Check your life insurance policies to make sure you have the correct people designated as your beneficiaries.
In divorce cases, the decree typically requires that a spouse who has a child support obligation to carry a life insurance policy until the children reach majority age. But after that time, it is probably not a good idea to keep your former spouse as a beneficiary. People, however, can forget and leave a former spouse on the policy. It happens all the time.
Investment firms are good at reminding you to check your beneficiary designations on a yearly basis. The life insurance companies? Not so much. Especially on older ...
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Inheriting and valuing shares in a closely held corporation
Cheryl inherited her husband's 50 percent interest in a trucking and crop-spraying business in northeast Nebraska. There was no buy-sell and no mechanism to value Cheryl's shares.
The company had over $1 million in assets but also $1m in debt. While the tax returns showed little profit the cash flow was solid and the debt could be serviced.
Cheryl filed an action for judicial dissolution of the corporation. Her husband's business partner filed a pleading stating that he would purchase her half interest for $40,000, but that was not accepted by Cheryl.
The case went to trial. Cheryl's expert valued the entire company at between ...
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The FTC’s cooling-off rule or the 3-day right to cancel
One of the cardinal rules of home improvements is always to get at least two (if not three) estimates. Why? When a homeowner gets more than one estimate, then usually Mr. Market works. Oftentimes there can be a considerable variation in prices. The low price for fungible goods is usually your best value. When "big box" retail home improvement stores came on the scene in recent years (think Home Depot and Lowe's), a whole lot of price competition got injected into the market.
For example, until recently I thought only a Pella dealer could sell Pella doors. Turns out Lowe's sells and installs Pella doors. It is the same product and the door ...
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