As the calendar turns to 2025, many of us set resolutions aimed at personal or professional growth. While exercising more and saving money are popular goals, this year consider adding a legal foundation to your resolutions. Whether you’re looking to safeguard your family’s future through estate planning or take the leap into entrepreneurship by starting a new business, the new year offers the perfect opportunity to start strong.
Estate Planning Resolutions
- Update or Create Your Will: A will ensures your wishes are respected and can spare your loved ones from unnecessary legal complications. If you already have one, review it to reflect any changes in your family or financial situation.
- Establish a Power of Attorney: Designating someone to manage your affairs if you’re unable to do so is a critical safeguard.
- Plan for Health Decisions: A living will or healthcare proxy outlines your preferences for medical treatment in case of incapacity.
- Consider a Trust: Trusts aren’t just for the wealthy. They can help avoid probate, reduce taxes, and provide for loved ones with specific needs.
Starting a New Business in 2025
- Choose the Right Business Structure: Whether it’s an LLC, partnership, or corporation, the structure you choose impacts taxes, liability, and growth potential.
- Draft an Operating Agreement: Even single-member LLCs benefit from formalizing how the business will be managed and what happens in various scenarios.
- Secure Proper Licensing: Ensure compliance with local, state, and federal regulations to avoid future legal headaches.
- Plan for Taxes: Consult a professional to understand tax obligations and take advantage of deductions or incentives for small businesses.
Take Action Today
The new year represents a fresh start, but resolutions are only as good as the actions you take to fulfill them. Meeting with an experienced attorney can help you clarify your goals and create a roadmap tailored to your unique needs. Let 2025 be the year you protect your future and build a legacy.
Happy New Year!
Disclaimer: This blog is for informational purposes only and does not constitute legal advice. Please consult an attorney for guidance tailored to your situation.