Dear Carolyn, My daughter is getting married next year. We have family business and my daughter works in the business. Is a premarital agreement appropriate for her, even though she is only 25? When should she bring this up with her fiancé? Carolyn Answers… Yes, a premarital agreement is…
Dear Carolyn, We have a small family business. I do all the work with customers; my ex-wife does the bookkeeping. We both own the company as shareholders. We now are now separated. What protections do I need to put in place? She writes checks that are not for business expenses…
A great aspect of living in the triad area is the rich history of successful businesses that put down roots in the community and prospered over the years. Greensboro is home to very familiar brands such as Wrangler and Volvo, and right down the road is High Point, which is…
Dear Carolyn, I am involved in an equitable distribution case and I have a closely-held business in the Triad, which was started by my father. He still owns the majority of the business. Eight years ago, my father gave me twenty-five percent of the business. I separated from my husband…
Belot v. Comm’r, T.C. Memo. 2016-113, 2016 WL 3248031 (2016) Facts: During their marriage, the parties operated a dance studio. The business consisted of an S corporation which was the actual studio, an LLC which operated a boutique selling dance clothing, and another LLC which owned the real estate on…
Now let’s change the hypothetical of our Greensboro couple – Petunia and Rocky – in one respect. Recall that Petunia’s parents wanted her to have a premarital agreement regarding Home Grown Lawn Care, but Petunia and Rocky did not sign one. Maybe a few years into her marriage, Petunia realizes…
Now that we have the details and definitions out of the way, we can return to our Greensboro couple Rocky and Petunia and take a look at what happens to Petunia’s estate. Recall that Petunia died without a premarital agreement, without children, and without a will. Since Petunia died without…
Have you wondered how much of your estate is your spouse entitled? What happens to all of your assets when you die? Do you have much control over the disposition of your estate? Does having a will make a difference? To demonstrate the nuances involved in determining how much your surviving…
Demeter v. Comm’r, T.C. Memo. 2014-238, 2014 WL 6645592 (2014) (a) Facts: A husband and wife were married. During the marriage, the husband started a business, Sunshine Framing and Finishing (“Sunshine”). The wife was added as a vice president in 2008. She ran errands for the company and helped with its…