Gig Harbor Estate Planning And Probate Blog

Most American households are only a few bad weeks away from financial insolvency. Many households don't have adequate emergency funds to cover their mortgage for several months, to say nothing of the other debts and expenses that families incur through daily life.

When you need to use credit cards to pay your utilities or buy your groceries, you could quickly get trapped in the dangerous pattern of borrowing more than you can repay every month. If you owe backdue taxes, you could face the garnishment of your wages or even prison. When an ad comes on the television advertising debt relief or consolidation services, the idea of getting your finances back under control can seem very tempting.

Brining a new baby into the world is a joy for parents, but it also brings up new responsibilities. A primary one is that you have to know that your child will be taken care of if something happens to you. Setting up your estate plan, and keeping your child in mind while doing this, can ensure that you have a say in their rearing if you pass away.

Your estate plan includes more than just a will. In fact, it can cover some aspects of your life before you even pass away. Having all of this in place might give you peace of mind as you go through your life.

Your estate plan is what your loved ones will follow to distribute your assets when you pass away, but there are other points that you must include in it. All adults, regardless of age or wealth status, should have a plan in place.

Thinking about what you want to happen when you aren't here any longer might not be a pleasant experience, but you can take away a lot of stress from your family members if you have everything in order.

Starting a business is the American dream. As your own boss, you get to call all the shots. Not to mention the fact that you have more control of your personal growth, professional growth and income.

It's critical to take these five steps when starting your first business:

• Do your research: From your local market to the industry as a whole, make sure you understand what you're getting into if you start a business. For example, you may find that your local market is saturated with similar businesses, which may cause you to shift gears.
• Review your finances: Regardless of the type of business you're starting, it's going to cost you money. Review your finances to better understand how you'll pay for startup costs, as well as the expenses you may run into in the future. Also, consider if you'll need to take out a loan or raise money in a different manner.
• Create a business plan: It doesn't sound exciting, but many entrepreneurs find themselves enjoying the process. This gives you the opportunity to plan out the finer details of your business, ranging from your responsibilities to who you need to hire to how you'll spend your money.
• Choose a business structure: Will you incorporate? Is an LLC the right structure? How about a partnership? Will you remain a sole proprietor for the time being? There are pros and cons of each type of business structure, so compare all the necessary details.
• Choose a location: Depending on the type of business, you may decide to work from home. If that doesn't suit you, it's time to work with a local real estate agent or broker to find office space in your desired area.