Aug 282014
 
Transferring Assets to Spouse

In the event that one spouse is facing a possible lawsuit, a means of protecting that person’s assets from the reach of creditors is to transfer the assets in the name of the debtor and the debtor’s spouse as tenants by the entireties, assuming that the spouse is not also subject to the same lawsuit. By transferring the debtor’s assets into both the debtor’s name and the spouse’s name as tenants by the entireties, the assets are protected from the debtor’s creditors (except in fraudulent transfers) because the debtor’s spouse now has ownership of the assets along with the debtor. More…

Aug 152014
 
Buy-Sell Agreements

  Anyone who owns an interest in a partnership, multiple member LLC, or small corporation should understand the importance of having a proper buy-sell agreement in place for their business. Every business owner should develop a plan of action in the event that one of the owners of the company becomes disabled or passes away, as well as if an owner decides to retire by transferring or selling his or her interest in the company. A well-drafted buy-sell agreement is critical for every business because, even though a business may be brand new, one of the situations mentioned above is More…

Aug 062014
 
How to Designate the Beneficaries of an LLC Membership Interest Upon the Death of an LLC Member

Many clients often wonder how their LLC membership interest will pass upon death. Some clients want their interest to pass to the surviving LLC members. However, others want their interest to pass to their heirs. Clients often ask whether they should designate a beneficiary of the membership interest in their Operating Agreement or in their Will or Trust. Being that an LLC member’s interest belongs to that particular member personally, it is a personal asset and is governed by Florida inheritance laws. For instance, if a membership interest is owned in one’s name alone, the interest should pass to that More…