Wednesday, August 31, 2016

Understanding of Probate - The Process of Assets Transfer After a Person's Death


When someone dies, his or her assets should go through probate. The probate process includes collecting the deceased's assets, paying off liabilities and necessary taxes, and administering property to heirs as per the will.

Probate of decedent's Will

During this process, authenticity of the deceased's will is to be proved in the court of law. Will of a deceased must be probated soon after his or her death. Nobody has a right to hold it back at any cost.
The decedent's attorney or the person possessing the will of decreased, will need to produce it immediately, or within the specified time. There are penalties for destroying or concealing the will.

Probate Proceedings

The procedure starts only when there is the involvement of an official executor. If you are well versed with the different kinds of laws that are involved, then you can submit your application to be the executor on behalf of the friends or relatives.
  • The first thing to do here is to file a formal request. The applications should be submitted in the local court of the same country, where the deceased lived the last days of his or her life. Along with filing the probation documents, you should also produce the original death certificate of the deceased.
  • After filing the documents in the court, it the next step is to inform the creditors of the deceased. You can advertise about the probate in the newspapers, or on any other such local media.
  • You can let the heirs and beneficiaries of the departed know about the probate process, by mailing the court notice to their respective mailing address or by emailing it to them. You will need to document every notification sent to the successors who are in the line, and submit them to the court before the probate process commences.
You can complete all the procedures within the nine months duration, which is after the date of death of your client. There are many benefits from letting your client know beforehand about what will happen with his or her possessions after death.
  • The distribution of property among the beneficiaries will take place only after clearing off the debts taken by the diseased from different sources.
  • The entire process will be completed with transferring of the deceased's possessions to the rightful beneficiaries.
The inheritance money will be handed over to the next successor in line in many ways such as, funeral expenses, debt and taxes, family allowances, costs of estate administration, etc.


Article Source: http://EzineArticles.com/?expert=Rajesh_B_Sanghvi

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Tuesday, August 30, 2016

7 Important Reasons to Form a Corporation or LLC for Your Business




Are you operating your business as a real business or as a hobby? It's time to make your business OFFICIAL before the summer push for business!

Let me ask you two important questions:


  1. Are you operating your business under your own name, a DBA or fictitious firm name, basically as a sole proprietorship or maybe as a general partnership? AND/OR
  2. Are you or your family at risk because of business or personal assets that are unprotected from unexpected losses or legal issues?

If you answered YES to either question please read on for important news about why NOW is the time to form an corporation or LLC for your business.


  1. Make it Official. Operating as a sole proprietorship or general partnership sends a message that you are still "testing" your business, or that you're not sure you'll really make it. Perhaps your accountant told you that incorporating is an unnecessary expense or that it won't help you save on taxes due to an expectation of low profits. This is the WORST marketing message you can send when you want to attract new clients and partners to your business, who want assurance that you're about your business and here to stay.

  2. The Law of Attraction. You get what you focus on. Testing, hoping and "seeing if things work out or not" BEFORE you decide to step-up and make your business official by incorporating broadcasts a clear message to the universe that you're not really serious about your business or committed to a positive outcome. The Law of Attraction states that the universe returns not what you wish for, but what you program into your deepest belief system through your dominant thoughts, actions and feelings. Making your business official and really stepping up says, "I am ready to receive!".

  3. Limited Personal Liability. You may be thinking "I already lost everything in the market collapse from 2008" and still recovering. If you're one of the few that managed to survive and grow your assets since then, but are still holding them in your own name, you're playing a VERY RISKY game (similar to those with assets in unstable European banks). Even if you don't have any assets right now, a lawsuit or judgment will destroy any credit you are looking to build in the future PLUS you may be looking over your shoulder for years waiting for someone to come after you when you finally do start to turn things around. That's no way to live your life. One lawsuit from an unprotected business can ruin your chances of getting a personal auto loan or refinancing your home. Good people who "play by the rules" can still be sued for the most unexpected reasons. You may be thinking "my business insurance will help me out" but are you really covered? Even if your business is never sued, what if you're unable to pay a vendor and they come after you? Do you want to be personally liable? Put a halt to greedy people looking to take what you have worked for! This is the best time to form an LLC or corporation to limit your personal liability.

  4. Reduce Your Taxes. The bottom line is that operating as a sole proprietorship will cost you the most in employment taxes (up to 15.3% on earned income up to $113,700 in 2013). That means that your income will be taxed as the HIGHEST possible TAX RATE as a sole proprietorship. By the way, filing a Schedule C (the form filed for earned income from a sole proprietorship) also means that your business is among those MOST LIKELY TO BE AUDITED. Why? The IRS has a $300 BILLION tax gap and they believe the biggest tax cheats are the little business owner like you. Why? Their stats show them that sole proprietorship are MOST likely to UNDER report their income and OVER report their expenses (two big no-no's with the IRS). Operating as an S corporation or LLC taxed as an S corporation in many situations is a much better approach for two reasons. You will have part of your profits as distributions which are NOT subject to the 15.3% employment taxes AND move that profit to schedule E, not schedule C which is more likely to be audited!

  5. Access More Funding Options. Operating as a sole proprietorship or general partnership limits you when it comes to funding options. You are also DAMAGING YOUR PERSONAL CREDIT SCORE by operating this way. How do you finance your business as a sole proprietorship? You use your PERSONAL CREDIT cards which will drive up your revolving debt which will in turn DRIVE DOWN your personal credit score! When you form a corporation or an LLC you will SEPARATE your PERSONAL and BUSINESS CREDIT. Yes, any type of cash funding with a personal guarantee will come into play, but that DEBT does NOT show up in the personal credit bureau which is HUGE for future funding! As you form a new LLC or corporation NCP will help (if you choose) to build your business credit scores quickly and get your business in a position to secure funding to grow. But the first step is to form a separate legal entity.

  6. Simply Your Life. Yes, in fact operating as a sole proprietorship will complicate your life, not the opposite. Separating your business and personal life will make it much easier for you to navigate both from a financial and legal point of view. Now you will have each in its own compartment where it belongs to protect your overall success.

  7. Asset Protection. Forming an LLC for your safe assets like investments (those outside a retirement plan) will help you sleep better at night knowing you don't have all your "eggs" in one basket. If you are using a LIVING TRUST to protect your assets that will NOT work and everything in your trust may be vulnerable. Do you own other businesses that really should be operating through a separate bank account in a separate entity? Do you own real estate in your own name that may be sending a message that you are rich and have assets worth taking? Have you been in business for years or are you operating more than one business in one entity? Are you doing some business with a new partner and making the big mistake of running that revenue through your current business? Avoid these costly mistakes and form a separate company for that separate business.


Article Source: http://EzineArticles.com/?expert=Scott_Letourneau

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Monday, August 29, 2016

Why Making a Will Is An Important Task for Your Family And You


All our lives we work hard to ensure that our family never has to face a difficult time ever but we promptly forget all about them at the end. We are talking about preparing wills or last testaments that people almost always don't prepare or unnecessarily delay due to a psychological block. The psychological block is our inherent fear of death which is aggravated during the making of a will. The preparation of a will is almost an indication of our own mortality and that is something none of us want to accept.

But whether we accept it or not, our mortality is the only truth and we must keep the responsibility of taking care of our family with us. A will could save our family from a host of troubles out of which some could be huge hassles that will need a lot of time and resources to solve. Say for example, the most common form of trouble that comes from the non preparation of a will is property disputes. Normal property disputes could siphon off huge amounts of time and resources. Plus there is no guarantee that the problem will be solved within a stipulated time. Property disputes are known to stretch for years and some even extend till the death of the supposed beneficiary. This means there are chances that your family might never get to enjoy the property that rightfully belongs to them.

Does that statement depress you? But that's simply the beginning as there will be more and more problems associated with non-existence of a will.

The next problem that could occur is the proper division of the property and in case of common ownership of a property- the lack of a trust fund. These are legal wrangles that could again put pressure on your family or dear one's resources.

Making a will is the best form of property management as the methods of division are expressly mentioned in the will. Without the existence of a will there are chances that the beneficiaries or dependents will have a tough fight in their hands to ensure their right on the property. Then there are properties which have common ownership and for those you need to create a trust fund. But that's again not possible without the presence of a will or testament.

Make a will immediately as this will not only guarantee the peace and security of your loved ones but also give you the strength to accept your own impending mortality.


Article Source: http://EzineArticles.com/?expert=Saroj_Ku_Ghadei

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Sunday, August 28, 2016

Estate Planning : How are Trusts Taxed?



In estate law, trusts are taxed differently depending on whether they are revocable or irrevocable trusts. Learn how a trust is taxed from an estate planning and probate lawyer in this free video on estate law.

Saturday, August 27, 2016

Cover Your Bases With Estate Planning


ESTATE PLANNING

Create a Will

As an original concept of estate planning, creating a will is a part of it. By writing a will, money and property are divided after someone's death. There is a living will, which relates to medical treatment and any procedures that must be adhered to in case the originator becomes extremely or deathly ill. Also, by taking responsibility for communicating--both properly and promptly--creates a more action oriented atmosphere that is destined to be organized, in comparison to no guidance for the future.

Issue Trusts

After someone's death, relatives and loved ones tend to be on end. In some cases, there are certain property rights and awards that must be issued out to these members. That is where a trust sets in. A trust is method of passing down funds to another, after one's death has occurred. There are many forms of a trust in action today; and they vary according to the specific needs of the person granting the initial trust (in most circumstances).

Power of Attorney

During estate planning, assigning a Power of Attorney is important. By addressing this issue, someone is nominated as the head honcho when you are not able. This applies to financial issues and personal matters (i.e. health).

Letter of Instruction

Moreover, a letter of instruction is another important document that must be created and developed. This kind of particular pass-down includes specific directives that your successors must adhere. In summary, a letter of instruction contains contact information (in the event of your death), which pertains to where important information, files, or safes are stored; and details that pertain to financial accounts, in addition to pass-downs about continuing activities.

Good Reasons for Estate Planning

When the responsibilities--of a grantor, etc.--are put into place, the numbers can be big, in relation to financial responsibilities, health decision leader, etc. As a result, governments and certain laws have been put into place, in order to assist families and associates passing things down. Before, without a will or any other lawful documentation, people and tribes had to go by what they were told, and what they had learned, while certain individuals were alive and/or on their deathbeds. Thereafter, conflict could occur because of possible misrepresentation, disbelief, and manipulative factors.

With that said, by attempting to be responsible and producing wills and trusts (estate planning), detrimental misguidance--concerning responsibilities--should be null if any. Ultimately, It is always a good idea to tinker with estate planning; cover your bases, before you are out for the count.

Article Source: http://EzineArticles.com/?expert=Quintin_I_Goynes

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Friday, August 26, 2016

Defining Legal Terms - By The People



Rene goes over what types of questions they can help answer at By The People. A legal document preparation company.

See more at http://www.bythepeopleca.com

Thursday, August 25, 2016

Is A QDRO Always Required In A Divorce?



For many divorcing couples, retirement plans make up the majority of the marital estate. While some couples can agree to simply "each keep their own" in the asset division, for many other spouses a division of one of the accounts is necessary to ensure a fair distribution of marital assets.
When division of a retirement asset is required in a divorce, many people are unsure how to proceed. They may have heard the term Qualified Domestic Relations Order (QDRO), but have no idea if or how it applies to their situation. This lack of knowledge often leads to errors that can end up costing them more money in the long run.
This is why it is important to understand early on what type of retirement accounts exist. Once you know what type of accounts are in play, you can assess whether a QDRO - or a different, similar order - is required. You will also better understand the most effective way to distribute the assets in the final property division settlement.
Individual Retirement Account (IRA) - Since IRAs are not subject to ERISA, a QDRO is not required to divide this type of account. Pursuant to 26 U.S.C.A. §408(d)(6), a transfer from an IRA can be made to a spouse or former pursuant to a decree of divorce or a written instrument incident to a divorce. This written instrument can be either a separation agreement or divorce decree. In most cases, a letter of instruction and copy of the Final Judgment/Settlement Agreement should be enough to transfer money from the IRA.
Non-Qualified Plans - There are numerous types of retirement assets that cannot be divided in a divorce. Non-qualified plans fall outside the purview of ERISA and are not subject to division via QDRO (or usually any other means). These plans usually have names that include words like Supplemental, Excess Benefit, SERP or even Non-Qualified, and are offered to key, high-ranking employees as a means of providing additional retirement benefits beyond those allowed under ERISA. The language of many of these plans specifically preclude payments to anyone other than the employee, and no court order can change this.
Non-ERISA and Government Retirement Plans - ERISA specifically excludes any federal government retirement plans. While these accounts are divisible, it is done with a document other than a true QDRO. While the name QDRO may be used generically to refer to any order related to retirement account division, government plans each have their own mechanisms for division and it is important to understand each. You can learn more about these plans at www.tsp.gov and www.opm.gov. Rules governing state and local government plans vary by state, so it is important to familiarize yourself with the rules specific to your jurisdiction.

Article Source: http://EzineArticles.com/9504337

Tuesday, August 23, 2016

Power of Attorney = Power in Your Hands


If you manage your property remotely and use a local trusted friend or family member to handle the rental issues for you, you need a contract or a power of attorney. It is a contract involving the details on the work and the compensation in return. It should also define what happens in the case the contract is breached.

With a power of attorney, you grant the person permission and authority to make decisions on behalf of you. Your power of attorney is like a backup and you can revoke it any time you want.

The power of attorney can be very general or specific. To protect yourself, you should always use a limited power of attorney. A good limited power of attorney document for a rental property should specify the expiration date, the property on which it is authorized, and acts permitted. You can customize this according to your needs.

For an ongoing property management purposes, you can specify the expiration date for a year or two. On the other hand, if you are on vacation or just want your power of attorney to sign the lease with the tenant, you can set the dates for a shorter period of time.

You also want to restrict the properties your power of attorney has the authority on by specifying the address of the property. Or if you allow him/her to act on all the rental properties in a city or state, you can put this in the document.

Other important things to spell out in the power of attorney are the kinds of delegations you grant. You might allow your power of attorney to lease the property only, but not collect future rent payments for you. You might give the power to them to furnish the property or adjust the rent or not. It is entirely up to you to decide how much or little power you grant to your power of attorney.


Article Source: http://EzineArticles.com/expert/Cliff_Tyler/570409

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Monday, August 22, 2016

Partnerships, LLCs, Corporations What’s Best for Your Business


Don't know if you should choose an LLC or a Corporation? Learn some tips here on what's best for you business.

Sunday, August 21, 2016

Deeds - Some Ways To Make Changes - By the People



Rene at By the People talks about Deeds of trust and how they can help people make the necessary changes to their title for a number of different reasons. Call 707-428-9871 with any questions, and visit the website at http://www.bythepeopleca.com

Saturday, August 20, 2016

Grounds For Divorce



We've all heard about "fault" and "no-fault" divorce. While its true that many state laws provide for a variety of fault-based grounds for divorce, such as adultery, cruelty, or abandonment, almost all states also offer some sort of no-fault divorce.

Wednesday, August 17, 2016

FAQs - Know More About DUI Record Expungement and Get Your Life Back on Track



Most states in the US allow DUI record expungement. Expunging your DUI arrest or conviction record eliminates all the consequences it has in your life and helps getting your life back on track. To help you in regards to expungement, this article answers some of the most frequently asked questions.
DUI record expungement - Frequently Asked Questions:
1. What does expunging your DUI record mean?
DUI expungement is a legal process through which your DUI arrest or conviction record is completely physically destroyed.
2. Are you eligible for an expungement?
You are eligible to expunge your DUI record:
- if a certain amount of time has passed since your arrest or conviction.
- if you have completed all the terms and conditions of probation.
- if you have no new pending charges.
- if you have paid all the fines, completed jail time, community service, rehab and fulfilled all the conditions imposed by the court.
3. What will you benefit from expungement?
Once you are notified that your DUI records are expunged, you are, thereafter, to be relieved of all the disabilities resulting from your DUI arrest or conviction.
It means you do not have to disclose your conviction or arrest to your prospective private employer or when applying for a home mortgage loan or under any other circumstances.
4. How much does expungement cost?
Hiring an attorney to expunge your DUI records costs around $400 to $4000 depending on many factors like the nature of your charges i.e., misdemeanor or felony, number of charges and experience of your DUI expungement attorney. In addition to this, court and filing fees can cost $100 to $400.
5. Do you need an attorney for expunging your DUI record?
You can expunge your DUI record with or without the help of an attorney. A DUI expungement attorney ensures that your records get expunged on time. So if you can afford an attorney fee you can hire one. Otherwise you must make sure every phase in the expungement process is completed on time and correctly.
6. Will they need your presence at the court?
If you have hired an attorney, he/she will take care of all the matters on your behalf. But if you have not, you must represent yourself in the court.
7. How long does the DUI expungement process take?
If you want to expunge your misdemeanor record, it will take roughly 2 to 6 weeks from the time the application is filed.
Or if you want to expunge your felony record or want to reduce it to a misdemeanor it usually takes 4 to 6 weeks from the time the application is filed.
8. What expungement will not do for you?
Your expunged DUI arrest or conviction can still be used to increase your penalties and punishments if you get another DUI in the future.
Now that you know the answers for some of the most frequently asked questions, so you can take steps to expunge your existing or older DUI conviction and arrest record and get your life back on track.

Article Source: http://EzineArticles.com/4339215

Tuesday, August 16, 2016

Features of a Revocable Living Trust


Financial advisor Ric Edelman discusses why a revocable living trust is a key part in the estate planning process.

Monday, August 15, 2016

Advantages of an LLC | What is an LLC?



Are you wondering what the advantages of an LLC are? Wondering what is an LLC, an S-Corp, Partnership or Sole Proprietorship? Learn why you might consider the advantages of an LLC as your choice for choosing the entity of your company structure.

Sunday, August 14, 2016

How to Expunge a DUI Record


Getting behind the wheel while you are under the influence of alcohol or drugs is a very stupid decision. This mistake can cost you a hefty fine or your freedom. You can get arrested for drunk driving and this charge may result to expensive fines, community service, jail time and a permanent record.

A DUI conviction in your record can have a negative impact which may affect many areas of your life. Even after you have paid the fines, attended drunk driving classes, and served your sentence, you may realize that a DUI conviction on your record can become a form of punishment on its own. For instance, a permanent record can keep you from getting a job, a loan, or from renting a decent apartment. To that end, you may want to have your DUI record expunged.

What Is Expungement?

When the court agrees to expunge a criminal record, it basically means that the conviction is sealed or erased. To that end, when a background check is performed, the record won't appear. This is very helpful for those who are seeking employment, applying for a loan, or for other purposes.
Remember though that the record is not completely erased. It can still be seen by law enforcers and court officials to check whether the person has previous run-ins with the law. But an expungement will keep the permanent record from ruining the individual's life.

How To Expunge A DUI

1. Understand what it means to expunge a DUI record: As previously mentioned, DUI is a permanent record. If it gets expunged, all the information about the case, including the files, records, and criminal charges will be sealed. This means that in case you apply for a job, you can tell your potential employer that you have never been arrested, charged, or convicted of DUI.

2. Learn about the laws involving the expungement procedure: You need to understand that expungement process may vary from state to state. To that end, you must check with your country's court or law enforcement agency where the arrests are expunged. Ask about the requirements, such as a certificate that proves you have completed probation and how many years before you can get your DUI expunged. There are some states that allow immediate expungement for some cases, such as a first offense in DUI.

3. Complete the process: It is crucial to fill out all the necessary forms and requests for expungement, such as the Motion to Expunge. After filling out the formal request, you will need to submit the application to the court and pay the fees necessary. You must then attend the expungement hearing once it is scheduled by the court. Lastly, you may also need to appear in front of a judge.

If everything went well, the judge will agree to the expungement plea. He will then give a court order to expunge the DUI record.


Article Source: http://EzineArticles.com/?expert=Sara_Schweiger

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Saturday, August 13, 2016

Power of Attorney - What Are the Options?


Business or personal matters often require giving power of attorney (abbreviated as POA) privileges to chosen individuals. POA authorizes the chosen individual to decide matters relating to finance or healthcare for another person who are not capable of deciding anything on his/her own.

Before giving such privileges to any person, you need to know how it works, as well as the rights given to that person. The person nominated for the purpose must be competent in making decisions, some of which may go against the wishes of other members of the family.

Law makes it obligatory to give POA only to persons who are at least eighteen years old. It is extremely important to select a person capable of taking difficult decisions relating to finance and health.

People can choose between different kinds of rights and responsibilities that they can transfer through a Power of Attorney form, depending on their needs. Every POA involves two persons, the 'Principal' and the 'Attorney-in-Fact.' The former is the individual who defines the contract, and the latter is an individual who executes the duties specified therein.

The most usual kind of contract is the Durable Power of Attorney. It's a legal document, authorizing the attorney-in-fact to take decisions concerning the finances and health, as stipulated by the Principal. This kind of POA remains in force till the Principal dies or revokes this act.

The other frequently made document is called the Non-Durable Power of Attorney. The attorney-in-fact to is authorized to take decisions for certain transactions, which are specified in the act. This kind of POA is usually made when the Principal needs to undergo surgery or another medical treatment that could make them unable for taking decisions. This POA is valid for a particular transaction, and automatically expires after the operation took place.

A Healthcare Power of Attorney is required while authorizing an individual for taking medical decisions for the Principal. It essentially involves discussing the types of treatments to which the principal may be subjected to.

The Limited Power of Attorney is generally given to another person for selling or transferring some Real Estate or property in the possession of the Principal. The privilege expires after the completion of the transaction.

Most do not feel comfortable discussing such topics. However, the kind of treatment to be followed should be discussed in advance, in case anything unexpected happens. For instance, if someone doesn't want to be kept on a life support system, when the brain is declared dead, he/she should specifically mention it in his/her healthcare POA. Else, the medical personnel is obliged to obey the state laws and continue with the regular medical treatment.


Article Source: http://EzineArticles.com/?expert=Cindy_Humphreys

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Friday, August 12, 2016

Keys on How to Incorporate in California



You might be questioning what is the meaning of incorporation. Incorporation is giving your business a mind of its own, an independence. When incorporated, your business becomes a legal body with its own function separate from its owners and cannot be owned by only one owner.
When incorporating a business, one should decide whether he should incorporate his business federally or provincially.
In incorporating federally, the advantages are; (a) your corporation should be able to carry on business in all provinces as long as you register your business in a province or territory where you would conduct your business in, and (b) your corporation can use the same name even if another company is already using the similar name. The disadvantages are; (a) federal incorporation is costly, and (b) there's a lot more of paper work to do annually. When incorporating provincially, your business has the right only to undergo business within the province or territory where your business is incorporated.
It depends upon the limitation of the business to be incorporated whether to choose a federal incorporation or provincial incorporation.
How to incorporate in California?
First, you should select a proper name for your corporation. Selecting a corporate name is more difficult than selecting a name for single proprietorship or partnership because it requires legal, distinctive and descriptive elements in choosing a name.
Second, prepare or print the articles relating to how to incorporate in California, the Memorandum and the Notice of Offices. The articles of how to incorporate in California sets out the rules and regulations that will govern the conduct of staffs and members of the company. The Memorandum sets out the rules for the conduct of the company. And, the Notice of Offices states the location of the two required offices for your incorporation, the registered office and the records office.
Third, file your incorporation documents and apply for incorporation. Find the Secretary of State office and take the completed forms with at least three copies. The incorporation fee in California costs $100.00 and $15.00 if you want to get it on the same day or they just mail to you the finished documents.
Fourth, the last step is to file the list of officers at the same office. As long as you know who the officers are and they know what are their duties, you just have to fill the names of the officers and their addresses. It only costs $25.00 to file this paper. Then, you could start your incorporation business at any time.
I hope this article would be helpful to those enthusiastic businessmen who want to find solutions on how to incorporate in California.
Incorporating in California has become more and more popular with entrepreneurs and business-minded people searching to make their company popular so as to attract investors. Many have asked how to incorporate in california and thought it's quite difficult to apply for an incorporation. There are a number of factors to be considered but though, California incorporation is still best for your company.

Article Source: http://EzineArticles.com/6053060

Thursday, August 11, 2016

The Five Types of Power of Attorney Privileges


Establishing power of attorney privileges is an essential element of estate planning. POA authorizes another person to make decisions related to finances and healthcare for someone else in the event they are unable to make decisions on their own.

Before bestowing power of attorney privileges it is crucial to understand how the process works and the rights the person will be given. The person appointed to this position ought to be capable of making difficult decisions that might go against what other family members want.

Individuals who are granted authority to make decisions must be at least 18 years of age. It's important to choose a person who will remain true to decisions pertaining to medical and financial transactions.

There are five different types of power of attorney rights and responsibilities differ based on powers authorized. Each consists of two individuals that include the 'Principal' and 'Attorney-in-Fact.' The Principal is the person that sets up the contract and the attorney-in-fact is the person who carries out the duties on their behalf.

Durable Power of Attorney is the most common type of contract. This legal document authorizes the attorney-in-fact to make financial and medical decisions based on directives provided by the Principal. Powers remain in effect until the Principal dies or until powers are revoked.

The next most common document is the Non-Durable Power of Attorney which authorizes the attorney-in-fact to make decisions for specific types of transactions. Non-durable POA is generally used when the Principal must undergo surgery or some type of medical treatment that might prevent them from being able to make decisions. Powers are granted for a specific transaction and expire once the transaction is completed.

A Limited Power of Attorney is typically used to grant authorization to the attorney-in-fact to sell or transfer real estate owned by the Principal. This document revokes privileges when the transaction is completed.

A Healthcare Power of Attorney is needed to authorize a person to make medical decisions on behalf of the Principal It is vital to discuss the types of medical procedures wanted or not wanted with the person who will be in charge of making decisions to ensure they will abide by your desires.

People often feel uncomfortable discussing these topics, but it's best to openly talk about what kind of treatments should be given or avoided if the unthinkable happens. If a person is adamant about not being placed on life support if declared brain dead, they need to make their decisions known in a healthcare POA. Otherwise, medical personnel must abide by state laws and provide life saving treatment.

A Springing Power of Attorney is required to authorize release of medical records and information. The attorney-in-fact is required to obtain court authorization before they can make decisions on behalf of the Principal.

Article Source: http://EzineArticles.com/?expert=Simon_Volkov

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Wednesday, August 10, 2016

What Is Probate in Relation to a Will?



A will is a legal document that outlines what one would want to happen after their death in terms of their funeral, care for their children and most important of all, distribution of their estate. When a person dies having drafted their will, they are said to have died testate in legal terms. The opposite of this would be dying intestate. A will usually specifically states the name of an executor, a person entrusted by the testator or testatrix with the task of executing the will after their death. An executor could be a close family member, a relative, trusted friend or even an attorney. An executor is usually referred to as a 'representative of the estate in probate' in a will in order to cover executors of both gender.
A will is very important because it makes things a lot easier for the family of a deceased person especially when it comes to estate distribution issues. A will reduces the possibility of disagreement or misunderstanding between family members when trying to figure out the deceased's death wishes. Administering a will is however not as easy as it may sound. This is because the law requires wills to be validated by a court which could take a couple of months to do. Validation of a will is done by the executor by applying for a Grant of Probate in a probate court.
Probate is the legal process of identifying, validating and distributing the estate of a deceased person under strict court supervision. The probate process includes payment of outstanding debts to creditors and payment of outstanding taxes such as death and inheritance tax. A probate court is a special court that interprets the will and validates any claims on the estate made by third parties such as the creditors of the deceased. The court oversees the probate process right from when the executor files for a grant of probate, up to when it is granted and ownership of the estate is transferred to the beneficiaries.
For the executor of a will to be granted probate, they will have to first present to the probate court registry, the deceased's will and a solicitor approved oath. The oath shows that the executor is committed to administering the wishes stated by the deceased in the will. The executor named in the will is usually not recognized by the law until the probate court officially appoints them as the representative of the estate in probate.
If a will was properly drafted, it takes the court a shorter time to grant probate. Incase the beneficiaries are not completely satisfied with the court's decision, probate law allows them to contest the validity of the will in the same court. In such a case the estate remains frozen until the court makes a validity judgment. In the event of intestate death, or if there is no executor is named in a will, the grant of probate is referred to as a 'Letter of Administration'. It is also acquired through a court process and is issued to the person that the court deems fittest to execute the will or distribute the estate.

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Tuesday, August 9, 2016

An Overview on LLC Taxation


Calculating and paying for taxes is never easy. It's especially tricky if you are a member of a limited liability company, since this business structure allows for a wide range of tax treatment options. Lucky for you, there's this guide to help you navigate the murky waters of LLC taxation.

General Rules

How your LLC will be taxed depends on whether the IRS views your company as a sole proprietorship, a partnership, an S corporation, or a C corporation. The IRS may tax the individual members, the LLC as a whole, or both. Remember that the LLC is legally considered a different business entity from the members comprising it. Understanding this distinction will make the concept of LLC taxation less confusing.

Sole Proprietorship

LLC taxation for one-member companies is straightforward: the lone owner pays the LLC's taxes based on the company's net income. There is no need to file separate returns for the owner and the company.You can choose to have your company treated as a corporation-provided that you also allow it to be taxed as such.

Partnerships/Multi-Owner LLCs

Multi-owner LLCs file two separate tax returns: the 1065 partnership tax return for its business income, and the Schedule SE tax form for the self-employment taxes of each member. Self-employment taxes depend on the agreed profit-loss sharing between the members.

C Corporation

LLC taxation rules for this business structure work like that of a standard corporation. Essentially, the aggregate profits of the C corporation are taxed according to the prevailing corporate tax rate, and any profits distributed as dividends among members are taxed according to the dividend rate. Though the members don't need to file individual returns, they still need to pay payroll taxes in behalf of their employees.

S Corporation

The LLC taxation system for S corps is unusual. A return is filed in behalf of the LLC (i.e. Form 1120S), but the company's profits aren't taxed as a whole. Instead, tax money comes straight out of the individual members' pockets, again according to their operating agreement. The members declare these taxes via individual returns.

The LLC taxation system is only one of several considerations you have to bear in mind when choosing an LLC structure. All of these have their pros and cons, and it's important that you do your research on which structure is in the best interest of your company. Always take time to consult the experts, like your lawyer, accountant, or even registered agent.


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Monday, August 8, 2016

Advance Health Directive: The Living Will and The Power of Attorney



A living will, also called will to live, is one type of advanced health care system, or advanced health care principle. It often goes along with a specific type of power of attorney. These are legal tools that are usually witnessed or notarized.
A living will usually covers specific directions as to the course of treatment that is to be taken by caregivers, or, in particular, in some cases denying treatment and sometimes also food and water, should the patient be unable to give conscious consent ("individual health care instruction") due to illness.
A power of attorney for health care, appoints an individual (a proxy) to give health care decisions should the patient be unable to do so.
Refusal of treatment forms, the name suggests, the term "will to live", as opposed to the other terms, tends to point out the wish to live as long as possible rather than refusing treatment in the case of serious conditions.
In the Netherlands, patients and likely patients can identify the circumstances under which they would want euthanasia for themselves. They do this by providing a written order. This helps to ascertain the preexisting expressed wish of the patient even if the patient is no longer able to exchange a few words. However, it is only one of the factors that is taken into account.
In Switzerland, there are several associations which take care of registering patient declarations, forms which are signed by the patients declaring that in case of unending loss of judgment (e.g., inability to communicate or severe brain damage) all means of prolonged life shall be stopped. Family members and groups, also keep alternatives which entitle its holder to enforce such patient decrees. Establishing such decrees is pretty straightforward.
In the United States, most states recognize living wills or the label of a health care surrogate. However, a "report card" issued by the Robert Wood Johnson Foundation in 2002 concluded that only seven states deserved an "A" for meeting the standards of the model Uniform Rights of the Terminally Ill Act. Surveys show that one-third of Americans say they've had to make decisions about end-of-life care for a loved one.

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Sunday, August 7, 2016

By The People Fairfield CA



Rene talks about how By The People in Fairfield can help people with legal matters in an inexpensive way. See more at http://www.bythepeopleca.com

Saturday, August 6, 2016

Do Not Wait Until It Is Too Late! Set Up A Durable Power Of Attorney While You Still Can


Many things in life need to be decided in advance, but none more so than durable power of attorney. Why is this legal document so important? Because in it you indicate who will handle your finances and make decisions for you while you are of sound mind and body, or should you become mentally or physically incapacitated. This trusted individual is known as your agent.

Once you have decided to arrange for a durable power of attorney, how do you choose your agent? Since this individual will be stepping into your shoes to undertake as many or as few of your financial and property matters as you decide, you must choose someone whom you trust absolutely, who has the ability to manage money, and is at least 18 years of age.

Moreover, you must set up a durable power of attorney while you still have the mental capacity to sign a legal document and to make decisions for yourself. Once you can no longer do this, it is too late to give anyone else the authority to do so. Your wishes regarding bank accounts, financial transactions or real estate dealings could be largely ignored or unknown.

Normally people choose a trusted family member, spouse, friend or legal advisor for their agent. What is crucial to note here is that if you would like your spouse to manage your affairs in circumstances foreseen and unforeseen, you must arrange in advance for him or her to have a durable power of attorney. Lingering in the mind of the public is the misperception that your spouse can automatically sign documents for you if you are mentally or physically incapacitated, but this is not the case.

One of the great benefits of the durable power of attorney instrument is its flexibility and convenience. When your durable power of attorney takes effect and the powers that you grant your agent can be as broad or as narrow as you choose.

For example, you can be completely competent to manage all your affairs, but choose to give your agent power immediately because you would like him or her to act on your behalf if you are on vacation, out of the country, or sick. For a couple who moves to Florida to retire, it is much more convenient to have their New Jersey-based son, who is their agent, sell their New Jersey home.

By the same token, you can grant your agent power that becomes effective only in the future, whether you remain competent to handle your own affairs, or not. In either case, the powers that you grant your agent are completely up to you and can encompass as many or as few tasks as you designate.
Some of the powers that you can give your agent include the authority to sign checks, make deposits, pay bills, file tax returns, make health decisions (the subject of another article), sell property, or invest money.

You can also empower your agent to hire individuals to manage your business and personal matters, whether it is as simple as lawn mowing or as complex as investment advising. The only restriction is that your agent cannot write and sign a will for you, and his or her powers become void upon your death. Whatever powers you designate, you can also revoke at any time.

How is a durable power of attorney different from a power of attorney that is not durable, and why is appointing a durable power of attorney so much more important to your future? If you were to grant a non-durable power of attorney to your agent, it would only become effective only upon your showing signs of mental incapacitation.This means that if you are physically incapacitated, your agent does not have the authority to act upon your behalf.

As the following example shows, a non-durable power of attorney is not at all flexible.

When an elderly widower was hospitalized and physically incapacitated for several weeks, he was unable to rollover a CD and pay the premium on his life insurance policy in time.

Because he had previously arranged for his daughter to have a non-durable power of attorney only, she could not carry out either of these tasks for him. She was neither able to take advantage of a new CD offer with a better rate, nor was she able to prevent the life insurance policy from lapsing. Had the father arranged for his daughter to have a durable power of attorney, she would have been able to act on his behalf in both of these matters.

Finally, a durable power of attorney is much more affordable than the alternative: setting up a guardianship. If you have already planned for a comprehensive, durable power of attorney, and you become mentally incapacitated, the need for a guardianship is obviated. Establishing up a guardianship can take months of court time and medical testimony, as well as costing thousands of dollars.

Ultimately, it is up to you and your lawyer to decide how to best ensure that your affairs, whether in the present or the future, are managed according to your wishes. A well planned durable power of attorney can do just that.


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Friday, August 5, 2016

Should You Include Your Spouse When Forming a Small Business LLC?



In this video it talks about a couple of reasons why you may not want to have your spouse included in your LLC. But every situation is different.

Thursday, August 4, 2016

What Is Probate?



Probate is simply the process for proving to the appropriate court that a document is the deceased's last will and testament and that the deceased knew what it was and signed it under his person, under his own free will, at a time he was mentally competent, and the document was properly witnessed, getting authority from the court to gather the assets, pay the deceased's obligations, and the distribute the assets to the beneficiaries named in the will.

Wednesday, August 3, 2016

Naming Of Guardianship In Wills


When there are minor children, a Will should always be used to name a guardian(s) of their persons and property. This guardian is who will be taking care of them in your absence and will also have control over their finances, both from you and for their well being. This guardian that you appoint, needless to say, is someone that you must be able to trust completely with your children and someone who will make sure that they are cared for in the way that you have planned. This person "can" of course be someone other than your X.

Alternate guardians should also be named in the even that the original guardian is for whatever reason unable to assume responsibility. Naming of guardians and alternates should not be done any other way but in a Will. This will relieve any hint of confusion after you are not able to take care of your kids yourself. Of course, if there is a surviving parent that person will be automatically named guardian if living in the same household; but, if your will specifies a different person to control the money, then this can fit your goals quite nicely.

This situation can and often gets tricky in divorce cases. Since you are divorced, the parent with legal custody of the child(ren) should designate a guardian. If you are the legal guardian, then you have the authority to designate who will care for your children after you die. Understand, however, that if somebody besides the other biological parent is named, this decision might not be binding.

When a custodial parent dies, the non-custodial parent always has priority in seeking guardianship and custody, unless that person is deemed unfit to perform the duties necessary or is unsafe to leave with children. If you are set against your "X" getting custody of your children if you were to die, you need to make sure that you or your appointed guardian will be able to prove that your "X" is unfit or unable to perform the job.

However, be aware that the court will probably have to approve who you have proposed to be the legal guardian eventually even if named in your Will. The purpose of your Will in this regard, though, is to guide the court in its judgment. It will also help avoid family arguments over who is better qualified to raise your children and will give the person you choose the authority over all others.


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Monday, August 1, 2016

Living Trust and Wills - By the People



Living Trust or a will? Rene talks about some of the differences and what sets one apart from the other to help you make the best decision for your needs. Call Rene or Tammy at 707-428-9871 with any questions you may have, and see their website at http://www.bythepeopleca.com