LOIs can be useful to reflect serious intent of the
Colorado Legislature Gives Local Governments First Dibs on Certain Multifamily Properties
By Stacey L. Shea, Esq. While it is not unusual for surprises to pop up during due diligence reviews when buying or selling multifamily residential real estate, there will now be one more due diligence consideration to add to the list. Effective August 7, 2024, Colorado House Bill 24-1175 will act to provide local governments with a right of first refusal or right of first offer on certain “Qualifying Property.” A right of first refusal (“ROFR”) is when a property owner has granted another party the right to match a bona fide offer to purchase a piece of property that the owner would like to accept. A ROFR allows the party with the ROFR to
Otis & Bedingfield, LLC Wins ColoradoBiz’s 2024 Business Choice Award – Best Law Firm for Estate Planning
Otis & Bedingfield, LLC’s estate planning practice encompasses the drafting of wills and trust documents, enhancing asset protection and planning for special needs of a spouse, child, or grandchild, as well as the tax planning required to develop a comprehensive estate plan. The more complex area of this practice involves the use of family limited partnerships, various types of irrevocable trusts, charitable remainder trusts, life insurance trusts, revocable trusts, and power of attorney. Otis & Bedingfield has two conveniently located offices in Centerra and in Greeley. See this Website for location addresses/phone numbers.
The Federal Trade Commission New Non-Compete Rule in Effect
By: Frederick J. Steimling, Esq. July 2024 The Federal Trade Commission (FTC) proposed the Non-Compete Clause Rule on January 19, 2023, under sections 5 and 6(g) of the FTC Act. After a comprehensive review of empirical research and over 26,000 public comments, the FTC adopted a final rule addressing non-compete clauses. The issuance of this final rule declares that entering into non-compete clauses with workers after the rule’s effective date of September 4, 2024, is an unfair method of competition, thus banning new non-competes. For existing non-compete agreements, the rule differentiates between senior executives and other workers. Non-competes with senior executives remain enforceable, while those with other workers become unenforceable after the rule’s effective date.
The Need for Estate Planning
By: Corey W. Moore, Esq. June 4, 2024 Estate planning is not just for the wealthy or elderly; it is a vital task that every adult individual should undertake. At its core, estate planning involves making arrangements for the management and distribution of one’s assets and belongings in the event of incapacity or death. While contemplating and discussing mortality may not be an enjoyable experience, the reality is that proactive estate planning is essential for protecting loved ones, preserving assets, and ensuring one’s wishes are honored. One of the primary reasons for estate planning is to provide clarity and direction for the distribution of assets. Without a valid estate plan in place, the fate of
Commercial Landlords & Property Managers Beware! Alleged Discrimination May Impede Eviction
By: Lee J. Morehead, Esq. May 5, 2024 On February 20, 2024, the Colorado Supreme Court ruled that a tenant could allege violations of the Colorado Fair Housing Act as a defense to an eviction proceeding. Previously, tenants had to countersue for the alleged violations, thus allowing the eviction process to proceed while the discrimination claim was later determined. Under this recent ruling, however, tenants can avoid eviction if the reasons for the eviction were discriminatory. The Colorado Supreme Court’s decision allows commercial tenants to allege discrimination as a defense to eviction. When asserted, there is a higher likelihood that the eviction proceeding will: (1) be transferred from the County Court to the District Court;
Colorado’s Agricultural Equipment Right to Repair Law in Effect
By: Frederick J. Steimling, Esq. March 1, 2024 On January 1, 2024, Colorado’s first-of-its-kind Right to Repair agricultural equipment law, the Consumer Repairs Bill of Rights Act (CRBR), went into effect. In short, the CRBR requires the original farm equipment manufacturer to provide owners and independent repair providers with resources including parts, embedded software, firmware, tools, and guides, enabling farmers and repair providers with the ability to repair their agricultural equipment. The CRBR also provides legal redress for farmers and independent repair providers for non-compliance of the CRBR by manufacturers and prevents manufacturers from entering contracts that limit access to repair resources. Historically, manufacturers have imposed artificial barriers to prevent do-it-yourself repairs, citing concerns that
Trademarks: Should I Register?
By: Derrick K. Galantowicz, Esq. February 1, 2024 Whether it be a logo, slogan, or a brand name, trademarks are all around us. Many businesses reach a point in their lifecycle when they consider whether they should federally register their brand name or logo with the United States Patent and Trademark Office (USPTO). What is a Trademark? A trademark is a unique identifier, be it a word, logo, phrase, etc., that identifies a service or product from a specific source and distinguishes it from others. A trademark must be distinctive and not generic or descriptive of the service or product. The USPTO categorizes goods and services into 45 trademark classes (34 classes for goods and
Dissolution: The Inferior Default Exit Strategy
By: Lee J. Morehead, Esq. December 1, 2023 Dissolution of a business or company occurs either voluntarily or judicially. In the case of voluntary Dissolution, all owners must agree either to dissolve the entity or identify a triggering event that will cause Dissolution. To accomplish judicial Dissolution, the owner(s) seeking Dissolution must prove that it is not reasonably practicable to continue the business. Judicial Dissolutions are treated like any other lawsuit, incurring cost in both time and legal expenses associated with pleadings, discovery, and trial. However, obtaining Dissolution is just the first step in completing the process, each of which has the potential to be hotly contested. Examples of the steps and potential disputes are:
Taking Advantage of the Estate and Gift Tax Exemption
By: Corey W. Moore, Esq. November 1, 2023 The United States Internal Revenue Code, Subtitle B–Estate and Gift Taxes, provides every taxpayer with the ability to exempt a certain amount of assets from their estate. The Estate and Gift Tax Exemption (“Exemption”) for a single individual in 2023 is $12.92 million, meaning an individual could either: The Internal Revenue Service (IRS) will increase the Exemption in both 2024 and 2025 to match the rate of inflation. However, in 2026 it is anticipated that the IRS will lower the Exemption to one-half of the then-2025 Exemption amount. While there are various estate planning techniques that may be used to take advantage of the Exemption, one of
Are You Ready for the Corporate Transparency Act?
You may or may not have heard of the Corporate Transparency Act (CTA), a component of the Anti-Money Laundering Act of 2020, which takes effect January 1, 2024. This law is, at its heart, an anti-crime law intended to combat money laundering, terrorism financing, tax fraud, human trafficking, and other illicit activities. However, it will affect a broad range of individuals and companies who own or manage businesses and/or invest in real estate. The goal of the CTA is preventing bad actors (criminals) from utilizing complex corporate structures and shell companies to hide their identities and move money through the U.S. financial system. Although most of you reading this article are not bad actors hiding your identities
Are Verbal Agreements Enforceable in Colorado?
To the surprise of many non-lawyers, most verbal agreements are enforceable under Colorado law, subject to a few categorical exceptions. Generally, the formation of a binding contract requires only that the contracting parties reach a “meeting of the minds” about the sufficiently definite terms of their agreement, and that the agreement is supported by adequate consideration. A contract may be evidenced by either the written or spoken words of the parties. There are several categories of contracts, however, which courts may only enforce if a writing evidencing that agreement exists. The most common categories are: (1) contracts for the transfer of land; (2) contracts that cannot be performed in less than a year; (3) contracts
Simplest Estate Planning
By Jeffrey T. Bedingfield, Esq. Have you ever wondered if there is a simple way to pass assets at death? Maybe for that elderly parent with few remaining assets? Well, there is. It certainly isn’t appropriate for all, but it can work well in the right situation. First, assets that name beneficiaries (IRA’s, life insurance, annuities, etc.) avoid complexity at death because a will or trust has no effect on them. They are contracts that dictate who will receive the benefits when the owner dies regardless of what a will or trust provides. Second, the way assets are titled can also simplify matters at death. Couples can title their residence as joint tenants with right
Revocable Living Trusts for Second Homes
By Timothy P. Brynteson, Esq. Many residents of Colorado own real estate in other states. If you own a condo, townhome or other piece of real estate in such popular destinations as Florida, Arizona or California, you may want to consider holding the property in a Revocable Living Trust located here in Colorado. While many people will not opt for a Living Trust as their preferred estate planning vehicle for various reasons, if you own property in a different state, you should consider forming a Living Trust for the sole purpose of holding the real estate. The reason is to avoid the necessity of opening a probate proceeding in the different state. While the Colorado
Adverse Possession: Losing the Farm Without Even Knowing It
By Lia Szasz Did you know that, under Colorado statute, someone can obtain title to your land without paying for it? Under the doctrine of adverse possession, if someone uses your land continuously for 18 years, it may become theirs. This doctrine became famous when a retired judge in Boulder obtained title to part of his neighbor’s property through adverse possession, and a lengthy (and expensive) legal battle ensued. However, there are actions a landowner can take to prevent this from happening to them. While adverse possession is a concern for all Colorado landowners, it is especially important for those in agriculture, who often have hundreds or even thousands of acres of land. For example,
Should I Form A Corporation or an LLC for My New Business?
By Lia Szasz, Esq. Two of the most popular entities chosen by entrepreneurs when forming a new business are the corporation and the limited liability company. Both entities offer protection against personal liability for their members or shareholders, but there are many other considerations to determine which form of entity is best for that particular business. For example, one benefit of LLCs is that they are “pass-through” entities, meaning their income is subject only to one level of taxation at the member level. In contrast, the income of a corporation is effectively taxed twice—once as income of the corporation and again when profit is distributed to the shareholders. Corporations, however, may save their shareholders self-employment
Turning Over the Keys to Your Business
By Jeffrey T. Bedingfield, Esq. We’ve all heard the saying that there are only two things in life that are certain – death and taxes. The same might be said for your business that you’ve spent a good part of your life building. The difference is that the death of a business can be delayed or avoided all together and that depends upon how well you plan the passing of the business to a partner or the next generation. Only about 30% of family businesses survive into the second generation and only about 12% into the third generation. For the most part, failures can be traced to one factor, little or no succession planning. Succession
Is Your Property Titled Correctly?
By Timothy P. Brynteson, Esq. Most couples assume that if one them dies, their home or other real estate will pass automatically to their spouse. Normally couples own their home or other real estate “jointly” – in other words they own it together, or both of their names are on the title. While this is almost always true, you may not own it as “joint tenants” which is how most couples think they own their home. If your title does not specifically name you and your partner as “joint tenants” – you will be deemed to own your property as “tenants in common” which will mean that the survivor of the couple will need to
