When people begin the process of creating an estate plan in Tennessee, one of the first things they do is make a list of all of the people they wish to be beneficiaries in their will. Often, the people who are chosen are important to them or have had considerable influence in their life. As such, they wish to make these people a part of their heritage and allot them some kind of gift after their death.
When forming your business and setting up all its aspects, you may have certain secrets or things you wish not to be shared outside the company. These things usually play an important role in the operation of your business and may give you a competitive edge. However, once you begin hiring employees, these secrets are at risk of being exposed when an employee leaves. Even more of a concern is if the employee leaves to work for a competitor. Luckily, you are able to protect your business somewhat through using a non-compete agreement.
As a new parent, you want to do everything in your power to provide a good future for your child. If you have an estate plan, one thing you may look to do is set up a trust for your new baby. Often referred to as a trust fund, this type of planning is not reserved for just the wealthy, as explained by Nerdwallet. It is actually a great way to plan for your child's future.
Estate plans have to be altered and changed over the years to ensure they align with laws and your needs. Recently the estate tax laws were changed at the federal level. These changes may affect you if you are a high-income earner or have a large estate in Tennessee. Basically, this means it is time to review your estate plan and see what changes you need to make.
Transforming your business concept into a thriving and reputable organization undoubtedly requires dedicated time and effort. Along the way, you will experience setbacks and rewarding opportunities that when leveraged the right way, can help strengthen your strategy and propel you ahead of your competition. At Fidelis Law, PLLC, we have helped many companies in Tennessee to work through the starting stages of developing their business and protecting their concepts.