Emergencies or a health care crisis can happen at any time, and the time to think about how you would want your medical care is now.
Tuesday, November 22, 2016
Advance Directives: A Need for All Ages
Emergencies or a health care crisis can happen at any time, and the time to think about how you would want your medical care is now.
Monday, November 21, 2016
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.
Sunday, November 20, 2016
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.
Saturday, November 19, 2016
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.
Friday, November 18, 2016
Can Anyone Else Revoke a Power of Attorney I Have Granted?
Can anyone else revoke a power of attorney I have granted?
Thursday, November 17, 2016
How to Choose the Right Business Structure
By reviewing the pros and cons of these four common business structures, you can determine which one will benefit you most.
Wednesday, November 16, 2016
Medical Power of Attorney
A Medical Power of Attorney gives specific instructions, prepared
in advance, that are intended to direct medical care for an individual
if he or she becomes unable to do so in the future. Plainly speaking, a
Medical Power of Attorney is made in anticipation of a medical
emergency. If you are in an accident or suffer a disease or disorder
that may leave you incapable of making a sound medical decision, a
Medical Power of Attorney permits you to choose in advance who will
represent and enforce your interests. The person authorizing the other
to act on his behalf is the "principal" and the one authorized to act is
the "agent".
A Medical Power of Attorney should be given to someone whom you trust unreservedly; this is an individual who will be making decisions for you when you are incapacitated, even if you are not on life support or terminally ill. However, an agent does not have the authority to act until the principal's attending physician certifies in writing that the principal is incompetent.
A Medical Power of Attorney is not legally effective unless the principal signs a disclosure statement that he or she has read and understood the contents before signing the document. If the principal is physically unable to sign, another person may sign the document in his or her presence and at his or her directive. Two qualified witnesses, who are competent adults, must witness the procedure. At least one of them must not be related to the principal, the principal's attending physician or the attending physician's employee, entitled to a part of the principal's estate, an individual who has a claim against the principal's estate, or an officer, director, partner or business office employee of the healthcare facility.
An individual may revoke the Medical Power of Attorney by notifying either the agent or the principal's health care provider of his or her intent to revoke the document. This revocation will take place regardless of the principal's capability to make sound medical judgments. Further, if the principal executes a later Medical Power of Attorney, then all prior ones are revoked. If the principal designates his or her spouse to be the agent, a divorce revokes the Medical Power of Attorney.
An agent, acting in good faith, will not incur criminal or civil liability for a medical decision made under a Medical Power of Attorney.
A Medical Power of Attorney should be given to someone whom you trust unreservedly; this is an individual who will be making decisions for you when you are incapacitated, even if you are not on life support or terminally ill. However, an agent does not have the authority to act until the principal's attending physician certifies in writing that the principal is incompetent.
A Medical Power of Attorney is not legally effective unless the principal signs a disclosure statement that he or she has read and understood the contents before signing the document. If the principal is physically unable to sign, another person may sign the document in his or her presence and at his or her directive. Two qualified witnesses, who are competent adults, must witness the procedure. At least one of them must not be related to the principal, the principal's attending physician or the attending physician's employee, entitled to a part of the principal's estate, an individual who has a claim against the principal's estate, or an officer, director, partner or business office employee of the healthcare facility.
An individual may revoke the Medical Power of Attorney by notifying either the agent or the principal's health care provider of his or her intent to revoke the document. This revocation will take place regardless of the principal's capability to make sound medical judgments. Further, if the principal executes a later Medical Power of Attorney, then all prior ones are revoked. If the principal designates his or her spouse to be the agent, a divorce revokes the Medical Power of Attorney.
An agent, acting in good faith, will not incur criminal or civil liability for a medical decision made under a Medical Power of Attorney.
Sunday, November 13, 2016
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
Saturday, November 12, 2016
Limited Liability Company (LLC) - Definition and Explanation
A Limited Liability Company (LLC) is a very flexible form of
business structure that combines elements of the typical corporation and
partnership structures. By forming an LLC, you create a legal entity
that provides limited liability to its owners. Often, these are
incorrectly called a Limited Liability Corporation instead of Limited
Liability Company. It is truly a hybrid business entity that can contain
elements and/or characteristics of corporations, partnerships and even
sole proprietorships, depending on how many owners are involved in the
Limited Liability Company. An LLC, even though it is a business entity,
is actually a type of unincorporated business and is not a corporation.
The main characteristic that an LLC shares with a corporation is the
limited liability protection that they both offer. The main
characteristic that an LLC shares with a partnership is the pass-through
income taxation that they both offer. It is, however, much more
flexible than a corporation and is very well suited to single owner
businesses.
You should understand that neither limited liability companies nor corporations always protect owners from liability. The legal system in the United States does allow a court system to pierce the corporate veil of an LLC if some type of fraud or misrepresentation is involved or in a situation where the owner uses the company as an 'alter ego'.
Flexibility and Default Rules
All LLC legal statutes include a phrase similar to "unless otherwise provided for in the operating agreement" and this allows for the flexibility the members of an LLC have in deciding how their LLC will be governed. Some statutes provide default rules for the governance of an LLC that are in effect unless an operating agreement has been adopted.
Income Taxation
For the purposes of the Internal Revenue Service and Federal income tax purposes, LLCs are treated by default as a pass-through entity. If the limited liability company has only one member or owner, it is automatically considered a "disregarded entity" for tax purposes and the owner is allowed to report the income from the LLC on his or her own personal tax return as a Schedule C. If the LLC has multiple owners, it is treated as a partnership and must file IRS form 1065. Partners will then receive a K-1 for their share of losses or income so they can report it on their tax return.
LLCs also have the option of electing to be taxed as a corporation, simply by filing IRS Form 8832. Then, they will be treated the same way as a regular C Corporation or they can elect to be treated as an S-Corporation. If it is treated as a C-Corporation, the entity's income is taxed before any dividends or distributions are given to the members and then taxation of the dividends or distributions will be taxed as income for the members. Some analysts have recommended the LLC taxed as an S-Corp as the best possible small business structure, because it combines the flexibility and simplicity of the LLC with the self-employment tax savings of the S-Corp.
Advantages
Here are the attributes of a limited liability company that are most widely viewed as advantages:
•Check the box taxation. LLCs have the option of being taxed as a sole proprietor, partnership, S-Corporation or C-Corporation, which provides a great deal of flexibility.
•Limited Liability. The owners of an LLC, who are known as members, are generally protected from some or all liability related to the acts and debts of the LLC, depending on state laws where the LLC formation took place.
•Administrative paperwork and record keeping is significantly simplified compared to a corporation.
•Pass-through taxation is automatic, unless the LLC elects to be taxed as a C-Corporation.
•Profits are taxed at the member's personal level, rather than at the LLC level by simply using the default tax classification given by the IRS.
•In most states, LLCs are generally treated as being a totally separate entity from the LLCs owners.
•LLC's can generally be set up with only one person being involved.
•An LLC can assign its membership interests, and the economic benefits of those interests can then be separated and assigned, which provides the economic benefit of distributing the profit and losses of the company, like in a partnership, without actually transferring the title to the interest.
•Except in cases where the LLC has adopted a corporate taxation structure, the income from the LLC will generally remain in the hands of its members
•By adopting an operating agreement, members can generally establish their own rules for governance and protective provisions for the members.
Disadvantages
Here are the attributes of a limited liability company that are most widely viewed as disadvantages:
•Most states do not have a statutory requirement for an LLC to have an operating agreement, however, if you are a member of a multiple member LLC, you may run into problems if you don't have an operating agreement, since most states do not dictate the governance and protective provision for the members of an LLC as they would with a regular corporation.
•If a member decides to sell his interest in a limited liability company, and if the ownership of the LLC is vested in multiple members, it is not as straight forward as with a corporation since the LLC cannot issue and sell stock certificates.
•Some investors are more comfortable with investing in corporations, due to the possibility of an eventual IPO. This can make it harder to raise financial capital.
•Franchise taxes are levied on LLCs in many states. This tax is essentially a fee the LLC pays the state for the benefit of providing limited liability. This tax can be based on revenue, profits, the number of owners, the amount of capital employed in the state, or some combination of these.
•LLCs are considered to be taxable entities in the District of Columbia, which eliminates the benefits associated with pass-through taxation.
•In some states, renewal or annual fees may be higher than corporations.
•Creditors have been known to require members of LLCs to personally sign for and guarantee debts of the LLC, which obviously makes to owners personally responsible for the debt.
Variations
•A Series LLC is a special and uncommon type of LLC. It allows a single LLC to segregate its assets into separate series.
•A Professional Limited Liability Company, also known as a PLLC, P.L.L.C., or P.L., is a type of LLC that is specifically organized to perform a professional service. This will usually involve professions where the state requires a license to provide these same services, like a doctor, chiropractor, lawyer, accountant, architect, or engineer. Some states do not allow an LLC to participate in the practice of a licensed professional.
You should understand that neither limited liability companies nor corporations always protect owners from liability. The legal system in the United States does allow a court system to pierce the corporate veil of an LLC if some type of fraud or misrepresentation is involved or in a situation where the owner uses the company as an 'alter ego'.
Flexibility and Default Rules
All LLC legal statutes include a phrase similar to "unless otherwise provided for in the operating agreement" and this allows for the flexibility the members of an LLC have in deciding how their LLC will be governed. Some statutes provide default rules for the governance of an LLC that are in effect unless an operating agreement has been adopted.
Income Taxation
For the purposes of the Internal Revenue Service and Federal income tax purposes, LLCs are treated by default as a pass-through entity. If the limited liability company has only one member or owner, it is automatically considered a "disregarded entity" for tax purposes and the owner is allowed to report the income from the LLC on his or her own personal tax return as a Schedule C. If the LLC has multiple owners, it is treated as a partnership and must file IRS form 1065. Partners will then receive a K-1 for their share of losses or income so they can report it on their tax return.
LLCs also have the option of electing to be taxed as a corporation, simply by filing IRS Form 8832. Then, they will be treated the same way as a regular C Corporation or they can elect to be treated as an S-Corporation. If it is treated as a C-Corporation, the entity's income is taxed before any dividends or distributions are given to the members and then taxation of the dividends or distributions will be taxed as income for the members. Some analysts have recommended the LLC taxed as an S-Corp as the best possible small business structure, because it combines the flexibility and simplicity of the LLC with the self-employment tax savings of the S-Corp.
Advantages
Here are the attributes of a limited liability company that are most widely viewed as advantages:
•Check the box taxation. LLCs have the option of being taxed as a sole proprietor, partnership, S-Corporation or C-Corporation, which provides a great deal of flexibility.
•Limited Liability. The owners of an LLC, who are known as members, are generally protected from some or all liability related to the acts and debts of the LLC, depending on state laws where the LLC formation took place.
•Administrative paperwork and record keeping is significantly simplified compared to a corporation.
•Pass-through taxation is automatic, unless the LLC elects to be taxed as a C-Corporation.
•Profits are taxed at the member's personal level, rather than at the LLC level by simply using the default tax classification given by the IRS.
•In most states, LLCs are generally treated as being a totally separate entity from the LLCs owners.
•LLC's can generally be set up with only one person being involved.
•An LLC can assign its membership interests, and the economic benefits of those interests can then be separated and assigned, which provides the economic benefit of distributing the profit and losses of the company, like in a partnership, without actually transferring the title to the interest.
•Except in cases where the LLC has adopted a corporate taxation structure, the income from the LLC will generally remain in the hands of its members
•By adopting an operating agreement, members can generally establish their own rules for governance and protective provisions for the members.
Disadvantages
Here are the attributes of a limited liability company that are most widely viewed as disadvantages:
•Most states do not have a statutory requirement for an LLC to have an operating agreement, however, if you are a member of a multiple member LLC, you may run into problems if you don't have an operating agreement, since most states do not dictate the governance and protective provision for the members of an LLC as they would with a regular corporation.
•If a member decides to sell his interest in a limited liability company, and if the ownership of the LLC is vested in multiple members, it is not as straight forward as with a corporation since the LLC cannot issue and sell stock certificates.
•Some investors are more comfortable with investing in corporations, due to the possibility of an eventual IPO. This can make it harder to raise financial capital.
•Franchise taxes are levied on LLCs in many states. This tax is essentially a fee the LLC pays the state for the benefit of providing limited liability. This tax can be based on revenue, profits, the number of owners, the amount of capital employed in the state, or some combination of these.
•LLCs are considered to be taxable entities in the District of Columbia, which eliminates the benefits associated with pass-through taxation.
•In some states, renewal or annual fees may be higher than corporations.
•Creditors have been known to require members of LLCs to personally sign for and guarantee debts of the LLC, which obviously makes to owners personally responsible for the debt.
Variations
•A Series LLC is a special and uncommon type of LLC. It allows a single LLC to segregate its assets into separate series.
•A Professional Limited Liability Company, also known as a PLLC, P.L.L.C., or P.L., is a type of LLC that is specifically organized to perform a professional service. This will usually involve professions where the state requires a license to provide these same services, like a doctor, chiropractor, lawyer, accountant, architect, or engineer. Some states do not allow an LLC to participate in the practice of a licensed professional.
Friday, November 11, 2016
What Happens During Probate
Probate is the court process that determines whether your will is legally valid. The probate court is also where your estate is officially distributed to your creditors and the beneficiaries under your will. Depending on the value and complexity of your estate, the probate process can take several months .... or it may be eligible for a simplified process.
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