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Haddonfield New Jersey Estate Planning And Small Business Law Blog

Take a step back this summer and set goals for your business

As summer approaches, many people make plans for vacation. This is a time to relax and refresh so you can feel renewed when you get back to work. If you are a small business owner, you may wish to use your vacation — or any downtime — to consider the goals you have for your business.

Goals are essential for new business ventures, but even veteran business owners can benefit from seeing plans through new eyes. Goal setting for your business does not have to be painful and you should consider updating your business's goals throughout the life of your New Jersey business. Setting targets to reach is one of the most effective ways a company can keep progressing and improving.

What business-related lawsuits should you prepare for?

When you considered the various aspects of starting your own business, you may have focused on the positive aspects. MFocusing on future success, how you would finance your endeavors and where you would set up shop may have all been exciting and important aspects of your plans to consider. However, you may want to remember that every part of running your business will not be positive.

Businesses often have many legal responsibilities to contend with, and while some of those obligations may relate to obtaining permits and ensuring that operating procedures are in order, you could also face more serious issues in the form of litigation. While you certainly intend on conducting business in a professional and upstanding manner, you may still want to prepare for the possibility that someone could file a lawsuit against you.

The creation of a special needs trust could benefit your family

Estate planning is a crucial step for every New Jersey family, but your family may have special needs that you should address with your estate plan. If you have a special needs child or you have a family member who will not be able to care for himself or herself in the future, you can include certain things in your plan for that person's care.

One of the ways you can do this is by establishing a special needs trust. This step will ensure the care and protection of a loved one in the future by setting aside certain assets for this specific use. If you do not have an estate plan or need to add a special needs trust to an existing plan, you would be prudent to act quickly.

Find out what mistakes could derail your estate plan

Estate planning is an important step for all New Jersey adults, regardless of the size of their estates. You have worked hard to build your estate, save for your future and build wealth to leave your loved ones, and you have the right to decide what happens to it. Whether you own a little or a lot, estate planning allows you to make important decisions about your property.

Having a will is good, but you may need more than one estate planning tool to protect your estate and beneficiaries. Making mistakes in the estate planning process or leaving things out could lead to significant difficulties and issues for you and your beneficiaries down the road. It is worthwhile to evaluate your plan and address any issues as soon as possible.

Does your physician employment contract benefit you?

You may be starting out in your medical career or looking for a change of scenery when you find yourself in the stressful process of finding a new job. There are many things to consider when job hunting, such as the location of the facility and the kind of medicine you will practice. Because you may hope to stay in your next position for many years, you will want to make sure it will best fit your needs.

When you accept a position at a hospital or medical facility, you will likely have to sign an employment contract. Your contract may include standard information, such as benefits and time off. However, your contract may include some negotiable terms, and failing to closely examine these terms can lock you into an unpleasant situation.

Forming a business means complying with the law

When motivation strikes, you may want to get moving on a project as quickly as possible. While some endeavors may have the ability to be addressed and completed quickly, other more-involved undertakings may need more time for planning and assessment. If you have finally made the decision to get started on the process of forming your own business, you may want to take a step back and fully consider the scope of the project.

Business formation is no simple task. It can take individuals years to get started, and if you do not maintain a certain momentum, you could find yourself feeling disheartened or unmotivated to continue on to reach your goals. However, if you plan ahead, you may feel prepared for certain hurdles that will need addressing. In particular, understanding legal needs may prove beneficial.

Will your probate get stuck in the mud?

Probate is one of those mysterious events that most people misunderstand. You may have heard from others that the purpose of estate planning is to avoid probate. While planning well to avoid probate may spare your estate some money in the form of taxes, few people take the time to make those plans, leaving loved ones to face the uncertainty that accompanies the settling of an estate.

One of the most common questions people have about probate is how long it lasts. You may have read of celebrities dying without a will whose probate languished for years. Perhaps you have personal knowledge of someone whose heirs came into their inheritance almost immediately. Why do some probates take so much longer than others?

Administering an estate means many responsibilities for executors

Accepting the role of estate executor is a serious responsibility. Many people take numerous aspects into consideration before they choose an executor, and a loved one may have approached you to take on the position. Though you understood the importance of the decision, you may not have fully known what actions you would have to perform when you agreed to become executor.

Administering an estate requires that the executor follows certain legal steps and attends to the deceased's final wishes as necessary. These actions may seem straightforward, but probate and estate administration proceedings can take a considerable amount of time and effort. If any disputes arise, the process can go on for even longer. In order to prepare to act as executor, you may wish to understand the following duties.

How a living trust can protect your business in a divorce

You thought you had it all. You met the love of your life, got married and bought your dream home. You finally dropped that last 15 pounds and even ran your first marathon. You worked up the courage to quit your job and started your own publishing company—which has been thriving.

Suddenly things went south. Your relationship hit the rocks. Things were said and done that can’t be taken back, and now you’re facing the prospect of divorce. To add salt to the wound, you also stand to lose part of your business to your spouse. In a flash, everything you hold dear could be taken from you.

What should you consider when looking for a guardian?

Your children are undoubtedly the most important part of your life. Though you may wonder whether you are doing a good job as a parent, you certainly do your best to ensure that your kids feel loved and are well taken care of. You may hope that you will have the ability to always provide that care for your children, but you likely know that the possibility of death, incapacitation or serious injury can result in your children needing a new guardian.

You may feel uneasy with the idea of someone else caring for your young ones. To calm this undesired feeling, you may want to appoint a guardian yourself. During your estate planning process, you can include your wishes for an individual or individuals to act in this role. Before you choose a guardian, you should consider various factors.

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