Tuesday, December 31, 2019

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 event 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.


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

Article Source: http://EzineArticles.com/8053672

Sunday, December 29, 2019

Can You Afford Effective Estate Planning?


"Can I Afford Effective Estate Planning?"

That's Really Not the Right Question.

What you should be asking yourself is: "Can I Afford Not to Do It?"

You may be asking yourself whether you can really afford to do the effective estate planning that you know needs to be done. That's not the question to ask. The real question is whether you and your family can afford to be without the protection and security that the right planning provides.

Would you drive without car insurance? How would you feel without the protection that liability and property coverage offers??

Would you leave your home uninsured?

Would you go without health insurance, knowing that any major medical bills could wipe you out?
In the case of the car, home, and health insurance, you're protecting against the possibility of something happening. If an insured event occurs, then your insurance will cover you, and the premiums you paid for the insurance will be more than worth it.

Estate planning is protecting against the possibility that you might become incapacitated during your lifetime, and the certainty that you will pass away one day.

So what protection and security does the right kind of planning provide?

Protecting You if You Become Incapacitated. If you become incapacitated and need help managing your financial affairs and your medical care, the people you want helping you will need the proper legal documents in order to have the authority to act for you.

Protecting Your Loved Ones. The right kind of estate planning will protect your loved ones from any of the following:

  • Creditors - whether they have creditor problems now, or some that arise in the future.
  • Predators - people who would take advantage of them after they receive an inheritance from you.
  • Poor Financial Judgment - sometimes our loved ones just aren't good at handling money.
  • Loss of Benefits - if you have a loved one with Special Needs, then having the right plan will protect their continuing benefits.
  • Family Feuds - Unfortunately, when your planning is not done correctly, horrible feuds can arise between family members, even among siblings who previously got along.
  • Divorce Loss - if one of your loved ones got divorced, would you want their ex-spouse to receive half of their inheritance? Without proper planning, that can happen.
  • Blended Families - in families where there are children from other marriages, then the right estate planning will protect against one side of the family being inadvertently disinherited.
Protecting Your Assets. The right planning will protect your assets from unnecessary expenses, and the potential for loss from creditors or a nursing home spend-down.

  • Probate Expense - If your estate goes through Probate, then your family will pay a much higher cost to administer your estate. The attorney fee to pay in Probate is calculated as a percentage of your assets, starting as high as 4.5%. For example, in Lucas County, the attorney fee for probating a $400,000 estate (gross value) would be $15,000. With the right planning, that cost could be significantly reduced, resulting in savings of up to $11,000!
  • Creditors or Long Term Care Spend Down. If you're concerned about the potential for losing your savings to a nursing home, and if long term care insurance is not an option for you, then the right kind of estate planning can help protect a large portion of your assets and preserve them for your loved ones.

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

Article Source: http://EzineArticles.com/8050727

Saturday, December 28, 2019

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.

Friday, December 27, 2019

Legal Questions : How Does a Living Trust Work?



The idea of a living trust is that, while a person is still alive, they transfer their assets into a trust document that administers the assets. Avoid probate through a living trust with help from a certified civil mediator in this free video on law and legal questions.

Thursday, December 26, 2019

By The People FAQs


  • Are BY THE PEOPLE Personnel attorneys? No, we are not attorneys. We are Legal Document Assistants. In California, we are a licensed and bonded profession.

  • What if I need legal advice? You can always consult with an attorney of your choice. We can provide you with a referral for an excellent local attorney who specializes in cases similar to yours if you have questions we cannot answer for you, or your situation is more complicated than our services are meant to help with.

  • Do you have a Notary Public? Yes, whenever we are open we have a Notary Public on staff. If you are a BY THE PEOPLE customer, all Notarizations of your documents are included in our fees. If you have documents not prepared by BY THE PEOPLE, we charge $10.00 per signature you need notarized, in Cash Only. You must sign the document in our presence and provide valid photo identification.

  • Does BY THE PEOPLE handle Criminal Matters? No, we only handle uncontested civil matters. However, if you would like to contact us, we may be able to refer an excellent local attorney to you.

  • I need to have my documents prepared immediately. Do you have Rush or Same-Day document preparation services? Yes, we can prepare certain documents within a few hours, if necessary. Rush and Same-Day services are available for the following documents: Wills, Powers of Attorney, Health Care Directives, Deeds, LLC and Incorporation Articles. A modest Rush Fees will apply to these services.

  • How long will it take to prepare my documents? The documents we prepare at BY THE PEOPLE are typed specifically at your direction. All documents are then rigorously proofed to ensure you receive the highest quality legal documents available anywhere. Most of our documents are prepared and ready for you to sign within one week, depending on your situation. 

For more information please visit http://bythepeopleca.com/

Wednesday, December 25, 2019

Merry Christmas and Happy Holidays!


May the joys of the season shed light, hope and fill our hearts with peace.

Tuesday, December 24, 2019

Legal Document Preparation - By The People


Rene talks about how By The People Document Preparation Service in Fairfield CA can help people with uncontested legal matters in an inexpensive way. See more at http://www.bythepeopleca.com, or call 707-428-9871

Monday, December 23, 2019

How to Form an LLC - A Simple, Straightforward Guide


Forming an LLC (Limited Liability Company) is not as complicated as most people think. While each state has its own unique list of steps and requirements, you'll find that they have the important things in common. So whether you're establishing your LLC in business-friendly Delaware or in rural Wyoming, it's likely that you'll need to go through the following steps if you want to form an LLC:

1. Choose a business name.

It helps to have a short list of possible business names to choose from before you register your LLC. Some of the business names you want may already be taken, or they might violate a trademark. Don't worry too much about this, though. Most states have a searchable database online where you can see if the business name you want is already being used. Also, remember that your business name must be followed with a designator identifying it as an LLC. Some valid ones include "Limited Liability Company", "Limited Company", "Ltd. Liability Co." and the acronym "LLC".

Once you've selected a valid name for your LLC, don't worry about registering it. Usually, it will automatically be registered once you complete the second step.

2. File your Articles of Organization.

Simply put, your LLC's Articles of Organization is a document containing basic business information such as your business name, address, purpose, and the names of the owners. This is often a ready-made form that you can get from your Secretary of State's office. While you're at this step, it also helps to ask them about the fees and requirements involved in setting up an LLC. This will help you plan for the later steps.

As you file your Articles of Organization, you will be required to pay a filing fee. This is usually inexpensive, but if you want the filing to be expedited you will have to pay a few hundred dollars more. Keep in mind that some states have additional fee requirements. For example, LLC owners in California are also asked to pay $800 in business tax on filing, to be repaid annually.

3. Create an Operating Agreement.

Though operating agreements are not required in all states, it's handy to have them from the start - especially if the LLC will be owned by more than one person. Your LLC's operating agreement should contain information about the role of each owner, how profits and losses will be shared, as well as the operating rules and bylaws of the business.

4. Submit other miscellaneous requirements.

Since business laws vary from state to state, there are probably specific requirements you need to submit depending on where you're establishing your LLC and what kind of LLC you have. For example, if you're starting a business that sells and distributes liquor, you'd need a specific liquor license for that. Other requirements may include zoning permits, publishing a classified ad announcing your LLC, and practice permits for specific professions.

As you can see, it's really simple to set up your own LLC. All you need to do is to follow the steps above while being aware of the unique documents and fees required by your state.

Article Source: http://EzineArticles.com/expert/Spencer_Holt/536370

Article Source: http://EzineArticles.com/4422501

Sunday, December 22, 2019

Uncontested Divorce - Definition, Terms and Conditions


An Uncontested Divorce is a legal procedure in which the spouses mutually agree on certain terms and conditions, in order to adjourn their marriage. An uncontested divorce can be executed successfully if the spouses comply to a shared agreement in the matters related to the property partition, financial matters, any kind of support activities related to their children, and other litigious affairs.

A major benefit of consenting with an uncontested divorce is that unlike contested divorce, it doesn't have to deal with emotional and financial issues, is relatively inexpensive and quick, since most of the times the spouses may not find any need of an attorney or a court case for the divorce, if they are in good terms with each other, and plan to go with proper understanding. This is quite helpful essentially when the couple has much fewer assets to deal with and no children.

There are many "Do it yourself" forms available at concerned regulatory agencies, which can assist you in going ahead with the uncontested divorce activity yourself, without the need of any outside legal authority or attorney. But, in case of the issues for child support or the partition of community property, one must follow up with attorney related to divorce, before they proceed with signing off any legal documents.

Divorce is a quite tedious and sometimes displeasing procedure. Despite having mutual consent on many of the terms, there still exist loads of matters that need to be taken care of, before ending up the marriage. The couple needs to be capable enough to distinguish these issues and resolve them as soon as they can. To decide whether it is appropriate for a couple to go ahead with an uncontested divorce rather than a contested one, there are certain points that can be used as reference:

1) Are both the spouses agreeing to go for a divorce, or one of them still wants to re-establish the relationship?

2) Are all the financial issues, modes of income and other related assets properly understood by both the spouses, so that they can divide and decide on them accordingly?

3) In case, there are children, are all the issues regarding the child care and support, custody, periodic meetings and visits decided yet?

4) Are all the issues getting settled with mutual consent, and are devoid of any hard feelings?

5) Are both the partners in accord with the honesty or authenticity of the other partner's notions, regarding the resolution of these issues?

If either of the above-mentioned questions has an answer as "yes", then it is appropriate to go for an uncontested divorce.

An uncontested divorce can be carried on easily and without much hassles, but they can be derogatory to certain individuals in case the people involved in the divorce, do not know much about their appropriate rights with respect to the alimony amount, partition of pension, earnings from real estate, and other modes of income.

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

Article Source: http://EzineArticles.com/3724625

Saturday, December 21, 2019

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

Article Source: http://EzineArticles.com/5615491

Friday, December 20, 2019

Living Trust Definition - What is a Living Trust?


The best living trust definition is a written legal document which substitutes for a will as your primary estate planning vehicle. When you have a trust you transfer your assets such as your home, financial accounts and personal property to the trust. In addition, you change the beneficiary or contingent beneficiary of retirement accounts and life insurance to the trust. These assets are then administered for your benefit during your lifetime, and either continue to be held or transferred to your beneficiaries when you die.

The creator, also called the grantor, of the trust, usually names him or herself as the initial trustee in charge of managing the assets. This allows the grantor to remain in control of the assets during his or her lifetime. For all practical purposes under this living trust definition, nothing changes in the way the grantor manages or controls the assets after they are put in trust. The only difference is the named owner.

A successor trustee is named in the document, usually a family member or friend but sometimes an institution such as a bank or trust company. This successor trustee then will manage the trust assets for benefit of the grantor if the grantor becomes disabled and for the contingent beneficiaries after the grantor dies.

This living trust definition is for the revocable living trust. It is also sometimes referred to as a revocable inter vivos or a grantor trust. It may be revoked or amended at any time by the grantors as long as they are still competent.

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

Article Source: http://EzineArticles.com/1839400

Thursday, December 19, 2019

Power of Attorney



Rene at By the People in Fairfield CA talks about just some of the reasons for a need for a Power of Attorney. These documents can be really important aids in helping loved ones.

For any questions about the types of Power of Attorney, and what may be beneficial for your individual needs, call Rene or Tammy at 707-428-9871 and visit the website at http://www.bythepeopleca.com

Wednesday, December 18, 2019

Wills and Trusts - What Are the Differences?


Both of these legal documents offer a way to distribute estate assets when a person dies but each is different in a variety of ways.

Wills

With a will, it is cheaper to prepare but it can be expensive to probate. In many jurisdictions, according to estate law, this is a legally binding document, which will allow you to give your assets to a designated beneficiary or beneficiaries. Unfortunately, this usually does not happen until after the person of the will dies. A will executor carries out the distribution of their assets. After the creator dies, the will must go through probate. During probate, the court will decide if the will is valid. Then the court will supervise the distribution of the assets. This can be a costly process because the assets can be subjected to estate taxes. When this is the case, an estate lawyer's services may be required.

With a will, one of the drawbacks is that they become public record after the creator's death so everything about the will is public knowledge. In order to manage the distribution of assets, there will be a conservatorship or a power of attorney.

Trusts

A trust is more expensive to prepare but when there is a trust, it will usually allow the beneficiaries to avoid any probate costs. After having a trust written it can take effect any time during a person's lifetime using a trustor to convey assets to the trustee to hold for the beneficiaries. When the creator dies, the probate is avoided. This is because the assets were transferred during the lifetime of the trustor. The trust will continue to function even after the trustor dies.

With a trust, it will usually remain private and allow the beneficiaries of the trust to maintain confidentially about the specific terms of the trust. Generally having a trust can provide more tax benefits. In some jurisdictions, they will allow for a certain amount of the trust assets to be passed on to the beneficiaries without requiring them to pay gift and estate taxes. Depending on any applicable trust laws, the tax perks available will vary from one jurisdiction to another jurisdiction.

In managing a trust, it can be done by a trustee or a trustor but will depend on how the trust has been set up. If the trustor manages the trust then he will usually specify who will manage it once he has died.

In conclusion

Looking at all the facts it appears that it is best if a trust is set up to distribute the assets instead of using a will. If you are uncertain talk to an estate attorney for legal advice as to which one you should set up for your particular situation.


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

Article Source: http://EzineArticles.com/9109613

Tuesday, December 17, 2019

Incorporation - Is It Right For My Business?


The process to form your incorporation is relatively easy, and the legal concept of incorporation is recognized all over the world. A Certificate of Incorporation is the evidence of incorporation and registration of the legal entity with the authorities of a particular state or an offshore jurisdiction. A primary advantage of incorporation is the limited liability the corporate entity affords its shareholders, and in many cases, favorable tax treatment. For anyone starting up his or her own business, an understanding of business incorporation is a must before taking that step.

Incorporation is a system of registration which gives a business certain legal advantages in return for accepting specific legal responsibilities and is an option that many businesses each year decide to take advantage of. However, prior to filing with the state, you should have your attorney and accountant advise you as to whether or not incorporation is the right step for your business, both from a legal standpoint and from a tax perspective. If the corporation is a closely held corporation and does business primarily within a single state, local incorporation is usually preferable. Incorporation is a state process, and therefore the process and specific benefits may differ from state to state, as well as registration costs, resident agent fees, etc.

What type of incorporation is best for my business? A "C" Corporation, an "S" Corporation or a Limited Liability Company (LLC)? In addition to those choices, you then need to decide where to incorporate. Not only does each state offer certain benefits, but costs to file and maintain the corporate status are different. Additionally, if your business purpose is rather simple and straightforward, you may be able to use an online incorporation service to incorporate, at substantial savings. Remember, when in doubt, or if any questions or issues need to be addressed, seek professional advice...it usually is cheaper in the long run!

There are certain states that offer important incorporation benefits to the directors and shareholders. You need to make a comparison of these benefits, as well as the filing costs, to determine if incorporation in that state is warranted. Another consideration for incorporation in a state other than where your business is located, is that you may be required to register as a foreign corporation in your resident state. This will usually entail annual filing fees equal to or greater than that for a domestic corporation. Again, prepare a checklist and weigh all benefits as well as additional costs, etc. before the incorporation process begins. Rather than incorporating in another state, you may also benefit by an offshore incorporation. Check it out carefully.


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

Article Source: http://EzineArticles.com/679430

Monday, December 16, 2019

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 genders.
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. In case 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.
Article Source: http://EzineArticles.com/9326024

Sunday, December 15, 2019

Power of Attorney - 6 Factors You Should Consider When Nominating the Best Agent


Ever wondered how your modest finances or properties are handled, in case something occurs to you or you will have to go away somewhere? In that case, consider the power of attorney. What is power of attorney? This is a legal document that would facilitate you to allow an organization or a person manages your business matters and your finances.

The principal is the person who is creating or signing the power of attorney, while the agent or the attorney-in-fact is the person who would be granted with authority. Because the power of attorney will give the agent the control over banking, credit and other financial concerns, it is important to be made with care that's why legal assistance is important.

Power of attorney can be divided into 2 types, the general and the specific. The general power of attorney can handle different personal and business transactions while the specific power of attorney identifies a specific transaction when the document would take effect.

Here are some factors you should consider when choosing the best agent for your power of attorney:

• Capability. It is much recommended to think about the capability of the agent in managing legal matters and the principal's property. You should not entrust your own finances to the agent who has problems in controlling over their own finances.

• Age. In case you are thinking about your child as the attorney-in-fact, you should consider the age. There are differences on every state of laws on creating the power of attorney. However, approximately all of the laws accept that no agent must be under 18 or 21 years old.

• Work experience. It's a good idea to award authority to an agent who is competent and expertise in legal matters or in finances.

• Time. While deciding on the perfect agent to stand for you, at that time it is very vital to think about how much time they can provide in handling legal matters and financial.

• Location. It's advisable to consider an agent who is not far from the property and the principal.

• Organization and documentation skills. The principal may perhaps require the attorney-in-fact to trace and correctly document the several transactions made whether it will be for personal, business or government purposes.

Another factor you should pay attention is how to decide the spouse as the attorney-in-fact. Nearly all military personnel will give the power of attorney to their spouses in case they are in battle. Another option is a close relative.

You do not always have to opt for a family member, you can decide on a non-relative attorney-in-fact. If the principal is slightly worried about giving many duties on one agent, then he or she may well find other co-agents. However, you could do that only if the power attorney specifies the information or the limitation of the capabilities. Previous to making the decision on an agent in the power of attorney, the principal ought to talk to the agents first and ask them if they are keen to be agents.

When carrying out the task, no organizations will control the agent. It will just depend on the principal as well as the principal's relatives to supervise if the agent is carrying out what is predetermined in the power of attorney.


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

Article Source: http://EzineArticles.com/4175974

Saturday, December 14, 2019

Is An LLC Best?


I am not a lawyer, I am a Judgment Broker. This article is my opinion, and not legal advice, based on my experience in California, and laws vary in each state. If you ever need any legal advice or a strategy to use, please contact a lawyer.

A Limited Liability Company (LLC) is a state-defined entity that can be thought of as being a hybrid business entity, having some features of both partnerships and corporations.

LLC's are popular primarily because they are more flexible, and are simpler to operate than type S or C corporations. Some think LLCs save taxes, however, most often, they do not.

In some ways, LLCs are similar to corporations. Both LLCs and corporations provide basic liability protection for owners and/or shareholders and officers.

One way LLCs are different is that LLCs have owners, and corporations have shareholders. An LLC can have several owners, called "members" or "partners", named members, for the rest of this article.

An LLC's partnership agreement defines the member relationships in the LLC and includes an ownership agreement.

LLCs can have at least one managing member, and may also choose to appoint officers. LLCs usually have an operating agreement, that describes the LLC's function. LLC members can be any combination of individuals, corporations, and other LLCs.

Double taxation occurs when a company first pays tax on their profits; and then their officers, employees, and shareholders, get taxed again on their individual incomes.

Historically, one of the primary reasons that LLCs were chosen, was for their potential tax savings. LLCs avoid the potential double taxation problems that C-type corporations can have.

Double taxation is not really an important financial issue now, because the IRS has caught up, and removed most of the way taxes could be saved on both common and creative types of income.

Now, there seem to be no tax advantages or disadvantages to forming an LLC. No matter what corporate structure or partnership one picks, they must pay taxes. Tax payments may be split up in different ways, however, one way or another, income is taxed.

Single-owner LLCs are taxed the same as sole proprietorships, and file the same 1040 tax return and Schedule C, as a sole proprietor.

Single-owner entities rarely get the same liability protection that larger companies get. Multiple-owner LLCs may potentially provide better liability protection than some corporations.

Multiple-owner LLCs are taxed the same as partnerships. Partners in an LLC file the same 1065 partnership tax return, as would be done with any conventional business partnership.

Owners of LLCs are considered to be self-employed and must pay a self-employment tax of about 15%, on the total net income of the business.

In C or S corporations, only the salary paid to employees is subject to employment tax. The IRS monitors salaries and will define income as salary if they think a company is not paying adequate salaries. The payroll tax is expensive.

The actual advantages of LLCs over S or C corporations is that they are:

1) Much more flexible in ownership.

2) Simpler to operate.

3) Not subject to as many corporate formalities, or reporting requirements.

4) Owners of an LLC can distribute profits any way they want.

Usually, the state, county, and city require LLCs to pay them the same taxes, fees, and registration fees, as corporations must. Also, many states require LLCs to hire an accountant to prepare the LLC's tax returns.

LLCs no longer save you money. The best reason to choose to form an LLC is the flexibility they offer.

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

Article Source: http://EzineArticles.com/6818694

Friday, December 13, 2019

Adult Guardianship



Many families struggle with how to manage the finances, health care and other personal matters of adults who are unable to care for themselves. You may decide to pursue an adult guardianship if an adult is mentally or physically unable to make his or her own decisions and does not have a living will and power of attorney that provide a competent person to make those judgments.

Thursday, December 12, 2019

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

Wednesday, December 11, 2019

Tuesday, December 10, 2019

3 Positive Points of Starting an LLC


When you start a business you will have to sift through the variety of options that are available to you in terms of running a full-scale operation. Even if you're the only person working within the framework of a company, you will still need to file paperwork with your state and city governments, and you will need to have a good plan of action. Sure, you could just go into business and wait for the penalties to pile up and then form a legitimate business, or you could look into the proper way to go about starting an LLC. The latter is far better in many people's views, and will definitely save you headaches later on. Consider the following positive points of starting an LLC.

Multiple Owners or One Owner - Whether you have a great deal of investors that want to be part owners or you are alone in the process you will find that an LLC allows you to run your company with a great deal of freedom. Not only that, you will be able to include others in a management or even ownership capacity later on as long as you have an operation document that will showcase your ideas moving forward.

Liability - The best part of starting an LLC is that you will not be liable for a great variety of issues that will come up. For instance, let's assume that you have a client that is hell-bent on suing you, and so they sue the business that you own and you have to go to court. If you file your paperwork properly, and you lose the case, you will only be liable for the money that is held within your business, and nothing else! That means if you own a home, a boat, a car or just about anything that is not part of the business proper, you could stand to lose nothing on a personal level. This is a great thing because you can protect your assets and not worry about what some might do to try and get your money.

Taxes - Dealing with taxes can be quite easy because they flow into personal income taxes in many ways. You will find that you will have to deal with your taxes in a manner that is a bit more simple than starting a larger company or a different option in terms of business. While it's not a matter of not paying your fair share, it's really a matter of ease when tax time comes around.

The above 3 positive points when starting an LLC are just 3 items that many find to be great. There are a number of other integral points to consider and each one seems to make the formation of this type of company a bit better than others. Only you can decide what path your business takes, but when it comes to starting something away from the traditional route of 40 hour work weeks, this is definitely one of the more attractive options. You'll find that it's easier than others, and it can bring amazing profits in time.

Article Source: http://EzineArticles.com/expert/Pete_Morgan/604971

Article Source: http://EzineArticles.com/7437558

Monday, December 9, 2019

Advance Healthcare Directives - Be Sure to Write Your Living Will


With modern medical technology advancements, it is becoming more and more important to consider writing an advanced healthcare directive. There are several kinds of advanced healthcare directives. A living will is one form of an advanced healthcare directive. It is a document that specifies what you want to be done medically if you are no longer capable of making decisions for yourself. A medical power of attorney or healthcare proxy is another form that appoints a specific person to make decisions for you if you are incapacitated. It is advised that a person have both documents prepared and in place long before they will ever be needed.

With today's advancement in medical care, many people are left confined to nursing homes. Many elderly are in a vegetative state, fed through feeding tubes while their bodies slowly die. The emotional and financial burden the families of these patients experience is overwhelming. Lives are prolonged but there is no real quality of life. An advanced directive can prevent this from happening to those you love.

The living will was first proposed by Luis Kutner in 1969. His purpose was to make sure the living were able to make their wishes known when they were no longer able to speak for themselves. The living will gives direction to medical professionals about what procedures a person wants and doesn't want. It can forbid the use of medical equipment used to sustain life or direct it be discontinued when it only prolongs death. It can be general or specific depending on the wishes of the person writing it.

Advanced directives should be regularly updated to make sure they cover current medical technology. As advancements are made, changes need to be made to reflect that advancement. A living will that is current is more likely to be acknowledged and followed.

It is advised that a living will be combined with a healthcare proxy to assure your wishes are followed. No document can fully cover all the circumstances that might occur. Having a person on the scene making immediate decisions is important. By designating a person in advance to make decisions, you can be reassured that no decisions are made that might conflict with your desires.

The comfort and peace of mind an advanced healthcare directive gives is invaluable. Knowing you will not be a burden to your family allows you to calmly live knowing any necessary medical decisions will be made by someone you trust.

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

Article Source: http://EzineArticles.com/4038767

Sunday, December 8, 2019

Incorporation and LLC's - By the People



Rene of By the People Document Preparation Service in Fairfield CA talks briefly about the basic differences between Inc. and LLC, and the benefits and features of each. Give Rene or Tammy a call at 707-428-9871 with any questions you may have so they can help you get the right product for your business.

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

Saturday, December 7, 2019

Conservatorship Information



A conservatorship is a court proceeding that grants one or more people the authority to make financial or health care decisions for another because of a mental or physical incapacity that renders a person unable to make informed and sound decisions.

A conservatorship can be over the person, the estate, or both. The person appointed by the court to make decisions is called the conservator, and the person about whom decisions will be made is called the conservatee.

Conservators are generally family members or a professional conservatorship company and in some cases, the Public Guardian's office may be appointed. Regardless of who the conservator is, their duty is to act solely in the best interests of the conservatee. To insure this, court evaluation, supervision and monitoring of the conservatorship is established.

Friday, December 6, 2019

What Is Probate Law and How Does It Affect You Today?


Have you made your will official yet? It is not pleasant to talk about, but death will inevitably take us all at some point in our lives. Having an officially recognized will ensures that your estate goes to the people that you want it to when you pass away. The simplest definition of probate is 'the official proving of a will'. The laws of probate can be overwhelming at times, especially when emotions are still raw. It does serve its purpose however as not having a will (in-estate) makes the procedures a lot trickier and the results which can take months may not be what stakeholders deem right.

When a will is filed with the courts, the process for probate varies from country to country, even city to city. However, the basic process is someone close to the deceased approaches the courts to act as 'executor', once the executor is established the process starts by collecting all assets and getting a value for the total. Once debts have been paid, the remaining assets can be distributed as per the will before the probate process is formally closed.

The Executioner

The executioner is usually the closest person to the deceased (wife, daughter, father etc.) or a close friend.

Probate affects you today in two ways. As someone who files a will and as a person nominated to be the executioner of a will.

Writing Your Will

Writing a will may seem like a death wish, it is something no one wants to ever think about however there is an incentive. You likely have worked hard for what you have acquired in life and would like your estate to be distributed as you see fit according to your values and wishes. It is also to protect your family, prenuptial agreements may appear to only be agreed to when a high profile celebrity gets married, or someone wealthy but they are doing it for the same reasons as a will. The subject of money makes people act in irrational ways to protect themselves. Family members may lay claim that they should get everything, while others believe it should be theirs. It is not a nice situation for all involved. By writing your will now, you ensure that these disagreements can be solved by simply reading your official legal will.

As The Executioner

As the writer of the will, you will normally want to tell the person who you are leaving in charge of your estate should tragedy strike. It isn't the easiest conversation to begin, but knowing you have someone you trust can put your mind at ease. When someone brings up the subject with you, there is no set way to react. Simply listening to their requests is best, do not try and influence them either way. If you are unsure of anything though, do ask. Documenting everything possible is the safest option as emotions may get in the way of what was truly requested. In a perfect world, there will be many, many years to you put everything in place exactly the way you wish. Make it a common practice to revisit the will every couple of years, to verify that it fits how you feel at that time.

Probate is something most people will deal with from both sides as the executioner and the writer of the will in their lifetime. Having a will ready so that the probate law process can be handled appropriately by all parties is a law that should be taken seriously.

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

Article Source: http://EzineArticles.com/8365617

Wednesday, December 4, 2019

The Benefits of Legal Separation


Legal separation and divorce are very similar and they hold basically the same legal functions except for the fact that with a separation, you do not terminate your marital status. When a couple decides to become legally separated, it is not merely a verbal agreement. They can't simply say that they are not in love anymore and one of them will move out of the family home. Instead, they must go through the same process as couples who wish to undergo a divorce.

In a legal separation, the same issues will be addressed as in the termination of a marriage. The couple will have to sort out issues relating to asset division, property division, child support, child custody, visitation and spousal support payments (if there are any). The couple will also have to decide who will pay which debts as well.

There are a number of reasons why parties choose this rather than divorce, and the reasons are usually personal. People can choose separation for religious reasons, personal beliefs, health insurance concerns, or other financial reasons.

Oftentimes couples will decide to remain married for one of two reasons: either for the sake of their children or for a financial reason. For example, if a non-employee spouse has a pre-existing medical condition or some other serious medical condition; they may need to stay on their spouse's medical insurance so they can keep getting necessary medical care.

In some cases, the couple may need to remain legally wed until they reach the ten-year deadline for certain Social Security benefits. This holds true for the ten-year deadline for military enforcement advantages or, the twenty-year deadline for PX and commissary benefits.

There are another substantial benefit and reason why people choose legal separation and it has nothing to do with health insurance or money. They may be unsure if they really want to end their marriage; therefore, the time apart offers them a "cooling off" period where they can have time to think about what they really want. They may realize that they really do love each other, and later decide that they want to get back together. It's a lot easier to get back together after legally spending time away from one another as opposed to having to go through the process of remarrying.

Religion and culture can play a significant role in why couples decide to separate instead of divorcing altogether. In certain religions, divorce carries a negative stigma that many couples wish to avoid. With legal separation, the couples can enjoy all the material benefits of a divorce without having to deal with the negative stigma attached. Separation does not allow for remarriage unless the marriage is terminated through a divorce, but it can be assumed that people who part for religious reasons don't plan to remarry anyway.

In many cases, it is more affordable for the spouses, especially when the dependent spouse relies heavily on their spouse for medical insurance. When you factor in the quality of life enjoyed through the marriage, along with how much money it would cost for the dependent spouse to take out their own medical coverage (similar to what their spouse has been carrying), then it can be reflected in the alimony payments. Sometimes it is less expensive and allows the dependent spouse to remain on the health insurance, as opposed to paying them larger alimony payments, thus saving the expense for both parties.

Getting a separation in California does require some legal paperwork and going through the court system. The same as in a divorce, you want to have a qualified attorney representing your best interests when handling important matters such as child custody, child support, asset division, property division, and possibly spousal support payments. If you would like to enjoy the benefits of a legal separation, contact a skilled and knowledgeable divorce attorney without delay!

Article Source: http://EzineArticles.com/expert/Gary_D_Dabbah/1201035

Article Source: http://EzineArticles.com/6612183

Monday, December 2, 2019

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

Thursday, November 28, 2019

Happy Thanksgiving!


Be present in all things and thankful for all things.
-Maya Angelou

Wednesday, November 27, 2019

Tuesday, November 26, 2019

How Much Does Probate Cost and How Long Does It Take?


The answer depends on the complexity of the estate and the required probate procedures in your state.

Sunday, November 24, 2019

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 the 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 is 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

Article Source: http://EzineArticles.com/8627734

Saturday, November 23, 2019

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, November 20, 2019

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 to get 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

Monday, November 18, 2019

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 the 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 another 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 as 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/3646412

Sunday, November 17, 2019

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.

Article Source: http://EzineArticles.com/461017

Saturday, November 16, 2019

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

Tuesday, November 12, 2019

What Happens if a Person Dies Without a Will?


If someone dies without leaving a valid Will, the person is said to have died intestate - that's legalese for without a will - the property she held in her own name as his or her own separate property passes to the person or persons specified in the laws of the deceased's state of residence, after any bills and taxes are taken care of.

Monday, November 11, 2019

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 notarized 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 involved in the process. The first is the principle 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, an 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 of 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 a 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 the health care of the principle 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 from 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

Article Source: http://EzineArticles.com/4132303