Latest news with #FiffikLawGroup
Daily Mail
11-05-2025
- Business
- Daily Mail
Finance expert reveals simple trick to avoid inheritance battles for divorcees who meet new partners later in life
Legal and financial experts have revealed how couples who meet and remarry later in life can avoid nasty inheritance battles. Americans 65 and older are increasingly getting remarried following the death of their spouse or a divorce, according to research from the National Center for Family and Marriage Research at Bowling Green State University. But those finding love in their golden age may need to work out how they would split their assets - including real estate and retirement accounts. They may also have disagreements over whose adult children inherits what. To avoid these issues, Lee Meadowcroft, of Skinner Law in Portland, Oregon, told the New York Times he advises couples to simply keep their bank accounts separate - though he noted that it is difficult to maintain separate accounts. 'Keeping everything separate seems to work the best, but it's a rare couple who can actually do that for a long time,' Meadowcroft admitted. 'Although there are ways of protecting finances and keeping things very clear, practically, those things fall apart.' In those cases, Meadowcroft suggested it may be better for older couples to simply stay together but not remarry. 'It can get so messy and it can cause so many problems,' he said. Michael Fiffik, a managing partner at Fiffik Law Group in Pittsburgh, Pennsylvania agreed - noting that marriage triggers inheritance rules for certain retirement assets. If one spouse has a retirement account, for example, they may be required to name the other as a beneficiary. But if the spouse with the account wanted to bequeath the asset to someone else - say a child - he or she would have to get their new spouse to legally cede their right to it. For some widows and widowers, remarriage may also mean forfeiting pension or Social Security benefits. To avoid these issues, Meadowcroft recommended what one of his client couples, who were both in their 80s did and have a ceremonial marriage - but never actually obtain a marriage license. 'They said, in the eyes of God, they're married,' Meadowcroft recounted. 'The state's purpose for marriage doesn't have anything to do with that. It's simply who gets your stuff when you die.' But for those who do decide to remarry, experts recommend taking a number of precautions - including getting a prenuptial agreement, life insurance and putting assets in a trust. 'Having a prenup is important because it forces a conversation of what happens if this marriage ends because of death,' Ginger Skinner, a colleague of Meadowcroft's who works as a founder of an estate law practice in Portland, explained. She noted that the discussion in itself can bring to light assumptions or differences between spouses, even if it is uncomfortable. Life insurance, meanwhile, allows people to allocate assets intended to be inherited by spouses or children from previous relationships. And for those who have significant assets, trusts can protect their financial legacy.
National Post
05-05-2025
- Business
- National Post
SMBs Sound the Alarm: 85% of Small Business Owners Fear Recession
Article content Article content ADA, Okla. — Small business owners across America are increasingly concerned about economic uncertainty and the impact of potential tariffs, according to a new national study released by LegalShield. The study, which polled small business owners and managers, reveals mounting anxiety about a potential recession and significant worry about trade policy changes. Article content Key study findings: Article content 'Small businesses are the backbone of the American economy, yet they're increasingly caught in the crosshairs of economic uncertainty and shifting trade policies,' said Mike Fiffik, LegalShield provider lawyer with Fiffik Law Group, PC. 'These businesses often lack the legal resources of larger corporations to navigate complex regulatory changes, leaving them particularly vulnerable during periods of economic volatility.' Article content The study also revealed that small business owners are particularly concerned about: Article content 'Small business owners are facing a perfect storm of economic challenges,' said Fiffik. 'We're seeing many begin to develop response strategies, including diversifying supply chains, renegotiating contracts, and carefully evaluating inventory management practices.' Article content From Concerns to Action: LegalShield's Unique Small Business Insights Article content While national study data captures what small business owners are worried about, LegalShield has a unique window into what actions they're taking. As a leading provider of small business legal services, LegalShield handles approximately 50,000 calls monthly from small business members to its nationwide network of provider law firms. These service requests create a proprietary dataset that serves as a real-time barometer of small business legal challenges. Article content This internal service data shows a notable increase in small business members seeking legal assistance for financial-related issues, validating the concerns expressed in the study: Article content Q1 2025 showed significant year-over-year increases in collection-related inquiries March 2025 data reveal substantial increases in billing disputes, collections, and bankruptcy-related inquiries April 2025 data saw a 12% increase in bankruptcy-related inquiries compared to April 2024 These inquiry patterns are at levels not seen since 2020 Article content 'Small business owners are bracing for legal and operational challenges as economic uncertainty looms,' said Matt Layton, senior vice president of consumer analytics at LegalShield. 'Billing disputes and collection inquiries are leading indicators of future bankruptcy requests from SMB owners. Consumers feel the financial pain first, then they pull back on spending which can lead to negative impacts on businesses.' Article content As economic uncertainty grows, LegalShield continues to monitor these trends while providing small businesses with the legal support to weather potential challenges ahead. Article content Study Methodology: LegalShield surveyed 255 small business owners and managers across the United States, completed on April 15, 2025. Respondents ranged in age from 25-78 years, balanced according to basic U.S. Census demographic data. The sample included representation from all U.S. regions. All respondents self-identified as owners or managers of small-to-medium businesses. Article content For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and Article content Article content Article content Article content
Business Wire
05-05-2025
- Business
- Business Wire
SMBs Sound the Alarm: 85% of Small Business Owners Fear Recession
ADA, Okla.--(BUSINESS WIRE)--Small business owners across America are increasingly concerned about economic uncertainty and the impact of potential tariffs, according to a new national study released by LegalShield. The study, which polled small business owners and managers, reveals mounting anxiety about a potential recession and significant worry about trade policy changes. Key study findings: 94% of small business owners and managers are worried about a potential recession 85% are concerned that tariffs may impact their business 55% anticipate direct legal implications from tariff policy changes 64% expect supply chain and partner agreement disruptions 47% believe they could face workforce adjustments, including potential downsizing "Small businesses are the backbone of the American economy, yet they're increasingly caught in the crosshairs of economic uncertainty and shifting trade policies," said Mike Fiffik, LegalShield provider lawyer with Fiffik Law Group, PC. "These businesses often lack the legal resources of larger corporations to navigate complex regulatory changes, leaving them particularly vulnerable during periods of economic volatility." The study also revealed that small business owners are particularly concerned about: Supply chain renegotiations (58% concerned) Workforce adjustment planning (44% concerned) Compliance with evolving trade regulations (40% concerned) "Small business owners are facing a perfect storm of economic challenges," said Fiffik. "We're seeing many begin to develop response strategies, including diversifying supply chains, renegotiating contracts, and carefully evaluating inventory management practices." From Concerns to Action: LegalShield's Unique Small Business Insights While national study data captures what small business owners are worried about, LegalShield has a unique window into what actions they're taking. As a leading provider of small business legal services, LegalShield handles approximately 50,000 calls monthly from small business members to its nationwide network of provider law firms. These service requests create a proprietary dataset that serves as a real-time barometer of small business legal challenges. This internal service data shows a notable increase in small business members seeking legal assistance for financial-related issues, validating the concerns expressed in the study: Q1 2025 showed significant year-over-year increases in collection-related inquiries March 2025 data reveal substantial increases in billing disputes, collections, and bankruptcy-related inquiries April 2025 data saw a 12% increase in bankruptcy-related inquiries compared to April 2024 These inquiry patterns are at levels not seen since 2020 'Small business owners are bracing for legal and operational challenges as economic uncertainty looms,' said Matt Layton, senior vice president of consumer analytics at LegalShield. 'Billing disputes and collection inquiries are leading indicators of future bankruptcy requests from SMB owners. Consumers feel the financial pain first, then they pull back on spending which can lead to negative impacts on businesses.' As economic uncertainty grows, LegalShield continues to monitor these trends while providing small businesses with the legal support to weather potential challenges ahead. Study Methodology: LegalShield surveyed 255 small business owners and managers across the United States, completed on April 15, 2025. Respondents ranged in age from 25-78 years, balanced according to basic U.S. Census demographic data. The sample included representation from all U.S. regions. All respondents self-identified as owners or managers of small-to-medium businesses. About LegalShield: For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and
Yahoo
05-05-2025
- Business
- Yahoo
SMBs Sound the Alarm: 85% of Small Business Owners Fear Recession
National study by LegalShield reveals 85% of small business owners are anxious about tariff impact Company's internal data shows uptick in SMB collections, billing disputes and bankruptcy inquiries at levels not seen since 2020 ADA, Okla., May 05, 2025--(BUSINESS WIRE)--Small business owners across America are increasingly concerned about economic uncertainty and the impact of potential tariffs, according to a new national study released by LegalShield. The study, which polled small business owners and managers, reveals mounting anxiety about a potential recession and significant worry about trade policy changes. Key study findings: 94% of small business owners and managers are worried about a potential recession 85% are concerned that tariffs may impact their business 55% anticipate direct legal implications from tariff policy changes 64% expect supply chain and partner agreement disruptions 47% believe they could face workforce adjustments, including potential downsizing "Small businesses are the backbone of the American economy, yet they're increasingly caught in the crosshairs of economic uncertainty and shifting trade policies," said Mike Fiffik, LegalShield provider lawyer with Fiffik Law Group, PC. "These businesses often lack the legal resources of larger corporations to navigate complex regulatory changes, leaving them particularly vulnerable during periods of economic volatility." The study also revealed that small business owners are particularly concerned about: Supply chain renegotiations (58% concerned) Workforce adjustment planning (44% concerned) Compliance with evolving trade regulations (40% concerned) "Small business owners are facing a perfect storm of economic challenges," said Fiffik. "We're seeing many begin to develop response strategies, including diversifying supply chains, renegotiating contracts, and carefully evaluating inventory management practices." From Concerns to Action: LegalShield's Unique Small Business Insights While national study data captures what small business owners are worried about, LegalShield has a unique window into what actions they're taking. As a leading provider of small business legal services, LegalShield handles approximately 50,000 calls monthly from small business members to its nationwide network of provider law firms. These service requests create a proprietary dataset that serves as a real-time barometer of small business legal challenges. This internal service data shows a notable increase in small business members seeking legal assistance for financial-related issues, validating the concerns expressed in the study: Q1 2025 showed significant year-over-year increases in collection-related inquiries March 2025 data reveal substantial increases in billing disputes, collections, and bankruptcy-related inquiries April 2025 data saw a 12% increase in bankruptcy-related inquiries compared to April 2024 These inquiry patterns are at levels not seen since 2020 "Small business owners are bracing for legal and operational challenges as economic uncertainty looms," said Matt Layton, senior vice president of consumer analytics at LegalShield. "Billing disputes and collection inquiries are leading indicators of future bankruptcy requests from SMB owners. Consumers feel the financial pain first, then they pull back on spending which can lead to negative impacts on businesses." As economic uncertainty grows, LegalShield continues to monitor these trends while providing small businesses with the legal support to weather potential challenges ahead. Study Methodology: LegalShield surveyed 255 small business owners and managers across the United States, completed on April 15, 2025. Respondents ranged in age from 25-78 years, balanced according to basic U.S. Census demographic data. The sample included representation from all U.S. regions. All respondents self-identified as owners or managers of small-to-medium businesses. About LegalShield: For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and View source version on Contacts LegalShield Media Contact:Hollon Kohtz, Director of Communicationshollonkohtz@ Sign in to access your portfolio
