2024

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.

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.

Discover when to avoid online estate planning tools and hire an attorney for your estate planning needs. This blog explores 7 key scenarios where hiring an experienced estate planning attorney is advisable, including complex family dynamics, significant assets, estate tax considerations, special needs beneficiaries, out-of-state or international assets, charitable giving, and concerns about will contests.

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.

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.

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.