Blog Articles

Non-Profits and Fiduciary Duties

Non-Profits and Fiduciary Duties

Being on the board of directors (BOD) for a non-profit, comes with duties and obligations. This liability extends to you personally if you breach these responsibilities. Sometimes, people agree to be a director of a non-profit as a resume filler; or to support to a friend, family member, or colleague. Being a director of a non-profit however comes with risks and should be taken seriously. Directors need to be mindful of their fiduciary duties to avoid tax and personal liability….

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Can I sell my house to my child to avoid Medicaid?

Can I sell my house to my child to avoid Medicaid?

Nursing home care is expensive. On average about $8000 a month in the Denver area. Medicaid will help you pay for it; but first your must “spend down” enough of your assets to qualify for Medicaid. You likely won’t have to sell your home if you enter residential care. Medicaid however, will make a claim against your estate during probate to recover the funds it used on your behalf. This process is known as estate recovery. And it may result…

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What’s In Your Operating Agreement?

What’s In Your Operating Agreement?

Frequently, I’m asked, “What do you put in an operating agreement?” And like any good lawyer, I respond “Depends.” I’m not avoiding the question. Rather what’s goes in to an operating agreement depends on many factors. For example, membership size and funding. The typical operating agreement for a single member LLC is about 10 pages. The average operating agreement I draft for a two or more member LLC is usually about 50 pages. That’s a big difference in content between…

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Don’t Be Afraid of Estate Planning…

Don’t Be Afraid of Estate Planning…

All work and no estate plan makes Jack a dull boy. All work and no estate plan makes Jack a dull boy. I know estate planning ranks right up there with having a root canal. But, I do my best to make going through the haunted hotel of estate planning as painless as possible. The most difficult part for many is starting. And getting started is as simple as scheduling an initial consultation. During our consultation, I’ll ask you what…

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S-Corp Election: What They Don’t Tell You

S-Corp Election: What They Don’t Tell You

I often come across small business owners who’ve made the S-Corp election for their LLC. Usually, after learning about their business, I’m at odds why they choose to do this. I understand by making the election an owner can save on self-employment taxes through a reasonable salary and dividend payments. I know the income I believe however, in the majority of instances, the tax savings to the business owners, do not outweigh the legal and tax advantages lost to the…

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