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Elements That Make a Business Succession Plan “Win-Win”
Elements That Make a Business Succession Plan "Win-Win" By: Barry E. Haimo, Esq. MONTH ##, 2021 You work hard to make your business successful, but as the years go on you may start to hear retirement calling your name. The reality is that you will not be running your...
How Many Copies of a Will Should Be Signed?
How Many Copies of a Will Should Be Signed? By: Barry E. Haimo, Esq. June 7, 2021 You may have noticed that often when completing legally binding documents you are required to hand-sign several copies. For instance, purchasing or selling real estate and other large...
Have a Large Estate? It’s Important That You Know These Planning Basics
Have a Large Estate? It's Important That You Know These Planning Basics By: Barry E. Haimo, Esq. June 3, 2021 If you have a large estate, you likely want to protect what you’ve worked hard for your entire life. What happens to it after you’re gone is important for...
What to do After a Loved One’s Death in Florida: A Checklist
By: Barry E. Haimo, Esq. May 31, 2021 What to do After a Loved One’s Death in Florida: A Checklist Following the passing of a loved one, you will understandably be overwhelmed with many emotions. Unfortunately, you may be thrust into a variety of financial, legal, and...
What Are Outside Creditors? What You Need to Know
What Are Outside Creditors? What You Need to Know By: Barry E. Haimo, Esq. May 31, 2021 We’ve talked in previous posts about who creditors are and how they can go after your assets. In “What’s an Inside Creditor?”, we discussed the basics of protecting your personal...
Succession Planning Myths That You Should Ignore
Succession Planning Myths That You Should Ignore By: Barry E. Haimo, Esq. May 27, 2021 As a small business owner, you’ve likely put your heart and soul into developing and maintaining your small business. Your business is probably your most valuable asset, and its...
Everything You Should Know about Making Your Business an S Corp
If you are a small business owner, you are likely to own your business through a business entity such as a corporation or limited liability company (LLC). You might also choose to have your business entity taxed as an S corporation. First, what is an S corporation?...
Have a Closely Held Business? Make Sure These Things Are Covered in Your Estate Plan
Have a Closely Held Business? Make Sure These Things Are Covered in Your Estate Plan By: Barry E. Haimo, Esq. May 13, 2021 If you have a closely held business -- that is, a business that’s incorporated but held by a limited number of stakeholders -- maintaining the...
What Is a Letter of Testamentary?
What Is a Letter of Testamentary? By: Barry E. Haimo, Esq.May 10, 2021 When a loved one dies, someone has to take over and divide their estate. If the deceased has a will, they probably have named an executor (also known as a personal representative here in Florida)....
What Does It Mean When a Probate Case Has a “Final Accounting”?
What Does It Mean When a Probate Case Has a "Final Accounting"? By: Barry E. Haimo, Esq. May 6th, 2021 In Florida probate cases, one of the biggest potential sticking points is the final accounting. This is especially true when the probate is contested, or when the...
How to Remove Someone’s Power of Attorney Privileges
How to Remove Someone’s Power of Attorney Privileges By: Barry E. Haimo, Esq.May 5, 2021 A power of attorney document can be relatively succinct and quite simple to execute. Don't let this fool you, though -- it's a very powerful estate planning tool. A signed POA...
Why Should You Consider Forming a General Partnership?
Why Should You Consider Forming a General Partnership? By: Barry E. Haimo, Esq. April 30, 2021 Once you’ve developed the idea to start a business, you have some defining choices and decisions ahead of you. Let’s start with the framework of your business. In this post,...
What Are the Governing Documents for a Joint Venture?
What are the Governing Documents for a Joint Venture? By: Barry E. Haimo, Esq. April 23, 2021 Wonderful opportunities that can arise out of a joint venture (JV). You get to share ideas. You get to share customer bases. You get to grow your business with the help of...
Why Does Probate Take So Long (and What Can You Do to Speed It Up)?
Why Does Probate Take So Long (and What Can You Do to Speed It Up)? By: Barry E. Haimo, Esq. April 22, 2021 Even if you make a last will and testament, your estate will still go through probate, which is the court-supervised process of authenticating the will. ...
How Can Chadwick Boseman Have a Trust, But Not a Will?
How Can Chadwick Boseman Have a Trust, But Not a Will? By: Barry E. Haimo, Esq. April 15, 2021 Chadwick Boseman, known most notably for his portrayal of T’Challa (aka Black Panther) in Black Panther, died in August of 2020 after a years-long battle with colon cancer....
High Level Laundry List of Problems We Solve
What you don't know CAN hurt you, your family and your business. Being prepared means having a plan to navigate life's unforgiving uncertainties both during life AND after death. It's also important to realize that planning is very much...
Who Are the Major Parties in a Corporation?
Who Are the Major Parties in a Corporation? By: Barry E. Haimo, Esq. April 8, 2021 When starting a business, you need to think long and hard about which organizational structure will best serve your needs. Do you want a sole proprietorship? A partnership? Some type of...
Who Are the Parties Involved in the Probate or Administration Process?
Who Are the Parties Involved in the Probate or Administration Process? By: Barry E. Haimo, Esq. April 5, 2021 Transcript BARRY E. HAIMO, ESQ.: If an estate is going to go through probate proceedings, some of the parties involved will be the personal representative of...
Every Small Business Owner’s Estate Plan Should Have These 4 Key Elements
Every Small Business Owner's Estate Plan Should Have These 4 Key Elements By: Barry E. Haimo, Esq. April 1, 2021 If you own your own business, you already know that keeping track of your finances is a much bigger job than it would be if you worked for an employer. ...
Welcome to Bite-Sized Bits of Knowledge
What you don't know CAN hurt you, your family and your business. Being prepared means having a plan to navigate life's unforgiving uncertainties both during life AND after death. Here's just a few benefits: • Control aspects of your...
Duties and Powers of Personal Representative under Florida Probate Statute
Duties and Powers of Personal Representative under Florida Probate Statute PART VI DUTIES AND POWERS OF PERSONAL REPRESENTATIVE IN FLORIDA Transcript: 733.601 Time of accrual of duties and powers. 733.602 General duties. 733.603 Personal representative to proceed...
Florida Probate: Answers to Frequently Asked Questions
Florida Probate: Answers to Frequently Asked Questions By: Barry E. Haimo, Esq. March 25, 2021 Most people don’t know a whole lot about Florida probate. After all, it’s only something that comes up when someone close to you passes away. Because of this, many aren’t...
What Are the Governing Documents for a Limited Partnership?
What Are the Governing Documents for a Limited Partnership? By: Barry E. Haimo, Esq. March 11, 2021 A limited partnership is a type of entity where the shareholders are comprised of both general and limited partners. The general partners are in total control of the...
What Happens If I Owe Money to Someone Who Died? Do I Have to Pay?
What Happens If I Owe Money to Someone Who Died? Do I Have to Pay? By: Barry E. Haimo, Esq. March 4, 2021 [BEGIN TRANSCRIPTION] HAIMO: When a person dies, anyone who owes them money will be referred to as a creditor of the estate. So yes, you will still owe not them...
You Have Beneficiaries Overseas — How Does That Impact Planning?
You Have Beneficiaries Overseas -- How Does That Impact Planning? By: Barry E. Haimo, Esq. March 4, 2021 When a testator names foreign or nonresident parties as beneficiaries, distribution is typically one of the most complex estate planning tasks. This is because of...
