Penning Group Blog

The Penning Group blog is written and edited by the advisors and attorneys of The Penning Group, providing practical business, personal, and legal information. To view blog posts by category, choose a topic area from the sidebar menu.

Thursday, March 29, 2012

Avoid the Pitfalls of Joint Accounts with a Durable Power of Attorney and Living TrustMany people employ the use of joint financial accounts as a matter of convenience, such as an elderly parent placing a child's name on the parent's checking account so that checks and deposits can continue if the parent is travelling or incapacitated. There is nothing necessarily wrong with this, but many well-meaning people are uninformed about the consequences of placing a non-spouse on their...

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Thursday, March 22, 2012

Treat Your LLC Like a Business to Protect Your AssetsMany business owners form several types of business entities to hold their assets and operate different aspects of their businesses. A common strategy is to form limited liability companies to hold real estate. The operating entity, such as a manufacturing entity, pays monthly rent to the real estate LLC and this can work to keep liability of the operating entity separate from the real estate LLC. Some LLCs are formed to hold other assets, such as personal property that is leased to the operating entity....

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Thursday, March 15, 2012

The Hazards of Company Credit CardsWith all the publicity of the new protections afforded consumers with the passing of the Credit CARD Act of 2009, business owners can be surprised to learn that the business credit card in their wallet is not covered by the CARD Act. Business credit cards do not fall under the protections of the Truth in Lending Act and the Credit CARD Act of 2009. This...

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Wednesday, March 7, 2012

A good estate plan will cause your property to go to whom you want, the way you want, when you want and it should minimize the impact of taxes, professional fees and court costs. Non Probate Assets Estate Planning Advisors and AttorneysA proper plan should also help you keep control of your property while you are alive and well...

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Wednesday, February 29, 2012

Who's in Charge?

Family Business Succession AdvisorsMost family businesses have at least two generations working in the business. Oftentimes, it is the parents, brothers and/or sisters on the one hand and children, siblings, cousins on the other. Sometimes, family businesses have three or four generations actively working in the business. The involvement of...

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