Articles

Password sharing presents risks for family and fiduciaries

Keeping careful records of the usernames and passwords for your online accounts and sharing them with a trusted family member or agent may seem like the start of a responsible estate plan. But you need to be aware of the risks for those you empower with the information. Even with your permission, fiduciaries (executors, trustees, conservators), agents and family members who manage assets as part of your estate plan could be committing a federal crime by

Are LLCs your best option for asset protection? Know the risks

Limited liability companies can offer better asset protection than ordinary stock corporations, but there are potential adverse economic and tax results if investors are not alert. Investors increasingly use LLCs to operate a trade or business, to hold real estate or to hold other investment assets, as opposed to state law corporations. But when investors transfer LLC interests to a spouse, children, trust or others, as opposed to ordinary corporate stock, they can risk losing control

What millennials need to know about estate planning

A recent survey by senior-living focused website Caring.com, quoted in USA Today, revealed that 78 percent of Americans under the age of 36 don’t have a will or trust in place. But even with youth on their side, the millennial generation needs to be planning for the unforeseen. If most would consider the following three issues, they’d be off to a good start: Incapacitation provisions: No one expects to be incapacitated, but there are at least

Protect your power of attorney from legislative changes

Medical and financial powers of attorney are a critical aspect of effective estate planning, but did you know they must be kept up to date? It is recommended to have them reviewed every 2-3 years. Several legislative changes over the years have given financial institutions and healthcare providers reasons to reject powers of attorney. As new laws are enacted, necessary provisions must be incorporated into your power of attorney, as failing to including certain language could

Learn from celebrities’ estate planning blunders

There are many lessons to be learned about estate planning from the bad experiences of some of the world’s most famous people. The AARP recently gathered their stories, and here are the highlights: Florence Griffith Joyner: Before her death in 1998, Olympic gold medalist Florence Griffith Joyner never told anyone the location of her will. Without the original document, it took four years to close her probate estate due to a long battle among her relatives.

Take care with COBRA compliance — or pay big damages

In recent months, at least four companies have gotten into trouble for failing to provide Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) notices to health plan participants. Suits of this nature can lead to big damages. Since 2015, courts have approved settlements ranging from $290,000 to $1 million. Damages include statutory penalties of $110 per day, awards to qualified beneficiaries as relief for damages that occur due to the failure to provide an adequate COBRA

Tips for avoiding a data security breach

Regardless of the size of your business, it’s critical that you work proactively to protect the sensitive and private information of your customers, clients and employees. While you might hear more often about data breaches at bigger companies, the reality is that smaller companies and organizations are often targeted and typically have limited data security protections in place. Your approach to protecting your company from a data breach must be comprehensive.

New law reaffirms right to post negative reviews online

Under a new federal law, individuals have a right to post truthful negative reviews about a product or service provider. That’s the case even if they previously signed an agreement that prohibited such reviews. Over the past few years, this controversial business practice of including non-disparagement clauses in contracts or terms of service has led to a number of lawsuits. These so-called “gag clauses” are intended to deter customers from writing negative reviews, and require them

Conduct a website self-audit to ensure compliance with the ADA

Over the past couple of years, more than 200 plaintiffs have sued businesses nationwide arguing that their websites fail to provide access to people with certain disabilities, alleging a violation of the Americans with Disabilities Act. More recently, a law firm based in Pittsburgh sent demand letters to businesses, banks and others saying that they were willing to “work constructively” toward compliance for a fee. While court rulings on whether the ADA applies to websites have

Social media endorsements: How to pay influencers to endorse your brand

It’s becoming popular for companies to pay social media users with big followings to endorse their products or share content about their brand. It’s a great way to get your message out to a wider network of target customers in an authentic way. But the Federal Trade Commission (FTC) is paying attention and enforcing rules that say you can’t do it without disclosing the relationship. Recently, the FTC reached settlements with such brands as Lord &

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