Blog
IRC 1031 | Tax-deferred like-kind exchange
IRC 1031 Like-kind exchange By: Barry E. Haimo, Esq. June 19, 2025 What is a 1031 Like-Kind Exchange? At its core, a 1031 exchange, named after Section 1031 of the Internal Revenue Code, allows you to defer capital gains taxes when you sell an investment property and...
What’s a Living Will?
What's a Living Will? June 17, 2025 By: Barry E. Haimo, Esq. You've very likely heard of a living will before, but what exactly is it? Essentially, this document enables you to choose your preference as to whether you want to be kept alive artificially on life support...
Healthcare Decisions Need to Be Made While Healthy
Healthcare Decisions Need to Be Made While Healthy By: Barry E. Haimo, Esq. June 10, 2025 Estate planning is about more than what happens to your assets when you pass away. It’s also about protecting yourself at the end of your life. Proper estate planning should...
Failure to Respect Corporate Formalities and Piercing the Corporate Veil
Failure to Respect Corporate Formalities and Piercing the Corporate Veil By: Barry E. Haimo, Esq. June 3, 2025 When it comes forming your business, you have options: disregarded sole proprietorship, general partnership, limited partnerships, limited liability...
Estate Planning in a Time of Uncertainty Could Let Your Family Keep More of Your Assets
Estate Planning in a Time of Uncertainty Could Let Your Family Keep More of Your Assets By: Barry E. Haimo, Esq. May 30, 2025 Massive changes by the current administration -- sometimes shifting back and forth from day to day -- have US financial markets undulating....
Understanding the Value of Succession Planning and Why You Need an Outside Perspective
Understanding the Value of Succession Planning and Why You Need an Outside Perspective By: Barry E. Haimo, Esq. May 23, 2025 If you run a business, you know the importance of planning ahead. Every business sees changes, whether it’s from week to week, season to...
Is It Too Late to Create a Will After a Dementia Diagnosis?
Is It Too Late to Create a Will After a Dementia Diagnosis? By: Barry E. Haimo, Esq. May 16, 2025 Helping a loved one plan for their legal future after a dementia diagnosis can be difficult, but it’s vital you do so. Why? Because when it comes to a problem like...
Years of Experience to Share and Teach
In Estate and Business Planning, You Want Someone Who’s Been There and Done That Before By: Barry E. Haimo, Esq.April 28, 2025 The ins and outs of deciding what happens to your assets after you’re gone, strategizing to ensure the results of your hard work are passed...
Haimo Law Process
What It’s Like When You Decide to Work with Us By: Barry E. Haimo, Esq.April 16, 2025 There are lots of law firms out there that operate on a volume model. Their job is to do the work you ask for as fast as possible and move on to the next client, because that’s how...
Entity Selection: Tying it All Together
Business Entity Selection: Why You Want to Get It Right the First Time By: Barry E. Haimo, Esq.April 14, 2025 As you have seen, there are many options when it comes to entity selection. Each has its own advantages and disadvantages. There’s no one entity that has it...
More Non Legal Formation Advice
Domain Name, Email, and Other Things to Consider When Setting Up Your Business By: Barry E. Haimo, Esq.March 27, 2025 While there are lots of legal “i”s to dot and “t”s to cross when creating your business – especially for certain types of entities – it’s important to...
Transfer Sale Mechanism and Problems with Trusts as Owners
Understanding the Nuts and Bolts of How Ownership Transfers Happen By: Barry E. Haimo, Esq.March 25, 2025 Sales of shares, membership interests, partnership interests, and so on can be done in a variety of ways. Of course, it’s customizable and can be tailored to the...
Introduction to Limited Partnerships
Limited Partnerships: Your Comprehensive Guide By: Barry E. Haimo, Esq.March 24, 2025 If you are trying to decide which entity you should use for your new business endeavor, there are numerous things to consider. One potential option to look at if you want something...
Slicing and Dicing and Wrongful Transfers
An Overview of Transferring Share Rights and What Isn’t Permissible with Transfers By: Barry E. Haimo, Esq.February 28, 2025 Did you know that some entities allow for the slicing and dicing of rights with respect to shares of ownership? That means, for example, that...
Governing Documents – Allocation of Distributions
Your Guide to Allocations of Distributions By: Barry E. Haimo, Esq.February 24, 2025 Did you know that different types of business structures have different rules for how profits can be distributed? Corporations (C and S) do not have the ability to allocate...
What You Should Know about General Partnerships
What You Should Know about General Partnerships By: Barry E. Haimo, Esq.February 24, 2025 Like sole proprietorships, general partnerships don’t require any filings and are created automatically. This makes them simultaneously convenient and dangerous. Because of...
Rules for Company Meetings: Setting Expectations and Guidelines
Rules for Company Meetings: Setting Expectations and Guidelines Regardless of entity type, it’s important to address company meetings. While this stuff is not sexy, it is super important. There are essentially two kinds of meetings: shareholders’ meetings and meetings...
Transfers – Rights of First Refusal
Rights of First Refusal: What They Are and Why Your Business Wants Them Imagine that you own a business with two other people. Splitting ownership between the three of you has been a nice way to split costs, risks, and responsibilities. However, there comes a point...
What Is an LLC? An Introduction to Limited Liability Companies
What Is an LLC? An Introduction to Limited Liability Companies LLCs are relatively new business entities. They take the best of corporations and partnerships and merge them into one awesome hybrid entity. They have tremendous flexibility in a variety of important...
What You Should Know about Involuntary Termination of Employment Transfers
What You Should Know about Involuntary Termination of Employment Transfers Let’s talk about involuntary transfers related to termination of employment or membership interest. When key employees, contractors, or advisors leave a closely-held company, it’s crucial to...
The Default Rules: What Happens If You Fail to Plan Ahead?
The Default Rules: What Happens If You Fail to Plan Ahead? Planning ahead is one of the most important steps you can take to protect your wealth, health, and family. Without a clear plan, the state’s default rules of intestate succession will step in, and they may not...
C-Corporations: Things to Know about This Business Structure
C-Corporations: Things to Know about This Business Structure By: Barry E. Haimo, Esq.October 21, 2024 Corporations are the oldest of business entities. Like the other business entities that we have talked about, they are relatively easy to form. They can satisfy some...
Transfers – Involuntary Death Trigger
What You Should Know about the Involuntary Death Trigger By: Barry E. Haimo, Esq. October 4, 2024 Death is a common trigger of an involuntary transfer, but you need to make sure you set the trigger up to meet the best interests of your business. Without a trigger,...
What Every Business Owner Needs to Know about Ownership Documents
What Every Business Owner Needs to Know about Ownership Documents By: Barry E. Haimo, Esq.December 2, 2024 Governing documents are critical for a lot of reasons, and one of those reasons is to make sure ownership is well- documented. Each entity has different options....
Trust Funding: Everything You Need to Know
Your Guide to the Ins and Outs of Funding Your Trust By: Barry E. Haimo, Esq.September 27, 2024 Today, we're diving into a crucial topic: trust funding. If you've completed your estate planning and established a trust, you're ahead of the curve. You may have heard...
