Blog
Establishing Exit Planning Systems to Maximize Business Value
Building Systems for a Successful Business ExitRunning a business is an exhilarating journey that requires immense dedication, hard work, and strategic planning. As an entrepreneur, it's important to consider how to build and grow your business so that it can continue...
Medicaid Planning 101
Medicaid Planning 101 By Cristin Gerczak, Esq. June 23, 2023 What is Medicaid? Medicaid is a government program that assists in paying for medical and long-term care expenses for qualified individuals. It is a shared federal and state government program. Medicaid is...
The Importance of Exit Planning Deal Points on the Sale of a Business
Selling your business involves a myriad of considerations. Beyond market conditions, due diligence sets the stage for securing a favorable price and advantageous terms in the sale. This video highlights crucial steps from the initial nondisclosure agreements (NDAs) to...
The Effects of Capital Calls on a Business and Its Shareholders
What Is A Capital Call and How Does It Affect Your Shareholder Status? A capital call arises when management determines the need for additional funds and issues a notice to shareholders. The notice requests shareholders to contribute more money or assets. Typically,...
How Tag-Along and Drag-Along Rights Empower Shareholders
Understanding the Significance of Tag-Along and Drag-Along Rights in Business Ownership In the realm of business ownership, certain rights play a crucial role in protecting the interests of both majority and minority shareholders. Two such rights are Tag-Along and...
Why You Want to Have a Good Customer Agreement
Let’s say you sell someone a product or perform a service for them. You think it’s a pretty simple relationship. They pay you and they receive something in return. But what if something goes wrong with that product or they just want to return it? What if they ask you...
Succession planning goals
Business Succession Planning: Common Goals and What You Need to Do Now Business owners spend their lives building up their businesses to be successful. With all the blood, sweat, and tears that go into growing a business, it can be hard to let go. Even more so if you...
The Importance of Business Succession Planning
Why Every Business Owner Needs a Succession Plan and How It Can Protect Your Legacy As a business owner, you spend countless hours and resources building your business. However, what happens when you are no longer able to run it? One of the most important parts of...
Your Guide to Alternative Dispute Resolution
Recently we took a bit of a deep dive into litigation, covering the process in general and then taking an expanded look on why you probably want to avoid it in most instances. One of the ways you do that? By engaging in alternative dispute resolution. What exactly is...
The Reality of the Litigation Process (and Why to Avoid It)
Often, people come to us gung-ho about suing someone to make them pay for some wrong they have had to endure at the hands of the other party. Perhaps a business partnership went sour. Or they feel slighted in a will.This desire to jump straight to litigation is...
Insurance and Asset Protection
Learn how you can use insurance to protect assets and what types of insurance policies are helpful in your situation.
Do You Need a Trust to Protect Your Assets from Taxes?
Learn how tax planning and estate planning work hand-in-hand to protect your assets and ensure you pass as much as possible to beneficiaries.
What Is Litigation? Basic Concepts and Why to Avoid It
Learn what is litigation from a knowledgeable Florida business attorney, as well as the reasons that you should try to avoid it.
What You Need to Understand about Tax Basis
You already know that taxes are complicated. It’s why so many people pay to have professionals handle their taxes every year. But tax basis calculation is one of the concepts that people tend to have the most trouble understanding. Part of the problem is that this...
Exit Planning Overview
"You set the price, and I will set the terms" is the age-old saying when it comes to selling a business. The price is not paramount when it comes to exit planning. The terms are. Lots of things go into how how the price and terms are set....
Dangers of Business Probate: What Happens after a FL Business Owner’s Death?
When you run a business, planning your estate isn’t just about signing over your financial accounts and personal possessions to heirs or completing a power of attorney and outlining medical directives. Most people fail to realize that their business is another asset...
Advanced Care Directives 101: Florida Power of Attorney & More
A Power of Attorney can be an incredibly powerful instrument, so it’s essential you fully understand the legal rights you’re giving to someone else. You also need to know exactly who will be involved in a Power of Attorney. Let’s look at the various parties and what...
Your Florida Probate Guide: Who Are the Parties to a Will and Probate Administration?
Since you are visiting this page, it’s likely you are either planning to avoid probate or about to go through it. In either case, you’re in the right place to learn about the parties to a will and probate administration, and get answers to other common probate...
Asset Protection Planning 101 – Build Your Financial Fortress
https://www.youtube.com/watch?v=JcSh6rzmqvY Asset Protection Planning 101 - Build Your Financial Fortress By: Barry E. Haimo, Esq. August 31, 2022 We live in a “lawsuit-happy” society. Litigation has become a popular tool for accumulating wealth by financial predators...
The Mine Field of Probate
The Mine Field of Probate By: Barry E. Haimo, Esq. September 7, 2022 Probate is the process of winding up someone's financial and legal affairs. It can be time consuming, expensive and unpredictable. It can also be quite emotionally draining. Most people find it to be...
What Happens When a Trust Owner Dies? (And Other Basic Trust Information)
HAIMO: If a person executes a revocable living trust, and all of their property is in the name of the trust, then there is no need for a probate proceeding. So what happens to living trusts after death? Before we dive into that, it’s important to have an understanding...
Should You Cut Corners When It Comes to Your Estate Plan?
Should You Cut Corners When It Comes to Your Estate Plan? By: Barry E. Haimo, Esq. August 31, 2022 Do it yourself (DIY) estate planning is not a very smart move. See the link below or click this link for a piece by Consumer Reports. There are many areas in life where...
Debunking Last Will and Testament Myths
Debunking Last Will and Testament Myths By: Barry E. Haimo, Esq. August 24, 2022 The more clients I encounter, the more important I feel that last will and testament myths are cleared up. Hopefully being more informed will facilitate more personalized and appropriate...
Leverage with Creditors – Enjoy Faster and Smaller Settlements: Part 2
https://youtu.be/1iXE0jutzK0 Leverage with Creditors - Enjoy Faster and Smaller Settlements: Part 2 By: Barry E. Haimo, Esq. August 17, 2022 Of course you want to obtain leverage in negotiating claims faster and for less money. Why wouldn't you? It levels the playing...
Leverage with Creditors – Enjoy Faster and Smaller Settlements: Part 1
https://www.youtube.com/watch?v=JcSh6rzmqvY Leverage with Creditors - Enjoy Faster and Smaller Settlements: Part 1 By: Barry E. Haimo, Esq. August 10, 2022 A creditor is a person or entity that wants money from you or your business. Read this post to learn all about...