This month’s Business Bytes highlights corporate valuations, Special Needs Trusts, and sending notice to your insurance carrier.
Corporate Valuations. If your business owners have a buy/sell agreement in the event a party wishes to leave that requires annual or periodic business valuations, be sure that they are done and the valuation accepted as required. If a dispute arises and there is no valuation or only an outdated one, litigation is sure to result. READ MORE.
Assisting Persons with Special Needs. Persons with disabilities or special needs often need financial assistance, but providing financial aid through gifts, donations, inheritances, or otherwise could jeopardize their entitlement to governmental or other financial assistance. Special Needs Trusts are a way to financially assist those in need while preserving their ability to receive need-based support. READ MORE.
Notice to Insurance. Whenever you face a loss or lawsuit, it is best to properly send notice to all insurance carriers for potential coverage, even if it appears late. Even a 10-month delay did not allow a carrier to avoid coverage when it was not prejudiced by the delay. READ MORE.
