Qualified Domestic Relations Order

What is a Qualified Domestic Relations Order?

Power of Attorney - What Are the Options?

Business or personal matters often require giving power of attorney (abbreviated as POA) privileges to chosen individuals. POA authorizes the chosen individual to decide matters relating to finance or healthcare for another person who is not capable of deciding anything on his/her own.

Before giving such privileges to any person, you need to know how it works, as well as the rights given to that person. The person nominated for the purpose must be competent in making decisions, some of which may go against the wishes of other members of the family.

Law makes it obligatory to give POA only to persons who are at least eighteen years old. It is extremely important to select a person capable of taking difficult decisions relating to finance and health.

People can choose between different kinds of rights and responsibilities that they can transfer through a Power of Attorney form, depending on their needs. Every POA involves two persons, the 'Principal' and the 'Attorney-in-Fact.' The former is the individual who defines the contract, and the latter is an individual who executes the duties specified therein.

The most usual kind of contract is the Durable Power of Attorney. It's a legal document, authorizing the attorney-in-fact to take decisions concerning the finances and health, as stipulated by the Principal. This kind of POA remains in force until the Principal dies or revokes this act.

The other frequently made document is called the Non-Durable Power of Attorney. The attorney-in-fact is authorized to make decisions for certain transactions, which are specified in the act. This kind of POA is usually made when the Principal needs to undergo surgery or another medical treatment that could make them unable to make decisions. This POA is valid for a particular transaction and automatically expires after the operation took place.

A Healthcare Power of Attorney is required while authorizing an individual for taking medical decisions for the Principal. It essentially involves discussing the types of treatments to which the principal may be subjected to.

The Limited Power of Attorney is generally given to another person for selling or transferring some Real Estate or property in the possession of the Principal. The privilege expires after the completion of the transaction.

Most do not feel comfortable discussing such topics. However, the kind of treatment to be followed should be discussed in advance, in case anything unexpected happens. For instance, if someone doesn't want to be kept on a life support system when the brain is declared dead, he/she should specifically mention it in his/her healthcare POA. Else, the medical personnel is obliged to obey the state laws and continue with regular medical treatment.

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Uncontested Divorce Made Affordable - By the People

Divorce is probably never easy, but it doesn't have to be expensive. Rene of By the People in Fairfield CA talks briefly about help with uncontested divorces with our without children. Rene or Tammy will be happy to answer all your questions. Call them at 707-428-9871 and you can visit the website at http://bythepeopleca.com

What Happens If We Cannot Find a Will?

What happens if we cannot find a will?

Adult Guardianship

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

Probate Process - What Is Probate? The Steps to Administering an Estate

Most people have heard the word probate before, but they might be wondering 'what is probate?' The probate process can refer to several things. The probate court determines whether or not a will is valid. If an executor is not named in the will, the court will assign an executor to perform those duties. However, the entire process of administering the estate of the deceased according to the will's instructions can also be referred to as probate. Many people think that an executor simply reads the will and hands out the bequests to the heirs. There is so much more involved in the duties of an executor during probate.

The actual court probate process is only a part of the responsibilities of the will's executor. The first duty is to file a petition to start probate in each of the states where the deceased owned property. Because each state has slightly varying probate laws, the answer to the 'what is probate?' the question will change a little depending on a specific state's legal code. However, there are some common events between states when it comes to processing wills and other estate administration. Before the executor of the will can even be formally appointed or approved, a petition has to be filed, a notice of petition must be published with a certain amount of lead time (usually at least 15 days), the legal documents must be given to the judge for approval, and the concerned parties (such as beneficiaries) must be notified.

Following these notifications, the court hearing will formally begin the probate process and approve the named executor of the will. After the court hearing, the executor needs to inventory all of the deceased's assets. This information has to be filed with the probate court. Next, all creditor's claims are addressed and paid off. The IRS also has to be paid. It is the executor's responsibility to file all taxes, including income, estate, and others, by their respective deadlines. The timelines are not adjusted due to the death of the taxee. What is probate? It's probably a lot more than most people realize.

Once all debts and taxes are paid, the executor of the will file a petition for the judge's approval of the distribution of assets to the beneficiaries. The concerned parties are notified, and there is a court hearing where the judge approves the distribution of assets. Finally, in the probate process, the executor transfers those assets to the beneficiaries. These steps are the main answer to the 'what is probate?' question.

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Over 100 Legal Document Services at By The People

Rene of By the People in Fairfield CA gives a short overview of their services and the number of legal documents they can help with. For questions, call Rene or Tammy at 707-428-9871 and you can visit their website at http://www.bythepeopleca.com

Naming Of Guardianship In Wills

When there are minor children, a Will should always be used to name a guardian(s) of their persons and property. This guardian is who will be taking care of them in your absence and will also have control over their finances, both from you and for their well being. This guardian that you appoint, needless to say, is someone that you must be able to trust completely with your children and someone who will make sure that they are cared for in the way that you have planned. This person "can" of course be someone other than your X.

Alternate guardians should also be named in the event that the original guardian is for whatever reason unable to assume responsibility. Naming of guardians and alternates should not be done any other way but in a Will. This will relieve any hint of confusion after you are not able to take care of your kids yourself. Of course, if there is a surviving parent that person will be automatically named guardian if living in the same household; but, if your will specifies a different person to control the money, then this can fit your goals quite nicely.

This situation can and often gets tricky in divorce cases. Since you are divorced, the parent with legal custody of the child(ren) should designate a guardian. If you are the legal guardian, then you have the authority to designate who will care for your children after you die. Understand, however, that if somebody besides the other biological parent is named, this decision might not be binding.

When a custodial parent dies, the non-custodial parent always has priority in seeking guardianship and custody, unless that person is deemed unfit to perform the duties necessary or is unsafe to leave with children. If you are set against your "X" getting custody of your children if you were to die, you need to make sure that you or your appointed guardian will be able to prove that your "X" is unfit or unable to perform the job.

However, be aware that the court will probably have to approve who you have proposed to be the legal guardian eventually even if named in your Will. The purpose of your Will in this regard, though, is to guide the court in its judgment. It will also help avoid family arguments over who is better qualified to raise your children and will give the person you choose the authority over all others.

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Legal Separation Vs Divorce - Understanding How to Choose

Happily ever after is not always the case when it comes to being married. Often times married couples have a hard time and need to have a break from each other for one reason or the other. It is amazing how many marriages actually end in divorce. However, before you make the decision to get a divorce it is important to know all the facts and options before making a choice. You need to look at legal separation vs divorce when choosing the right one to fit your needs. First, let us look at and distinguish the differences.

Legal separation is similar to a legal divorce however there are notable differences that need to be taken into account. A legal separation does not permanently dissolve a marriage, it is something that can be temporary if so desired. There are some couples that just need time apart from one another and living separately is the answer.

A legal separation occurs when the two parties are living separately and it has been filed through the court system. Do not mistake a legal separation for a separation. A separation is not filed with the courts and does not carry the same provisions as a legal separation. Much like a divorce, a couples assets, property and child custody are addressed via a legal separation agreement which is filed with the courts. A separation does not provide provisions and is based solely on verbal agreements. Living separately is mainly used to determine if separating is really what a couple wants to do. There is no paperwork or filing with the courts in the case of a separation.

A legal separation is mainly different from a divorce in the fact that the couple is still legally married. There are benefits to living separately instead of immediately filing for a divorce. A divorce terminates the marriage and any and all joint interest the couple may share. A living separately does not terminate the interest however it does divide the interest. Another benefit of living separately is the couple can still take advantage of the tax advantages of being married, they can also continue with joint insurance coverage.

Once legally separated can be canceled at any time and the marriage returned to its original status. If a couple automatically proceeds with a divorce when there is a chance for reconciliation, the couple would have to get re-married. If there is any possibility of a reconciliation a legal separation is the way to go. It gives you the time to decide if being separated permanently is what you really want.

The statistics show that 50% of first time marriages end in divorce, especially for individuals under the age of 40. This may not be surprising to many of you because it is a sad but true fact. It seems to be a quick fix for many troubled marriages. Maybe if more people know there were other alternatives to divorce, no so many divorces would be happening. There are times when all a troubled marriage needs is a little time and reflection for both parties to see that they truly were meant to be together.

Whether you choose to have a divorce or get legally separated, it is highly recommended that you obtain legal counsel. Both a legal separation and divorce require filings to be made in the courts. A divorce also requires a reason for the divorce whereas a legal separation does not require any reasoning. Do not take for granted the different options afforded to you, sometimes making decisions quickly and while in an irritated or frustrated state is rash. Divorce and separation are not games, they are serious matters and need to be viewed as such.

Divorce is not something anyone wants to experience but there are times when the only alternative to a bad marriage is divorce. Whether you decide to have a full-blown divorce or give a legal separation a try, it is important to find out all the details and facts before making a decision. Each state and country have different rules and prerequisites that apply for both legal separations and divorce. This is one of the most important decisions you will make; therefore, make it wisely.

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Setting Up an LLC - The Benefits and Steps of a Limited Liability Company

A limited liability company (which is commonly abbreviated as LLC) offers limited liability to its owners as a legal form of business company in the United States. Many small business owners are drawn to this type of business formation because it offers limited liability for the actions and debts of the company. This type of business formation excludes personal liability from the general debts and other obligations of the company and limits the liability of the owners to the extent of their equity. An LLC has characteristics of both a partnership and corporation; the primary partnership characteristic is the availability of pass-through income taxation while the primary corporate characteristic is limited liability.

Many entrepreneurs choose to setup an LLC for tax reasons. LLCs avoid "double taxation" because the income of the LLC itself is not taxed at the company level. Instead, taxes on profits and deductions of losses are computed at the individual level on the personal tax return of each LLC member (owner). LLC owners can elect for the IRS to tax the LLC as a sole proprietorship, partnership, C Corporation, or S Corporation. Owners make this election through the IRS after the company forms with the state.

After setting up an LLC, the bottom-line profit of the business is not considered to be earned income to the members, and therefore is not subject to self-employment tax. But it is still important to consider that the managing member's share of the overall profit of the LLC is considered earned income, and is subject to self-employment tax.

Members of an LLC are compensated using either guaranteed payments or distributions of profit. Guaranteed payments represent earned income to the members, which qualifies them to enjoy the benefits of tax-favored fringe benefits. A distribution of profit allows each member to pay themselves by merely writing checks. However, as a member of an LLC, you are not allowed to pay yourself wages.

Another important perk of setting up an LLC is that the managing member of an LLC can deduct 100 percent of the health insurance premiums he pays, up to the extent of their pro-rata share of the LLC's net profit.

The basic steps to setting up an LLC are fairly simple:

Step 1: Find a copy of the LLC Articles of Organization Form for your state. This is usually located at the Secretary of State's office. It is also a good idea to check there are any rules concerning business names in your state.

Step 2: Choose a name for your business. Almost any name will work so long as it is not the same or deceptively similar to a name being used by another entity that is filed with the State Filing Office which is usually the Secretary of State's Office. The name must end with the words Limited Liability Company or an abbreviation such as LLC or L.L.C. The ending such as LLC or Inc is not considered part of the name when searching for availability.

Step 3: Complete and File the Articles of Organization form with the State Filing Office. The State Filing Office where you turn in the form is usually the Secretary of State where you are required to pay a filing fee. The Articles of Organization form is a relatively simple document that includes the name of your business, its purpose, office address, the registered agent who will receive legal documents, and the names of each initial member of your proposed LLC. A registered agent is simply a person or incorporated company who can accept service of legal papers if your company is sued or the person who can receive mail from the State Filing Office. You can act as your own registered agent, however, the address you use must be a street address and not a P.O. Box. The address is important to make sure you receive papers that are served or sent to your company.

Step 4: Submit a notice to your local newspaper for publishing. This step is sometimes required by your state, you may want to check to make sure. Some states even require this step to be done before filing your Articles of Organization form. This notice should detail your intention to setup an LLC.

Step 5: Prepare and Sign an Operating Agreement. This is not required by the state but is a very important step in maintaining your liability protection and preventing disagreements between the members. The Operating Agreement is an essential document which sets forth the rights, duties and obligations of each member of the LLC. It also usually sets the ownership percentages between the members, the division of profits and the distribution of income. This document can also strengthen your liability protection by demonstrating that you have completed the organization of the company and are in compliance with the process.

The State Filing Office usually does not provide Operating Agreements, this will be something that you have to come up with. Many people use online services such as settingupllc.com, and other people go further and hire attorneys which can be much more expensive.

Step 6: Obtain an Employer ID Number (EIN) from the IRS. As a separate legal entity, your LLC requires its own federal tax identification number from the IRS. This can sometimes be avoided if an LLC is owned by only one person, in which case the person has the option of reporting taxes on his own social security number. To get the Employer ID Number you can acquire from SS-4 from most post offices and then file it with the IRS.

Step 7: Setup a Separate Bank Account for the LLC. A separate legal entity requires a separate bank account. It is important that you do not co-mingle your funds between business and personal bank accounts. The courts will look at this if you were to ever get sued.

Step 8: Document Ownership Interest Percentages of the LLC. To avoid disputes and ownership conflicts in the future, it is important to assign ownership percentages when the company is first formed. This step is not necessarily required, but it would be very wise.

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