Monday, July 31, 2017

Sunday, July 30, 2017

Uncontested Divorce Made Affordable - By the People



Divorce is probably never easy, but it doesn't have to be expensive. Rene of By the People in Fairfield CA talks briefly about help with uncontested divorces with our without children. Rene or Tammy will be happy to answer all your questions. Call them at 707-428-9871 and you can visit the website at http://bythepeopleca.com

Friday, July 28, 2017

Executor Of Will, Probate And Much More-You Need To Be Attentive About All These Legal Terms



There are many legal terms that are known to us, but only by name. We do not understand the proper meaning of them. The reason may be; everywhere they are explained in a hard legal language. In the lack of this knowledge one can struck into drastic situations. In today's world forgery and fraud related crimes cases are increasing like nothing. To avoid them we have to be attentive about our property and belongings. The money, assets and property belong to us and we have to take care of them. By understanding these terms you are giving value to your property. And, I will feel happy if I can help you in understanding these terms. If you really feel it difficult to understand these terms in a legal way, then here, I'm interested to explain all these terms in a very simple and common language.
Let's start with "Will".
-Will: You must be aware that will is a legal document. In it the distribution of the property of a person is explained. The distribution of all belongings is done according to owner's wish. The age category for applying a will is 18 or above 18 years.
-Testament: A testament is also a legal document. It also includes the distribution of owner's property. And, it also follows the owner's wish.
Then what makes a difference?
A "will" is a document which includes the distribution of owner's real property. Whereas, a "testament" is a document which includes the distribution of owner's personal property.
You might not understand that, what is the difference between a real property and a personal property?
There are two categories in property. One is Real and the other is Personal. A real property can be replaced by the term real estate. That means land or the things permanently attached with land that can be a house or a building, the things under the land, anything which can't be separated from the land. And, the personal property can be of two types. One is Tangible and the other is Intangible. Tangible personal property is something you can touch. And, it includes jewelry, home accessories like: sofa, bed, locker and other items. The intangible personal property is a non-materialistic property. That includes patents, copyrights, bonds and stocks etc.
-Testator: The owner of the property and the person who is going to sign the will and testament is called testator. He must be mentally stable at the time of creating and signing the will and testament. He must be at least 18 years old at the time of signing the will and testament.
-Beneficiaries: The people who are going to be the owners of the testator's real and personal property are called the beneficiaries. A beneficiary has to be 18 or above 18 years. If a beneficiary is less than 18 years old then he and his part of property will be under the care of a care taker.
-Executor: An Executor is a person who is responsible for the distribution of the property. This distribution must be according to the will and testament. The person who is going to be the executor can also refuse to be so. And, if he accepts it then the court dispatches a document which is called "letters testamentary". It is issued to legally allow the person to be the executor.
Note: Don't get confused between the executor of the will and the beneficiaries. In a simple language, an executor is the care taker of will and the beneficiaries are the (would be) owner of the property.
-Probate: It is a legal process, which is held at the probate courts. Some matters are cleared in this process, like who is going to be the executor of the will, who are going to be the legal beneficiaries etc.
Keep these terms in mind. Don't get cheated and do value your property, this is really very important.

Article Source: http://EzineArticles.com/7806338

Thursday, July 27, 2017

Irrevocable Vs Revocable Trust


Establishing a living trust is critical to the ability to protect your assets and beneficiaries when you die. But many people don't know that there are two types of trusts - irrevocable trusts and revocable trusts. With irrevocable trusts, the grantor's assets are moved out of the estate. In a revocable trust, assets stay in the grantor's estate. There are advantages to each type depending on the grantor's specific circumstances. Here is a rundown on the differences between the two types of trusts.

Irrevocable Trust

Most people are unaware of the advantages that this type of trust provides:

  • Asset Protection - Moves assets out of the grantor's hands, keeping it safe from lawsuits or creditors. A trustee has the power to make decisions with or without the input of the grantor.
  • No Estate Taxes - Many people are attracted to these trusts because they are protected from federal estate taxes.
  • No Capital Gains Taxes - A skilled lawyer will be able to move assets into irrevocable trusts so as to avoid capital gains taxes. This cannot occur with revocable trust.

Before placing assets into this type of trust, make sure that the grantor will never need them. While it is possible to retrieve assets, it is very difficult and time consuming.

Revocable Trust

Most people have an idea of what this type of trust is. Grantors without complicated tax issues that want to still maintain control over their assets, often choose to have a this trust.

  • Mental Disability - Individuals who fear that they will one day be incapacitated, may want to designate a trustee to handle their assets which can include extensive instructions that the trustee must carry out. This is called a Disability Trustee.
  • To Protect Beneficiaries and Property - Keeps your property and assets out of probate. This ensures that your documents stay private and out of the public record. If privacy is important to you, consider a Revocable Living Trust as opposed to a Last Will and Testament which becomes a matter of public record that can be seen by anyone.
  • To Avoid Probate - Assets at the time of a person's death will pass directly to the beneficiaries named in the trust agreement and avoid probate.
  • For Flexibility - These types of trusts can be changed. If you have a second thought about a particular item or beneficiary, you can modify the document through a trust amendment. If you don't like the trust as a whole, then you can revoke the entire document.
Word of Caution: These trusts offer not creditor protection. If the asset holder is sued, the items in the trust are fair game. Upon your death, those assets will be subject to federal and state estate taxes.


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

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Wednesday, July 26, 2017

Tuesday, July 25, 2017

Three Lessons on Durable Powers of Attorney


Durable Powers of attorney are an essential ingredient in a complete estate plan, which allow for continued financial management in the event of incapacity. Under a durable power of attorney, an attorney in fact makes financial decisions on behalf of the principal. The attorney in fact can be given broad and sweeping powers. Conversely, powers granted by a durable power of attorney can be limited to particular assets or powers. Accordingly, the level of control given to the attorney in fact should reflect the particular requirements of the estate as well as the principal's comfort with a broad grant of authority. In this article, the author teaches three lessons on effective execution and implementation of durable powers of attorney.

First Lesson: Why would I Need One Now?

The legality of durable powers of attorney stems from the law of agency. Under agency law principals, an individual with capacity may give an agent powers-to contract, to represent the principal or to revoke or amend a trust, for instance. In the case of a non-durable power, the agency terminates upon the principal's incapacity. Durable powers survive incapacity, but the principal must have capacity at the time of execution in order to effect a valid power. Accordingly, executing a durable power of attorney for financial management should be done prior to incapacity.

Waiting until one becomes unable to coherently express one's wishes with regards to financial management decisions is too late, and a court-appointed conservatorship may become necessary. What about the successor trustee designated in my trust, or the executor of my will? Would they be able to step in? Since the principal does not die at incapacity, only an attorney in fact designated under a properly executed power of attorney may step in to make financial management decisions. A last-minute durable power of attorney executed during incapacity would not survive a court challenge, however expensive or damaging the result.

Second Lesson: Consider making the Power Immediately Effective

Often, unwary estate planners will execute "springing durable powers of attorney," which only become effective upon the incapacity of the principal. Incapacity is determined according to a test set out in the power, such as a determination made by a medical doctor or a court rendered decision. But who wants to go through the expense, difficulty, and uncertainty of initiating a legal procedure to determine incapacity? Isn't one of the goals of estate planning to prevent unnecessary expense and delay? Moreover, doctors frequently hesitate to make determinations of incapacity because of liability they may face.

In most cases, a better strategy would be to execute an immediately effective durable power of attorney, which gives an attorney in fact the power to make decisions on behalf of the principal without any finding of incapacity. Many are fearful of an immediately effective power of attorney, reasoning that no one should be given such power over their financial affairs unless they are totally incompetent. If they have such a lack of trust for the attorney in fact, why are they executing a power of attorney in the first place? One would think that even more trust would be required when the principal is incompetent and has little influence over the attorney in fact. Finally, simple measures can be taken to avoid disasters before incapacity. Consider sealing a copy of the durable power of attorney in an envelope labeled "do not open until my incapacity." In addition to oral instructions, this can help to avoid the scenario of a run-away attorney in fact who uses the power of attorney to access financial accounts before incapacity.

Third Lesson: What powers should the Attorney-in-Fact be given?

The powers given to an attorney in fact depend upon the principal's desires and the particular concerns that stem from the types of assets held. The durable power of attorney should be coordinated with the will, trust and advance health care directive to ensure that they do not contradict each other. Namely, should the attorney in fact have the power to create trusts? To rescind or amend existing trusts? Should the attorney in fact have a power to make gifts to himself or to others? These powers can help ensure that preparation for long term care (medical) or tax planning can take place even after incapacity. Before executing a power of attorney, individuals should be fully informed of the powers that they are granting, and the possible consequences of such sweeping grants of power. In all cases, it's best to consult with an attorney who can advise on specific risks.

Conclusion

Durable Powers of Attorney are one of the five essential documents in estate planning discussed in this article series. Unlike a will or trust, which mostly deals with decisions that are made upon one's death, the durable power of attorney deals with life-time financial management and estate planning questions. Individuals should be aware of the risk in waiting to execute the power of attorney; the hazards of "springing" powers; the range of powers that can be given to the attorney in fact; and the risks associated with a sweeping grant of authority to the attorney in fact. --

This article is intended to provide general information about estate planning strategies and should not be relied upon as a substitute for legal advice from a qualified attorney. Treasury regulations require a disclaimer that to the extent this article concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law.

Article Source: http://EzineArticles.com/expert/John_C._Martin/176675

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Monday, July 24, 2017

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.

Sunday, July 23, 2017

The Tax Benefits of a Limited Liability Company


A limited liability company, or LLC, is one of the most popular business entities today but also one of the newest. An LLC is unique in that it's a pass-through entity. The IRS does not consider an LLC a legal separate entity in terms of taxation, so all business income, losses, and expenses are "passed through" to individual owners to report on their personal income tax returns.

By default, a single member (or single owner) LLC is taxed as a sole proprietorship. An LLC with more than one member is taxed as a partnership by default. There are many tax advantages (as well as drawbacks) to forming an LLC instead of a corporation.

Flexible Taxation

One of the biggest benefits to forming an LLC is you can choose how you are taxed. This is one of the lesser understood advantages of a limited liability company. When you file your taxes, you can choose to file as a "disregarded entity" and get the default tax treatment or you can choose corporate tax treatment. If you choose the corporation taxation structure, your business will be taxed at a much lower corporate rate on the first $75,000 in income. Keep in mind an LLC's tax rate is completely dependent on the owner's income. If you have higher income, you will likely pay lower tax rates by choosing corporate treatment.

Lease Assets

With a limited liability company, you can lease your personal assets to the company. This means you can run your LLC from your home office and have the LLC leasing the office from you. Doing so means you are creating a business expense that you may be able to write off while improving your personal financial situation. This is a tricky area, however, as the expenses must be legitimate business expenses and you will need a formal lease agreement in place.

No Double Taxation

Corporations are subject to something known as double taxation, which means a corporation first pays taxes at the corporate level then again on income from dividends that are distributed to owners. LLC owners are not subject to double taxation; business income is reported on your personal income tax return and taxed once.

Tax Disadvantages

While there are certainly tax benefits to an LLC, there are drawbacks as well. LLC owners are required to pay taxes on their distributive share of the company's profit, even if they do not receive the distribution because the money stays with the business. Corporate owners are not required to pay taxes on business profits unless the profits are distributed (usually as dividends).

Finally, as an LLC owner, you will also be required to pay self-employment taxes, even if you are a single member LLC. Corporate owners who work as employees of the company, meanwhile, only pay half of this tax amount on their salaries while the corporation pays the rest.


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

Article Source: http://EzineArticles.com/9166249

Saturday, July 22, 2017

Advance Directives: A Need for All Ages



Emergencies or a health care crisis can happen at any time, and the time to think about how you would want your medical care is now.

Friday, July 21, 2017

Ever Considered an LLC?


There are no hard and fast rules as to what is the best way to structure a business, and naturally, the decision will be based on your own individual circumstances. But there are certain pros and cons to each business structure that you should be aware of, as there are certain rules that regulate the way business may be conducted in the U. S.

Strategy - Consider converting your business to a Limited Liability Company to avoid personal exposure to business liability.

Sole Proprietorship and Partnerships do not offer owner(s) protection from business debts, whereas Corporations do.

For this reason alone, you should consider forming your business entity as a Corporation - to provide the owner(s) "1st Level" protection from business creditors. Of course, this only applies to debt that has not been "personally guaranteed" by any business owners.

This same level of protection can also be accomplished, without incorporation, using a "Limited Liability Company" (LLC). A "Limited Liability Company" is taxed as a partnership form of organization-using a Form 1065, (or as a corporation, using a Corporate Tax form) and issuing K-l (Form 1065) Schedules to each owner.

This is the newest method of structuring a business and is a fairly recent innovation. An LLC is like a Sole Proprietorship; however it provides the same protection from liabilities as that of a "C" or "S" corporation. In fact, this structure allows you to elect to be treated as a corporation without having to deal with the formalities of a corporation.

If there is only one owner, you can file and be taxed as a Sole Proprietorship. If there are two or more owners, you will be taxed as a partnership.

Here's why you may want to consider using the LLC form of business organization.

Advantages

· Limits liability just like a regular corporation.

· One person can own the LLC, which eliminates the need to file a separate tax return.

· Other entities such as a C Corp, trust, or partnership can own an LLC.

· Does not require the formal meetings and documentation of a "C" or "S" corporation.

· Tax filing and other paper work is simple and inexpensive.

· You can claim all the same tax advantages of Sole Proprietorship and partnerships.You don't have to hold shareholder meetings or keep meeting notes.

· Management control need not be proportional to ownership.

The advantages of a "Limited Liability Company" over an "S" Corporation form of business organization are as follows:

· An "LLC" is not limited to 100 owners;

· An "LLC" allows foreign individuals to be owners, and

· An "LLC" cannot have its status revoked if it engages in real estate activities.

Disadvantages

· The major disadvantage of an LLC is that it does not provide a FICA tax break like an "S Corporation" does (except in the case of hiring a spouse or children... their salary is not subject to FICA taxes if they are under the age 18).

· The laws which govern an LLC are not uniformly written among the states. Because there is no uniformity between states with regard to the tax treatment of an "LLC", there may exist some potential for exposure to additional liability at your local and/or state level.

Under a "Limited Liability Company" its owners are not called owners or partners, but rather are referred to as "members." Each member enjoys an upper limit on their own personal liability potential in an amount equal to the dollars they personally invested in the "LLC"-just like the liability protection afforded "S" Corporation shareholders.

One final thought on multiple ownerships within partnerships, LLC's or corporations. What happens if you and one other owner in your business do not get along? Bad relationships have resulted in some of the most expensive and protracted legal battles around. This kind of business contention is as bad as a divorce.

Thus, take the following advice:

If you incorporate or structure your business as an LLC and have multiple owners, always set up a "buy-sell" agreement at the launch of your business. This will eliminate a lot of problems you could encounter later. Think of "buy-sell" arrangements as some sort of business prenuptial agreement.

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

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Wednesday, July 19, 2017

What Happens During Probate



Probate is the court process that determines whether your will is legally valid. The probate court is also where your estate is officially distributed to your creditors and the beneficiaries under your will. Depending on the value and complexity of your estate, the probate process can take several months .... or it may be eligible for a simplified process.

Tuesday, July 18, 2017

Monday, July 17, 2017

How to Properly Use a Power of Attorney


A power of attorney is a legal document that authorizes one person to act on behalf of another in the legal or business dealings of the person authorizing the other. This type of document has a lot of relevance when, for example, somebody needs to execute some business or legal matter but is unable to do so for whatever reason. In the absence of the person, another person may be authorized to execute the matter through use of a power of attorney, which in common law systems or in civil law systems, authorizes another person to act on behalf of the person so authorizing the other. The person authorizing is known as the "principal" and the person authorized is called the "agent". The agent may, on behalf of the principal, do such lawful acts such as signing the principal's name on documents.

An agent is a fiduciary for the principal and, as this is an important relationship between principal and agent, the law requires that the agent be a person of impeccable integrity who shall always act honestly and in the best interests of the principal. In case a contract exists between the agent and the principal for remuneration or other form of monetary payment being made to the agent, such contract may be separate and in writing to that effect. However, the power of attorney may also be verbal, though many an institution, bank, hospital as well as the Internal Revenue Service of the USA requires a written power of attorney to be submitted by the agent before it is honored.

The "Equal Dignity Rule" is the principle of law that has the same requirements of the agent as it does to the principal. Suppose that the agent has a power of attorney that authorizes him or her to sign the sales deed of the principal's house and that such sales deed should be notarized by law. The power of attorney does not absolve the agent from the necessity of having the sales deed notarized. His or her signature to the sales deed must also be notarized.

There are two types of powers of attorney. One is the "special power of attorney" and the other, "limited power of attorney." The power of attorney may be specific to some special instance or it may be general and encompasses whatever the court specifies to be its scope. The document will lapse when the grantor (principal) dies. In case the principal should become incapacitated due to some physical or mental illness, his power of attorney will be revoked, under the common law. There is an exception. In case the principal had in the document specifically stated that the agent may continue to act on his behalf even if the principal became incapacitated, then the power of attorney would continue to enjoy legal sanction.

In some of the States in the USA, there is a "springing power of attorney" which kicks in only in case the grantor (principal) becomes incapacitated or some future act or circumstance occurs. Unless the agreement has been made irrevocable, the agreement may be revoked by the principal by informing the agent that he is revoking the power of attorney.

Making use of standardized power of attorney forms helps in framing a legally sound and mutually beneficial relationship for principal and agent. With the ease of use and ready availability of such forms, it is highly recommended that they be utilized when thinking of granting a power of attorney to someone. However, care should be taken not to let unscrupulous persons defraud innocent persons such as the elderly through ill-conceived agreements.

Article Source: http://EzineArticles.com/expert/Wade_Anderson/70430

Article Source: http://EzineArticles.com/3646412

Sunday, July 16, 2017

Four Reasons Why Business Owners Should Make A Will


If you own a business or have shares in a family company then you should consider making a Will. The following are some of the reasons why making a Will for business owners is so important.

1. The first reason is the fact you can select appropriate executors and trustees, who will be responsible for ensuring the running of the business after your death. Unlike funds in the bank, where management can be fairly minimal, your executors will almost certainly need to ensure the business is kept running in the short term until more long decisions can be taken.

For even the smallest business, your executor's job is to ensure that your financial obligations are met, this can include dealing with tax issues, employees and your business accounts. Failing to do so could have a detrimental effect on the value of the business and therefore mean your family lose out financially. So while your may ultimately want your spouse or children to inherit, if they are not going to be the appropriate executors then you can appoint executors who have the business skills to carry out the executor's duties effectively.

2. The second reason is that by drafting your Will, you can take advantage of the tax breaks offered for business property. There are ways in which the Will can be prepared to ensure that not only do you pass your business to the people you want to inherit, but you do so in a way that limits your total inheritance tax bill as well.

3. The third reason is for making a Will is so that you define exactly how your executors can act. By making a Will, you are able to ensure that your executors have all the necessary powers and authorities they will need to carry on your business and run it correctly. Without a Will, your estate may end up in a position where decisions or steps that are needed to ensure the survival of the business cannot be taken when they need to be. This could mean either a lucrative business opportunity is missed or that an expensive Court application is needed. Either way the result is detrimental to your estate.

4. The final reason for making a Will is to ensure that your interest in the business passes in the way that you want. So for example if you have that children assist in the business while others do not, you can draft your Will to take this into account.

You may therefore decide to ensure that your children who are involved in your business inherit the shares, while the others take cash or other assets. Doing this ensures both a fairness in the way your children are dealt with, but also means that your children who do take a role in the business will not to lose their livelihood following your death. Additionally it means that they will not be forced to sell the business to pay their siblings, a move which may mean they also lose out financially.

If you own a business then making a Will really is something to consider very seriously. The time and effort you have spent in building your business, and its value to it may not be properly passed to your family if you do not make a Will.


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

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Thursday, July 13, 2017

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

Wednesday, July 12, 2017

What is a Trustee?



Learn more about what a Trustee is in this video.

Tuesday, July 11, 2017

Estate Planning Tips for People Going Through Divorce


Divorce is stressful period of transition and change for most people. While there many things on which you will need expend your attention during this challenging time, you should not forget that your estate plan also requires addressing now that you've experienced this life change.

One of the first things you will want to do is update your will. Generally, your will names your spouse by name, so if you die and your will leaves a sizable inheritance to "John Doe" or "Jane Doe," then your executor (or the trustee of your trust) and the courts will be obliged to follow this instruction, even if this person is your ex-spouse. For many people, such an outcome might be especially frustrating and painful, so you should deal with updating your will promptly.

You will also need to go through any asset or account that has a death beneficiary destination on it to remove your ex. Recent court cases have ruled that, even if you divorce your ex and update your will, your ex will still receive the money from your life insurance or retirement account if you do not update the paperwork on those accounts. The single determining factor regarding who gets your transfer-on-death or pay-on-death accounts is the name on that account's death beneficiary designation form, so it is vital that you make sure you update each of these accounts.

Additionally, you'll want to tend to your powers of attorney and living will. Chances are, you do not want your ex managing your financial affairs or making healthcare decisions (including end-of-life decisions) for you after you're divorced. Executing new powers of attorney and a new living will is often a relative quick and straightforward process.

If you have a living trust, you should investigate updating this part of your estate plan, as well. For many people, their spouses may not only be beneficiaries of their trusts, but trustees, as well. A capable estate planning attorney can assist you with making the changes your trust needs to address your divorce.

Finally, you do not have to wait until your divorce is finalized in order to begin updating your estate plan. Even if you anticipate that your divorce may take several months or years to complete, you can (and should) start working on updating your estate plan right away. Keep in mind, though, that the law in every state says that you cannot disinherit your spouse so, even if your preference is to leave your ex nothing, you will not be able to make that happen until the divorce is final.


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

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Monday, July 10, 2017

Giving Someone the Power of Attorney


Power of attorney is a legal term in fact. This is a form or a document that is basically legal because it will be notarize by someone in the right position like the lawyers. Power of attorney allows some to have the authority to handle some other person's business affairs. There are two individuals involve in the process. The first is the principal which will authorize someone to act on his or her behalf. The second person is the agent or the attorney in fact who is appointed to carry out the task of its principal. In the United States, attorney in fact is the common term used; this person must be loyal and most importantly honest in carrying out his or her tasks. The attorney in fact may or may not be paid but for the record most principal would choose someone close to them to act as his or her agent. Usually the principal chooses individuals close to them as the agent because this individual acts as a confidant to the principal.

When making a power of attorney form, you should decide on what type you will use. This form may be limited or special and general. The effectiveness of its power ends when the principal becomes incapacitated or incapable or even before she or he dies. In this case, the principal will be unable to grant the power needed unless the grantor or principal will state and specify that the power of attorney still have its effectiveness even if he or she becomes debilitated. In case when the principal dies, so the effectiveness of the power of attorney ends as well.

There is also the durable power of attorney which encompasses an advance directive that sanctions the attorney in fact. In this position, the agent makes decisions regarding health care of the principal which now happens to be the patient. The decisions would include terminating care; consent to give or not to give any medication or procedure or treatment. An advance directive is very much different with a living will. A living will is a written document stating the patient's wishes regarding the health condition but this does not allow the agent to make any medical decisions.

In the end, it is really very important to understand power of attorney because giving or assigning this to another individual requires a lot of understanding. Yes, it is very easy to acquire such but then it will all end up when the agent would act upon the power of attorney.


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

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Sunday, July 9, 2017

Estate Planning : Have You Been Named in the Will?



If you are a beneficiary in a will, you will most likely receive notice after the will is entered in probate court. Learn what to do if you have been named in a will from an estate planning and probate lawyer in this free video on estate law.

Saturday, July 8, 2017

LLC Information: The Basics of a Limited Liability Company


You will find a lot of LLC information on the Internet about the limited liability company. This legal entity has become the most common and popular of all other choices because it was specifically created to be the most flexible entity available.

As a result, it can be used for small business, real estate, holding and managing any property, family and estate planning, and joint ventures. One can be really simple such as for a single owner small business or an LLC can be used to handle very large and complex activities. For example, Fidelity Investments is an LLC which is owned by many owners and manages billions of dollars of assets.

This Article covers the basic attributes of this amazing legal vehicle.

CREATED BY LAW ONLY

A Limited Liability Company is a separate and distinct legal person that is created at the state level. It is only formed once a state has acknowledged its existence.

And, in order for a state to establish one, there must be a document filing made by an organizer. The filing is usually called the Articles of Organization and it must strictly comply with the requirements of a state. Each state has its own set of requirements and disclosures and fees.

PERSONAL LIABILITY PROTECTION

Once formed, an LLC provides its owners with legally endorsed personal limited liability protection from the entity's debts and obligations. This feature is similar to the corporation.

If you are worried about personal exposure to law suits arising from your business, you should form a limited liability company. For example, you open a store-front business that deals with the public directly, you may worry that the commercial liability insurance you have might not fully protect your personal assets from potential slip-and-fall lawsuits or even claims by suppliers for unpaid bills. Running your business as a Limited Liability Company will give some protection against and other claims against your business.

PASS THROUGH TAXATION

If the entity is owned by just one member, then there is no added tax complexity. The income generated by the LLC is passed through to the single owner and reported on his or her personal return. Even if it is owned by multiple members, profits and losses are normally passed through the owners as if it were a partnership. But unlike a general partnership, on owners are subject to personal liability because of ownership.

This tax benefit is a significant one. The corporation, another alternative, offers the same personal asset protection but is subject to what is known as double taxation. While there is an option for elect for a corporation to be taxed as a pass through (single layer), there are quite a few requirements and restrictions. With the LLC, your entity will automatically qualify for the best tax treatment.

SIMPLE TO MANAGE AND OPERATE

Another great feature is that you can tailor the management and ownership structure of a limited liability company to suit your needs. There are very little legal mandates and this makes it easier for anyone to use one to meet their specific purposes.

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

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Thursday, July 6, 2017

Over 100 Legal Document Services at By the People



Rene of By the People in Fairfield CA gives a short overview of their services and the number of legal documents they can help with. For questions, call Rene or Tammy at 707-428-9871 and you can visit their website at http://www.bythepeopleca.com

Wednesday, July 5, 2017

Becoming Incapacitated Without A Healthcare Power Of Attorney


A Healthcare Power of Attorney is meant to be in place to allow you to make healthcare decisions for yourself when you are no longer able to speak for yourself. You are considered to be legally incapacitated when you can no longer speak for yourself. What happens when you become incapacitated without having a healthcare power of attorney in place?

If you become incapacitated or no longer able to speak for yourself concerning medical decisions without a Healthcare Power Of Attorney in place for yourself then family members in most states might be able to step in to make decisions for you. This is put into place by the power under the Adult Health Care Consent Act of most states. The Adult Health Care Consent Act states an order of succession of who will be able to step in to speak for you in case of your incapacity. The Spouse is given priority in the order of those that can step in and speak for you. The next in line is the children.
The next in line is parents. After that are siblings. In the order of succession after the spouse each group of children or parents if there is more than one must come to an agreement on a decision to be made. This situation puts an undue stress and difficult decision in the hands of family members that have within their choice the power to keep alive or let a family member die. This can lead to unnecessary fights or disagreements among family members at a difficult and stressful time.

When there are differing opinions on whether you should be allowed to stay alive or pass among family members the situation can quickly and literally become life and death. Unnecessary stress and arguments can be prevented by simply putting in writing your healthcare wishes in your advance directives. Take the choice and doubt over what you would have wanted to happen to you away from everyone else. This is a simple and selfless act that could potentially keep a family together by having a plan in place. Having a plan in place allows for everything to flow smoothly at a time when tensions and grief can be high and get even higher.

It is best to have a Healthcare Power Of Attorney in place to make your wishes clear and appoint one agent to make decisions on your behalf.


Article Source: http://EzineArticles.com/expert/Evan_Guthrie/1217354

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Tuesday, July 4, 2017

Happy 4th of July!


"One flag, one land, one heart, one hand, one nation forevermore!" 
 Oliver Wendell Holmes

Have a Safe and Happy 4th of July!

Sunday, July 2, 2017

The Importance of a Healthcare Proxy and Living Will


A living will is a legal document that describes your end of life wishes. You create it when you are alive, but it does not become valid until you are in an end of life situation. With a living will your agent(s) have final decision, but it should be made with medical doctors and other healthcare officials to be sure you are given the correct prognosis and so that your agents can make the right decision. You should give a copy of your living will and healthcare proxy to your local hospital, doctor, nursing facility or hospice care agency.


Function

The living will covers common decisions your loved ones can make when you are near to dying. You have the choice to fill out the form in whatever fashion you like. Choices can be made regarding keeping you alive by machines, being kept on a feeding tube with no hope of recovery, being in a persistent vegetative state and more.

Features

Living wills are available online and can be obtained for free. You need not pay for a living will to be drafted. Each state has its own differences so be sure you use the one for your state.

Once completed, the form should be signed in the presence of two witnesses. The witnesses sign the document and attest that you signed of your own free will and that they are not your appointed health care agents or proxies. Some states do not allow relatives or people responsible for make medical decisions to be witnesses.

In your living will, you will designate someone who will be your proxy or agent. This person will be the one you choose to carry out the details of the document. Choose a family member who understands your wishes and has agreed to see that they are carried out. Do not choose a doctor or any employee of a hospital or institution that is treating you at the time it is executed. You can change your agent or proxy, but be sure that whoever got the original one has the new one replaced. The same applies to other changes to the document.

Most people don't like thinking about these things, however they are extremely important. You don't know when you will be in a situation in which this document will be needed. Be sure to complete it now before you can't. Consider all of the possibilities there are regarding your last wishes medically. There are certain powers given to your agent(s). Here are some general rules:

• "Full power to consent, refuse consent, or withdraw consent to all medical, surgical, hospital and related health care treatments and procedures on my behalf, according to my wishes as stated in this document, or as stated in a separate Living Will, Health Care Directive, or other similar type document, or as expressed to my agent by me;"
• "Full power to make decisions on whether to provide, withhold, or withdraw artificial nutrition and hydration on my behalf, according to my wishes as stated in this document, or as stated in a separate Living Will, Health Care Directive, or other similar type document, or as expressed to my agent by me;"
• "Full power to review and receive any information regarding my physical or mental health, including medical and hospital records, in accordance with the Health Insurance Portability and Accountability Act of 1996, 42 USC 1320d ("HIPAA");"

• "Full power to sign any releases in order to obtain this information;"
• "Full power to sign any documents required to request, withdraw, or refuse treatment or to be released or transferred to another medical facility."

Your document should contain sections covering the following situations:

1. "If I have an incurable and irreversible (terminal) condition that will result in my death within a relatively short time, I direct that... "

2. "If I am diagnosed as being in an irreversible coma and, to a reasonable degree of medical certainty, I will not regain consciousness, I direct that... "

3. "If I am diagnosed as being in a persistent vegetative state and, to a reasonable degree of medical certainty, I will not regain consciousness, I direct that... "

You are able to decide which choices can be made.

Other areas to be covered include:

• Intravenous and Tube Feeding
• Life Sustaining Surgery
• New Medical Developments
• Other Non-Conventional Treatments
• Home or Hospital

Benefits

A living will gives you the power to choose how you would like to be cared for in the days leading to your death. It also removes some of the burden from your family when they know that they are following your wishes.

Don't fail to prepare this document. As has been stated herein already, you don't know when you will be in a situation in which this document will be needed.


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

Article Source: http://EzineArticles.com/7695454

Saturday, July 1, 2017

Estate Planning : The Probate Process Explained



The probate process can be a headache when estates are not planned well. Uncover the probate process with an estate planning and probate lawyer in this free video on estate law.