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Sandusky, Ohio Legal Blog

Staying positive when a start-up loses momentum

One thing that all entrepreneurs have in common is that they are willing to take risks. More often than not, building a company from an idea into an organization that provides a successful product or service, requires people to think outside of the box and be willing to analyze opportunities. Sometimes, despite thorough efforts to weigh options and select the most promising risks, start-up companies in Ohio fail to gain momentum or lose it altogether.

In extreme circumstances, start-up companies that are unable to get their business off of the ground, may need to reconsider their decision to continue operations. In fact, nearly 20 percent of all start-ups are not even in operation for a full year before they end up closing their doors. When a company is facing difficulties, they may choose to terminate their operation entirely or rebrand their product or service. Whatever they choose to do, they can maintain a positive outlook by applying some critical actions. 

Protect your disabled child with a special needs trust

If you are the Ohio parent of a special needs child or adult, you have unique estate planning needs that probably differ broadly from those of your friends or family members. In addition to leaving your son or daughter assets you have worked hard to secure in your life, you must also consider factors such as who is to care for your child once you are no longer able to do so. At Flynn, Py & Kruse, we understand the estate planning needs of parents who have disabled children, and we have helped many clients orchestrate solid plans for the future.

Per CNBC, many special needs children and adults utilize federal benefit programs, such as Medicaid or Supplemental Security Income, to provide for themselves and help offset the costs associated with care. If you leave your disabled child assets in a traditional will, however, doing so has the potential to impact your child’s public benefits eligibility. How?

Can an employee company buyout benefit your business?

When you are strategizing about your company's future, there are many directions you could choose to go. Selecting a process that will provide opportunities for growth and enable your company to reach a broader audience is heavily reliant on your ability to analyze the market and your competitors to understand how you can differentiate your product or service. A rather unique way of growing your company is the consideration of an employee buyout where you will give your workers access to investment shares of the business in Ohio. While this decision requires a lot of forethought and careful planning, it can reap some highly advantageous rewards if you are committed. 

At first thought, you may be hesitant to entertain the thought of a buyout because it means you will lose some control over shares of your company. However, the benefits that result from this decision could put you in an even more competitive position. According to Chron, some of the rewards you may experience include the following:

  • An employee stock ownership plan or ESOP, means your company will not be required to pay taxes if you select an S-corporation as your tax structure.
  • Employees may be considerably more motivated considering the success of their company and the wealth of their stock is dependent on their work ethic. 
  • Due to financial savings in areas such as taxes, your company may be able to pay off debt at a much faster rate and utilize savings to develop new products.

What qualities should I look for in an estate executor?

Organizing a Sandusky estate is not a fly-by-night process. It is also something that should be taken seriously. The person you choose to manage your estate is undertaking a critical task that requires focus and due diligence to ensure that your loved ones honor your wishes. One concern that might be on your mind is how should you go about choosing an executor for your estate? 

Being an executor is a huge responsibility. You do not want to have just anyone to fulfill that role. The wrong person could end up mismanaging your estate and squandering away your legacy. You must take time to consider the qualities of the individual you want to serve as your estate’s executor. Consider the following tips while selecting an executor for your estate. 

The bare bones estate plan: What's the minimum you need?

It's a common misconception that people who don't have very much money don't require an estate plan. In fact, there are several barebones components that everybody needs to set up before they pass away in order to make things easier on those they leave behind.

Let's take a look at the basics that every Ohio resident should have in their estate plans no matter how much money or assets they have accumulated in their lives:

Arranging long-term care before it is too late

When people are planning for their future, often one of the last things on their mind is coordinating their own medical care in the circumstances they become unable to care for themselves. Younger people in Ohio are often focused on their current career goals, raising a family and organizing their finances for the future, but the idea of articulating their desires for physical care needs often seems far-fetched and unnecessary. However, the more people put off this important step in planning their future, the more difficult it may be for them to find desirable and affordable care when that point comes. 

According to ABC News, of all of the people who live until they are 65-years-old, studies have shown that nearly 30 to 50 percent of them will require consistent care in a nursing home setting at some point. Because the financial costs of this type of care can quickly add up, individuals who choose to plan ahead may be in a much better position than those who do not. When people make the decision to invest in insurance coverage to facilitate their long-term care needs, they can protect themselves from debilitating financial risks. 

Preparing for the future after your spouse passes away

When your spouse passes away, you may be left drowning in a sea of important decisions to make regarding his or her financial assets and sentimental possessions. Understanding which tasks are of primary importance is critical to avoid costly mistakes that may increase stress and prolong legalities. At Flynn, Py & Kruse, we have helped many people in Ohio to effectively navigate the often-complicated process of creating, executing and finalizing estate plans. 

According to USA Today, there are several important items of business that you should proactively address following your spouse's death. These include the following:

  • Contact financial institutions: You will need to contact all of the financial institutions where your spouse had relationships. For example, banks, employee-sponsored plans and mortgage associations among others.
  • Acquire a death certificate: Contact the state and request a death certificate. Verify that all of your spouse's information is correct before finalizing the document. 
  • Ask about benefits: Contact government agencies in regards to benefits that you may be eligible for as the surviving spouse. If you still have dependents, you may be entitled to additional compensation.
  • Notify service providers: Cancel any accounts your spouse had with service providers or modify the names on the account if it is a service you wish to continue. Examples include utility companies or club and gym memberships.

What are the key elements of a business contract?

As a Sandusky area business owner, you will enter into contracts with suppliers, vendors and employees to ensure the health and growth of your company. Business contracts are not always easy to understand. Depending on the nature of your business and contractual requirements, they can contain complex language. It is important for you to carefully read over every contract to ensure you completely understand it. 

Contracts can be either verbal or written. Verbal contracts are not easy to enforce because they are good faith agreements. It is beneficial for you to use written contracts to protect yourself and business. There are many reasons why you might enter into contracts with different entities. You might need to procure services or goods from a vendor or supplier. Your company might sell services or goods. There is also the likelihood that you will create partnerships. 

How can I minimize conflict over my estate plans?

When it comes to estate planning in the Sandusky area, what your loved ones do not know could cause problems when you die. Though your goal is to preserve your wealth and provide financial security for your family, everyone may not agree with your final wishes. You must take into consideration potential issues that might arise that could result in an expensive and lengthy estate dispute. 

There are many ways you can minimize the risk of disputes and conflict that could occur after you die. One involves talking to your family. You do not have to provide them with specific details about your final wishes. However, you should give them enough information so they can prepare themselves for any roles you may want them to take on and to come to terms with the arrangements you leave behind. 

Getting divorced? Update these estate planning documents now

When people get divorced, it often changes multiple aspects of their lives. For instance, if you are planning to divorce, you may have to make certain decisions about what to do with your house in Sandusky or work out a custody plan for the kids. But, when you finally sign those divorce papers, there are still some things you will probably have to attend to as a result of ending your marriage. Primarily, one of the last tasks you need to complete, and definitely should not put off, is making updates to your estate plan.

Even during the last stages of the divorce, before the court finalized the decree, there are estate planning documents you should amend so that your soon-to-be ex-wife does not have complete control of your estate should something unexpected happen before your divorce is final. For example, you probably do not want your estranged wife to have the power to act on your behalf if you somehow become incapacitated and cannot make decisions for yourself. If you are going through a divorce, start updating these estate planning documents.

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