For Ohio small business owners, making a will and drawing up an estate plan can be especially important. The issue has been drawn into sharp relief by the death of several legendary musicians with substantial and valuable music catalogs, all of whom died without a will. Aretha Franklin and Prince died without estate plans in place, despite having estates worth approximately $300 million and $80 million, respectively. Other music icons like Tupac Shakur, Bob Marley, Kurt Cobain and Jimi Hendrix also died without a will. The consequences can be significant, especially if an estate is large, is complex or includes a privately owned business.
When a spouse passes away, whether in Ohio or elsewhere, the initial legal concerns appropriately lie with administration of the estate for the recently deceased. It is often forgotten, however, that the surviving spouse typically needs an estate planning checkup as well due to the changed circumstances. A grieving spouse may simply not place priority on wills, trusts and other estate planning essentials, but doing so can circumvent a lot of confusion and hassle for future heirs if properly addressed.
If you are in the process of launching your new business, you may have to negotiate one or two contracts; perhaps with a partner, a supplier or an ad agency. It could be that this is a part of your business with which you have had little experience. Here are five tips to help you negotiate successfully:
Some Ohio millennials may think that making out a will and other estate planning documents are not important, especially until later in life. In fact, 78 percent of millennial Americans have no will or other estate documents. In general, people don't like to think about death, and young people in particular simply may not see it as important. However, the consequences of dying without a will can be significant, especially for a person's loved ones.
For Ohio startup companies, finding venture capital may be important so that the businesses can grow. A common issue that many startups have is trying to figure out how to attract investors. There are a few common reasons that venture capitalists and angel investors frequently pass on pitches that they receive.