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
Saturday, February 29, 2020
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
Friday, February 28, 2020
4 Things You Need To Know About Advanced Directives
It is a sad truth that death is an inevitable part of life. And, even though many of us are reluctant to face this fact, it is no excuse to fail to plan for your end-of-life healthcare, particularly if you are past retirement age. Although it may be scary to think about your end-of-life decisions, it can greatly improve the quality of life for your family after you are gone, and will reduce the chance your passing is a burden on your family. Advanced directives offer you the assurance that your last wishes will be fulfilled. Here are four things to know about them.
1. What is an Advanced Health Care Directive?
An advanced directive is a generic term for a legal document that describes to and instructs others about your medical care, in the event you are unable to make your decisions known. A directive only becomes effective under circumstances described in the document, but in general, allow you to do two things. The first is to appoint a health care agent or power of attorney. This person will make decisions on your behalf. Secondly, the directive will provide instructions about exactly what forms of health care you want and do not want.
2. Why Are Advanced Directives Important?
According to recent surveys, the majority of people would prefer to die in their own homes. However, many terminally-ill patients meet the end of their life while in the hospital, typically while receiving ineffective treatments that they may or may not really want. Occasionally, this confusion can cause conflict between the surviving members of the family, leading to fights and arguments. Meanwhile, the dying person's thoughts and wishes remain unexpressed. An advanced care directive prevents all of this. From documenting the treatments you want to describing your wishes for your remains and personal effects, advanced care planning is highly beneficial.
3. Creating an Advanced Care Directive
An advanced care directive and living will do not have to be complicated, however, the content may be complex and should be considered carefully. In general, it will consist of short, simple statements about what types of treatments you would accept or deny, given particular circumstances where you are unable to speak for yourself. It is important to create this document with the help and guidance of your family, legal, health, and financial professionals for maximum effectiveness.
4. Talking With Your Loved Ones About Your Choices
A vital step in advanced care planning is to clearly communicate your wishes to your loved ones and family about your decisions, and why you are making them. For most of us, this conversation can seem like a daunting task. You may be uncomfortable bringing up your own death with your loved ones, or it may seem like poor timing to have that conversation, but it is much better to have this conversation now, before there's a problem, so that everyone can remain calm and relaxed.
1. What is an Advanced Health Care Directive?
An advanced directive is a generic term for a legal document that describes to and instructs others about your medical care, in the event you are unable to make your decisions known. A directive only becomes effective under circumstances described in the document, but in general, allow you to do two things. The first is to appoint a health care agent or power of attorney. This person will make decisions on your behalf. Secondly, the directive will provide instructions about exactly what forms of health care you want and do not want.
2. Why Are Advanced Directives Important?
According to recent surveys, the majority of people would prefer to die in their own homes. However, many terminally-ill patients meet the end of their life while in the hospital, typically while receiving ineffective treatments that they may or may not really want. Occasionally, this confusion can cause conflict between the surviving members of the family, leading to fights and arguments. Meanwhile, the dying person's thoughts and wishes remain unexpressed. An advanced care directive prevents all of this. From documenting the treatments you want to describing your wishes for your remains and personal effects, advanced care planning is highly beneficial.
3. Creating an Advanced Care Directive
An advanced care directive and living will do not have to be complicated, however, the content may be complex and should be considered carefully. In general, it will consist of short, simple statements about what types of treatments you would accept or deny, given particular circumstances where you are unable to speak for yourself. It is important to create this document with the help and guidance of your family, legal, health, and financial professionals for maximum effectiveness.
4. Talking With Your Loved Ones About Your Choices
A vital step in advanced care planning is to clearly communicate your wishes to your loved ones and family about your decisions, and why you are making them. For most of us, this conversation can seem like a daunting task. You may be uncomfortable bringing up your own death with your loved ones, or it may seem like poor timing to have that conversation, but it is much better to have this conversation now, before there's a problem, so that everyone can remain calm and relaxed.
Article Source: http://EzineArticles.com/9054211
Thursday, February 27, 2020
Documents to Consider When Doing Estate Planning
There's nothing that can prevent someone from dying, since
physical death is an absolute certainty that no one can escape. The fear
for some people, though, is not what's going to happen to them after
they pass on, but more on who's going to take care of their loved ones,
especially if the people he'll be leaving behind are either very young
children or are incapacitated, or both.
You can't have control of what's going to happen to you after death, but you sure can decide what's going to happen to your assets once that event transpires. It's called estate planning. This is the process by which a person (or even a family) arranges the transfer of his assets in anticipation of his death. And in estate planning, there are several documents to consider. Here are some of them:
Last will and testament - This document takes front and center in all the planning. This is the document that legally provides for the transfers of assets after one's death. It names a person to settle the estate, a trustee who will administer any trust established, and a guardian if there minor children. For those who die without having executed a will, they are considered to be 'intestate.' Under certain laws, if one is intestate, property goes first (or in major part) to a spouse, and then to children and their descendants.
Trust - Persons preparing a will and testament can execute either 'inter vivos' or testamentary trusts (trusts established through a will). The difference between the two is that with the former, assets are transferred into the living during the trust creator's lifetime, as opposed to testamentary trusts, where the transfer becomes operative at the time of death.
Durable powers of attorney - A power of attorney is the document that authorizes a designated agent to carry out financial and business transactions for the person that's establishing the document. This grants such agent to access bank accounts (and even brokerage accounts), deal with insurance companies, and even sell property. This effectively allows the agent to step into the shoes of the person he is assisting.
Healthcare power of attorney - This document is a form of a living will that is designed, among other things, to: provide instructions for the conditions should life-sustaining procedures be utilized, authorize who will make healthcare decisions, and ensure that the person chosen to make these decisions is given access to the executor's medical records during incapacity.
These are the important documents to take into account so a person can have the opportunity to make personal and financial decisions, both in life and after death, without the need for court orders.
You can't have control of what's going to happen to you after death, but you sure can decide what's going to happen to your assets once that event transpires. It's called estate planning. This is the process by which a person (or even a family) arranges the transfer of his assets in anticipation of his death. And in estate planning, there are several documents to consider. Here are some of them:
Last will and testament - This document takes front and center in all the planning. This is the document that legally provides for the transfers of assets after one's death. It names a person to settle the estate, a trustee who will administer any trust established, and a guardian if there minor children. For those who die without having executed a will, they are considered to be 'intestate.' Under certain laws, if one is intestate, property goes first (or in major part) to a spouse, and then to children and their descendants.
Trust - Persons preparing a will and testament can execute either 'inter vivos' or testamentary trusts (trusts established through a will). The difference between the two is that with the former, assets are transferred into the living during the trust creator's lifetime, as opposed to testamentary trusts, where the transfer becomes operative at the time of death.
Durable powers of attorney - A power of attorney is the document that authorizes a designated agent to carry out financial and business transactions for the person that's establishing the document. This grants such agent to access bank accounts (and even brokerage accounts), deal with insurance companies, and even sell property. This effectively allows the agent to step into the shoes of the person he is assisting.
Healthcare power of attorney - This document is a form of a living will that is designed, among other things, to: provide instructions for the conditions should life-sustaining procedures be utilized, authorize who will make healthcare decisions, and ensure that the person chosen to make these decisions is given access to the executor's medical records during incapacity.
These are the important documents to take into account so a person can have the opportunity to make personal and financial decisions, both in life and after death, without the need for court orders.
Article Source: http://EzineArticles.com/8053703
Wednesday, February 26, 2020
Do I Need a Will?
You can't take it with you. Unless you plan on living forever, there will eventually be a need to divide your property amongst the relatives and loved ones you leave behind. By having a will, you determine who gets what. Without one, the law will do it for you by the operation of statutes. Many people believe that they are not wealthy enough to need a Will. But if you own property that is titled (a car or house), after your death, those items cannot be transferred without opening an estate. If you don't have a Will, the cost of processing your estate goes up significantly.
When a person dies and leaves property behind, that property is known as an estate. In order to transfer ownership of the property in the estate from the deceased to surviving heirs, the estate must go through the probate process. A Will not only identifies who will inherit the property but names an executor to administer the estate. Without a Will, not only will statutes determine who gets your property, but the court will have to appoint an administrator to handle the estate. This is a costly process.
The most obvious benefit to having a Will is controlling what property passes to which heir. This is important if there are pieces of personal property that you want to go to a specific loved one for sentimental or other reasons. A Will also allows you to place conditions on the bequest, such as that the heir completes higher education or attain a certain age, before receiving his or her inheritance.
If these benefits of having a Will are not enough to convince you to take action, then consider those who you are leaving behind. A Will invariably makes the probate process smoother and easier for the survivors. In addition to controlling exactly where the property goes, a Will names the person or persons who will "execute" the estate, meaning the person who will gather the property and distribute it to the named heirs. This is often no small undertaking - it can involve selling stock, closing and consolidating bank accounts, liquidating assets, and more. In drafting a will, you should be sure to select an executor who has knowledge of the property in your estate and the competence and willingness to perform the job, all of which makes for a more efficient probate process. Without a Will, the court must appoint an administrator (obviously not of your choosing) to perform these tasks. Unfortunately, this is more costly and can lead to disagreements amongst family members.
When a person dies and leaves property behind, that property is known as an estate. In order to transfer ownership of the property in the estate from the deceased to surviving heirs, the estate must go through the probate process. A Will not only identifies who will inherit the property but names an executor to administer the estate. Without a Will, not only will statutes determine who gets your property, but the court will have to appoint an administrator to handle the estate. This is a costly process.
The most obvious benefit to having a Will is controlling what property passes to which heir. This is important if there are pieces of personal property that you want to go to a specific loved one for sentimental or other reasons. A Will also allows you to place conditions on the bequest, such as that the heir completes higher education or attain a certain age, before receiving his or her inheritance.
If these benefits of having a Will are not enough to convince you to take action, then consider those who you are leaving behind. A Will invariably makes the probate process smoother and easier for the survivors. In addition to controlling exactly where the property goes, a Will names the person or persons who will "execute" the estate, meaning the person who will gather the property and distribute it to the named heirs. This is often no small undertaking - it can involve selling stock, closing and consolidating bank accounts, liquidating assets, and more. In drafting a will, you should be sure to select an executor who has knowledge of the property in your estate and the competence and willingness to perform the job, all of which makes for a more efficient probate process. Without a Will, the court must appoint an administrator (obviously not of your choosing) to perform these tasks. Unfortunately, this is more costly and can lead to disagreements amongst family members.
Article Source: http://EzineArticles.com/9079586
Tuesday, February 25, 2020
Which Is Best, A Will Or A Living Trust?
You don't have to be wealthy to need a will in regards to your personal property. After you're gone, legal wrangling can become time-consuming for family members left behind and often creates indecision and fighting amongst potential beneficiaries as your wishes may not be
clear. A will is usually straightforward and simply put is a legal document that specifies how your property will be dispersed at the time
of your death. It can be revoked or amended at any point in your
lifetime, and can be used to appoint a guardian for any children that
are not yet of legal age.
Another option to be considered is a living trust. A living trust handles property management of all assets and all of these assets are transferred to the trust. Typically, you will act as your own trustee while specifying who will act as trustee upon your death. A living trust has the added benefit of avoiding probate after you die and preventing public disclosure of all your private financial matters. A living trust does have some drawbacks. It must be maintained and any new property acquired must be transferred to the trust or it will not be under the protection of the trust. A living trust is also more expensive to initiate and must be managed. Generally a living trust is recommended if your estate exceeds a specific dollar amount, you have minor children, you're willing to manage the trust, and if you want control of when your beneficiaries receive any assets.
A simple will might be a better option if there is informal probate available where you live. Informal probate is a greatly expedited form of probate and is generally available to those whose estate is under a certain dollar amount. If you are single without children, and you don't own a business, it probably isn't necessary to set up a living trust and a simple will is sufficient. Upon your death, the executor of your estate will submit your will along with a petition to the probate court. The petition requests that the will be accepted as legal and valid and request that the executor named in the will be legally appointed. Any heirs, beneficiaries, or creditors must be notified of the submission of the will and have a specific amount of time to challenge it or submit claims against the estate.
This process does not apply to living trusts, which is why many people opt for a living trust versus a will. Each person's situation is unique and should be evaluated by an attorney who is familiar with estate law. Talk to your family and determine who will handle your affairs after your death. With everyone understanding who will handle which aspects of the estate and what to expect, the loss of a family member is a less stressful one.
Another option to be considered is a living trust. A living trust handles property management of all assets and all of these assets are transferred to the trust. Typically, you will act as your own trustee while specifying who will act as trustee upon your death. A living trust has the added benefit of avoiding probate after you die and preventing public disclosure of all your private financial matters. A living trust does have some drawbacks. It must be maintained and any new property acquired must be transferred to the trust or it will not be under the protection of the trust. A living trust is also more expensive to initiate and must be managed. Generally a living trust is recommended if your estate exceeds a specific dollar amount, you have minor children, you're willing to manage the trust, and if you want control of when your beneficiaries receive any assets.
A simple will might be a better option if there is informal probate available where you live. Informal probate is a greatly expedited form of probate and is generally available to those whose estate is under a certain dollar amount. If you are single without children, and you don't own a business, it probably isn't necessary to set up a living trust and a simple will is sufficient. Upon your death, the executor of your estate will submit your will along with a petition to the probate court. The petition requests that the will be accepted as legal and valid and request that the executor named in the will be legally appointed. Any heirs, beneficiaries, or creditors must be notified of the submission of the will and have a specific amount of time to challenge it or submit claims against the estate.
This process does not apply to living trusts, which is why many people opt for a living trust versus a will. Each person's situation is unique and should be evaluated by an attorney who is familiar with estate law. Talk to your family and determine who will handle your affairs after your death. With everyone understanding who will handle which aspects of the estate and what to expect, the loss of a family member is a less stressful one.
Article Source: http://EzineArticles.com/5226882
Monday, February 24, 2020
Why Forming an LLC is a Good Idea
If you are experienced in running your business, you understand the importance of getting the correct corporate form in place. You should seek to have a structure that will not only aid long term expansion but also protect your assets. The good news - there are a lot of potential forms your business can take.
You should consider, if you have a small business, forming an LLC. Think about setting up an LLC if you have a small business. Fortunately, they are simple to create. There is little paperwork with them. Further, in many states, you won't need to file an annual report.
Also, LLC forms a business structure that can protect your personal assets. Just keep you LLC compliant and your personal property is protected.
With an LLC, you can safeguard your business name. Also, LLCs allow unlimited owners. This will help give your business growth room. Also, owners don't need to have US citizenship.
In addition, an LLC doesn't require meetings. It also needs little paperwork. And you can flow your profit and loss to your personal taxes.
Keep in mind that setting up an LLC has fees and paperwork. Also, you need to make sure you are following all city and state laws. Thus, only consider an LLC if you have a clear business plan.
Overall, an LLC is great for small business. So you should at least consider one if you are serious about your business. Remember, it can save you time and money, both of which you can invest in your business!
Article Source: http://EzineArticles.com/2242616
Sunday, February 23, 2020
Estate Planning : Family Estate Trust or Revocable Living Trust?
Most people who ask for family estate trusts really want a revocable living trust to reduce estate taxes and manage finances.
Saturday, February 22, 2020
Who is Entitled to a Copy of a Will?
When a person dies and leaves a will, who gets a copy of that will? Watch this video and learn more about who is entitled to a copy of a will.
Thursday, February 20, 2020
Understanding of Probate - The Process of Assets Transfer After a Person's Death
When someone dies, his or her assets should go through probate.
The probate process includes collecting the deceased's assets, paying
off liabilities and necessary taxes, and administering property to heirs
as per the will.
Probate of decedent's Will
During this process, authenticity of the deceased's will is to be proved in the court of law. Will of a deceased must be probated soon after his or her death. Nobody has a right to hold it back at any cost.
The decedent's attorney or the person possessing the will of decreased, will need to produce it immediately, or within the specified time. There are penalties for destroying or concealing the will.
Probate Proceedings
The procedure starts only when there is the involvement of an official executor. If you are well versed with the different kinds of laws that are involved, then you can submit your application to be the executor on behalf of the friends or relatives.
Probate of decedent's Will
During this process, authenticity of the deceased's will is to be proved in the court of law. Will of a deceased must be probated soon after his or her death. Nobody has a right to hold it back at any cost.
The decedent's attorney or the person possessing the will of decreased, will need to produce it immediately, or within the specified time. There are penalties for destroying or concealing the will.
Probate Proceedings
The procedure starts only when there is the involvement of an official executor. If you are well versed with the different kinds of laws that are involved, then you can submit your application to be the executor on behalf of the friends or relatives.
- The first thing to do here is to file a formal request. The applications should be submitted in the local court of the same country, where the deceased lived the last days of his or her life. Along with filing the probation documents, you should also produce the original death certificate of the deceased.
- After filing the documents in the court, it the next step is to inform the creditors of the deceased. You can advertise about the probate in the newspapers, or on any other such local media.
- You can let the heirs and beneficiaries of the departed know about the probate process, by mailing the court notice to their respective mailing address or by emailing it to them. You will need to document every notification sent to the successors who are in the line, and submit them to the court before the probate process commences.
- The distribution of property among the beneficiaries will take place only after clearing off the debts taken by the diseased from different sources.
- The entire process will be completed with transferring of the deceased's possessions to the rightful beneficiaries.
Article Source: http://EzineArticles.com/9020779
Wednesday, February 19, 2020
Living Wills and Advance Directives for Medical Decisions
Living wills and other advance directives are written, legal instructions regarding your preferences for medical care if you are unable to make decisions for yourself. Advance directives guide choices for doctors and caregivers if you're terminally ill, seriously injured, in a coma, in the late stages of dementia or near the end of life.
Advance directives aren't just for older adults. Unexpected end-of-life situations can happen at any age, so it's important for all adults to prepare these documents.
By planning ahead, you can get the medical care you want, avoid unnecessary suffering and relieve caregivers of decision-making burdens during moments of crisis or grief. You also help reduce confusion or disagreement about the choices you would want people to make on your behalf.
Power of attorney
A medical or health care power of attorney is a type of advance directive in which you name a person to make decisions for you when you are unable to do so. In some states this directive may also be called a durable power of attorney for health care or a health care proxy.
Depending on where you live, the person you choose to make decisions on your behalf may be called one of the following:
- Health care agent
- Health care proxy
- Health care surrogate
- Health care representative
- Health care attorney-in-fact
- Patient advocate
Choosing a person to act as your health care agent is important. Even if you have other legal documents regarding your care, not all situations can be anticipated and some situations will require someone to make a judgment about your likely care wishes. You should choose a person who meets the following criteria:
- Meets your state's requirements for a health care agent
- Is not your doctor or a part of your medical care team
- Is willing and able to discuss medical care and end-of-life issues with you
- Can be trusted to make decisions that adhere to your wishes and values
- Can be trusted to be your advocate if there are disagreements about your care
The person you name may be a spouse, other family member, friend or member of a faith community. You may also choose one or more alternates in case the person you chose is unable to fulfill the role.
Living will
A living will is a written, legal document that spells out medical treatments you would and would not want to be used to keep you alive, as well as your preferences for other medical decisions, such as pain management or organ donation.
In determining your wishes, think about your values. Consider how important it is to you to be independent and self-sufficient, and identify what circumstances might make you feel like your life is not worth living. Would you want treatment to extend your life in any situation? All situations? Would you want treatment only if a cure is possible?
You should address a number of possible end-of-life care decisions in your living will. Talk to your doctor if you have questions about any of the following medical decisions:
- Cardiopulmonary resuscitation (CPR) restarts the heart when it has stopped beating. Determine if and when you would want to be resuscitated by CPR or by a device that delivers an electric shock to stimulate the heart.
- Mechanical ventilation takes over your breathing if you're unable to breathe on your own. Consider if, when and for how long you would want to be placed on a mechanical ventilator.
- Tube feeding supplies the body with nutrients and fluids intravenously or via a tube in the stomach. Decide if, when and for how long you would want to be fed in this manner.
- Dialysis removes waste from your blood and manages fluid levels if your kidneys no longer function. Determine if, when and for how long you would want to receive this treatment.
- Antibiotics or antiviral medications can be used to treat many infections. If you were near the end of life, would you want infections to be treated aggressively or would you rather let infections run their course?
- Comfort care (palliative care) includes any number of interventions that may be used to keep you comfortable and manage pain while abiding by your other treatment wishes. This may include being allowed to die at home, getting pain medications, being fed ice chips to soothe mouth dryness, and avoiding invasive tests or treatments.
- Organ and tissue donations for transplantation can be specified in your living will. If your organs are removed for donation, you will be kept on life-sustaining treatment temporarily until the procedure is complete. To help your health care agent avoid any confusion, you may want to state in your living will that you understand the need for this temporary intervention.
- Donating your body for scientific study also can be specified. Contact a local medical school, university or donation program for information on how to register for a planned donation for research.
Do not resuscitate and do not intubate orders
You don't need to have an advance directive or living will to have do not resuscitate (DNR) and do not intubate (DNI) orders. To establish DNR or DNI orders, tell your doctor about your preferences. He or she will write the orders and put them in your medical record.
Even if you already have a living will that includes your preferences regarding resuscitation and intubation, it is still a good idea to establish DNR or DNI orders each time you are admitted to a new hospital or health care facility.
Creating advance directives
Advance directives need to be in writing. Each state has different forms and requirements for creating legal documents. Depending on where you live, a form may need to be signed by a witness or notarized. You can ask a lawyer to help you with the process, but it is generally not necessary.
Links to state-specific forms can be found on the websites of various organizations such as the American Bar Association, AARP and the National Hospice and Palliative Care Organization.
Review your advance directives with your doctor and your health care agent to be sure you have filled out forms correctly. When you have completed your documents, you need to do the following:
- Keep the originals in a safe but easily accessible place.
- Give a copy to your doctor.
- Give a copy to your health care agent and any alternate agents.
- Keep a record of who has your advance directives.
- Talk to family members and other important people in your life about your advance directives and your health care wishes. By having these conversations now, you help ensure that your family members clearly understand your wishes. Having a clear understanding of your preferences can help your family members avoid conflict and feelings of guilt.
- Carry a wallet-sized card that indicates you have advance directives, identifies your health care agent and states where a copy of your directives can be found.
- Keep a copy with you when you are traveling.
Reviewing and changing advance directives
You can change your directives at any time. If you want to make changes, you must create a new form, distribute new copies and destroy all old copies. Specific requirements for changing directives may vary by state.
You should discuss changes with your primary care doctor and make sure a new directive replaces an old directive in your medical file. New directives must also be added to medical charts in a hospital or nursing home. Also, talk to your health care agent, family and friends about changes you have made.
Consider reviewing your directives and creating new ones in the following situations:
- New diagnosis. A diagnosis of a disease that is terminal or that significantly alters your life may lead you to make changes in your living will. Discuss with your doctor the kind of treatment and care decisions that might be made during the expected course of the disease.
- Change of marital status. When you marry, divorce, become separated or are widowed, you may need to select a new health care agent.
- About every 10 years. Over time your thoughts about end-of-life care may change. Review your directives from time to time to be sure they reflect your current values and wishes.
Physician orders for life-sustaining treatment (POLST)
In some states, advance health care planning includes a document called physician orders for life-sustaining treatment (POLST). The document may also be called provider orders for life-sustaining treatment (POLST) or medical orders for life-sustaining treatment (MOLST).
A POLST is intended for people who have already been diagnosed with a serious illness. This form does not replace your other directives. Instead, it serves as doctor-ordered instructions — not unlike a prescription — to ensure that, in case of an emergency, you receive the treatment you prefer. Your doctor will fill out the form based on the contents of your advance directives, the discussions you have with your doctor about the likely course of your illness and your treatment preferences.
A POLST stays with you. If you are in a hospital or nursing home, the document is posted near your bed. If you are living at home or in a hospice care facility, the document is prominently displayed where emergency personnel or other medical team members can easily find it.
Forms vary by state, but essentially a POLST enables your doctor to include details about what treatments not to use, under what conditions certain treatments can be used, how long treatments may be used and when treatments should be withdrawn. Issues covered in a POLST may include:
- Resuscitation
- Mechanical ventilation
- Tube feeding
- Use of antibiotics
- Requests not to transfer to an emergency room
- Requests not to be admitted to the hospital
- Pain management
A POLST also indicates what advance directives you have created and who serves as your health care agent. Like advance directives, POLSTs can be canceled or updated.
Article Source: https://www.mayoclinic.org/healthy-lifestyle/consumer-health/in-depth/living-wills/art-20046303
Monday, February 17, 2020
Three Lessons on Durable Powers of Attorney
Durable Powers of attorney are an essential ingredient in a complete estate plan, which allows 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
Article Source: http://EzineArticles.com/2308430
Sunday, February 16, 2020
Probate and Administrative Process, Know Your Rights
Probate is the system in which the court's system's method of processing the estates of a dead person. It is a legal document that enables the administration of the estate of the deceased. It allows for the resolving of claims and distribution of the deceased's will. Any grievances surrounding a deceased person's estate are filed in the probate court also known as the surrogate court. Once probated, the will becomes a legal instrument that can be enforced by the executor.
Administration process
Administration process of an estate on the other hand is the process by which the deceased person's assets are collected, maintained and distributed. An estate administrator sees to the proper administration of the will.
The Probate process
The probate process begins after the death of a person. An interested person files an application to administer the estate; a fiduciary is then appointed who is to administer the estate and at times may be required to pay a bond to safeguard and to insure the estate. Creditors are notified and legal notices published. There may be filed a petition to appoint a personal representative may need to be filed and letters of administration obtained. All these processes must be done in accordance with the limitation clause.
Property that avoids probate
Property that passes to another person contractually upon the death of a person does not enter probate for example a jointly owned property with rights of survivorship. Property held in a revocable or irrevocable trust that was created when the grantor's was still alive does not also enter probate. In most of these cases the property is distributed privately and without many issues thus no court action is required.
What happens in the probate and administrative process?
After a probate case has been filed in court, an inventory is entered and the deceased's property collected. The debts and taxes are paid first then the remaining property distributed to the beneficiaries. The probate and administrative process may be challenged at any time as a whole or part of it. The issues that arise during such hearings include will contests and paternity issues and these have to be solved before the matter is decided.
The need for the appointment of an administrator arises where the deceased left no will, some assets are not disposed of by the will, in cases where there is a will however, the case goes to probate directly. The estate administrators act like will executors but where the will does not state how to distribute of property, they follow the laid down laws.
Administration process
Administration process of an estate on the other hand is the process by which the deceased person's assets are collected, maintained and distributed. An estate administrator sees to the proper administration of the will.
The Probate process
The probate process begins after the death of a person. An interested person files an application to administer the estate; a fiduciary is then appointed who is to administer the estate and at times may be required to pay a bond to safeguard and to insure the estate. Creditors are notified and legal notices published. There may be filed a petition to appoint a personal representative may need to be filed and letters of administration obtained. All these processes must be done in accordance with the limitation clause.
Property that avoids probate
Property that passes to another person contractually upon the death of a person does not enter probate for example a jointly owned property with rights of survivorship. Property held in a revocable or irrevocable trust that was created when the grantor's was still alive does not also enter probate. In most of these cases the property is distributed privately and without many issues thus no court action is required.
What happens in the probate and administrative process?
After a probate case has been filed in court, an inventory is entered and the deceased's property collected. The debts and taxes are paid first then the remaining property distributed to the beneficiaries. The probate and administrative process may be challenged at any time as a whole or part of it. The issues that arise during such hearings include will contests and paternity issues and these have to be solved before the matter is decided.
The need for the appointment of an administrator arises where the deceased left no will, some assets are not disposed of by the will, in cases where there is a will however, the case goes to probate directly. The estate administrators act like will executors but where the will does not state how to distribute of property, they follow the laid down laws.
Article Source: http://EzineArticles.com/8407779
Saturday, February 15, 2020
Friday, February 14, 2020
DUI Expungement Process - Steps to Clear Your DUI Record
If you are convicted of DUI, you may want to expunge your DUI record in order to get a job, loan, house, etc. Expungement refers to the process of removing or erasing your DUI records. You are required to petition the court in order to get your records expunged. This article discusses steps to clear your DUI record by covering the whole process from petitioning to obtaining expungement. Each state's expungement laws vary; therefore, this article gives you a basic idea on the process.
DUI expungement process:
1. Where to file a petition for expungement?
You need to file a petition for expungement in the superior court in the county where your DUI arrest occurred.
2. What are the grounds for denial of expungement?
You can be denied for expungement:
- if you haven't completed probation.
- if you didn't show a good reason to expunge your DUI record.
- if you are convicted of severe felony.
- if a great deal of time has passed since your arrest or conviction.
3. What are the grounds for acceptance of expungement?
You are allowed to expunge:
- if this is the only conviction on your record.
- if you didn't spend any time in state prison.
- if you have rehabilitated yourself.
4. How to file for an expungement?
- Do you need a lawyer?
You don't necessarily need a lawyer for expunging your records. It's just that this process involves a lot of paperwork and if you have a lawyer by your side, he can give you advice regarding that. If you don't wish to hire a lawyer, you should learn all the procedures that are required to get this process done.
- How long does it take?
The entire expungement process could take anywhere from 4 to 6 months.
- What is the filing fee?
The filing fee may vary from $50 to $400 depending on your case and your state.
- What forms do you need to fill and where to get them?
You need to go to your county courthouse and ask the clerk for the expungement forms. As mentioned above the forms may cost around $50 to $400. The clerk may give you the following forms: 1. Expungement petition, 2. Affidavit or proof of service form.
5. What happens after you file the petition for expungement?
After you file the petition for expungement, a copy will be sent to all agencies that have your records like arresting agency, the county attorney, the city police department etc. They may accept or refuse your request. If they accept, the court will grant your petition without hearing. If they refuse, a hearing will be held and you are required to attend. (This law can vary from state to state). You will be notified of hearing date through the mail. In some states, though, the court sets the hearing date, while in others you have to pick the date. You must ask your clerk beforehand regarding how your state's county court hearing date is set.
6. The Court hearing and decision:
Your petition for expungement may or may not be granted. If you won the expungement hearing, you must check after 60 days to see for yourself whether your records show up during a criminal record check. The 60 days period is when the court orders all the agencies to seal your record. However, if you lose your hearing, you may need to ask for an expungement once again.
DUI expungement process:
1. Where to file a petition for expungement?
You need to file a petition for expungement in the superior court in the county where your DUI arrest occurred.
2. What are the grounds for denial of expungement?
You can be denied for expungement:
- if you haven't completed probation.
- if you didn't show a good reason to expunge your DUI record.
- if you are convicted of severe felony.
- if a great deal of time has passed since your arrest or conviction.
3. What are the grounds for acceptance of expungement?
You are allowed to expunge:
- if this is the only conviction on your record.
- if you didn't spend any time in state prison.
- if you have rehabilitated yourself.
4. How to file for an expungement?
- Do you need a lawyer?
You don't necessarily need a lawyer for expunging your records. It's just that this process involves a lot of paperwork and if you have a lawyer by your side, he can give you advice regarding that. If you don't wish to hire a lawyer, you should learn all the procedures that are required to get this process done.
- How long does it take?
The entire expungement process could take anywhere from 4 to 6 months.
- What is the filing fee?
The filing fee may vary from $50 to $400 depending on your case and your state.
- What forms do you need to fill and where to get them?
You need to go to your county courthouse and ask the clerk for the expungement forms. As mentioned above the forms may cost around $50 to $400. The clerk may give you the following forms: 1. Expungement petition, 2. Affidavit or proof of service form.
5. What happens after you file the petition for expungement?
After you file the petition for expungement, a copy will be sent to all agencies that have your records like arresting agency, the county attorney, the city police department etc. They may accept or refuse your request. If they accept, the court will grant your petition without hearing. If they refuse, a hearing will be held and you are required to attend. (This law can vary from state to state). You will be notified of hearing date through the mail. In some states, though, the court sets the hearing date, while in others you have to pick the date. You must ask your clerk beforehand regarding how your state's county court hearing date is set.
6. The Court hearing and decision:
Your petition for expungement may or may not be granted. If you won the expungement hearing, you must check after 60 days to see for yourself whether your records show up during a criminal record check. The 60 days period is when the court orders all the agencies to seal your record. However, if you lose your hearing, you may need to ask for an expungement once again.
Article Source: http://EzineArticles.com/4792521
Wednesday, February 12, 2020
Considerations in Filing for an LLC
Setting up an LLC and other states has become a popular option
for many small business owners because of the many benefits it offers. A
limited liability company puts together the advantages of a sole
proprietorship, a partnership, and a corporation all in one business
entity. This means compete control, tax benefits, and limited liability.
The interest in LLCs continues to grow as more and more business owners
are able to realize its advantages over other business types.
Before starting an LLC, there are some considerations that should be kept in mind. Taking note of these considerations will ensure that the processing of its registration with the appropriate government agencies will go faster and smoother. When the paperwork is completed properly, there will be no questions as to the LLC's legality.
First, the members filing for LLC should decide on the name of the business. This should meet the standards in LLC names set by the state government. To know the availability and aptness of the name, the business name database can be utilized for verification. Also, the name for an LLC can be reserved for four months by filing an application as well.
The next step is submitting the LLC's Articles of Organization. These articles should include all the necessary information about the LLC such as the name and address of LLC, its registered agent, and its duration. Also, how the LLC will be managed and who will manage the LLC should be stated in the Articles of Organization. Under the law, these are all filed with the office of the Secretary of State through mail.
The Operating Agreement should be processed after the filing of the Articles of Organization. Though this is not required by the state's government, it is still highly advisable. This is essential to define each member's responsibilities and liabilities. With Operating Agreement, the members can be protected from being personally liable if ever the business becomes bankrupt. Aside from the statement of responsibilities and liabilities, other information can be included as well. This includes the business nature, concept, and mission statement.
Lastly, business permits and licenses should be acquired. These vary depending on state laws. The business licenses that need to be obtained depend on the nature of the business and its location. Aside from that, the LLC businesses are all required to submit annual reports. This is also submitted to the Secretary of State on the designated date and can be done through mail or online filing. Knowing about all these requirements will help business owners keep track of their filing schedules to ensure that they are always compliant with all the government's documentation and reportorial requirements.
Before starting an LLC, there are some considerations that should be kept in mind. Taking note of these considerations will ensure that the processing of its registration with the appropriate government agencies will go faster and smoother. When the paperwork is completed properly, there will be no questions as to the LLC's legality.
First, the members filing for LLC should decide on the name of the business. This should meet the standards in LLC names set by the state government. To know the availability and aptness of the name, the business name database can be utilized for verification. Also, the name for an LLC can be reserved for four months by filing an application as well.
The next step is submitting the LLC's Articles of Organization. These articles should include all the necessary information about the LLC such as the name and address of LLC, its registered agent, and its duration. Also, how the LLC will be managed and who will manage the LLC should be stated in the Articles of Organization. Under the law, these are all filed with the office of the Secretary of State through mail.
The Operating Agreement should be processed after the filing of the Articles of Organization. Though this is not required by the state's government, it is still highly advisable. This is essential to define each member's responsibilities and liabilities. With Operating Agreement, the members can be protected from being personally liable if ever the business becomes bankrupt. Aside from the statement of responsibilities and liabilities, other information can be included as well. This includes the business nature, concept, and mission statement.
Lastly, business permits and licenses should be acquired. These vary depending on state laws. The business licenses that need to be obtained depend on the nature of the business and its location. Aside from that, the LLC businesses are all required to submit annual reports. This is also submitted to the Secretary of State on the designated date and can be done through mail or online filing. Knowing about all these requirements will help business owners keep track of their filing schedules to ensure that they are always compliant with all the government's documentation and reportorial requirements.
Article Source: http://EzineArticles.com/7874990
Tuesday, February 11, 2020
Estate Planning 101 - Wills, Living Wills, Power of Attorney, Trusts
Estate planning sounds so overwhelming: Wills, Living Wills, Power of Attorney, Trusts, Guardianships, etc., etc., etc.
What does it all mean and what do you really, really need to ensure that your family will be cared for when you pass away?
While the following definitions are by no means intended to be all-encompassing, or cover all of the variations of each document, they are helpful for the estate planning novice in determining what documents are right and necessary for them.
What is a will?
A will is a written legal declaration by which a person makes known how their property will be disposed of upon their death. Property includes not only real property (land, house, condominium, business storefront, etc.), but also personal property such as jewelry, art, sports memorabilia, even pets.
What is a living will?
A living will is a legal document, by which a person makes known his or her wishes regarding life-sustaining or life-prolonging medical procedures, such as resuscitation. A living will can also be called an advance directive, health care directive, advance medical directive, or physician's directive.
What is power of attorney?
Power of attorney is a legal document by which Person A gives Person B the power to make decisions about their legal and/or financial affairs upon Person A's incapacitation. Powers of Attorney expire upon your death.
What is a trust?
Trusts come in all forms and can be straightforward or extremely complex. Simple stated, trusts are a financial arrangement that allows a third party (the trustee) to hold assets on behalf of a beneficiary. How and when the assets pass to the beneficiary can be controlled by establishing a trust.
The sooner you get started, the sooner you'll have the peace of mind in knowing that your family will be cared for when the inevitable happens.
Even if you have completed estate planning, it's never really 'done.' Life is going to come along and make you re-do it.
Following are a few examples of life circumstances that necessitate your updating your estate planning documents:
Article Source: http://EzineArticles.com/?expert=Nancy_L_Holm What does it all mean and what do you really, really need to ensure that your family will be cared for when you pass away?
While the following definitions are by no means intended to be all-encompassing, or cover all of the variations of each document, they are helpful for the estate planning novice in determining what documents are right and necessary for them.
What is a will?
A will is a written legal declaration by which a person makes known how their property will be disposed of upon their death. Property includes not only real property (land, house, condominium, business storefront, etc.), but also personal property such as jewelry, art, sports memorabilia, even pets.
What is a living will?
A living will is a legal document, by which a person makes known his or her wishes regarding life-sustaining or life-prolonging medical procedures, such as resuscitation. A living will can also be called an advance directive, health care directive, advance medical directive, or physician's directive.
What is power of attorney?
Power of attorney is a legal document by which Person A gives Person B the power to make decisions about their legal and/or financial affairs upon Person A's incapacitation. Powers of Attorney expire upon your death.
What is a trust?
Trusts come in all forms and can be straightforward or extremely complex. Simple stated, trusts are a financial arrangement that allows a third party (the trustee) to hold assets on behalf of a beneficiary. How and when the assets pass to the beneficiary can be controlled by establishing a trust.
The sooner you get started, the sooner you'll have the peace of mind in knowing that your family will be cared for when the inevitable happens.
Even if you have completed estate planning, it's never really 'done.' Life is going to come along and make you re-do it.
Following are a few examples of life circumstances that necessitate your updating your estate planning documents:
- IF you had a baby
- IF you got married
- IF you got divorced
- IF you adopted a child
- IF you have a new grandbaby
- IF a relationship within your family has changed
- IF tax laws have changed
- IF your estate value has dramatically increased (or decreased)
- IF you moved to a new state
- IF you retired
- IF you changed your investments
Article Source: http://EzineArticles.com/8400522
Monday, February 10, 2020
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/
Sunday, February 9, 2020
Roadblocks to Surpass When Starting an LLC Business
Some folks have a lot more excuses than reasons to start an LLC business. Some optimists would prefer to label them as roadblocks that serve well as challenges. Taking this perspective will help business owners persevere despite the challenges that come their way. Here are some of the roadblocks that anyone starting an LLC business in are likely to face:
- Bad economy
Even when the economy is good, you might still have reasons not to take the entrepreneurial jump. It is a fact, however, that opportunities abound even on a bad economy. The challenge is how to spot these opportunities so that your LLC business can flourish.
- Financing
Money is not always enough to start an LLC business, or elsewhere for that matter. Fortunately for those who wish to put up their own LLC, there are banks that offer financing instruments that could provide the necessary operating capital.
- Location
There will be no shortage of business-worthy locations as long as you are offering the right products and services in the right place where your customers are likely to be at. School fairs and carnivals would be ideal for a food kiosk or a novelty shop. Just be where your potential customers could possibly hanging out.
- Marketing plan
Of course, a big factor to consider in setting up your LLC business is your marketing plan. How are you going to promote your products and services to your customers? What messages would be compelling enough for them to buy your products or avail of your services? These are just a couple of questions you should ask yourself. The answers to these questions should be factored in when you draft your marketing plan.
- Suppliers
Most small businesses do not exist on their own. In most cases, you will have to rely on suppliers whether for your raw materials or for the products that you are going to distribute. Your partners in your LLC business are your suppliers. Make sure that you find those that can match your customer demand. If necessary, you should be able to find several suppliers to ensure that you will not run out of the products and services that you intend to sell to your customers.
- Number of employees to hire
Hire only based on what you can afford. Some new start ups would hire more employees than what they could afford on their budget. They hire people so they don't have to do all of the work themselves. If there are some tasks that you can do yourself, do it yourself for the meantime and keep whatever money you could instead of paying an additional employee who might not exactly be critical for the operations of your LLC business.
- Bad economy
Even when the economy is good, you might still have reasons not to take the entrepreneurial jump. It is a fact, however, that opportunities abound even on a bad economy. The challenge is how to spot these opportunities so that your LLC business can flourish.
- Financing
Money is not always enough to start an LLC business, or elsewhere for that matter. Fortunately for those who wish to put up their own LLC, there are banks that offer financing instruments that could provide the necessary operating capital.
- Location
There will be no shortage of business-worthy locations as long as you are offering the right products and services in the right place where your customers are likely to be at. School fairs and carnivals would be ideal for a food kiosk or a novelty shop. Just be where your potential customers could possibly hanging out.
- Marketing plan
Of course, a big factor to consider in setting up your LLC business is your marketing plan. How are you going to promote your products and services to your customers? What messages would be compelling enough for them to buy your products or avail of your services? These are just a couple of questions you should ask yourself. The answers to these questions should be factored in when you draft your marketing plan.
- Suppliers
Most small businesses do not exist on their own. In most cases, you will have to rely on suppliers whether for your raw materials or for the products that you are going to distribute. Your partners in your LLC business are your suppliers. Make sure that you find those that can match your customer demand. If necessary, you should be able to find several suppliers to ensure that you will not run out of the products and services that you intend to sell to your customers.
- Number of employees to hire
Hire only based on what you can afford. Some new start ups would hire more employees than what they could afford on their budget. They hire people so they don't have to do all of the work themselves. If there are some tasks that you can do yourself, do it yourself for the meantime and keep whatever money you could instead of paying an additional employee who might not exactly be critical for the operations of your LLC business.
Article Source: http://EzineArticles.com/7875140
Saturday, February 8, 2020
What You Should Know About Annulment
An annulment is a declaration by the circuit court that there is a defect in the marriage such that the marriage is void. Contrary to popular belief, you cannot have your marriage annulled because you did not consummate the union or because you changed your mind shortly after the ceremony. To qualify for an annulment there must be a defect which goes to the heart of the marriage. If the marriage is valid, the only recourse is to file for divorce. A divorce dissolves a valid marriage, whereas an annulment recognizes and declares a marriage to be so defective as to be non-existent.
A marriage may be void or voidable. The grounds for the annulment determine whether the marriage is void or voidable.
Void Marriages~The following marriages are void from the start and consequently not recognized at law: 1) marriage to someone who is already married and 2) marriage to a close relative. Under these circumstances, the marriage is void from the start. Either party may petition the court for an annulment. There is no limitation as to when the suit may be filed. It is important to note that if one party was married to someone else at the time of the marriage, the subsequent death of the other spouse or the subsequent divorce from that spouse will not validate the marriage. The only way to validate the marriage in such a case is to remarry after the problem has been resolved.
Voidable Marriages~A voidable marriage is legally valid unless one of the spouses files for an annulment. Marriages are voidable, if one of the spouses: 1) was physically or mentally incompetent at the time of the marriage, 2) consented to the marriage under fraud or duress, 3) was a felon or prostitute without the other's knowledge, 4) was impotent, 5) was pregnant by another man without the other spouse's knowledge, or 6) fathered a child by another woman within 10 months of the marriage without the other spouse's knowledge. Please note that it is the "wronged" spouse who has the grounds for annulment and not the spouse who perpetrated the fraud.
Unlike void marriage, courts will not grant an annulment of a voidable marriage if the spouses continue to cohabit or live together as husband and wife after discovery and knowledge of the circumstances constituting grounds for the annulment. If there is cohabitation with knowledge of the circumstances or if you have lived with your spouse for two years or more before filing a petition for annulment, you will be required to file for a divorce instead of an annulment. We had the unpleasant task of telling a man who had been married five years that although he had grounds to annul his voidable marriage, he waited too long to file for an annulment. He had to file for divorce.
The Procedure~The procedure for an annulment is the same as for a divorce. The only procedural difference is the grounds for the lawsuit. However, the relief available in an annulment is different than in a divorce.
The Relief~While the court may make a temporary order for spousal support and attorney's fees, during the pendency of the annulment suit, the court has no authority to grant post-annulment "spousal support" or equitable division of property and debts. If there are children, the court may rule on custody and child support, even if the marriage is void.
Article Source: http://EzineArticles.com/expert/Virginia_Perry/452094
Article Source: http://EzineArticles.com/7233482
Friday, February 7, 2020
4 Reasons to Form an LLC or Incorporate Your Business
Are you operating your business under a fictitious name, your own name or as a sole proprietorship or general partnership? Are you at risk because your assets are not protected from legal issues? If you are operating your business without the protection an LLC or corporate offers, it's time to make it official.
Here are four very good reasons to incorporate or form an LLC as soon as possible.
1. You are sending a bad message to your customers
When you operate as a sole proprietorship or a general partnership, you are sending the message that you are still inexperienced, testing the waters or unsure if you are serious about your business. Maybe you have been told that incorporating or forming an LLC is just another expense and it won't save you anything on taxes. This is not the only thing you should consider, however, as you also want to consider how you are marketing your business and what you are telling your customers.
2. You can protect your assets
If you hold all of your assets in your name and you have not formed a corporation or LLC, you are doing something very risky. What happens if a customer sues you after they get hurt by a product? What if a vendor comes after you for non-payment? All it takes is one lawsuit -- which you will probably not see coming -- to ruin your personal credit and put your belongings and home at risk. Even if you do your best to play by the rules and treat everyone fairly, you cannot be fully covered while operating as a sole proprietorship or partnership.
When your corporation or LLC borrows money, signs a lease, or buys anything on credit, you will not be personally liable.
3. There are important tax benefits
Operating as a sole proprietorship can cost you significantly in self employment taxes, which tax your income at the highest possible tax rate for your situation. The decision to form an LLC or incorporate can turn otherwise non-deductible personal expenses into legitimate business expenses that may be deducted. In many cases, the corporate tax rate is much lower than the individual tax rate. A corporation or limited liability company can often qualify for additional tax deductions and benefits unavailable to individuals. This is because incorporating creates a separate legal entity.
4. It will be easier to raise capital
When you want to raise money for your business, having a corporation will make it easier to find the money you need. You can take on investors by selling shares, or you can borrow from banks and lending institutions. If a third party investors wants to invest in your business, there must be an entity set up to accept the money. Most venture capitalists prefer to work with corporations.
You have put it off long enough. If you want your business to be taken seriously and gain protection for yourself and your family, it's time to consult with a corporation service company or an attorney to go over your options.
Here are four very good reasons to incorporate or form an LLC as soon as possible.
1. You are sending a bad message to your customers
When you operate as a sole proprietorship or a general partnership, you are sending the message that you are still inexperienced, testing the waters or unsure if you are serious about your business. Maybe you have been told that incorporating or forming an LLC is just another expense and it won't save you anything on taxes. This is not the only thing you should consider, however, as you also want to consider how you are marketing your business and what you are telling your customers.
2. You can protect your assets
If you hold all of your assets in your name and you have not formed a corporation or LLC, you are doing something very risky. What happens if a customer sues you after they get hurt by a product? What if a vendor comes after you for non-payment? All it takes is one lawsuit -- which you will probably not see coming -- to ruin your personal credit and put your belongings and home at risk. Even if you do your best to play by the rules and treat everyone fairly, you cannot be fully covered while operating as a sole proprietorship or partnership.
When your corporation or LLC borrows money, signs a lease, or buys anything on credit, you will not be personally liable.
3. There are important tax benefits
Operating as a sole proprietorship can cost you significantly in self employment taxes, which tax your income at the highest possible tax rate for your situation. The decision to form an LLC or incorporate can turn otherwise non-deductible personal expenses into legitimate business expenses that may be deducted. In many cases, the corporate tax rate is much lower than the individual tax rate. A corporation or limited liability company can often qualify for additional tax deductions and benefits unavailable to individuals. This is because incorporating creates a separate legal entity.
4. It will be easier to raise capital
When you want to raise money for your business, having a corporation will make it easier to find the money you need. You can take on investors by selling shares, or you can borrow from banks and lending institutions. If a third party investors wants to invest in your business, there must be an entity set up to accept the money. Most venture capitalists prefer to work with corporations.
You have put it off long enough. If you want your business to be taken seriously and gain protection for yourself and your family, it's time to consult with a corporation service company or an attorney to go over your options.
Article Source: http://EzineArticles.com/8314712
Thursday, February 6, 2020
Tuesday, February 4, 2020
What is a Living Trust?
A living trust, created while you're alive, lets you control the distribution of your estate. You transfer ownership of your property and your assets into the trust. You can serve as the trustee or you can select a person or an institution to be the trustee.
Monday, February 3, 2020
Uncontested Divorce - Do You Know How It Works?
An uncontested divorce is a divorce in which both parties can agree to the terms of the divorce. With an uncontested divorce, both parties negotiate the terms of the divorce without court proceedings. One lawyer represents one of the parties and prepares the divorce documents. Generally speaking, the lawyer will meet with the party they are representing and start the divorce proceedings. The parties negotiate the terms until both parties are satisfied. There are advantages and disadvantages to an uncontested divorce.
An uncontested divorce is considerably cheaper than going to court. If you can negotiate the terms of the divorce agreement before contacting a lawyer to begin the divorce proceedings, the cost is minimal. It saves time for everyone involved. When facing a divorce, saving money is a huge benefit. This is money that can be used for making necessary changes and for living expenses.
An uncontested divorce can also help maintain a level of civility between the parties. If the parties to the divorce have an amiable relationship, it is best to try to protect that mutual respect, especially if there are children involved. Another advantage is the privacy that an uncontested divorce offers in contrast to court proceedings. The divorce will be a matter of public record, but the visibility of the negotiations and the actions taken is potentially private and limited by what the parties disclose in the documents.
Just because the parties do not immediately agree to terms of the divorce doesn't mean that they should put the decisions in the hands of a judge. It may just mean that more negotiations are needed. However, there are times when an uncontested divorce is not necessarily the best route. There are some disadvantages to uncontested divorces.
If one party is exerting power and control over the negotiations or if there is a history of domestic violence, then an uncontested divorce is usually a bad idea. The victimized party is not in a position to look out for their own best interest. An uncontested divorce does not ensure that the agreement will be fair and just. Therefore, if one party is unable to do this for themselves, an uncontested divorce is not for them.
An uncontested divorce will not work if the parties cannot tolerate each other enough to negotiate the terms of the divorce. If they can't have reasonably civil discussions and come to an agreement, then attempting an uncontested divorce is a waste of time. Sometimes, this hostility will lessen with time and an uncontested divorce will become a viable option.
An uncontested divorce can also help maintain a level of civility between the parties. If the parties to the divorce have an amiable relationship, it is best to try to protect that mutual respect, especially if there are children involved. Another advantage is the privacy that an uncontested divorce offers in contrast to court proceedings. The divorce will be a matter of public record, but the visibility of the negotiations and the actions taken is potentially private and limited by what the parties disclose in the documents.
Just because the parties do not immediately agree to terms of the divorce doesn't mean that they should put the decisions in the hands of a judge. It may just mean that more negotiations are needed. However, there are times when an uncontested divorce is not necessarily the best route. There are some disadvantages to uncontested divorces.
If one party is exerting power and control over the negotiations or if there is a history of domestic violence, then an uncontested divorce is usually a bad idea. The victimized party is not in a position to look out for their own best interest. An uncontested divorce does not ensure that the agreement will be fair and just. Therefore, if one party is unable to do this for themselves, an uncontested divorce is not for them.
An uncontested divorce will not work if the parties cannot tolerate each other enough to negotiate the terms of the divorce. If they can't have reasonably civil discussions and come to an agreement, then attempting an uncontested divorce is a waste of time. Sometimes, this hostility will lessen with time and an uncontested divorce will become a viable option.
Article Source: http://EzineArticles.com/430867
Sunday, February 2, 2020
Estate Planning Eases Confusion, Financial Worries
What you need to know about estate planning, including why having a will and assigning a power of attorney is crucial.
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