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Captive Insurance Companies- a New Law Creates a New Way for N.C. Businesses

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The following article is republished with permission from the North Carolina Bar Association (“NCBA”) and with permission from the articles authors – W. Y. Alex Webb and Jesse Thomas Coyle. This article was featured in the NCBA’s Business Law Section Newsletter – Notes Bearing Interest – and was entitled “Captive Insurance Companies- a New Law Creates a New Way for N.C. Businesses.” North Carolina Bar Association Business Law Section Newsletter, Notes Bearing Interest, Vol. 35, No. 4 (June 2014).

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To Sell or Not to Sell: The Great Inevitable Debate for the Family-Owned Business

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After years of hard work (possibly decades), your client has built a successful family-owned business. Now that your client is older, he/she is ready to sell the business and use the proceeds for their retirement. But you know that your client may be in for a bad surprise- there are more small businesses than there are buyers and even if a prospective buyer is found, that doesn’t mean that the seller will agree with the price offered. For these reasons, you have to be ready to help your clients sell the business and do so quickly, but also at the right price. Speed increases value and leverage, while the unknown can kill a sale. Thus, you must counsel your client on two absolute essentials: planning and preparation.

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Is A Will Good Enough or Should I Have a Living Trust?

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One of the most common questions I get is the following: “is a Will good enough, or should I also have a Living Trust?” The answer is that it depends, but please allow me to explain to you how a Living Trust – more accurately called a “Revocable Living Trust” – works…

A Living Trust is a written agreement which creates an entity recognized by every State as a legal method of holding title to property. It is almost like setting up a corporation or LLC to hold title to your property, but it is far simpler to manage and will actually save thousands of tax dollars and fees or costs. Like a Will, the agreement contains your specific instructions regarding how you want your property managed and distributed in the event of your incapacity or death. However, unlike a Will, it is a private document, and every asset held in the name of the Trust you set up is exempt by law from probate proceedings which would be required if the property were not held in your Trust. The Trust is set up during your lifetime (thus the term “Living” Trust). The assets you place in the Trust are controlled and owned solely by you. Your family or friends you name in the Trust will be able to transfer your assets upon death to themselves, instantly and privately, without anyone else’s authority or permission.

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Probate, Estate and Business Planning Tips for Everyone!

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As a tax attorney (as well as an insurance representative and financial planner) that focuses my practice largely on Estate Planning for common folk and high-net-worth individuals alike, Business Planning, and Probate, this blog will be used to keep you updated on all of the sophisticated and not so sophisticated issues concerning these practice areas! In addition, I will on occasion also be posting entries in the interrelated areas of Tax Planning, Tax Controversy, and Captive Insurance Companies.
Stay tuned for more…

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