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  • FTC Bans Non-Compete Agreements: What Employers Need to Know in 2024 Photo
    FTC Bans Non-Compete Agreements: What Employers Need to Know in 2024
    Blueprint for Wealth ·
    Noncompete agreements are legal contracts that restrict employees from working for competitors or starting competing businesses for a specified period and/or within a certain geographic area after leaving a job. These agreements aim to protect employers by preventing former employees from using proprietary knowledge or trade secrets in competing ventures. However, the Federal Trade Commission (FTC) has recently finalized a rule to ban most noncompete agreements nationwide, effective September 4, 2024. This move is intended to promote competition, increase wages, and foster innovation, though it has sparked controversy regarding its impact on businesses' ability to protect trade secrets and make long-term investments in their workforce.
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  • What is a Self-Canceling Installment Note (SCIN)? Photo
    What is a Self-Canceling Installment Note (SCIN)?
    Blueprint for Wealth ·
    Discover the power of Self-Cancelling Installment Notes (SCINs) for family business transfers and estate planning. Learn how SCINs work, their tax benefits, and when to use them. Explore the advantages of SCINs in minimizing gift and estate taxes while transferring property between family members. Understand the impact on your estate and the income tax rules surrounding these financial instruments. Optimize your wealth transfer strategy with expert insights on Self-Cancelling Installment Notes.
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  • What is a Family Holding Company? Photo
    What is a Family Holding Company?
    Zell Law, PLLC ·
    A family holding company is an LLC (limited partnership): Instead of transferring an asset directly into the hands of the next generation, combine family-owned assets into a family holding company and use it as a centralized way of managing the family’s wealth. This ensures assets can be controlled by you, but shifted out of your estate and to your future generations or trusts for their benefit.
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  • What Happens When the IRA Beneficiary is a Trust? Photo
    What Happens When the IRA Beneficiary is a Trust?
    Zell Law, PLLC ·
    An IRA (individual retirement account) trust is a special type of trust that can be designated to receive distributions from an IRA to gain asset protections such as spendthrift protection, creditor protection and divorce protection, special needs trust protection and achieve "dead hand control".
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  • What’s So GREAT About GRATs? Photo
    What’s So GREAT About GRATs?
    Zell Law, PLLC - Blueprint for Wealth ·
    A Grantor Retained Annuity Trust (GRAT) is a tool used by people who want to reduce estate and gift taxes. There are also Rolling GRATs and Zero'd Out GRATs. A GRAT holds high growth assets that are appreciating in value faster than the Section 7520 rate.
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  • Does My Business Need a Management Succession Plan? Photo
    Does My Business Need a Management Succession Plan?
    Zell Law, PLLC - Blueprint for Wealth ·
    A Management Succession Plan (MSP) is a vital component of your Business Success(ion)™ plan (Business Exit Strategy). A Management Succession Plan (MSP) determines who will run your business if you face an unexpected exit, either by death or incapacity.
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  • Who Can Sign a Contract on Behalf of Your Company? Photo
    Who Can Sign a Contract on Behalf of Your Company?
    Blueprint for Wealth ·
    WHO can sign contracts for your company? Who can legally bind a corporation? Who is not allowed to sign a contract? Who can sign a vendor contract? The answer depends on how your business is formed and the founding documents your company has in place.
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  • Corporate Transparency Act Update CTA Update! Photo
    Corporate Transparency Act Update CTA Update!
    Zell Law, PLLC - Blueprint for Wealth ·
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