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Month: October 2024
Why Estate Planning Is Important for Small Business Owners

On Behalf of O’Brien Law Firm, LLC

Posted on: October 22, 2024

Estate planning might seem like something only wealthy people need, but if you own a small business, it is crucial. Without a plan, you risk leaving your business and your family in a tough spot if something happens to you. A solid estate plan makes sure your business can continue to run and that your family and chosen successors are taken care of.

Protect Your Business and Assets

When you own a business, you are not just thinking about yourself but about everyone who depends on it. Estate planning helps you protect both your personal and business assets. If you do not create an estate plan, the state will decide who gets control of your business. This can lead to unintended consequences like splitting ownership between your spouse and children, which might not reflect your wishes.

Tools like wills or trusts can ensure your business ends up in the right hands. You can even pick different people to handle your personal and business assets, which makes sure everything is managed by the right person.

Why You Need a Succession Plan

One of the most important things for business owners is having a succession plan. This plan says who will take over your business if you can no longer run it. Without one, your business could face confusion or, worse, arguments among family members or partners.

If your business is an LLC, you can pass ownership to your children while also cutting down on estate and gift taxes. This way, your business stays in the family without unnecessary legal and tax complications.

Lower Taxes and Avoid Legal Problems

Another big benefit of estate planning is that it helps lower taxes. Using strategies like buy-sell agreements, life insurance, and trusts, you can reduce estate taxes, giving your family more of your assets. It also provides the liquidity needed to pay off any debts, so they do not have to sell parts of the business to cover costs.

Secure Your Business’s Future

Estate planning is key for small business owners who want to protect their legacy and provide for their families. The right plan can help reduce taxes, avoid legal complications, and ensure a smooth transition for your business. For help with your estate plan, reach out to O’Brien Law Firm, LLC, for experienced guidance.

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What Happens to Your Home in Chapter 13 Bankruptcy?

On Behalf of O’Brien Law Firm, LLC

Posted on: October 22, 2024

Filing for Chapter 13 bankruptcy can feel like a huge step, especially when you are worried about losing your home. However, Chapter 13 is specifically designed to help individuals keep their property while reorganizing their debts. If you are facing foreclosure or struggling to keep up with mortgage payments, Chapter 13 might be the solution you need.

How Chapter 13 Helps You Keep Your Home

One of the biggest benefits of filing for Chapter 13 is the opportunity to stop foreclosure and catch up on missed mortgage payments. Once you file, an automatic stay is put into place. This means that creditors must stop collection efforts, including foreclosure actions. With Chapter 13, you can spread out your missed mortgage payments over three to five years as part of a court-approved repayment plan​.

While you catch up on past-due payments, you must also stay current on your regular monthly mortgage payments to keep your home. Chapter 13 does not eliminate your mortgage but gives you time to catch up without the threat of immediate foreclosure​.

What to Expect During the Repayment Plan

In a Chapter 13 plan, you propose a repayment plan that outlines how you will pay off your debts over time. The plan is typically spread out over three to five years, and during this time, you make payments to a court-appointed trustee, who then distributes the funds to your creditors​.

Your repayment plan will include both the missed mortgage payments and any other secured debts, such as car loans. As long as you adhere to the plan and make your regular payments, you will be able to keep your home and avoid foreclosure​.

What If You Want to Sell Your Home?

During Chapter 13 bankruptcy, you can sell your home, although you will need court approval to do so. If the sale is approved, the proceeds will first go toward paying off the mortgage, and any remaining funds might go toward other debts​.

Stay Protected with the Right Guidance

Filing for Chapter 13 bankruptcy offers powerful protections for homeowners. It can stop foreclosure, give you time to catch up on payments, and allow you to keep your home. If you are considering bankruptcy or want to learn more about how Chapter 13 can help, contact O’Brien Law Firm, LLC, for personalized legal advice.

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