There are a number of powerful tools that can be used to protect a business owner facing a business divorce. Business owners are protected by Business Corporation Law Section 1104(a). In fact, the law protects shareholders from oppression, fraud, corporate theft,...
Protecting yourself in a Business Divorce
There are a number of powerful tools that can be used to protect a business owner facing a business divorce. Business owners are protected by Business Corporation Law Section 1104(a). In fact, the law protects shareholders from oppression, fraud, corporate theft,...
EVERY COMPANY WITH MORE THAN ONE SHAREHOLDER SHOULD HAVE A SHAREHOLDERS AGREEMENT
Too many shareholders have lost everything because they simply failed to protect themselves with a tailored shareholder's agreement. More and more shareholders and directors are finding themselves facing a dispute, as between their directors and shareholders. A...
Bankruptcy as a Negotiating Tool for Taxi Owners
You really want to continue driving but you are having trouble making the note payments. If you own a house with your wife in New York, and have less than $330,000 in equity above the mortgage, bankruptcy might be an option. Educate yourself about...
Multiple Medallion Owner Finds Help
A taxi medallion owner, searching the Internet for options, called. "I heard you were helping a lot of people." He was living on the income from leasing multiple medallions. But he could no longer lease them all. 62 years old, a former driver, he was now caught in a...
Taxi Medallion Owner Worried About His Investment Property
When the market was high, he decided to cash in on his long hours and hard work to protect his family for the future. The bank offered him a refinance to obtain $300,000. He used it to buy an investment property, to generate income for his retirement. He worked 12...
Taxi Owner asks “Should I sign the renewal?”
His loan had matured last year and the bank presented him with a six-month extension, while they evaluated a new loan. He couldn't decide what to do. I evaluated his situation and recommended that he provide an accurate financial statement with his application, and...
Bankruptcy can discharge student loans, but it won’t be easy
Times are hard, and your paycheck seems to stretch thinner each week. Your mortgage, medical bills and credit card debt would be burden enough, but the student loans overwhelm you. Perhaps they are from your own education, but more than likely, you took them on for...
What do monthly nursing home fees cover?
If you have an elderly parent who requires in-depth care or supervision, placing your mother or father in a nursing home may be advisable. After all, you may lack the skills, time and money to do the task without professional assistance. The average daily rate for a...
4 potential benefits of a revocable trust
A revocable trust is a legal instrument that can dictate how a person’s property is managed and distributed during their lifetime or after they have passed away. As with the majority of legal tools, there are both positive and negative aspects to a revocable living...
What do you know about discussing your end-of-life desires?
While you understand the importance of planning your estate and drafting all the documents, you may struggle to discuss your end-of-life desires openly. How do you bring up the matter with your family and friends? AARP offers tips for sharing your estate plans with...
Don’t overdo the “dead-hand controls” on your trust
Trusts have become an increasingly useful financial tool for people who want to safely pass their wealth onto the next generation. So-called “conditional” trusts, which impose certain obligations on would-be beneficiaries to receive their funds, are particularly...
A spendthrift trust may provide needed asset protection
A spendthrift trust includes specific provisions regarding how a trustee may use its funds on behalf of the named beneficiaries. As noted by SmartAsset, the trustee may exercise broad discretion to spend money on an heir's expenses so that he or she can maintain a...
Here’s why a DIY-estate plan is a bad idea
Creating an estate plan is one of the most important things you can do to safeguard your future, your assets and your loved ones. A well-written estate plan gives you peace of mind knowing that your wishes will be honored when you pass on, or if you become...
Is this a sign of nursing home neglect?
Hearing the many news stories focused on abuse or neglect at nursing facilities likely leaves you feeling concerned for your own loved one. Unfortunately, it is impossible to determine where or when neglect may occur. Noticing red flags can help you react quickly if...
What’s the difference between Medicare and Medicaid?
The “Baby Boomer” generation is getting older and starting to investigate their healthcare options. If you're among that group, you may be wondering exactly how Medicaid plays into your future plans -- and how its relationship with Medicare works. Since 1964, the...
Think of succession planning when starting your business
In the excitement of getting your new business up and running, it is difficult to think of everything you need to do. Succession planning may not be part of your checklist at this point. However, if you have partners, shareholders and employees, there is no time like...
Involve a professional during Medicaid planning
Most people overlook the need for planning for long-term care. Unfortunately, the problem with this kind of thinking is your health can change, especially as you advance in age. No one can project how their health will be in the future. That said, nearly two-thirds of...
