Orlando Probate & Estate Administration Law Blog

You are at the end of your rope with your business partner. What once was a lucrative and agreeable partnership is now anything but. Could it be time to sever business ties? And if so, how to do it?

Business partnerships are often compared to marriages, and with good reason. Just as in a marriage, you are legally yoked to this person, and rise or fall, so are your fortunes. Knowing when it's time to pull the plug may save you future business losses and quite a few sleepless nights. Read on to learn some red flags that indicate a partnership is irretrievably broken.

When planning your estate, you may be wondering what goals should be your top priority. When researching online, you will likely come across conflicting or confusing information, and as a result, you may not know how best to move forward.

However, you have likely heard that doing your best to avoid probate is a good place to start when planning your estate. Probate is a process that assets held within an estate typically go through after a person passes away. It is a court-ordered process, and the reason why it can be beneficial to ignore it is because it can be costly and lengthy. Therefore, it limits the time it will take for your beneficiaries to gain their inheritance and the amount of inheritance that they will be able to gain. The following are some top tips for successfully avoiding probate.

Creating a will and estate plan is an important part of establishing your wishes for your legacy after you pass away. However, simply using these tools is not always enough to make sure that your beneficiaries do not challenge your will when the time comes. In many instances, family members and other potential beneficiaries challenge a will instead of accepting its terms, dragging out the process of distributing your property and potentially draining the value of your estate.

If you suspect that one or more individuals may take issue with the terms in your will and estate plan, it is important to understand the tools you have available to enforce your wishes. One of the tools that may strengthen your will is a well-crafted no-contest clause.

Over time, every business reaches the end of its life cycle, and the owners of the business must take the proper steps to dissolve it. Unfortunately, dissolving a business poorly can create lingering complications for the owners and for others involved in the business's activities.

If you believe it is time to close your business down, it is important to protect yourself and others during the dissolution process. With a strong legal strategy and a clear understanding of the steps you must take to comply with the law, you can cleanly close your business and keep your rights secure throughout the process.