I am not rich, why do I need an estate plan?
A properly crafted estate plan is not just for the rich. Without a plan, the state where you reside will decide where your property goes, and the result may not be what you desire. By having an estate plan, you remain in control, and you ensure your wishes are met. Your plan may place conditions on your gifts, and create protection for your beneficiaries. It also eases the burden on your loved ones upon your passing, and helps reduce arguments between potential heirs.
My buddy and I work together and we just split the earnings, why do I need to form a business entity?
You already did! What you formed is a general partnership. With that comes the risk of being personally liable for the actions of your buddy. A mistake made by your buddy could cost you your home. Is that a risk you are willing to take? There are options that will allow you both to run your business in a simple manner while providing you both liability protection against the actions of the other.