We Help Entrepreneurs and Families
Keep the Skies Clear and the Future Bright
Sky Unlimited Legal Advisory offers you the perfect combination of trusted advisor, problem solver, keeper of secrets and deep listener.
Our attorneys are specifically trained to help you keep more money in your business and personal accounts, watch out for pitfalls, handle sticky situations (ideally before they even get sticky) and effectively tend to the parts of your business that are especially challenging.
At the same time, we work as your trusted advisor who helps you make the very best personal, financial, legal, and business decisions for your family throughout your lifetime.
You always said you wanted someone who could do all “that” stuff - the tasks that you’d rather not handle.
That's precisely where we step in - protecting your business and your family!
Notes from Our Chief Counsel's Desk
Matthew Perry's Estate Plan Demonstrates the Benefits of Trusts
When Matthew Perry, the beloved star of Friends, passed away last year, the world mourned the loss of a comedic icon. However, as details of his estate began to emerge, a curious puzzle presented itself: despite his reported net worth of $120 million, his bank account held (only) $1.5 million.
Admittedly, this seems like a whopping sum to most of us, but for a man who earned millions of dollars for just one episode of the show, this amount appears…off somehow. Shouldn’t he have had much more money than that? The answer lies in the details of estate planning and using trusts as part of your plan.
In this blog article, we’ll look at Perry’s estate plan and pull out some valuable lessons. These lessons pertain to all of us, not just the rich and famous. To find out how trusts can benefit you, read on.
What is a Trust?
A trust is simply a legal arrangement where a person (sometimes called a “settlor”) transfers assets to someone ( a “trustee”) who manages those assets for the benefit of someone else (the “beneficiaries”). Many types of trusts can be used for many different purposes, including estate planning, asset protection, and providing for loved ones.
The trustees appointed to manage a trust play a crucial role in fulfilling the settlor's wishes. Choosing the right trustees is essential for the effective management of a trust. Trustees should be trustworthy, financially responsible, and knowledgeable about estate planning.
The Secret to Effective Networking: It’s Not About You
As a business owner, networking may feel like a necessary evil. You have to get your name out there by meeting other people, but does it have to be so uncomfortable? Making small talk and figuring out how to promote yourself and your business without sounding cringy is no easy task for most of us.
If you’ve felt this way before, you're not alone. A recent Forbes article discusses the discomfort that abounds in the American networking style and contrasts the American way with how Italians network. The American approach to networking often seems forced and self-serving. However, the Italians network in a way that allows business connections to form naturally, based on genuine relationships and a desire to help others, which is easier and more satisfying. So, let's explore how you can promote your business by networking more effectively with a few strategies from our friends across the Atlantic.
The Problem with American-Style Networking
You've probably been there. You walk into a crowded room, name tag slapped on your chest, and immediately feel the pressure to "work the room." Everyone around you is on a mission to collect as many business cards as possible, and it feels superficial, or like a waste of time.
Advanced Planning Saved This Business and It Can Save Yours, Too
Imagine you're playing a friendly game of disc golf with your spouse. Suddenly, you lose control of your left hand, and for a terrifying five minutes, you can't speak. Your face droops and your body feels numb.
You might think you're too young to be having a stroke—but that's exactly what happened to Jenny Bristow, the 40-year-old founder and CEO of Hedy & Hopp, a healthcare marketing company based in St. Louis.
Jenny’s story is a wake-up call for every business owner. You never know when a personal crisis might strike, and you need to be ready.
Planning could make all the difference in keeping your business afloat and thriving, just like Jenny managed to do. So, in this article, we’ll look at what advanced planning is, what strategies you can take to get your business ready for the unexpected, and what you can do now to get your plan in place.
WHAT IF YOU FOUND YOURSELF IN A CRISIS?
Jenny Bristow never expected to suffer a stroke, especially at just 39 years old. While enjoying a vacation with her husband in Arizona, she suddenly lost control of her left side and struggled to speak.
10 Small Business Tax Moves to Make the Second Half of the Year - Part 2
Welcome back, savvy small business owners! If you thought the first five tax moves we covered last week were exciting, buckle up because we're about to take your tax strategy to the next level.
In Part 1, we explored supercharging your retirement accounts, making the most of Section 179 deductions, turning your home office into a tax haven, becoming a charitable giving ninja, and wining and dining for Uncle Sam. If you missed it, go back and get the goods!
This week, we're diving into five more game-changing tax moves that will have you looking at your business finances in a whole new light. From giving your business structure a makeover to conquering estimated tax payments, these strategies are designed to help you finish 2024 strong and set you up for success in the years to come. So, grab your favorite caffeinated beverage, settle into your tax-deductible office chair, and let's explore the final five moves that could transform your small business's financial future.
Moreover, I wouldn’t be a lawyer if I didn’t give you a disclaimer (or use the word “moreover”): this article contains general information for small business owners and is not tax or legal advice. Always consult an expert who can determine which tax strategies are best for your business and ensure you implement them correctly.
Bouncing Back After Business Failure: What to Do Next
Starting a business is tough; sometimes, despite all your best efforts, things don’t go as planned. When your business fails, it can feel like the end of the road. But here’s the good news: failure isn’t the end.
It’s an opportunity to learn, grow, and come back stronger. Many successful entrepreneurs have failed before finding their winning formula.
If your last business didn’t work out, don’t lose hope. Here are 5 essential strategies to bounce back and set yourself up for success.
Strategy 1: Reflect and Learn From Your Mistakes
Understanding what went wrong is the first step to getting back on your feet. It’s easy to get caught up in the blame game, but this is the time to take a hard, honest look at your business.
What mistakes did you make?
Were there signs you ignored? Maybe the market wasn’t right, the timing wasn’t right, or perhaps you overspent on things that didn’t matter. Whatever the case, reflecting on what happened can help you avoid making the same mistakes in the future.