Year: 2018

Utah Law Can Prevent Trust Litigation

March 6, 2018

One of the main reasons people choose to use a trust for their estate planning is the desire to avoid probate (i.e., court proceedings) and thereby preserve privacy.  In the normal course, there is nothing that prevents trust litigation.  Happily, Utah has a law designed to do just that. Let’s first review the fact that […]

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top 10 reasons hire an attorney

March 5, 2018

I recently saw an article with this title.  In this age of DIY, folks often wonder where to draw the line between hiring a professional and utilizing Google to gain the requisite expertise to do their own work. The article is found on hirealawyer.findlaw.com, so there is a distinct bias towards hiring an attorney.  Even so […]

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Certificate of Trust and the difference between what a bank may request and what it actually needs

March 3, 2018

Just because a bank requests information, that does not necessarily mean the bank is entitled to receive such information.  By way of introduction, I spent several years working directly for some of the world’s largest banks while I was employed at a large firm in downtown Chicago.  Since then, I have continued to interact with […]

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Estate planning mistakes can be expensive to fix.

February 26, 2018

… — that is, when they can be fixed at all. This is the introduction to an article that I saw online today from Liz Weston, titled “Should you do your estate plan?”  I agree with the premise of the article.  Sadly, it is all too often the case that estate planning mistakes made by […]

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You don’t know what you don’t know.

February 23, 2018

This is true for all of us in many areas of our life and concerning a good many subjects. Consider a hypothetical situation where a man walks into his accountant’s office to ask a few questions.  (Hopefully, that man was courteous enough to make an appointment, rather than just dropping in.)  This gentleman owns a small […]

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What does it mean to be a managing member of an LLC?

February 22, 2018

As the name indicates, the managing member is the manager of a member-managed LLC. Please note that the organizational and management structure of limited liability companies (LLCs) varies greatly.  Some LLCs are single-member (i.e., only one owner) and some are multi-member entities.  There are LLCs which are member managed, some which are manager-managed and then […]

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What is a living trust and why should you care?

February 16, 2018

This is a common question dealt with nicely by a Huffington Post article by Carrie Schwab-Pomerantz, CFP. Among the items covered by this helpful online article are the following: basic estate planning starts with a Will, which covers the appointing of a guardian for minor children and provides a very basic framework for asset distribution upon […]

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Common Mistakes Made by Business Owners

February 9, 2018

“Only a fool learns from his own mistakes. The wise man learns from the mistakes of others.” ― Otto von Bismarck During my time working as a business law attorney, I have marveled at the wisdom, creativity, and brilliance of many of my business owner clients.  There have also been occasions when I have witnessed […]

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Deadlock among business owners: Part 2

January 19, 2018

Deadlock among business owners can be an awful thing for the individuals involved and for the company. In the prior post, we began this discussion by noting this reality and how deadlocks can come about in unintended ways.  In this post, we review a few methods to prevent a deadlock from happening and how to […]

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Deadlock among business owners: things to consider and avoid

January 17, 2018

dead·lock ˈdedˌläk/ noun noun: deadlock; plural noun: deadlocks a situation, typically one involving opposing parties, in which no progress can be made. “an attempt to break the deadlock” (source: Google dictionary) That doesn’t sound like much fun in any situation. In the context of business ownership, management and operations, the corresponding “fun” measurement is zero.  Further, deadlock among […]

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