Alliance Law & Counseling

07/21/2020

Alliance Law & Counseling updated their business hours.

Alliance Law & Counseling updated their business hours.

07/21/2020

Alliance Law & Counseling updated their website address.

Alliance Law & Counseling updated their website address.

09/19/2018

Alliance Law & Counseling updated their address.

Alliance Law & Counseling updated their address.

04/15/2018

Extras with Louie Gravance, Part 1

Extras with Louie Gravance, Part 1

03/13/2018

Harper Lee’s Will, Unsealed, Only Adds More Mystery to Her Life

Nelle Harper Lee is the Pulitzer Prize-winning author of “To Kill a Mockingbird,” which was published in 1960 and has since sold over 40 million copies worldwide. In 2011, Ms. Lee created the Mockingbird Trust, in an effort to keep her affairs out of the public eye and to privately convey her assets, including the copyright of her best-selling book. She passed away in 2016 and her pour over will was filed with the Probate Court by her long time attorney and executor. The court recently made the document accessible to the public; however, Ms. Lee’s privacy wishes were sustained, as all pertinent information regarding her assets was only included in the Mockingbird Trust.

https://www.nytimes.com/2018/02/27/books/harper-lee-will.html

In a will that she signed days before she died, Ms. Lee assigned her literary assets to a trust.

02/27/2018

Why Is James Brown’s Estate Still Unsettled? Ask the Lawyers

The Godfather of Soul, James Brown, passed away on Christmas Day, 2006. In 12 years, 12 separate lawsuits related to his estate were filed. The legal battles involve a range of issues, including: the validity of his Last Will and Testament, claims of illegal agreements regarding copyrights and charitable desires, spelled out in Mr. Brown’s I Feel Good Trust. The South Carolina attorney general even attempted to foster a settlement between the heirs, to no avail.

https://www.nytimes.com/2018/02/04/arts/music/james-brown-estate-unsettled.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=mini-moth®ion=top-stories-below&WT.nav=top-stories-below

More than 11 years after the Godfather of Soul’s death, his hope of providing for underprivileged children remains entangled by conflict and lawsuits.

02/25/2018

Alliance Law & Counseling updated their information in their About section.

Alliance Law & Counseling updated their information in their About section.

02/22/2018

Developing an estate plan can sound complicated and overwhelming. There are certain documents to execute regarding incapacity and others that pertain to the distribution of property. Reviewing beneficiary designations and taking an inventory of your assets is a great starting point in creating a streamlined and effective plan.

https://www.greenbaypressgazette.com/story/money/2018/01/17/intimidated-estate-planning-here-key-first-steps/1041059001/

02/13/2018

A Special Option for Special Kids - American Academy of Estate Planning Attorneys

Parents of special needs children in many cases will establish a Special Needs Trust, in an effort to shield any assets the children may inherit from disqualifying the children from public benefits. Another notable tool is an ABLE account, which is a savings account that benefits individuals with disabilities. A donor in 2018 may now contribute up to $15,000 annually to the account. Funds from the account can be used for a comprehensive list of expenses, while preserving the beneficiary’s financial eligibility for certain government benefits.

https://www.aaepa.com/2017/12/special-option-special-kids/

Planning for beneficiaries with special needs requires unique attention. Public benefits can be an essential way to provide for the specialized care these beneficiaries require to allow them to lead fulfilling lives. When assets are given to such beneficiaries, they must be given in a specially-draf...

02/06/2018

5 Things Your Kids Should Know Before They Inherit Your Money

Prior to establishing an estate plan, it is important to take an inventory of one’s assets to determine the current and foreseeable value of the estate. Once the plan is executed, it is appropriate to review said assets for funding and to ensure probate avoidance. Inherited assets, such as Individual Retirement Accounts (IRAs) and real property, are uniquely taxed when transferred via inheritance. It is critical for beneficiaries to understand the distinctive tax treatment of these assets to ensure the benefits are realized.

https://www.kiplinger.com/article/retirement/T021-C032-S014-5-things-your-kids-should-know-before-they-inherit.html

An inheritance shouldn't come as a big surprise to your beneficiaries. They need to be prepared for the gift, and the taxes and decisions that come with it. So even if it's awkward, you need to have a chat.

01/30/2018

Find out What's Involved in the Probate Process

Probate is the court process of transferring a deceased individual’s property to the appropriate recipients. The court oversees the process to ensure that the transfer of assets is properly completed. Executing a Last Will and Testament allows individuals to designate who receives their assets. A valid Will can also expedite the probate process, by waiving certain statutory formalities and subsequently lowering the cost to transfer the assets of the estate.

https://www.thebalance.com/what-is-probate-3505244

Probate is the court-supervised process of settling a deceased person's final affairs. Find out how this is accomplished.

01/26/2018

14 Best Memphis Estate Planners | Expertise

Out of 176 estate planners, Alliance Law & Counseling was named one of the 14 best estate planners in Memphis, Tennessee! Thank you!

https://www.expertise.com/tn/memphis/estate-planning

Find and connect with Memphis's best Estate Planners. Hand picked by an independent editorial team and updated for 2018.

01/24/2018

Steely Dan Singer Sues Bandmate's Estate

The lead singer of Steely Dan, Donald Fagen, is suing the estate of bandmate, Walter Becker, following Becker’s death in September 2017. Steely Dan enacted a buy-sell agreement over forty years ago, specifying how the assets of the band were to be distributed after certain triggering events, including the death of a band member. However Becker’s estate is now claiming that the agreement is of no effect. While it is essential for owners to establish a succession plan for their business, it is equally important for the owners to regularly review their plans, to address changes over time.

https://www.hollywoodreporter.com/thr-esq/steely-dan-singer-sues-bandmates-estate-1060687

Donald Fagen says he became the sole officer of Steely Dan upon Walter Becker's Sept. 3, 2017, death.

01/16/2018

Business Owners Need to Focus More Time on Transition Planning, Survey Says

A recent survey of over 200 privately-held company owners indicated that many do not have a plan in place to transition their business. Typically business owners anticipate gifting or selling the business to the next generation of family members or existing management. However, too often there is not a suitable family member to take on the responsibility or current management is not properly trained for the vital task. It is essential for companies to take the time to implement a plan to address their major concerns, which for most respondents included protecting their employees and long-term company viability.

https://chiefexecutive.net/business-owners-need-focus-time-transition-planning-survey-says/

Most business owners say they are too busy running their business to think about transition planning, a new survey says.

01/10/2018

When You Lose a Loved One Who Handles All the Money

Many keep their finances and important paperwork unorganized and scattered in multiple locations. Couples will commonly designate one person to take the lead on paying the bills, overseeing investments and ensuring that necessary estate planning is complete. For individuals and couples alike, it is imperative to communicate what particular planning has been implemented, as well as the location of significant documentation, in the event of an emergency.

https://www.kiplinger.com/article/retirement/T064-C032-S014-when-you-lose-a-loved-one-who-handles-the-money.html

It's not uncommon for one person in a couple to take the lead in finances, but that can cause big problems later on.

01/02/2018

7 ways that cheap Tweety Bird figurine can screw up your estate

Often individuals will bequeath their personal property to multiple people, without providing any additional guidance about said property. It is important to consider the sentimental value of certain items and to provide specific instructions in the Last Will and Testament or Trust, to avoid any fighting or confusion between the beneficiaries.

https://www.cnbc.com/2017/10/10/7-ways-that-cheap-tweety-bird-figurine-can-screw-up-your-estate.html?utm_content=bufferfc45b&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

Consumers dividing assets often make the mistake of focusing on financial accounts — forgetting about personal property.

12/27/2017

How to Evaluate a Business Idea Before Taking the Plunge

Starting a new business is often a significant investment of your time and resources. Studying the market and your competition are just a few steps to complete before taking the plunge. By doing some research on the front-end, you will increase the likelihood of the business’ success.

https://www.thebalance.com/how-to-qualify-a-business-idea-2951452

Not every business idea is a good one. Use these criteria to determine if your business idea is worth taking to the next step.

12/19/2017

Five Emotional Blocks to Estate Planning

When it comes to preparing for incapacity or death, there are particular concerns that hinder individuals from developing an estate plan. Some are uncomfortable confronting their own mortality, while others do not want to meet imminent familial conflict. Facing these fears and creating a plan far outweighs the alternative of leaving one’s family with no established plan.

https://www.thebalance.com/five-emotional-blocks-to-estate-planning-4040502

Estate planning can be difficult for many reasons. These are the five most common roadblocks when it comes to creating an effective one.

12/15/2017

Happy Holidays from the very merry team at Alliance Law & Counseling!

12/11/2017

Don't Get Sued: 5 Tips To Protect Your Small Business

Limiting risk and protecting your business from potential lawsuits and other legal impediments is an important part of effectively managing your business. Some safeguards include hiring competent professionals to assist in the formation and ongoing affairs of the business and limiting conflicts of interest. A lawsuit can have a negative effect on your organization, often impacting its public image, its financial wellbeing, and the longevity of the business.

https://www.investopedia.com/articles/financialcareers/08/company-lawsuits.asp

Find out what you can do to limit risk and keep your business running smoothly.

12/05/2017

Estate planning: Unfunded trusts

In the event a trust is not funded, the family must locate all of the decedent’s property and determine how the property is specifically titled. Each asset will transfer to the listed beneficiary, if applicable, or the Last Will & Testament will determine who receives the property. In the event there is no Last Will & Testament, state statute will dictate the legal beneficiary.

http://www.nwitimes.com/business/columnists/christopher-yugo/estate-planning-unfunded-trusts/article_ad4dbafc-576d-5179-8185-a379ea9529b0.html?platform=hootsuite

11/28/2017

Drafting and reviewing your buy-sell agreement | Ohio Ag Net | Ohio's Country Journal

A buy-sell agreement is essentially an estate plan for your business. The main purpose of executing this agreement is to clearly outline who is permitted to purchase the owner’s share of the business, when that owner exits the organization. It will often provide a specific price for the business, or spell out the means to determine the value. The buy-sell agreement protects the business owners, their families, and their employees.

http://ocj.com/2017/06/drafting-and-reviewing-your-buy-sell-agreement/

Drafting and reviewing your buy-sell agreement Comments 0 Click to Zoom June 14, 2017By Brian E. Ravencraft, CPA, CGMA- Principal with Holbrook & Manter, CPAs Never miss the latest news affecting Ohio agriculture. Subscribe to Digital Dale and follow along via Facebook and Twitter.If you own a busin...

11/21/2017

Probate and Estate Settlement: What You Need to Know | Fifth Third Bank LegacyLink

Probate is the court process of transferring a deceased individual’s property to the proper recipients. The process ranges in complexity, based on the type and value of assets within the estate, as well as the degree of planning the deceased individual completed prior to passing. Most county probate courts follow a standard procedure, however state statute will provide the timeline and particular mandates for the designated Executor.

https://www.53legacylink.com/learning-center/probate-and-estate-settlement-what-you-need-to-know/

As an executor, you may have questions about what probate whether the estate must go through the probate process. Learn more about probate and what to expect.

11/14/2017

Wells FargoVoice: Avoid These 6 Estate Planning Mistakes

Many families execute a trust, in an effort to avoid the probate process and efficiently transfer assets from their estate. However, a trust is most effective when the appropriate individual/third party institution is provided fiduciary authority, when personal property and digital assets are addressed in the documentation, and when the trust is properly funded. Clearly communicating with the beneficiaries soon after executing the plan will also alleviate subsequent discord.

https://www.forbes.com/sites/wellsfargo/2017/10/02/avoid-these-6-estate-planning-mistakes/

Even if your assets are held in a revocable trust, these issues can cause headaches for you and your beneficiaries.

11/07/2017

Estate Planning: Leaving a Home to Heirs While You’re Still Alive

Some parents consider transferring their home to their children, in an effort to later avoid the probate process. However there can be serious, unintended consequences to such a transfer, including: losing control over the property, making the property susceptible to the children’s creditors, and a loss of “step up” in income tax basis as a result of the conveyance.

https://www.nytimes.com/2017/08/25/realestate/estate-planning-home.html?nl=todaysheadlines&emc=edit_th_20170827

Since your home is often your most valuable asset, there are scenarios where it makes sense to create a trust for the property before you die.

10/31/2017

Hugh Hefner, Role Model? He Was When It Came To Estate Planning

Careful planning is key for all individuals looking to simplify the transfer of their estate. There are additional concerns for business owners, blended families, high net worth individuals, and for those who are philanthropically inclined. Executing a trust provides flexibility, privacy and control.

https://www.forbes.com/sites/trialandheirs/2017/10/09/hugh-hefner-role-model-he-was-when-it-came-to-estate-planning/

Hugh Hefner employed savvy financial and estate planning to secure his golden years and protect his heirs from fighting.

10/23/2017

An Infographic Guide to the Top Giving Tuesday Ideas

Giving Tuesday is an annual event, occurring the Tuesday after Thanksgiving. It aims to unify a diverse group of businesses, corporations, nonprofits, civic organizations, families, and individuals to work together to make a difference in communities around the world. Some individuals make a gift to designated charities via their Last Will and Testament or through a Trust. Others choose to pass assets, such as cash or appreciated securities, to preferred organizations during their lifetime.

https://learn.ally360.com/giving-tuesday-ideas-campaigns/

What if there was a movement you could join that would boost your nonprofit’s fundraising efforts and expand your support base all in one day? Wouldn’t you want to join in and allow your organization to reap the benefits of a day set aside just for charity?