- What is Probate?
- Should I try to avoid Probate with my Estate Plan?
- How can i avoid Probate?
Saturday, July 11, 2015
What is Probate? Should Probate be Avoided?
- What is Probate?
- Should I try to avoid Probate with my Estate Plan?
- How can i avoid Probate?
Friday, July 10, 2015
By The People Fairfield CA
Rene talks about how By The People in Fairfield can help people with legal matters in an inexpensive way. See more at http://www.bythepeopleca.com
Thursday, July 9, 2015
LLC Information: The Basics of a Limited Liability Company
You will find a lot of LLC information on the Internet about the
limited liability company. This legal entity has become the most common
and popular of all other choices because it was specifically created to
be the most flexible entity available.
As a result, it can be used for small business, real estate, holding and managing any property, family and estate planning, and joint ventures. One can be really simple such as for a single owner small business or an LLC can be used to handle very large and complex activities. For example, Fidelity Investments is an LLC which is owned by many owners and manages billions of dollars of assets.
This Article covers the basic attributes of this amazing legal vehicle.
CREATED BY LAW ONLY
A Limited Liability Company is a separate and distinct legal person that is created at the state level. It is only formed once a state has acknowledged its existence.
And, in order for a state to establish one, there must be a document filing made by an organizer. The filing is usually called the Articles of Organization and it must strictly comply with the requirements of a state. Each state has its own set of requirements and disclosures and fees.
PERSONAL LIABILITY PROTECTION
Once formed, an LLC provides its owners with legally endorsed personal limited liability protection from the entity's debts and obligations. This feature is similar to the corporation.
If you are worried about personal exposure to law suits arising from your business, you should form a limited liability company. For example, you open a store-front business that deals with the public directly, you may worry that the commercial liability insurance you have might not fully protect your personal assets from potential slip-and-fall lawsuits or even claims by suppliers for unpaid bills. Running your business as a Limited Liability Company will give some protection against and other claims against your business.
PASS THROUGH TAXATION
If the entity is owned by just one member, then there is no added tax complexity. The income generated by the LLC is passed through to the single owner and reported on his or her personal return. Even if it is owned by multiple members, profits and losses are normally passed through the owners as if it were a partnership. But unlike a general partnership, on owners are subject to personal liability because of ownership.
This tax benefit is a significant one. The corporation, another alternative, offers the same personal asset protection but is subject to what is known as double taxation. While there is an option for elect for a corporation to be taxed as a pass through (single layer), there are quite a few requirements and restrictions. With the LLC, your entity will automatically qualify for the best tax treatment.
SIMPLE TO MANAGE AND OPERATE
Another great feature is that you can tailor the management and ownership structure of a limited liability company to suit your needs. There are very little legal mandates and this makes it easier for anyone to use one to meet their specific purposes.
As a result, it can be used for small business, real estate, holding and managing any property, family and estate planning, and joint ventures. One can be really simple such as for a single owner small business or an LLC can be used to handle very large and complex activities. For example, Fidelity Investments is an LLC which is owned by many owners and manages billions of dollars of assets.
This Article covers the basic attributes of this amazing legal vehicle.
CREATED BY LAW ONLY
A Limited Liability Company is a separate and distinct legal person that is created at the state level. It is only formed once a state has acknowledged its existence.
And, in order for a state to establish one, there must be a document filing made by an organizer. The filing is usually called the Articles of Organization and it must strictly comply with the requirements of a state. Each state has its own set of requirements and disclosures and fees.
PERSONAL LIABILITY PROTECTION
Once formed, an LLC provides its owners with legally endorsed personal limited liability protection from the entity's debts and obligations. This feature is similar to the corporation.
If you are worried about personal exposure to law suits arising from your business, you should form a limited liability company. For example, you open a store-front business that deals with the public directly, you may worry that the commercial liability insurance you have might not fully protect your personal assets from potential slip-and-fall lawsuits or even claims by suppliers for unpaid bills. Running your business as a Limited Liability Company will give some protection against and other claims against your business.
PASS THROUGH TAXATION
If the entity is owned by just one member, then there is no added tax complexity. The income generated by the LLC is passed through to the single owner and reported on his or her personal return. Even if it is owned by multiple members, profits and losses are normally passed through the owners as if it were a partnership. But unlike a general partnership, on owners are subject to personal liability because of ownership.
This tax benefit is a significant one. The corporation, another alternative, offers the same personal asset protection but is subject to what is known as double taxation. While there is an option for elect for a corporation to be taxed as a pass through (single layer), there are quite a few requirements and restrictions. With the LLC, your entity will automatically qualify for the best tax treatment.
SIMPLE TO MANAGE AND OPERATE
Another great feature is that you can tailor the management and ownership structure of a limited liability company to suit your needs. There are very little legal mandates and this makes it easier for anyone to use one to meet their specific purposes.
For more LLC information and to get more details about forming an LLC, governance, operations, taxation and other related subjects, you can click here and search the LLC Answers database, a comprehensive collection of commonly asked questions and answers about the limited liability company: LLC Answers Site
Tuesday, July 7, 2015
Top 6 Most Frequently Asked Questions in Expunging Your DUI Conviction Records in California
Like most states in US, California too allows you to expunge your
DUI conviction record. Expunging your DUI conviction record will help
you get rid of all the problems resulting from your offense and make you
to experience the life like before. Regardless of whether your offense
is misdemeanor or felony, they can usually be expunged. Following are
the FAQ's which are sure to provide you an insight about expunging your
DUI records in California:
What is expungement?
Expungement means sealing your DUI conviction record which practically means giving petition to the court to expunge your record and the court replaces your plea as not guilty and then dismisses your case. So when applying for a job or under any other circumstances you need not have to disclose that you have been convicted.
Who Is Eligible For expungement in California?
You are eligible for expungement:
What is expungement?
Expungement means sealing your DUI conviction record which practically means giving petition to the court to expunge your record and the court replaces your plea as not guilty and then dismisses your case. So when applying for a job or under any other circumstances you need not have to disclose that you have been convicted.
Who Is Eligible For expungement in California?
You are eligible for expungement:
- if you are a first DUI offender who has only one charge for either a misdemeanor or felony
- a year has passed since conviction
- if you have completed probation successfully and not on probation for another offense
- have no charges pending
- have paid all the fines ordered by the court
How much does it cost to file for expungement?
It costs between $50 and $80 to file for expunging your record.
Will they need my presence at the court?
No, your expungement lawyer can do it for you.
What will I benefit from expunging my DUI conviction record?
There are a lot you will benefit from expunging your record such as employment, licensing etc,.
What expungement won't do?
Your expunged case can still be used for increasing your punishment when
you again caught up for a DUI or other criminal cases.
The DUI Process manual provides solution related to expunging
your DUI record, getting your driver's license back, saving a lot of
money on your auto insurance and even saving money throughout your DUI process no matter what state (US) you are located in.
Article Source:
http://EzineArticles.com/?expert=Jennifer_Mann
Monday, July 6, 2015
Advance Healthcare Directives - Be Sure to Write Your Living Will
With modern medical technology advancements, it is becoming more
and more important to consider writing an advanced healthcare directive.
There are several kinds of advanced healthcare directives. A living
will is one form of an advanced healthcare directive. It is a document
that specifies what you want done medically if you are no longer capable
of making decisions for yourself. A medical power of attorney or
healthcare proxy is another form that appoints a specific person to make
decisions for you if you are incapacitated. It is advised that a person
have both documents prepared and in place long before they will ever be
needed.
With today's advancement in medical care many people are left confined to nursing homes. Many elderly are in a vegetative state, fed through feeding tubes while their bodies slowly die. The emotional and financial burden the families of these patients experience is overwhelming. Lives are prolonged but there is no real quality of life. An advanced directive can prevent this from happening to those you love.
The living will was first proposed by Luis Kutner in 1969. His purpose was to make sure the living were able to make their wishes known when they were no longer able to speak for themselves. The living will gives direction to medical professionals about what procedures a person wants and doesn't want. It can forbid the use of medical equipment used to sustain life or direct it be discontinued when it only prolongs death. It can be general or specific depending on the wishes of the person writing it.
Advanced directives should be regularly updated to make sure they cover current medical technology. As advancements are made, changes need to be made to reflect that advancement. A living will that is current is more likely to be acknowledged and followed.
It is advised that a living will be combined with a healthcare proxy to assure your wishes are followed. No document can fully cover all the circumstances that might occur. Having a person on the scene making immediate decisions is important. By designating a person in advance to make decisions, you can be reassured that no decisions are made that might conflict with your desires.
The comfort and peace of mind an advanced healthcare directive gives is invaluable. Knowing you will not be a burden to your family allows you to calmly live knowing any necessary medical decisions will be made by someone you trust.
With today's advancement in medical care many people are left confined to nursing homes. Many elderly are in a vegetative state, fed through feeding tubes while their bodies slowly die. The emotional and financial burden the families of these patients experience is overwhelming. Lives are prolonged but there is no real quality of life. An advanced directive can prevent this from happening to those you love.
The living will was first proposed by Luis Kutner in 1969. His purpose was to make sure the living were able to make their wishes known when they were no longer able to speak for themselves. The living will gives direction to medical professionals about what procedures a person wants and doesn't want. It can forbid the use of medical equipment used to sustain life or direct it be discontinued when it only prolongs death. It can be general or specific depending on the wishes of the person writing it.
Advanced directives should be regularly updated to make sure they cover current medical technology. As advancements are made, changes need to be made to reflect that advancement. A living will that is current is more likely to be acknowledged and followed.
It is advised that a living will be combined with a healthcare proxy to assure your wishes are followed. No document can fully cover all the circumstances that might occur. Having a person on the scene making immediate decisions is important. By designating a person in advance to make decisions, you can be reassured that no decisions are made that might conflict with your desires.
The comfort and peace of mind an advanced healthcare directive gives is invaluable. Knowing you will not be a burden to your family allows you to calmly live knowing any necessary medical decisions will be made by someone you trust.
Bryan Sims writes about various topics including health issues and product information for the online audience. Find information about the newest website at http://www.wallmountforlcdtv.net/ which helps people find super saver deals on Peerless TV mounts and more information about various types of wall mounts for televisions.
Sunday, July 5, 2015
Estate Planning : Do You Always Have to Probate a Will?
If the deceased has assets with deeds, a will most likely will not avoid probate. Strengthen your understanding of probate court with an estate planning and probate lawyer in this free video on estate law.
Saturday, July 4, 2015
Friday, July 3, 2015
What Is Probate Law and How Does It Affect You Today?
Have you made your will official yet? It is not pleasant to talk
about, but death will inevitably take us all at some point in our lives.
Having an officially recognized will ensures that your estate goes to
the people that you want it to when you pass away. The simplest
definition of probate is 'the official proving of a will'. The laws of
probate can be overwhelming at times, especially when emotions are still
raw. It does serve its purpose however as not having a will (in-estate)
makes the procedures a lot trickier and the results which can take
months may not be what stakeholders deem right.
When a will is filed with the courts, the process for probate varies from country to country, even city to city. However the basic process is someone close to the deceased approaches the courts to act as 'executor', once the executor is established the process starts by collecting all assets and getting a value for the total. Once debts have been paid, the remaining assets can be distributed as per the will before the probate process is formally closed.
The Executioner
The executioner is usually the closest person to the deceased (wife, daughter, father etc.) or a close friend.
Probate affects you today in two ways. As someone who files a will and as a person nominated to be the executioner of a will.
Writing Your Will
Writing a will may seem like a death wish, it is something no one wants to ever think about however there is an incentive. You likely have worked hard for what you have acquired in life and would like your estate to be distributed as you see fit according to your values and wishes. It is also to protect your family, pre nuptial agreements may appear to only be agreed to when a high profile celebrity gets married, or someone wealthy but they are doing it for the same reasons as a will. The subject of money makes people act in irrational ways to protect themselves. Family members may lay claim that they should get everything, while others believe it should be theirs. It is not a nice situation for all involved. By writing your will now, you ensure that these disagreements can be solved by simply reading your official legal will.
As The Executioner
As the writer of the will, you will normally want to tell the person who you are leaving in charge of your estate should tragedy strike. It isn't the easiest conversation to begin, but knowing you have someone you trust can put your mind at ease. When someone brings up the subject with you, there is no set way to react. Simply listening to their requests is best, do not try and influence them either way. If you are unsure of anything though, do ask. Documenting everything possible is the safest option as emotions may get in the way of what was truly requested. In a perfect world there will be many, many years to you put everything in place exactly the way you wish. Make it a common practice to revisit the will every couple of years, to verify that it fits how you feel at that time.
Probate is something most people will deal with from both sides as the executioner and the writer of the will in their lifetime. Having a will ready so that the probate law process can be handled appropriately by all parties is law that should be taken seriously.
Article Source:
http://EzineArticles.com/?expert=Fred_A_Selby
When a will is filed with the courts, the process for probate varies from country to country, even city to city. However the basic process is someone close to the deceased approaches the courts to act as 'executor', once the executor is established the process starts by collecting all assets and getting a value for the total. Once debts have been paid, the remaining assets can be distributed as per the will before the probate process is formally closed.
The Executioner
The executioner is usually the closest person to the deceased (wife, daughter, father etc.) or a close friend.
Probate affects you today in two ways. As someone who files a will and as a person nominated to be the executioner of a will.
Writing Your Will
Writing a will may seem like a death wish, it is something no one wants to ever think about however there is an incentive. You likely have worked hard for what you have acquired in life and would like your estate to be distributed as you see fit according to your values and wishes. It is also to protect your family, pre nuptial agreements may appear to only be agreed to when a high profile celebrity gets married, or someone wealthy but they are doing it for the same reasons as a will. The subject of money makes people act in irrational ways to protect themselves. Family members may lay claim that they should get everything, while others believe it should be theirs. It is not a nice situation for all involved. By writing your will now, you ensure that these disagreements can be solved by simply reading your official legal will.
As The Executioner
As the writer of the will, you will normally want to tell the person who you are leaving in charge of your estate should tragedy strike. It isn't the easiest conversation to begin, but knowing you have someone you trust can put your mind at ease. When someone brings up the subject with you, there is no set way to react. Simply listening to their requests is best, do not try and influence them either way. If you are unsure of anything though, do ask. Documenting everything possible is the safest option as emotions may get in the way of what was truly requested. In a perfect world there will be many, many years to you put everything in place exactly the way you wish. Make it a common practice to revisit the will every couple of years, to verify that it fits how you feel at that time.
Probate is something most people will deal with from both sides as the executioner and the writer of the will in their lifetime. Having a will ready so that the probate law process can be handled appropriately by all parties is law that should be taken seriously.
Thursday, July 2, 2015
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.
MayaQA is the largest repository of factual questions and answers [http://mayaqa.com] on the Web. This site features an ever-growing (1 million+) answers to common questions in multiple languages. Questions are neatly categorized by field of interest. MayaQA offers the most targeted contextual advertising platform money can buy, with 90%+ of all traffic derived from organic search engine queries. For more information and details please visit [http://mayaqa.com]
Wednesday, July 1, 2015
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 and 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 complete 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 and 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 complete 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/?expert=John_Aitchison
Subscribe to:
Posts (Atom)