Estate Planning - For Your Business!

Being a small business owner takes a lot of heart. For most entrepreneurs, it takes years of dedication and hard work just to get the business off the ground. Then it takes a lot of integrity and professionalism to make it an ongoing success. As your business grows, you feel the responsibility of making sure you are taking care of your employees and the business that provides their livelihood. Have you ever thought about what would happen if you were no longer around to take care of the business? 

Estate planning for businesses is something that can easily be overlooked. But when you think about how much you have put into that business, how much your family depends on it, as well as the families of your employees, it’s worth thinking about what your estate plan should look like for your business. If you would like to know a few things to think about to protect your business in the case that you are no longer here to lead it, our business attorneys at Lake of the Ozarks have three important things to consider in this week's blog.

Who Will Run Your Business

If your spouse or your family members are not highly involved in the business, it may be impractical to think that they can step in and run the business in your stead. If you have partners, it may make more sense and be more feasible for them to continue the business. If you do not have partners, it’s important to think of who would be able to step in and take your place. Of course, you want to have a conversation with that person and make sure that they are in agreement. You also will need to prepare them for making that transition. Having access to online accounts, bank accounts, financial information, technical information about the business, etc. will be critical to your successor’s success. So creating that training for transition and a centralized place for all of that administrative information will be part of your state plan for your business

Who Will Own Your Business

If it does not look reasonable for your family or another individual to step up and take a leadership role, it may make more sense to sell the business. Having a plan in place to make that easy and you have information for valuation will be very helpful to your family. If you do have partners who are able to step into the leadership role, they may want to have the option of buying your portion of the business out. So your estate plan may include an option for that. A good way to be prepared in case that happens is for partners to take out life insurance policies on the other partners so that if one passes away there is financial funding to provide for that buyout. Then, instead of your family having to learn how to run the business and deal with that responsibility, they would receive money for your portion of the business instead.

Probate and Taxes

It might surprise you to know, but the death of an owner can sink a business just because of the estate tax burden that is incurred when the business is inherited by a family member. Sometimes families have no choice but to liquidate the business to cover the tax burden within the timeframe that is required. That is a terrible end for something you’ve spent so much of your heart and soul creating. We highly encourage you to speak to a business estate planning attorney at Lake of the Ozarks when it comes to your tax potential and find ways to give the business more time to pay that tax and hopefully avoid the pressure of a quick sale.

Gibbons Law Firm is Ready to Help!

If you are getting ready to start a business, or have a business and do not have an estate plan, we urge you to take advantage of a free consultation at Gibbons Law Firm. Our business attorneys in Lake Ozark are well equipped to help you with your business estate plan and ensure that your business is in the best position it can be if something were to happen to you. In fact, we are able to help you with all of your business legal needs, so if you have any questions whatsoever, feel free to ask! Give us a call at 573-348-2211 to schedule an appointment to speak with one of our estate planning attorneys in mid-Missouri. If you’d like to stay in touch with us and hear all of our legal tips and helpful information, be sure to follow us on social media using the links below.

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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3 Tips for a Quicker and More Streamline Divorce

Going through a divorce is usually a very stressful and emotional time for most people. Not only is it the end of a relationship, but there are a ton of unknowns regarding the future and how things will actually go in the divorce proceeding itself. Not knowing if it will go smoothly or be a long and drawn-out battle is a terrible feeling. But there are things you can do to help reduce the unknowns and come to an agreement that you know you can live with. Our divorce attorneys at Lake of the Ozarks have a few tips to help you through your divorce process in a way that can help it go more quickly and peacefully. In so many ways it is about mindset. If you are trying to reduce the stress, expense, and conflict while going through your divorce proceedings, keep reading this blog for three tips from Gibbons Law Firm.

1) Be Proactive

When you leave it up to the Court to decide the outcome of your divorce, it will look at multiple factors to decide how things should be handled and divided. That could include things such as your income, how each of you handled your finances while you were married, each spouse’s earning potential, and more. That might result in a more drawn-out and expensive process for you. It is usually best when a couple can agree on how things will be split rather than let the court get involved. That means the more of a mindset you have to look for common ground or mutually agreeable conditions, the more likely it will be that you can arrive at a consensus between you and your estranged spouse and save yourself the time and cost of the court having to decide for you.

2) Focus On the End Results

It can be very hard not to think about all the emotional reasons you are getting divorced and aspects that you think are unfair and hurtful. But none of that helps when it comes to creating a divorce agreement that you can live with. If you are able to approach divorce negotiations with more of a business mindset, and a focus on the end outcome and not past wrongs, you may increase your chances for achieving that outcome. Do your best to be professional and fair. Don’t look at the process as a way of deciding who is right and wrong but a path to the future you are ready to start. 

3) Set a Positive Tone with Communication

Clear and purposeful communication makes all the difference in the world when it comes to your divorce proceeding. Again, this is not about why you’re getting divorced, but how you and your spouse can move forward in the most positive way. If you are able to visualize a feasible and fair path forward, and not be focused on your grievances, it is likely to go more peacefully. Sometimes the energy between a couple can make clear and purposeful communication impossible. If that’s the case, you want to communicate clearly with your attorney with that same mindset, and let your attorney take care of negotiations with your spouse and his or her attorney. Communicate your position clearly and avoid dragging out the process by rehashing the same issue over and over. Stay focused on your end goal and let your attorney structure the settlement with those purposes in mind.

Although none of this is easy, as divorce attorneys in mid-Missouri, we know from experience that the more you can decide things between yourselves, the smoother and more peaceful your divorce will be, and less expensive. Even in high-stakes divorces, our Lake Ozark law firm has seen couples work out agreements between themselves, but it could take more time if the situation is complicated. At our law office in Lake Ozark, we know that going through a divorce is difficult, and you may have a lot of questions. We do offer free initial consultations and would be happy to sit down with you and talk with you about what your rights are and how to go about achieving what you want in your divorce agreement. Give us a call at (573) 348-2211 to schedule your appointment. For more information and helpful hints regarding legal topics and seeking legal advice at Lake of the Ozarks, be sure to follow us on our social media channels using the links below.

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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5 Things To Consider to Help your Child Custody Case

For parents facing divorce, custody of the kids can often be the most important aspect of the entire case to one or both parents. The idea of not being able to see your children on a regular basis, or your children not being able to see you whenever they want to can be devastating. Gibbons Law Firm understands that you want the best chance possible for being awarded custody of your child. Our Lake Ozark Divorce Lawyers know the factors the court will be considering when determining who gets custody of your child. If you would like to have some things to think about that will give you insight as to how to navigate, keep reading this blog.

1) Do you share fairly?

Other than in rare occasions, it is usually considered best for the kids to have quality time with both parents. The more you show a willingness to ensure your child will maintain a relationship and spend time with your ex, the more favorably it will be seen. If one parent appears reluctant to allow the child equal or fair time with the other parent or tries to hinder that relationship, it could reflect poorly on that parent when it comes to being awarded child custody.

2) How does your child feel?

Your child may have a preference on who gets custody that has nothing to do with his love or closeness with either parent. Perhaps the child doesn’t want to have to change schools or be away from friends, neighbors, and family members in the community where they have grown up. There may be other issues that are specific to the parent, such as the child feeling more safe or secure in one parent's home versus the other. Depending on the age of the child, it is possible that the court will at least hear and consider the child’s feelings in the process of deciding.

3) Are both parents' homes stable?

The more consistency that can be maintained for the child through the difficult transition of divorce the better. When a child is able to maintain relationships with siblings and other significant people in their life, they can feel less loss and disruption. If one parent plans to move, that will be taken into consideration. It is also important for the court to know that there's a steady income and that the home is in a safe neighborhood. You also want to show that you are going to be involved in your child’s life and participate in things like school events, sports, parent-teacher meetings, doctors’ appointments, helping with homework, etc. It is good for the court to see you are going to play an active role and be there for your child.

4 ) Are you as amicable as possible with your ex?

Obviously, there are reasons you are getting divorced, but it is still to your benefit to set those reasons aside emotionally when it comes to seeking custody of your child. You want to be cooperative and work with your ex as much as possible. It will be an indication to the court on how you will work with your child’s other parent when it comes to sharing time and keeping it positive around the kids. Avoid being adversarial and never put your child in the middle or make them feel like they have to choose between one parent or the other. Don’t criticize your child’s other parent in front of them and try to remember that your child is part of both you and your ex and they deserve to have a loving relationship with both parents, regardless of how their parents feel about each other.

5) Do you let your emotions get the best of you?

It’s completely understandable to be emotional at a time like this but showing any kind of aggression or hostile temperament can seriously hurt your case. Throughout the entire divorce process, it is best to stay off social media, do not talk about your ex even with friends and family. When you're meeting with your ex, dropping the kids off, talking on the phone, or in court, you must always remember the importance of maintaining your composure and carrying yourself in a professional manner. That being said, if a parent shows a pattern of abuse or aggression, or has addiction issues, that will definitely be factored in when deciding whether they’re suitable to have custody of their child.

Gibbons Law Firm Can Help!

If you are going through a divorce and want to do everything you can to show the court you should be awarded custody, our child custody lawyers at Lake of the Ozarks can guide you through the process. Our law firm in central Missouri will inform you of your legal rights and advise you so you are able to make the best decisions and achieve the best possible outcome in your divorce and child custody case. Call us for a free initial consultation today. If you would like to hear from us regularly with our legal tips and helpful information, use the links below to follow us on social media.

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Prenuptials - Why They Might Make Sense for You

It is sometimes assumed that when discussing prenuptials, it is a sign of doubt about the marriage or the relationship. But that is not necessarily what the purpose of prenuptials is. While it is true that over half of all marriages end in divorce, as divorce attorneys in central Missouri we do believe in hoping for the best but preparing for the worst.  But we also know that prenuptials can actually remove some of the fear of the unknown and take stress off the relationship, especially regarding things like children from a previous marriage, estate planning, etc.  If you are planning to get married and curious as to whether prenuptials are a good idea for you, Gibbons Law Firm is here to help. Whether or not you should have prenuptials depends on your individual circumstances. Our attorneys in Lake Ozark would be happy to sit down with you for a free consultation to help you understand what your risks and options are. If you’d like to learn about five situations where prenuptials may be a helpful thing, we think you will find this blog informative. 

Blended families

If you have children from a previous marriage, it may be important to have a prenuptial agreement to protect their interests. For instance, there may be family heirlooms and sentimental items from your side of the family that your fiancé‘s children will have no interest in because they are from people that those kids are not related. They may not have a lot of value, but they may mean a lot to your children. Having a prenuptial agreement can specify where your assets will go if you were to pass away. If you would like advice on how to look out for your children as you get married, our lawyers in central Missouri have the experience to help you make an informed decision.

Business owners

If you own your own business and have put years of your life into establishing your reputation and creating a livelihood for yourself, a prenuptial can make the decision to get married much less intimidating. If you have a business partner, that is not your spouse to be, they may have a critical interest in prenuptials to secure their business partnership with you as well.

Inheritance or Retirement

If you have a loved one or a family member that you believe is likely to leave you a significant inheritance but would only want to include your fiancé if the two of you were still married, then a prenuptial would make sense. It is a way of protecting the wishes of the person who would want to leave you that inheritance. The same applies to your retirement. You may be fully willing to share your retirement with your spouse … but not if they become your ex. 

Income

Do you earn significantly more than your fiancé? While you may wholeheartedly bring all of your financial assets to the marriage, how would you feel about sharing your financial assets for the rest of your life if the two of you are not together? Are you prepared to pay alimony if necessary? In order to help safeguard yourself from that possibility, a prenuptial agreement is worth considering.

Debt

Is your fiancé bringing a huge amount of debt to the marriage? Do you want to take on financial and legal responsibility for debt that you did not create? Are you willing to pay for that debt even if you and your fiancé are no longer together? That may be the risk you’re taking without a formal prenuptial agreement. If you have concerns, our mid-Missouri divorce attorneys are here to answer your questions.

If  You Have Questions, Gibbons Law Firm Has Answers! 

As you can tell, the question of prenuptial agreements has much more to do with your individual situation than your thoughts about the marriage. It completely depends on your circumstances and your risk tolerance. No one can tell you whether you should or should not get prenuptials. That is something only you can decide. But if you have questions and would like informative answers to help make your decision, Gibbons Law Firm is willing to sit down with you for a free initial consultation. We urge you to call us today to get scheduled. If you’d like to stay in touch and hear all the latest tips and information from our law firm, be sure to follow us on social media using the handy links below.

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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