Indianapolis, Indiana Legal Blog | Dale & Eke
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Indianapolis, Indiana Legal Blog

Is it time for a new business partner?

You and your business partner worked well together when you started your company, but now you have been thinking that it's time to cut them loose and find someone else. Or, perhaps you just want to let them go and run the company on your own.

While every case is unique, here are a few common red flags that may warn you that your business partner isn't a good fit:

  • You have different values. Maybe you want to help people, and they want to make money. It can lead to conflicts where you think they're being too ruthless with their financial decisions, and they think you're wasting money or missing opportunities.
  • They do not offer you anything more. A good partnership is one where both people have individual skills that the other lacks. If you can do everything they do and you can do it better, why do you need them?
  • There's not enough trust. You always find yourself looking over your shoulder. You wonder if they care about themselves more than you or the company.
  • They refuse to change and adapt. Maybe you have been working together for decades. They're still acting like everything you did when you started the company will work in the modern era, when you know that it won't.
  • You run into conflicts with no resolutions. Eventually, enough little things can add up and create some serious problems for the company.

You can buy a home with a trust

You decide that it's time to downsize your home. Your spouse passed away last year, all of your children moved out of the house long ago, and you do not need a large five-bedroom family home to yourself. You opt to sell it and buy a smaller home on a lake.

However, you do start thinking about what happens to the house after you pass away. This is the last home you plan to buy, and you want to set things up to move it smoothly on to the next generation. Then they can keep it, sell it, live in it or do whatever else they choose.

Key facts about the aging American population

Estate planning is not something only the elderly should do. People need estate plans at any age, especially when they have children.

However, realistically, it's something most Americans start thinking about a bit more often when they grow older. That's when it becomes clear to them that they need a plan in place to transfer their wealth to their children.

Understanding a driveway easement

There are a few different types of easements that may apply to your property, and it's important to understand the legal ramifications. You may not be the only one who can use your land, even though you do own that land. For instance, if you live in a condo or an HOA, they may have a right to access the property, or you may have an easement for utility services and lines.

One of the most common types of easements is a right-of-way easement, which may be used for a driveway. Often, it exists because some of the driveway is shared by two property owners.

Seek the help of an attorney when starting a business

Whether you are going into business as a sole proprietor or are creating a partnership, you should always seek the help of an attorney when starting a business. There's so much at stake, including your financial wellbeing, that you should not enter into such a venture on your own. Starting a business takes a lot of hard work and know-how. Here's how an attorney can help you move the process forward correctly.

One of the most important reasons you need to work with an attorney when starting a business is because he or she will be able to find problems with your legal documents. You don't want to miss certain laws your company must follow, which could land you in hot water. An attorney has the knowledge to thoroughly review your documents to ensure accuracy and compliance.

Provide for your children if something happens to you

When you have a new baby, you have a lot of life changes to make. Most parents quickly adjust, but there is one major action that they might forget they need to take care of. This is estate planning. You may think that you have plenty of time to handle this matter, but the fact is that you don't know what can happen.

Your estate plan is a way that you can help to protect your child if something does happen to you. New parents have several things to think about that when they are creating the estate plan. Together, these points outline your child's life if you aren't here to oversee it.

Important events that trigger an estate plan review

Many people create an estate plan when they are hired for their first job. Others wait until they have their first child. Some wait until they are about to retire. Then, some people die without having an estate plan in place, leaving their family to fight with the state and the courts for assets. Today, we will examine the important life events that trigger an estate plan review.

First and foremost, it is in your best interest to create an estate plan once you reach adulthood, even if you barely have anything to your name. You can then begin the review process from there.

Why use a charitable remainder trust?

As you plan how to distribute your assets in your estate plan, you may choose to set aside some of your estate for charity. While you can take money and give it directly to a charity, you may want to take advantage of tax benefits that a charitable remainder trust can offer.

A charitable remainder trust can help you save on taxes while continuing to receive an annual income. Here are a few benefits of a charitable remainder trust:

Keeping an estate plan updated after a divorce

Divorce can be tricky in all sorts of ways from arranging the custody of shared children to determining how assets will be divided between spouses. However, one factor that could be complicated by a divorce that can easily be overlooked by couples in Indiana is their estate plan. Determining that all clauses remain functional despite the change in relationship is critical to making sure that their original desires are still honored. 

One misstep that people should be aware of is that if they choose to remarry in the future, they run the risk of accidentally disinheriting their children unless they are proactive about updating their estate plan to reflect the changes. As soon as a divorce is finalized, people should immediately remove their ex as a beneficiary. This will guarantee that their ex will not be receiving any portion of their estate which is especially important if people plan to remarry. 

Make sure to classify workers correctly

Businesses that hire workers in Indiana have a lot to consider. Options for hire typically include employees and independent contractors, and there are benefits to each depending on the specific company or project. Employers must ensure they classify the workers correctly or else they can face strict penalties.

According to the IRS, there are three categories to consider when deciding how to classify a worker. One is financial control. An employee receives an agreed-upon hourly wage or salary, and the employer pays for supplies, equipment and other expenses related to performing the job. The employer is also responsible for certain taxes and insurance coverage. In contrast, an independent contractor is responsible for paying for their own supplies, equipment and expenses. Their pay is often a flat fee with no taxes taken out, and an IC must pay his or own taxes at tax time.

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