No, provided that the LLP’s original charter (its articles of organization) permits it and all of the current partners are onboard. A limited liability partnership (LLP) is a business formed to protect the individual partners from excessive financial liability. This differs from a limited liability corporation (LLC) in that no separate legal person (a corporation)…
The ability to change is at the heart of the difference between revocable and irrevocable trusts. Revocable trusts take their name from the trustee’s ability to “revoke” (i.e. change) provisions of the trust agreement after signing. These changes could include adding or removing beneficiaries of the trust by amendment or even dissolving the entire trust.…
If you are lucky enough to own a vacation home, then you need to figure out what will happen to it after you are gone. Many parents hope to keep vacation homes in the family, but guaranteeing that can be tricky. While meant to be fun and relaxing places to get away from everyday life,…
Believe it or not, lawyers are not only here for the difficult times in life, such as a divorce or a death. The right lawyer can make the joyful moments in life even sweeter by reducing stress and providing peace of mind that everything is ‘just right.’ Closing on a home is one such happy…
In a word—yes. You would benefit greatly from incorporating your business as a limited liability company (LLC), as opposed to operating it as a sole proprietor or as part of a group of partners in a general partnership. An LLC is a relatively simple means of incorporating a business, with many benefits for small-business owners.…
In the United States, getting one’s driver’s license is a rite of passage. Access to a car or other vehicle allows great freedom and independence: to go where we wish, do what we wish, and do it on our own schedules. Understandably, when we, or our elderly dependents, are told we can no longer drive,…
Arlington, Massachusetts – Join the lawyers and staff of Gosselin & Kyriakidis, P.C. in celebrating 25 years of service to Arlington and the surrounding communities at their Legal Question & Answer booth at Arlington’s Town Day celebration on September 15, 2018. Bring your legal questions to Arlington’s hometown law firm Gosselin & Kyriakidis. You will…
An often overlooked aspect of estate planning is how siblings should behave towards each other after their parents’ deaths. If a trust is part of your estate planning, choose your trustee carefully making sure they understand the role and its responsibilities especially if you designate one of your children. One way to ensure peace among…
In addition to having a will, many people are now setting up trusts as part of their estate planning. A common type of trust is the revocable trust which can be changed during a person’s lifetime. Revocable trusts are considered the “workhorse of modern estate planning.” To find out other reasons a trust should be…
Elderly client’s wife was in hospital due to failure to thrive and was being discharged to rehabilitation. Concerned that his limited finances would be depleted when he would have to private pay for his wife’s care in a nursing home, he sought our firm’s assistance. By working diligently with him to structure his assets, we…