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 team is 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
The Unexpected Challenges of Being an Estate Executor
When someone asks you to be the executor of their estate, it might seem like a straightforward responsibility - distribute assets according to their will and handle some paperwork. However, as many executors discover, the role involves far more complexity, time, and emotional labor than expected.
Understanding these challenges now can help you better prepare, whether you're creating your estate plan or considering serving as an estate executor.
But first, a note about terminology. If someone creates a will, the term used for the person who handles the estate is “executor.” If someone creates a trust, the person who handles the estate is called a “trustee.”
When someone becomes incapacitated, the person who handles financial matters is the holder of power of attorney. The jobs are similar but not identical. In this article, we’ll focus on the role of an executor, who is carrying out the wishes of someone who died under the terms of their will. However, if you’d like more information about what a trustee does, book a call with me using the link below.
Let’s get to it.
When Banks Say No: Alternative Funding Solutions for Your Business
When you started your business, you probably didn't anticipate the challenges of securing financing for growth. Yet today's lending environment has made traditional bank loans particularly difficult to obtain, especially for small and medium-sized businesses.
In this blog article, I want to help you understand your options beyond conventional bank financing and guide you toward solutions that support your business goals while protecting your interests.
UNDERSTANDING TODAY'S LENDING LANDSCAPE
The traditional lending environment has shifted dramatically in recent years. Banks have become increasingly risk-averse, implementing stricter lending criteria that often disadvantage smaller businesses. This cautious approach means even profitable companies with solid business plans may be unable to secure traditional financing.
This shift isn't just about stricter credit requirements. Banks now require more extensive documentation, longer operating histories, and higher collateral requirements than ever before. These hurdles can seem insurmountable for many growing businesses, especially when you need capital quickly to seize time-sensitive opportunities.
The Valentine's Gift That Truly Matters
As Valentine's Day approaches, you might be thinking about flowers, chocolates, or a romantic dinner. And hey, those are all great (who doesn’t love a little chocolate?). But what if I told you there's a way to show your love that lasts far longer than roses and holds far more meaning than any box of truffles?
I'm talking about estate planning—specifically, Life & Legacy Planning—the ultimate love letter to the people you care about most.
A DIFFERENT KIND OF LOVE LETTER
Love isn't just about grand gestures or perfectly curated date nights. The deepest expressions of love are often found in the quiet, intentional actions we take to care for and protect the people we cherish.
And while estate planning might not seem romantic at first glance, I’d argue it’s one of the most loving things you can do.
Think about it—when you create an estate plan, you’re writing a love letter that says:
"I care about you so much that I’ve taken the time to make sure that when I'm gone, you know what to do, you know how to find what I've left behind and make sure it's easy to transfer to you, and I've left you the support so you don't have to go it alone."
Trusts & Homeowner’s Insurance: What You Need to Know So You Don’t Get a Claim Denied In the Future
When you create an estate plan that includes a living trust, you've taken an essential step toward protecting your home and family from the cost of court. However, many people don't realize that placing their home in a trust requires updating their homeowner's insurance policy.
Without this crucial step, you could face a devastating scenario: paying out of pocket for significant damage because your insurance claim was denied. Let's explore how to ensure your trust and insurance work together to protect your most valuable asset.
THE HIDDEN RISK OF TRUST OWNERSHIP
When you transfer your home into a trust, you change its legal ownership structure. While you might still live in the home and act as the trustee, depending on how your trust is structured, the trust becomes the legal owner of the property. If your trust is a revocable trust, this change of title won’t impact your taxes because you are still the owner for all tax purposes, but this title change could give your homeowner’s insurance company a reason to deny your claim. And, whether that denial turns out to be valid or not, or could be contested in a court proceeding against the insurance carrier, you don’t want to have to deal with any of that.
Insurance companies base their coverage decisions on legal ownership. If there's a mismatch between the property's legal owner and the named insured on your policy, the insurer might deny your claim. Imagine discovering after a major fire that your insurance company denies your claim because your policy doesn't reflect your trust ownership. This nightmare scenario happens more often than you might think, but it's easily avoidable with proper planning.
Choosing the Right Business Structure: Beyond the Basic LLC
When starting a business, one of the most critical decisions you'll face is choosing your business structure. While many entrepreneurs automatically gravitate toward forming an LLC (Limited Liability Company), this one-size-fits-all approach might not be optimal for your specific situation.
Your choice of entity will affect everything from your tax obligations and personal liability to your ability to raise capital and plan for succession. Making the wrong choice could expose you to unnecessary risks or burden you with excessive taxes and administrative requirements.
UNDERSTANDING TAX IMPLICATIONS ACROSS DIFFERENT STRUCTURES
Each business structure comes with distinct tax treatment that can significantly impact your bottom line. As a sole proprietor, for instance, all business income passes through to your personal tax return, where you'll pay both income tax and self-employment taxes on your earnings. While this arrangement offers simplicity, it could come with an increased audit risk.
An LLC offers more flexibility in tax treatment than just defaulting to sole proprietorship/pass-through treatment. A single-member LLC can be taxed as a sole proprietorship, while multi-member LLCs can be taxed as partnerships. However, an often-overlooked option is electing to have your LLC taxed as an S Corporation, which can provide significant tax savings once your business reaches around $60,000 in annual revenue.