Law Office of Michael R. Weinstein, APC

10/06/2023

Confidentiality agreements are incredibly broad legal tools available to almost any entity with privately held information. Due to their potential complexity, it’s always advisable to consult with an experienced attorney when questions arise.

A confidentiality agreement is a contract between two or more parties regulating the treatment of specified private information. While these agreements can exist in a variety of contexts, they are particularly relevant in the world of businesses and nonprofit organizations, where they prove essentia

10/05/2023

Losing a close relative is hard enough without the added and completely avoidable hassles that occur in the absence of estate planning. That’s why focusing on the benefits involved in estate planning for you and your loved ones may be just the motivation you need to either create and finalize an estate plan or update the plan that you already have.

Estate planning not only makes things easier for your loved ones if you become incapacitated or when you’re gone, but it also does these three important things.

09/30/2023

There are certain criteria to weigh in selecting the right business structure, and keep in mind that the structure you start with may not be the one you have several years from now as your business evolves.

When you are evaluating which structure to choose, it is important to think through these three factors.

09/30/2023

Major changes in your life—such as marriage, having a baby, moving out of state, or divorce—should prompt a revisit to your current will.

Getting divorced? Here are some items you will need to remove or add to your will.

09/28/2023

Living trusts can add flexibility to your estate plan, but there are pros and cons to using them. When you decide on your estate plan, a trusted attorney can suggest options that fit your needs and efficiently pass assets to your heirs.

This legal document gives you flexibility and privacy for managing and distributing your assets, but there are pros and cons.

09/23/2023

There’s no way to anticipate when we’ll go, but that difficult time can be made easier on our friends and family by having a plan in place that tells them exactly how to manage any money or assets we’ve left behind.

Spoiler: You don’t have to be ultrawealthy to have an estate plan.

09/23/2023

An operating agreement is drafted to allow owners to govern the internal operations of a limited liability company according to their own rules and specifications. While writing an operating agreement is not a mandatory requirement for most states, it is nonetheless considered a crucial document that should be included when setting up an LLC.

An LLC operating agreement is a document that customizes the terms of a limited liability company according to the specific needs of its owners.

09/22/2023

Estate planning takes on a new urgency when you become a parent. It's essential to spell out who you'd want to care for your children if you're gone and also to provide for their financial security.

Don't put it off any longer.

09/16/2023

As you assemble your advisory team to help you sell your business, consider enlisting the help of a business attorney to review and create agreements.

If you want the maximum price you need to make these moves before you do anything else.

09/13/2023

A charitable trust allows you to donate assets to a chosen tax-exempt charitable organization or nonprofit and comes with certain tax benefits to help you minimize what you might owe to the government. Establishing a charitable trust can be an important part of your estate plan and a rewarding way to make an impact for a cause you care deeply about.

A charitable trust allows you to donate assets to a chosen tax-exempt charitable organization or nonprofit and comes with certain tax benefits.

09/12/2023

While a will is a useful and airtight legal document, it does have some limitations. For instance, a will must go through the probate process, which can be lengthy and expensive. It may be wise to use other tools to achieve your goals, such as living trusts.

A traditional will could be the simplest but not necessarily the best way to pass on your legacy.

09/08/2023

Agreements and contracts are the foundation of any business arrangement, each one protecting both parties if something goes wrong. While the difference between an agreement and a contract may seem slight, each one has its distinct advantages.

Many business owners are opting for informal agreements vs contracts. Here's the legal difference and how to know which is best for you. | SUCCESS

09/06/2023

Living trusts are created while the grantor is still alive. It is a legal arrangement that designates a trustee to manage the assets for beneficiaries, which can include you.

A living trust can offer key benefits for transferring wealth.

09/04/2023

What happens to your digital properties after you pass away? Worst-case scenarios are familiar to many families who haven’t planned ahead: The property gets lost, either irretrievably or for years, during which beneficiaries must try to find passwords or slog through legal channels to get access.

What Happens to Your Digital Properties After You Die?

09/01/2023

Individuals who want to start home-based businesses are often so eager to get underway that they forget to get all the requisite licenses and permits to legally operate.

Find out about the five licenses and permits you need to run a home-based business legally.

09/01/2023

What happens to the bank accounts when you pass away? The answer depends on a few factors, such as whether the account is a joint account, or if there are any beneficiaries named. Making a few preparations can save your survivors from financial stress while grieving your loss.

You can't take it with you, so what happens to your bank account after you pass on? Here's everything you need to know.

08/29/2023

As you draft charitable planning provisions, it is wise to do so alongside an estate planning attorney who is familiar with your needs.

First, make sure the organization accepts donations.

08/26/2023

If you own a small business, either alone or with partners, consider forming a limited liability company. With an LLC, your personal assets are protected from business creditors and from business-related lawsuits. At the same time, you maintain flexible management and are taxed only on your share of the profits. Consult a business formation attorney about the LLC option.

08/25/2023

An estate plan makes sure your assets go to those you intend to receive them after you die. A good plan can also reduce family strife and provide clear end-of-life directives should an individual become incapacitated.

The goal of estate planning is to make sure your wealth and other assets go to those you intend. Learn more about how to plan your estate and why you absolutely need it, regardless of how much wealth you have.

08/22/2023

By taking the time to think ahead when it comes to leaving an inheritance, you can avoid adding a headache to your loved one's heartache after you pass.

Passing on your home might not be the best idea

08/18/2023

A business legal structure, also known as a business entity, is a government classification that regulates certain aspects of your business. Choosing the right business structure from the start is among the most crucial decisions you can make.

When starting a business, you need to set up the proper legal structure. Learn about your options and how to choose a structure.

08/18/2023

An estate plan is a collection of legally binding documents that ensures you are in control of what happens to you, your assets and any dependents you may have if you become disabled or when you die. The plan can include a will, power of attorney forms, trusts and more.

A will, power of attorney and trusts are among the most crucial documents for young adults to draft to ensure they have a say after they die or are critically disabled.

08/15/2023

Estate planning can take on a new dimension when you own a business. Not only do you need a strategy for managing personal assets but you also need to consider what will happen to your business in the long-term.

Estate planning can take on a new dimension when you own a business. Not only do you need a strategy for managing personal assets but you also need to consider what will happen to your business in the long-term. Estate … Continue reading ->The post Estate Planning for Business Owners appeared firs...

08/11/2023

Due diligence is the process of gathering as much information and intel as you can before buying a business, and it is a critical step in your journey to becoming a business owner. During this period, you should work with an accountant and lawyer to make sure you have all the information you need to move forward.

Interested in buying a business? There are plenty of advantages to buying an existing business — and some drawbacks, too. Here's what to consider.

08/11/2023

One of the most common errors in estate planning is simply failing to have one. An attorney can work with you to make a plan that protects your legacy and loved ones.

Making an estate plan is an important part of protecting your legacy and your loved ones.

08/08/2023

It’s never too early to start thinking about your estate plan: The strategic decisions and investments you make now can increase the capital you’ll have available to finance your retirement years and late-in-life healthcare needs. An attorney can help you decide which estate planning tools make the most sense for your situation.

08/04/2023

A grantor trust is a type of living trust in which the person creating the trust (the grantor) remains the owner of the assets and property in the trust for both income and estate tax purposes.

This revocable trust has all its income and deductions reported on the owner’s tax return. Learn more about how it works.

08/04/2023

A partnership agreement can help you set your company up for success by addressing key issues, like what should happen to the funds in your business bank account and who will be responsible for which tasks.

Every partnership agreement should include a description of how duties will be distributed as well as a death and disability clause. Read on to learn why.

08/01/2023

Probate is a legal process that occurs after a death. In most cases, probate is a key part of settling the estate of a deceased person. If you want your loved ones to avoid this process, an estate planning lawyer can help you identify ways to facilitate the transfer of most or all of your property outside of probate.

When someone passes away, their estate may need to be probated. But what is probate? This guide explains what probate is, how the probate process works and offers some insight into how assets can be transferred outside of the probate process.

07/29/2023

Putting your property in a trust can be a smart way to ensure smooth transfer of ownership to your beneficiaries after your death, but it can be complicated. It's a good idea to consult closely with an attorney on your options

Assets placed in a trust, including a home, are protected in ways that they aren’t when owned individually.

07/28/2023

As an employer, you could be found liable in a lawsuit if discrimination happened to an employee at work. Having policies in place to prevent discrimination is a way to protect all parties.

Follow these workplace anti-discrimination laws to keep your organization safe and compliant.

07/25/2023

Those thinking of how to preserve their family’s financial legacy can beat the so-called “third generation” curse through financial education, money management and hiring the right professionals to help.

As baby boomers prepare to transfer wealth to their children, those younger generations may be thinking of how to preserve their family's financial legacy. The "third generation curse" indicates that...

07/22/2023

Should the unexpected happen, having a will in place can be a simple way to avoid leaving important decisions about your assets and guardianship wishes to your state’s laws and courts.

Having a will in place, even if you're young, can be a simple way to avoid leaving important decisions about your assets and guardianship wishes to the courts.

07/21/2023

Proprietary information is one of the most vital assets of a business, and an effective way to protect it is to have key employees sign non-disclosure agreements. A well-drafted NDA can cover your intellectual property, customer contacts, licenses, contracts and other confidential data. An experienced business attorney can ensure that your NDA is compliant with state law and enforceable.

07/18/2023

A living trust and will are not mutually exclusive. Many people choose both as pillars of their estate planning. An estate planning attorney can give advice specific to your situation.

There's more than one way to pass on your legacy.

07/15/2023

There are a few ways you can set up your bank account to make things as simple as possible after your passing.

After death, your bank account may not go directly to your heirs. Learn how to set things up so that it does.

07/11/2023

When you enroll in a new 401(k) plan, or move one from a previous employer, you'll be asked to name beneficiaries. These are the people (or entities like a trust or a charity) that would inherit the 401(k) if you pass away.

You can designate a wide range of heirs to inherit your 401(k). In this guide, we’ll explain the rules you need to know.

07/11/2023

While inexpensive to set up, a general partnership potentially saddles the partners with big personal liability. As your business grows, consider a business structure that limits liability for owners, such as a limited partnership, limited liability company or corporation.

A general partnership is an unincorporated business with two or more owners. Each partner is liable for business debts and reports the profits on their taxes.

07/09/2023

Creating and maintaining a trust can be an important step in estate planning, giving your beneficiaries a clear outline of your needs.

You may have heard of a trust fund, but aren’t sure exactly what it is. Here’s what you should know about trust funds and how to set one up.

07/04/2023

Many people don’t realize the extent of their electronic and digital lives and the potential problems they’re leaving for others to deal with.

Many people don't realize the extent of their electronic and digital lives and the potential problems they're leaving for others to deal with.