Orson and Brusini Ltd.Orson and Brusini Ltd.2026-06-12T19:01:48Zhttps://www.orsonandbrusini.com/feed/atom/WordPress/wp-content/uploads/sites/1504822/2026/04/cropped-O_B_site_icon_d-32x32.pngOn Behalf of Orson and Brusini Ltd.<![CDATA[How you can include succession planning in your estate plan]]>https://www.orsonandbrusini.com/?p=472392026-06-02T15:35:53Z2026-06-08T15:16:34ZChoose who will take over the business
Your successor may be a family member, co-owner, key employee or outside buyer. The plan should explain when the transfer takes effect, how the company will be valued and how your family or remaining owners will receive payment.
The right documents depend on the business structure. Common planning tools may include:
An LLC operating agreement that addresses death, disability, buyout rights and management changes
Corporate bylaws or a shareholder agreement that explains who can own or manage shares
A buy-sell agreement that sets the process for purchasing a departing owner’s interest
Funding also matters. For example, some buy-sell agreements use life insurance to create cash for a buyout after an owner’s death. This can help the remaining owners purchase the business interest without placing immediate financial pressure on the company or family.
Match estate documents to company records
To avoid probate, business interests must be properly titled and moved into a revocable living trust.
You can also plan for incapacity. If you choose to execute a short form power of attorney, it will grant your agent authority over business operating transactions unless you explicitly strike out and initial that option to exclude it. This can help your agent keep financial and operational decisions moving if illness or injury prevents you from acting.
Review taxes and value before a crisis
Rhode Island has its own estate tax. For 2026, the threshold is $1,838,056. Your company interest, real estate, investments and other assets may push the total value above that amount. The estate may then face tax before assets pass to your heirs. Regular business valuations can help you plan for taxes, buyouts and family expectations.
Protecting the business you worked hard to build
Succession planning works best when it aligns with the company’s ownership documents, tax structure and long-term goals. A regular review of these documents ensures the plan remains effective. When those pieces work together, the company has a clearer path forward if retirement, illness or death changes who is in charge.]]>On Behalf of Orson and Brusini Ltd.<![CDATA[5 ways how an ILIT can preserve your wealth for future generations]]>https://www.orsonandbrusini.com/?p=472372026-06-02T10:12:47Z2026-06-06T10:09:51ZWhat is an irrevocable life insurance trust?
An ILIT holds a life insurance policy outside of your personal estate. Once you transfer the policy into the trust, you give up direct ownership. In return, the trust shields the policy's proceeds from taxes and other risks. For families in Rhode Island looking to protect their wealth, an ILIT is one of the most reliable estate planning tools available.
Five ways it can protect your family’s wealth
Now that you understand what an ILIT is, it is time to see how it puts that protection into action. Here are five ways an ILIT can preserve your wealth for future generations:
It eliminates estate taxes: Rhode Island has its own state estate tax with lower exemption levels than the federal threshold. Keeping life insurance proceeds inside the trust removes them from your taxable estate, leaving more for your heirs.
It shields assets from creditors: Because the trust is irrevocable, the assets inside do not legally belong to your beneficiaries. This protects the proceeds from lawsuits, divorces and bankruptcy filings your heirs may face.
It provides immediate liquidity: Many estates are asset-rich but cash-poor. The trustee can use the death benefit to cover estate taxes or purchase illiquid assets, preventing forced sales of family property.
It supports generational skipping: You can design your ILIT to span multiple generations. By leveraging your federal Generation-Skipping Transfer Tax (GSTT) exemption, you protect wealth for your children and grandchildren alike.
It prevents reckless spending: You control how and when your beneficiaries receive funds. The trust can release money gradually or for specific needs, such as education, so the wealth truly lasts.
Together, these five advantages make an ILIT a well-rounded tool for protecting what you have worked hard to build. With the right guidance, you can put each of these benefits to work for your family.
Protect what you’ve built for generations to come
Preserving your wealth for future generations is one of the most meaningful steps you can take as a family leader. An ILIT gives you the structure to do exactly that, keeping your legacy intact and your loved ones protected for years to come. The right estate planning strategies, tailored to your family's unique needs, can make all the difference in how your wealth lives on in Rhode Island.]]>On Behalf of Orson and Brusini Ltd.<![CDATA[6 critical powers receivers have over your Rhode Island business]]>https://www.orsonandbrusini.com/?p=472342026-06-02T08:57:15Z2026-06-04T08:56:43ZWhat receivership means for your business
Receivership is a legal tool designed to help insolvent businesses manage debt in an orderly way. In Rhode Island, a court-appointed receiver takes control of your business assets and daily operations. This process protects your creditors while providing your company with a structured path forward.
Can you nominate your own receiver?
Fortunately, you do have some say in this process. In fact, if you file a voluntary receivership petition in Rhode Island, you can nominate a preferred receiver. However, you cannot make the final appointment on your own. The Rhode Island Superior Court holds that authority exclusively. With that in mind, here are the six key powers a receiver holds once the court makes its decision.
The power to seize assets: The receiver takes immediate legal custody of all real estate, bank accounts and physical or digital records.
The power to operate the business: The receiver can keep your company running if doing so increases its overall value for an eventual sale.\
The power to sell free and clear: The receiver can sell collateral stripped of existing liens and transfer that priority directly to the cash proceeds.
The power to settle disputes: The receiver can negotiate and compromise claims with creditors or debtors to avoid costly and prolonged litigation.\
The power to reject contracts: The receiver can walk away from burdensome leases or unprofitable supply agreements to stop financial losses.
The power to distribute proceeds: The receiver evaluates all filed claims and distributes funds according to Rhode Island's strict statutory priority rules.
These six powers give the receiver the tools needed to protect your business assets and work toward a fair resolution for all parties involved.
Your business still has a path forward
Insolvency is a difficult reality, but it does not have to mean the end of what you have worked so hard to build. A receiver brings structure, oversight and a clear process to an otherwise overwhelming situation. With the right support in place, your business can still find a way through while honoring its obligations to creditors and protecting your company's future.]]>On Behalf of Orson and Brusini Ltd.<![CDATA[Three important benefits of a special needs trust]]>https://www.orsonandbrusini.com/?p=472422026-06-02T17:31:55Z2026-06-02T17:31:55Z for the future can feel overwhelming when you care for someone with a disability. Savvy planners realize that financial support could unintentionally put essential benefits at risk. Thankfully, there are legal tools that can help to provide additional support without threatening these benefits. Special needs trusts are one such tool.
When structured wisely, those with disabilities can use a special needs trust to hold and manage assets without putting eligibility for public benefits such as Supplemental Security Income (SSI) and Medicaid at risk. Instead of leaving money directly to the individual, the trust owns the funds and a trustee uses them to improve the beneficiary’s quality of life under the trust’s rules. This can benefit children or adults with physical disabilities, developmental disabilities or mental health conditions. Special needs trusts are also commonly used by parents, grandparents and other loved ones who want to provide long-term support without unintentionally disrupting critical benefit programs.A properly designed special needs trust can provide both financial stability and practical flexibility. Three advantages that can help families decide on whether this type of planning could help them reach their future goals include the following:
Preserves eligibility for needs-based benefits. Many government programs impose strict limits on income and countable resources. Assets left outright to a person receiving SSI or Medicaid may cause a loss of benefits until the funds are spent down. A special needs trust can help keep the beneficiary within program limits while still allowing support for approved supplemental needs.
Provides structured support for quality-of-life expenses. Trust funds can often cover items and services that public benefits do not, such as therapies, education, transportation, assistive technology, recreation and certain personal care needs. This structure helps to better ensure resources are used to enhance daily life in a thoughtful, compliant way.
Adds oversight and continuity across a lifetime. A trustee can coordinate payments, maintain records and work alongside care teams. This reduces the risk of financial exploitation and promotes consistent decision-making if caregivers are no longer available. The trust can also address successor trustees and long-term administration.
These are just a few of the benefits special needs trusts can provide families, allowing them to plan proactively while keeping the beneficiary’s support network and services intact.
How to put a special needs trust together
Creating a special needs trust starts with selecting the appropriate type, commonly a third-party trust funded by someone other than the beneficiary or a first-party trust funded with the beneficiary’s own assets, often from an inheritance or settlement. It is wise to work with an attorney experienced in special needs planning to draft trust terms that align with SSI and Medicaid rules, choose a capable trustee and name successor trustees. Next steps generally include coordinating beneficiary designations, wills and life insurance so assets flow into the trust rather than directly to the individual. Finally, establish a plan for funding, recordkeeping and ongoing administration.A special needs trust is more than a legal document. It is a practical tool that can protect benefits, expand quality-of-life options and provide durable oversight for years to come. With careful drafting and coordinated funding, it can become an important part of a secure long-term plan.]]>On Behalf of Orson and Brusini Ltd.<![CDATA[Receivership or bankruptcy: What’s the difference?]]>https://www.orsonandbrusini.com/?p=472382026-06-02T13:06:21Z2026-06-02T13:06:21ZTwo remedies with different purposes
Receiverships and bankruptcies help businesses deal with different types of problems. Some of the main differences include:
Receiverships often focus on specific assets or business operations, while bankruptcies address company-wide debt.
Receiverships aim to preserve value during a dispute, while bankruptcies may reorganize debt or liquidate assets.
Receiverships commonly involve ownership disputes, while bankruptcies often involve multiple creditors.
In a receivership, a court appoints a receiver to manage certain assets or business operations. The receiver works under the court's supervision. In bankruptcy, the court oversees a process that addresses the company's debts.
When a receivership may be the better option
A receivership may arise when owners disagree about how to run a business or when questions arise about how assets are being managed. Courts may also appoint receivers in disputes involving commercial property.
Creditors may seek a receivership when they believe assets are losing value. A receiver may collect income, manage property or oversee business operations while the case continues. The goal is to maintain the value of the business or asset during the dispute.
When bankruptcy may offer greater protection
Bankruptcy usually comes into play when debt affects the business as a whole. A company with large debts, cash-flow problems or pressure from several creditors may enter bankruptcy.
Depending on the type of case, the business may continue operating while it reorganizes its debts. In other cases, it may sell assets to pay creditors. Bankruptcy can also stop certain collection efforts while the case moves through the court system.
What affects the outcome
Receiverships and bankruptcies usually arise from different situations. Factors that may affect the process include:
The amount of business debt
Disputes among owners or managers
The condition of company assets
Claims made by creditors
The purpose of the court action
A company may face debt problems, ownership disputes or both. Those issues often influence which legal process becomes involved. Similar business challenges can lead to different outcomes depending on the facts.
Different remedies for different problems
Receivership and bankruptcy can both help address business problems but serve different functions and follow different rules.
If your business faces financial pressure, it helps to know that bankruptcy is not the only court-supervised option. In some cases, a receivership may play a different role in protecting assets or managing business operations during a dispute.]]>On Behalf of Orson and Brusini Ltd.<![CDATA[What should commercial property buyers know before closing?]]>https://www.orsonandbrusini.com/?p=472302026-06-02T08:55:04Z2026-06-02T08:48:59Z commercial property in Rhode Island can create opportunities for business growth and long term investment. However, the process often involves more than agreeing on a price and completing closing documents. As you move closer to closing, several issues may shape the property’s value, use and future costs.
How do you review the property’s title?
A title review helps confirm that the seller has the legal right to transfer ownership. It also may reveal issues that affect how the property functions after closing.Common items often include:
Liens that may create financial responsibility
Easements that allow others access to the property
Boundary concerns that may lead to disputes
Restrictions that may limit future plans
Identifying these matters before closing may help you better understand what the purchase includes and how it aligns with your intended use.
How do you confirm zoning and permitted uses?
Zoning rules in Rhode Island cities and towns often shape how you can use commercial property. A building may appear suitable at first glance, but local rules can limit certain business activities.The Rhode Island Zoning Enabling Act of 1991, gives municipalities authority to create zoning districts and regulate land use. Local ordinances often determine whether a specific commercial use is allowed at a property location.You may also consider reviewing rules tied to parking, signage, building changes and redevelopment plans. This step may help you avoid limits that do not match your business goals.
What should you know about environmental conditions?
Environmental issues can influence both property value and long term expenses. Many buyers review a property’s history and physical condition before moving forward.These concerns may include:
Soil or groundwater contamination
Underground storage tanks
Hazardous building materials
Prior industrial or manufacturing use
Rhode Island law gives the Department of Environmental Management authority over environmental protection. As a result, certain conditions may lead to further review or corrective steps depending on the situation.
What should you review in key contract terms?
The purchase agreement outlines the rights and responsibilities for both parties. In addition to price, it often addresses inspections, financing conditions and closing requirements.You may also want to review how the agreement handles issues discovered during due diligence. These terms can shape your options if concerns arise before closing and may influence how the transaction proceeds.
Build confidence before closing
Commercial real estate transactions in Rhode Island often call for careful review before closing. Taking time to assess title matters, zoning rules, environmental conditions and contract terms may give you a clearer view of the property. While due diligence may not reveal every issue, it can help you make a more informed decision about the corporate and business purchase.]]>On Behalf of Orson and Brusini Ltd.<![CDATA[Could your business survive without a succession plan?]]>https://www.orsonandbrusini.com/?p=472282026-06-02T09:04:34Z2026-06-02T07:37:40Z a business takes time, effort and commitment. Because of that, it is easy to focus on daily tasks and put off long term planning. However, if you retire, become unable to run your business or pass away without a succession plan, your company could face uncertainty. In Rhode Island, a lack of planning may affect who runs the business, how it operates and the people who rely on it.
Why succession planning matters
A succession plan explains what may happen to your business when you can no longer manage it. It can identify who will take over, explain how ownership may change and address important financial matters.Without a clear plan, family members, business partners and employees may have trouble making decisions. As a result, conflicts may arise, business operations could slow down and the value of the company may decrease.
Problems that can arise without a plan
When you do not have a succession plan, several challenges may affect your business. For example, you may face:
Confusion about who will run the business
Disputes among family members or business partners
Delays in transferring ownership
Interruptions to day to day operations
These challenges may become even harder to manage if important information exists only in your records or if no one understands your goals for the future.
Financial risks to consider
Leadership is not the only concern. Financial problems may also arise during a transition. Lenders, investors and customers often want confidence that the business can continue operating smoothly.As a result, you may experience:
Reduced confidence from customers and vendors
Difficulty securing financing or renewing credit
Reduced business value during uncertain times
Increased expenses related to ownership changes
Consequently, a successful business may face setbacks that careful planning might help reduce.
Steps that may help reduce uncertainty
A succession plan often addresses both business and financial concerns. Depending on your situation, planning may include choosing a future leader, putting ownership transfer steps in writing and making sure your business goals match your estate plan.In addition, Rhode Island business owners may benefit from reviewing documents such as partnership agreements or operating agreements. Keeping these documents up to date may help reduce confusion and make a future transition easier to manage.
Preparing your business for the next chapter
Retirement, illness and unexpected events can affect any business owner. Although no plan can prevent every challenge, succession planning may help protect your business, preserve its value and provide more clarity for family members, employees and other stakeholders.]]>