If you are a real estate investor and frequently buy and sell real estate, you must know about §1031 exchanges. A transaction structured as a §1031 exchange can defer taxable gains on certain real estate sales. Sometimes referred to as like-kind exchanges, a §1031 exchange allows a person to sell … [Read more...] about Buy and Sell Real Estate? You Must Know About 1031 Exchanges
In general, an uncontested divorce is a better option than a contested divorce so long as there is not a disparity of power or abuse in the relationship. Uncontested divorce requires that both parties want a divorce and are also in agreement as to the resulting issues. Both parties must agree to the … [Read more...] about The Benefits of an Uncontested Divorce
What steps do you need to take? Write your business plan.Figure out funding for your business.Choose a business structure.Choose your business name.Register your business.Get federal and state tax IDs.Apply for licenses and permits.Open a business bank … [Read more...] about Is your New Year plan to finally start that new business?
By: Dustin Humphrey How do you prepare for the future? Do you need a will or a trust? There are so many options these days it can often become overwhelming. Our team at Skeeters, Bennett, Wilson and Humphrey wants to provide you with a basic breakdown between these two common estate-planning … [Read more...] about Wills vs. Trusts: What is the Difference?
As a property owner, it is important to understand the government’s power over that property and your legal rights as an owner. Eminent domain, often called condemnation, is generally identified as the power of the Commonwealth of Kentucky to take private property for a public use without the … [Read more...] about Eminent Domain: What Every Property Owner Should Know
By: Terry Bennett When most people consider estate planning, they usually think about what will happen after their death. Unfortunately, many underestimate the need to prepare for their risk of disability. While a will does not take effect until death, a General Durable Power of Attorney protects … [Read more...] about Preparing for the Risk of Disability
By: Terry Bennett Many people get confused when it comes to the differences between a will and trust (find the answer here). Before deciding if a trust is for you, we suggest asking yourself these three basic questions: 1. Do you have minor children? If the answer is yes, then a trust may be … [Read more...] about Do You Need a Trust?
By: Dustin Humphrey There’s no doubt social media has changed the way we communicate and interact during both working and leisure hours. While social media is wildly popular in part because it nurtures the spontaneous, individuals and businesses should think carefully about the messages they … [Read more...] about Social Media and the Law
By: David Wilson According to our state legislators, in order to be considered an adult in the state of Kentucky, one must be 18 years of age. Therefore, under this statutory provision, persons 18 years or older are competent to enter into binding contracts. But what ability does a person under … [Read more...] about Entering into Binding Contracts with Minors