Blog
Heath Ledger and Estate Planning for Life-Changing Events
Heath Ledger and Estate Planning for Life-Changing Events By: Barry E. Haimo, Esq.February 26, 2022 Once you have created a will, it’s easy to forget. And not many of us spend time focusing on what will happen to our worldly possessions when we’re gone. This seems to...
Transfers – Involuntary Death Trigger
Death is a common trigger of an involuntary transfer. Without a trigger, a person’s death does not sever their interest in the business. The heirs of an owner that is a person will be identified by his or her will or by the statute. Such...
What Are the Governing Documents for General Partnerships?
What Are the Governing Documents for General Partnerships? By: Barry E. Haimo, Esq. February 21, 2022 General partnerships can be made official in a matter of seconds. Partnerships are simple agreements. They can technically be formed with a handshake. In fact, the...
Disposition Without Administration and Summary Administration
Disposition Without Administration and Summary Administration By: Barry E. Haimo, Esq. February 17, 2022 When you are trying to handle the estate of a loved one who has passed, there are all kinds of steps you may need to take to get through the process, and it’s easy...
The Lengthy Timeline of Florida Probate
The Lengthy Timeline of Florida Probate By: Barry E. Haimo, Esq. February 10, 2022 If you are the personal representative or inheritor of an estate, it’s possible you will find yourself in the probate process. Although there is no set timeline that someone can expect,...
When Adult Adoption Goes Too Far (Relating to Inheritance)
When Adult Adoption Goes Too Far (Relating to Inheritance) By: Barry E. Haimo, Esq. February 7, 2022 [BEGIN TRANSCRIPTION] HAIMO: Hi. Welcome to Haimo Law. My name is Barry E. Haimo. I help families and businesses plan for and protect their immediate and long-term...
2022 Gift and Estate Law Tax Changes
2022 Gift and Estate Law Tax Changes By: Barry E. Haimo, Esq. February 3, 2022 If you have a taxable estate, you are probably aware of both the estate tax changes and gift tax changes that happen annually. However, 2022 has brought some notable changes to both federal...
Who Is Responsible for Handling an Estate?
Who Is Responsible for Handling an Estate? By: Barry E. Haimo, Esq. January 31, 2022 [BEGIN TRANSCRIPTION] HAIMO: Whether or not a person dies with or without a will, a personal representative will be appointed to move the estate. However, the personal...
Why NY Retirees Should Consider Investment Real Estate
Why NY Retirees Should Consider Investment Real Estate By: Barry E. Haimo, Esq. January 27, 2022 You’re finally nearing your well-earned retirement and ready to enjoy it. Or perhaps you are already retired and taking advantage of life at a slower pace on your own...
If a Person Has a Revocable Living Trust, What Happens When They Die?
If a Person Has a Revocable Living Trust, What Happens When They Die? By: Barry E. Haimo, Esq. January 25, 2022 [BEGIN TRANSCRIPTION] 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...
How to Lawsuit-Proof Your Estate Plan
By: Barry E. Haimo, Esq. January 20, 2022 If you’ve begun planning your estate, you know the importance of protecting your hard-earned assets during and after your lifetime. But the unfortunate reality is that without the proper protection from lawsuits, your estate...
Governing Documents – Allocation of Distributions
Corporations (C and S) do not have the ability to allocate distributions of available cash to the partners in any way that is contrary to their percentage interests (pro rata). It’s really simple for them which can be good or bad depending...
The Worst Inheritance Assets to Leave Behind
The Worst Inheritance Assets to Leave Behind By: Barry E. Haimo, Esq. January 13, 2022 Perhaps you’ve already begun estate planning and are thoughtfully considering how you want your assets distributed after you’re gone. Or maybe you are one of the many Americans who...
Governing Documents – Meetings
Regardless of entity type, it’s important to address meetings. There’s two kinds of meetings: shareholders’ meetings and meetings of management. Shareholders typically have an annual meeting. Management meetings typically meet more...
Reasons to Disinherit Someone From Your Will
Reasons to Disinherit Someone From Your Will By: Barry E. Haimo, Esq. January 20, 2022 It’s the standard assumption that if you are preparing your estate, the beneficiaries of your assets will be your family. But what if you don’t actually get along with a handful of...
Governing Documents – Ownership
Governing documents are critical for a lot of reasons, and one of those reasons is to well- document ownership. Each entity has different options. Some have more rights incident to ownership than others. Rights can mean participation in...
How Financial Gifts Can Protect Your Estate
How Financial Gifts Can Protect Your Estate By: Barry E. Haimo, Esq. December 30, 2021 Many people like to give gifts. Well, what if you could gift money to friends and family and reduce the amount you have to pay in estate taxes at the same time? Typically, the...
Entity Selection: Tying it All Together
As you have seen, there are many options when it comes to entity selection. Each has its own advantages and disadvantages. There’s no one entity that has it all, though LLCs are close though. The most important thing to remember is that...
What to Consider When Selecting a Successor Trustee
What to Consider When Selecting a Successor Trustee By: Barry E. Haimo, Esq. December 16, 2021 Selecting a successor trustee is no easy task. Too often, well-designed estate strategies fail due to poor execution by those in authority. This is true where managing...
Introduction to Limited Partnerships
Limited partnerships (LPs) have historically been used in one of two ways: first, private investment funds typically structure their offering entities as LPs because management vests solely in themselves as the general partner. In...
How to Sell Your Business and Retire the Smart Way
How to Sell Your Business and Retire the Smart Way By: Barry E. Haimo, Esq. December 9, 2021 After years as a small business owner, the time has finally come to reap the rewards of your hard work and retire. And you are definitely ready for the rest and relaxation...
Intro to Limited Liability Companies
LLCs are relatively new business entities. They take the best of corporations and partnerships and merge them into one awesome hybrid entity. It has tremendous flexibility in a variety of important ways, which makes it the right choice in...
What Makes Someone High Net Worth vs. Ultra High Net Worth?
What Makes Someone High Net Worth vs. Ultra High Net Worth? By: Barry E. Haimo, Esq. December 2, 2021 Planning for your future is something everyone should consider to protect their hard-earned assets and family’s security. But if you are a high net worth or ultra...
Assets under Wills: Does a Will Control All of My Property?
https://www.youtube.com/watch?v=83S427nBk3I Assets under Wills: Does a Will Control All of My Property? By: Barry E. Haimo, Esq. November 28, 2021 [VIDEO TRANSCRIPT] BARRY HAIMO: In Florida, a will controls all of the property in your name upon your death. This may...
What Is the Best Type of Trust for Married Couples?
What Is the Best Type of Trust for Married Couples? By: Barry E. Haimo, Esq. November 25, 2021 If you’re beginning the process of planning ahead to protect your assets, you might be considering a revocable living trust as part of your estate planning. After all, you...
