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11 Estate Planning Terms You Need to Know
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Estate planning—it is an incredibly important tool, not just for the uber-wealthy or those thinking about retirement. On the contrary, estate planning is something every adult should do. Estate planning can help you accomplish any number of goals, including appointing guardians for minor children, choosing healthcare agents to make decisions for you should you become ill, minimizing taxes so you can pass more wealth onto your family members, and stating how and to whom you would like to pass your estate on to when you pass away.
While it should be at the top of everyone’s to-do list, it can be an overwhelming topic to dive into. To help you get situated, below are some important terms you should know as you think about your own estate plan.
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Phantom Stock Plans As An Alternative To The Issuance Of Stock To Key Executives
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We often receive calls from business owners to discuss the possibility of issuing stock to a key employee to incentivize the employee to grow the business. We find that once the ins and outs of issuing minority stock to employees are explained, owners are often hesitant to offer actual stock ownership to employees outside their immediate family.
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Changes to Non-Compete and Stay or Pay Agreements Under the New Administration
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As a sign of things to come with the new administration taking office this year, in February 2024, the National Labor Relations Board’s Acting General Counsel, William B. Cowen, rescinded dozens of General Counsel Memorandums issued by his predecessor in the Biden Administration, Jennifer Abruzzo. (Note that GC Memos are nonbinding statements asserted by the NLRB General Counsel as guidance on how the NLRB should interpret the National Labor Relations Act.)
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Reviewing Your Estate Plan after the Death of a Loved One
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The death of a loved one is never easy. Regardless of your relationship with the deceased (for example, a relative, significant other, or close friend), you need space and time to process and grieve your loss. Once you have had time to cope with all that has happened, you should consider updating your estate plan in light of your loved one’s death.
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Probate: What it is, what it isn’t, and what it shouldn’t be
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This article explains the probate process, clarifying what it is, what it isn’t, and why it can sometimes be tedious or lengthy. It also highlights how working with an experienced attorney can help streamline the process, avoid common mistakes, and ensure that the decedent’s wishes are carried out efficiently.
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Do you really need an attorney to draft a will?
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This article explores the benefits of hiring an attorney to draft an estate plan, highlighting how professional guidance can ensure efficiency, avoid probate, and address legal formalities that self-drafted plans might miss. It explains that while self-drafting may seem cost-effective, administrative costs and complications often outweigh the savings, ultimately making attorney-assisted planning a more beneficial option for most individuals.
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#MeToo: Sexual Harassment and Retaliation
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This article examines the impact of the #MeToo movement on workplace harassment claims, highlighting the rise in sexual harassment and retaliation cases, and offering solutions for employers to prevent and address these issues. It emphasizes the importance of clear harassment policies, employee training, and fostering an inclusive culture to maintain a respectful and harassment-free workplace.
