Where Should I Keep My Estate Planning Documents?
Saturday, January 11, 2014
Friday, January 10, 2014
How to Choose an LLC Registered Agent
It is a must for your LLC to appoint a registered agent. That is because this person is responsible for sending and receiving documents on behalf of your company. And like any person you want to work with during the course of your business, you must choose your agent carefully.
Consider Your Capabilities and Resources
You can be your own LLC registered agent, but it's not advisable unless processing LLC papers is your specialty. Also, avoid choosing agents on the sole basis of fees; as the old saying goes, you get what you pay for. Don't forget to consult with the other LLC members during your search.
Gather Recommendations
Don't know where to start looking? Use your business network and ask for feedback from others who have experience hiring a LLC registered agent. Narrow down your recommendations to those who look like they suit your purposes. You should have three to five prospects on your "to interview" list by the time you're done with this step.
Visit your Agent's Physical Office
LLC registered agents who are worth their salt should have a website where you can learn everything there is to know about them. If you have spare time, though, it wouldn't hurt to pay your prospect a visit. That way, you'll get an idea how your agent operates based on the general "feel" of their office. For example, an agent with a messy, disorganized table is likely to treat business transactions the same way as well.
Ask Questions
Quiz your prospective agent on the process of organizing LLCs. A good one must be able to provide satisfactory answers regarding the theoretical and practical aspects of LLCs. Keep in mind that you'll never know when you'll need your agent's services, so inquire about operating hours and contact information as well.
Make Your Decision
All registered agents have their respective pros and cons. It's up to you to decide what strengths you need from your agent, and what weaknesses you can put up with. You can change your agent if you wish, but you'll have to contend with additional paperwork and fees.
Search for an agent the way employers screen employees: Let the right people know that you're searching, analyze your prospects carefully, and narrow your choices down to those who can gel with your LLC's culture. The steps outlined above are applicable not only for LLC registered agents, but also for other professionals you'll need aboard your boat too.
Consider Your Capabilities and Resources
You can be your own LLC registered agent, but it's not advisable unless processing LLC papers is your specialty. Also, avoid choosing agents on the sole basis of fees; as the old saying goes, you get what you pay for. Don't forget to consult with the other LLC members during your search.
Gather Recommendations
Don't know where to start looking? Use your business network and ask for feedback from others who have experience hiring a LLC registered agent. Narrow down your recommendations to those who look like they suit your purposes. You should have three to five prospects on your "to interview" list by the time you're done with this step.
Visit your Agent's Physical Office
LLC registered agents who are worth their salt should have a website where you can learn everything there is to know about them. If you have spare time, though, it wouldn't hurt to pay your prospect a visit. That way, you'll get an idea how your agent operates based on the general "feel" of their office. For example, an agent with a messy, disorganized table is likely to treat business transactions the same way as well.
Ask Questions
Quiz your prospective agent on the process of organizing LLCs. A good one must be able to provide satisfactory answers regarding the theoretical and practical aspects of LLCs. Keep in mind that you'll never know when you'll need your agent's services, so inquire about operating hours and contact information as well.
Make Your Decision
All registered agents have their respective pros and cons. It's up to you to decide what strengths you need from your agent, and what weaknesses you can put up with. You can change your agent if you wish, but you'll have to contend with additional paperwork and fees.
Search for an agent the way employers screen employees: Let the right people know that you're searching, analyze your prospects carefully, and narrow your choices down to those who can gel with your LLC's culture. The steps outlined above are applicable not only for LLC registered agents, but also for other professionals you'll need aboard your boat too.
If you are looking for information on Tennessee LLC registered agent, click on the link. Or you can visithttp://www.ezonlinefiling.com/.
Wednesday, January 8, 2014
What Is Health Care Power of Attorney?
A health care power of attorney or a health care proxy is a document that designates a person or persons you name and authorizes that person to make health care decisions for you -- but only in circumstances when you can't make the decisions for yourself.
Tuesday, January 7, 2014
What Is a Living Will?
A living will is the name given to a document in which you can set out the nature and extent of the treatment you would like to receive if circumstances ever arise in which you can't communicate, perhaps because of a stoke, or coma. In your living will you can express a desire for extensive and heroic treatment to keep you alive, no matter what, regardless of the circumstances.
Monday, January 6, 2014
Estate and Retirement Planning - How Can My Estate Avoid Probate?
If you are a retiree, you likely have heard many claims made
about probate problems. The word itself may even fill you with dread. If
you are planning your estate, there are some things you should consider
concerning probate. In this, as in all things, it is important to take a
balanced approach. Let's review some of the issues pertaining to
probate. Then you can decide if you need to approach your estate
planning differently.
What is the purpose of probate?
You have heard this word many times, but may never have considered what it means. In legal terms, probate is the period of time during which a will is proven authentic or valid. The purpose of probate is to distribute an estate according to the decedent's wishes described in his or her will. Typically, the first step of probate is to use the person's probate assets and property to pay all debts. After that, any remaining assets and property are distributed to persons named in the will. There may be costs associated with the probate process.
Probate ensures that your wishes for the distribution of your estate are carried out upon your death. Probate is a public process. If your estate is of any size, your heirs could suddenly have new friends trying to advise them on how to manage their newly inherited assets.
People often assume all assets are subject to probate, which raises the following question.
Are all assets subject to probate?
No. Some assets are excluded from probate. An example would be assets that are held in joint ownership with rights of survivorship, such as your personal home. Other assets not subject to probate are those governed by a beneficiary designation. This would include assets such as your 401(k), IRAs, life insurance policies, and annuities. Additionally, assets held in a trust are not subject to probate. If the majority of your estate assets are held in accounts of this type, you may not have that much to be concerned about.
What about my brokerage and bank accounts?
These types of accounts can be set up to transfer on death (TOD) to a beneficiary. This designation allows you to pass securities and banking accounts directly to another person (your TOD beneficiary) upon your death without having to go through probate. By setting your accounts up this way, the executor or administrator of your estate will not have to take any action to ensure that your accounts transfer to the person you have designated. The TOD beneficiaries will have to take steps to retitle the accounts in their name, but this is not a very cumbersome process.
As you can see, probate may not be as bad as you have heard. There are many things to consider during the estate planning process.
You should talk to an estate planning attorney who can advise you about your situation.
What is the purpose of probate?
You have heard this word many times, but may never have considered what it means. In legal terms, probate is the period of time during which a will is proven authentic or valid. The purpose of probate is to distribute an estate according to the decedent's wishes described in his or her will. Typically, the first step of probate is to use the person's probate assets and property to pay all debts. After that, any remaining assets and property are distributed to persons named in the will. There may be costs associated with the probate process.
Probate ensures that your wishes for the distribution of your estate are carried out upon your death. Probate is a public process. If your estate is of any size, your heirs could suddenly have new friends trying to advise them on how to manage their newly inherited assets.
People often assume all assets are subject to probate, which raises the following question.
Are all assets subject to probate?
No. Some assets are excluded from probate. An example would be assets that are held in joint ownership with rights of survivorship, such as your personal home. Other assets not subject to probate are those governed by a beneficiary designation. This would include assets such as your 401(k), IRAs, life insurance policies, and annuities. Additionally, assets held in a trust are not subject to probate. If the majority of your estate assets are held in accounts of this type, you may not have that much to be concerned about.
What about my brokerage and bank accounts?
These types of accounts can be set up to transfer on death (TOD) to a beneficiary. This designation allows you to pass securities and banking accounts directly to another person (your TOD beneficiary) upon your death without having to go through probate. By setting your accounts up this way, the executor or administrator of your estate will not have to take any action to ensure that your accounts transfer to the person you have designated. The TOD beneficiaries will have to take steps to retitle the accounts in their name, but this is not a very cumbersome process.
As you can see, probate may not be as bad as you have heard. There are many things to consider during the estate planning process.
You should talk to an estate planning attorney who can advise you about your situation.
Radon Stancil is a Certified Financial Planner™, the gold
standard among financial planners. For well over a decade, he has helped
people create personalized roadmaps to financial retirement success. As
an author and a financial column writer, he enjoys simply and clearly
explaining to others the financial tools that can offer the greatest
benefits. Radon believes there are no cookie-cutter approaches to
financial planning. His specialty is helping each individual create a
retirement plan that is as unique as they are. His office is located at
4101 Lake Boone Trail, Suite 122, Raleigh NC. You can call him at
919-787-8866 or visit his website at http://www.financialplanstrategies.com
Article Source:
http://EzineArticles.com/?expert=Radon_Stancil
Sunday, January 5, 2014
LLC Vs S Corp
If you're just starting a business or you're ready to take your
business to the next level, you have a lot of decisions to make, and one
of the most important decisions you'll face is how to structure your
business for legal protection and taxation. For many small businesses,
the two most popular types of business entities are the LLC and the
Subchapter S Corporation, or S Corp. In the LLC vs S Corp debate, there
are a lot of factors to consider when you're considering which is best
for you and your business. Here are a few things to consider:
LLC vs S Corp
LLC Pros:
* An LLC is relatively easy to maintain. LLCs require fewer forms than S Corps and taxes only need to be filed once a year.
* Formal meetings are not required, which means there's also no need to keep minutes.
* Start-up costs are lower than those associated with an S Corp.
* LLC members are not bound by profit-sharing regulations -- they decide how profits (and losses) are distributed.
LLC Cons:
* If a member declared bankruptcy or dies, the LLC will be dissolved and you will have to reform your LLC.
* For tax purposes, owners are considered self-employed, which means they have to pay roughly 15% in self-employment taxes on the company's entire net income.
S Corp Pros:
* S Corps offer considerably greater tax savings than LLCs; rather than paying a self-employment tax, only the wages of the business' employees are subject to employment tax. The rest of the company's profits are paid out as a distribution, which is subject to a much lower tax. (However, when S Corp owners pay themselves low salaries in order to receive larger distributions, the IRS may reclassify the distribution as wages.)
* S Corps are considered as being independent of their owners, which means if an owner dies, retires or sells their shares, the S Corp will maintain its status.
S Corp Cons:
* S Corps require significantly more paperwork and recordkeeping than LLCs; regular meetings must be held, minutes must be kept and bylaws must be established.
* S Corps have a much more complicated taxing procedure, and many more tax forms are required. What's more, forms must be submitted throughout the year, not just on April 15.
* Not all states recognize S Corps, and the way an S Corp is treated can vary considerably among states, so spend time learning how an S Corp is treated in your state.
Your business is your livelihood, and if you don't have the right legal and tax structure, you could be leaving yourself open for considerable loss. Use this article as a jumping-off point and then seek the advice of a good attorney who can help you decide whether an LLC or S Corp is better for your business' needs.
LLC vs S Corp
LLC Pros:
* An LLC is relatively easy to maintain. LLCs require fewer forms than S Corps and taxes only need to be filed once a year.
* Formal meetings are not required, which means there's also no need to keep minutes.
* Start-up costs are lower than those associated with an S Corp.
* LLC members are not bound by profit-sharing regulations -- they decide how profits (and losses) are distributed.
LLC Cons:
* If a member declared bankruptcy or dies, the LLC will be dissolved and you will have to reform your LLC.
* For tax purposes, owners are considered self-employed, which means they have to pay roughly 15% in self-employment taxes on the company's entire net income.
S Corp Pros:
* S Corps offer considerably greater tax savings than LLCs; rather than paying a self-employment tax, only the wages of the business' employees are subject to employment tax. The rest of the company's profits are paid out as a distribution, which is subject to a much lower tax. (However, when S Corp owners pay themselves low salaries in order to receive larger distributions, the IRS may reclassify the distribution as wages.)
* S Corps are considered as being independent of their owners, which means if an owner dies, retires or sells their shares, the S Corp will maintain its status.
S Corp Cons:
* S Corps require significantly more paperwork and recordkeeping than LLCs; regular meetings must be held, minutes must be kept and bylaws must be established.
* S Corps have a much more complicated taxing procedure, and many more tax forms are required. What's more, forms must be submitted throughout the year, not just on April 15.
* Not all states recognize S Corps, and the way an S Corp is treated can vary considerably among states, so spend time learning how an S Corp is treated in your state.
Your business is your livelihood, and if you don't have the right legal and tax structure, you could be leaving yourself open for considerable loss. Use this article as a jumping-off point and then seek the advice of a good attorney who can help you decide whether an LLC or S Corp is better for your business' needs.
MyReviewsNow.net offers information regarding forming an llc. For more on corporate formation, please visit us at MyReviewsNow.net.
Saturday, January 4, 2014
LLC FAQs - What Is an LLC?
When in the process of creating a new company, the business
organizers have several options to choose from. The decision will impact
tax status, liability and how the profits are shared. Although the
options depend on the type of business that is being formed, owners can
choose from corporation, sole proprietorship, partnership or the
relatively new limited liability company (LLC).
The LLC is a flexible option for organizing the owners of a company. The LLC partners are called associates. Individuals, partnerships or any other business entity can all be associates in an LLC. The main benefit for choosing this method is that all owners are protected from any losses that the LLC might incur. The company is an entity on its own. Associates are not personally responsible for taxes, and if it is sued, only the company itself will bear any responsibility from damages. The main benefit to forming an LLC for the associates is the ease in which it is possible to get the profits. The losses stay on the books of the company.
This form of a company has been on the law books for over 30 years. In 1977, it began in Wyoming, but adoption was slow until Florida followed suit in 1982. It was in the 1990's that forming a company as an LLC really took off and started becoming a popular option that took the place of the other business ownership formats. Since then, it has remained on of the most popular options when creating a new business.
The structure of an LLC is simple. There can be an infinite number of partners in the entity, or there can be just one. Although corporations require bylaws and annual meetings for shareholders, these are not required by an LLC. The only requirement is to record the formation of the company with the secretary of state and pay the proper filing fees.
Among the many benefits of forming an LLC, there are a few disadvantages to associates who choose to structure their company this way. Since each state has its own laws governing LLCs, your company will be treated differently state to state. The earnings of the members of an LLC are also subjected to a self employment tax. This is not the case for corporations where profits are passed on as distributions and are not taxed this way. The final disadvantage only applies in certain states. Some states will apply a tax to an LLC but not to a business formed as a partnership. In those states, it may make more financial sense to form a partnership instead of an LLC.
The LLC is a flexible option for organizing the owners of a company. The LLC partners are called associates. Individuals, partnerships or any other business entity can all be associates in an LLC. The main benefit for choosing this method is that all owners are protected from any losses that the LLC might incur. The company is an entity on its own. Associates are not personally responsible for taxes, and if it is sued, only the company itself will bear any responsibility from damages. The main benefit to forming an LLC for the associates is the ease in which it is possible to get the profits. The losses stay on the books of the company.
This form of a company has been on the law books for over 30 years. In 1977, it began in Wyoming, but adoption was slow until Florida followed suit in 1982. It was in the 1990's that forming a company as an LLC really took off and started becoming a popular option that took the place of the other business ownership formats. Since then, it has remained on of the most popular options when creating a new business.
The structure of an LLC is simple. There can be an infinite number of partners in the entity, or there can be just one. Although corporations require bylaws and annual meetings for shareholders, these are not required by an LLC. The only requirement is to record the formation of the company with the secretary of state and pay the proper filing fees.
Among the many benefits of forming an LLC, there are a few disadvantages to associates who choose to structure their company this way. Since each state has its own laws governing LLCs, your company will be treated differently state to state. The earnings of the members of an LLC are also subjected to a self employment tax. This is not the case for corporations where profits are passed on as distributions and are not taxed this way. The final disadvantage only applies in certain states. Some states will apply a tax to an LLC but not to a business formed as a partnership. In those states, it may make more financial sense to form a partnership instead of an LLC.
MyReviewsnow.net offers information regarding forming an LLC. For more on LLC's, please visit our Small Business portal at MyReviewsNow.net
Friday, January 3, 2014
Estate Planning : Does it Avoid Probate to Have Accounts in Joint Tenancy With Right of Survivorship?
Bank accounts or property in joint tenancy or with right of survivorship avoid probate but also bypass specifications in the will. Learn ways some avoid probate in joint tenancy from an estate planning and probate lawyer in this free video on estate law.
Thursday, January 2, 2014
How to Become Someone's Power of Attorney
Becoming someone's power of attorney allows a person to make financial or legal decisions for another person if that person cannot make their own decisions.
Wednesday, January 1, 2014
Happy New Year!
"May
every day of the new year glow with good cheer and happiness for you and your
family"
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