For Purpose Law to Host TEGE Exempt Organizations Update

On June 15th, 2018, For Purpose Law Group is excited to host the upcoming TEGE Exempt Organizations Council program “TEGE Exempt Organizations Update,” presented in cooperation with the Greater Washington Society of CPAs. This program will bring together current and former IRS regulators and private practitioners in the legal and accounting fields to discuss the latest statutory, regulatory, and judicial developments Read More

Trademarks & Nonprofits: Assets Often Overlooked

Nonprofit founders, leaders and board members typically become involved with a nonprofit organization because of their passion for the cause and purpose. Because of this focus, they are busy doing great things, and they sometimes forget that their nonprofit should be run, in many ways, like a business with attention paid to profits, losses and assets. As the nonprofit grows and becomes better recognized in their Read More

Business Fundamentals: California Corporations

A corporation is a useful way to start a new business, because as soon as you file the business’ Articles of Incorporation, the new business entity immediately becomes a separate legal entity with many of the legal rights of an individual. The choice to form a corporation, rather than conduct business as a Sole Proprietorship or Limited Liability Company, could be based on liability concerns, tax considerations, or Read More

Business Fundamentals: What is a Limited Liability Company (LLC)?

A Limited Liability Company (or "LLC") is the easiest and most straightforward separate business entity to establish, and is also often times the next "step" in the business start-up progression after the "sole proprietorship." Contrary to a sole proprietorship, the formation of an LLC does create a legal entity separate from owner or owners, typically termed "members" in the business' operating agreement. Because Read More

Starting a Business? We're With You Every Step of the Way

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Happy Thanksgiving from ALL of Us at For Purpose Law Group!

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Own Rental Property? Then You Need Proactive Estate Planning

A comprehensive estate plan should address all of your assets. For most people, an estate plan must include three common categories: (1) your home; (2) financial accounts, like your checking and savings account; and (3) personal property. Other types of assets - such as life insurance, retirement funds, and annuities - should also be considered as part of your estate plan. If you own rental property, however, your Read More

Protecting Inherited IRAs

Do you have IRAs or other retirement accounts that you plan to leave to your loved ones? If so, proceed with caution. Most people don’t know the law has changed: inherited retirement accounts no longer have asset protection, meaning they can be seized by creditors. In Clark v. Rameker, the U.S. Supreme Court, in a unanimous decision, held that inherited IRAs are not exempt from the beneficiary's creditors because Read More

Leaving Words of Wisdom to the Next Generation

You come into the world a blank slate, and as you grow, you gain wisdom. You've planned your estate to leave physical assets to beneficiaries, so now think about leaving them something that’s just as important but less tangible: the hard-won wisdom you’ve accumulated over your life. Let your family and friends learn from your mistakes, and profit from your successes. Living and Other Trusts You probably know that a Read More

Not Just Death and Taxes: Five Essential Legal Documents You Need BEFORE You Become Incapacitated

Comprehensive estate planning is more than your legacy after death, avoiding probate, and saving on taxes. Good estate planning includes a plan in place to manage your affairs if you become incapacitated during your life and can no longer make decisions for yourself. What happens without an incapacity plan? Without a comprehensive incapacity plan in place, your family will have to go to court to get a judge to Read More