Tuesday, August 22, 2017

Partnerships, LLCs, Corporations What’s Best for Your Business


Don't know if you should choose an LLC or a Corporation? Learn some tips here on what's best for you business.

Monday, August 21, 2017

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.

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Sunday, August 20, 2017

How Thinking About An Uncontested Divorce Figures Into Your Decision About Divorce


An uncontested divorce is the most common type of divorce. An uncontested divorce is a divorce that occurs when there are no disagreements between spouses over divorce related issues like custody, finances, living arrangements, spousal support, child support, etc. An uncontested divorce can be an easy way for people to get divorced without the hassles of a legal struggle and undue wear and tear on emotions.

But, you may not be ready to seriously consider uncontested divorce if you're just thinking about it.

Thinking about an uncontested divorce can mean a variety of things from a psychological perspective...it could mean that you are really on the brink of divorce.

It could also mean that you're feeling frustrated and just want to end things as fast and quietly as possible. If this is the case, you may want to make sure that you aren't just being lazy and you should examine your reasons for divorce first before you go any further.

"Does it mean I am really ready for divorce just because I am starting to think about an uncontested divorce?"

Maybe, maybe not.

Here's a few things you might want to think about before going onto next steps with regards to an uncontested divorce, just to make sure that you're really ready to go through with it.

Uncontested divorce situation 1:
You're thinking about an uncontested divorce because you want out but you aren't sure if your spouse is ready to call it quits.

This can be tough if you aren't careful. The main point of an uncontested divorce is to have both parties agree on things. If your spouse doesn't even know that you're thinking about getting a divorce, mentioning an uncontested divorce may result in an explosive discussion.

Uncontested divorce situation 2:
You've both agreed that you'd like a divorce, but haven't really clearly defined why, you just know you both feel ending the marriage is best.

Maybe there's a chance to make your marriage work! Don't be too hasty. If you can't clearly define why you and your spouse want to end your marriage, you're acting on emotion rather than a healthy combination of emotion and logic. Sit down, think it through and have a detailed discussion around all of the details.

But, be careful...this can be a volatile situation if you haven't talked everything through and mutually agreed on how you'll actually implement your divorce decision to have an uncontested divorce.

If one of you is more demonstrative than the other or is usually the person who drives the decisions, that sense of control may carry over into the discussion of the terms of the uncontested divorce.

Uncontested divorce situation 3:
You both agreed that you'd like a divorce (and you both know why), and you've successfully talked about and agreed on all of the details regarding the uncontested divorce.

Although it can be a sad situation most of the time, sometimes a divorce is actually a good thing unfortunately. If you and your spouse have amicably decided to part ways and can continue on as responsible happy adults, then an uncontested divorce can be an easy way to sever the relationship and all legal obligations. This is the best situation to be in if you're looking for an uncontested divorce...it should be simple to finish from this point.

Lots of people think about uncontested divorces and never go through with getting one because they actually work things out...and that's a great thing! And, some people think they want an uncontested divorce but haven't agreed on the details and terms, they're just looking for the fastest way to end the marriage. If this is the case, the relationship can turn from being amicable (and each party thinking they want a divorce) to being nasty and a resulting tug of war ensues with each person striving to get what they feel they deserve out of the divorce...and this can lead to a drawn out negotiation which certainly is not an uncontested divorce.

Be smart when you're considering an uncontested divorce...make sure that you're really ready to go through with it. Don't let the term 'uncontested' fool you, an attorney can ethically and legally on represent one of the married parties. But, if you and your spouse can truly be amicable and truthful, an uncontested divorce can be easy.

Karl Augustine

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Saturday, August 19, 2017

The Benefits of Legal Separation


Legal separation and divorce are very similar and they hold basically the same legal functions except for the fact that with a separation, you do not terminate your marital status. When a couple decides to become legally separated, it is not merely a verbal agreement. They can't simply say that they are not in love anymore and one of them will move out of the family home. Instead, they must go through the same process as couples who wish to undergo a divorce.

In a legal separation, the same issues will be addressed as in the termination of a marriage. The couple will have to sort out issues relating to asset division, property division, child support, child custody, visitation and spousal support payments (if there are any). The couple will also have to decide who will pay which debts as well.

There are a number of reasons why parties choose this rather than divorce, and the reasons are usually personal. People can choose separation for religious reasons, personal beliefs, health insurance concerns, or other financial reasons.

Oftentimes couples will decide to remain married for one of two reasons: either for the sake of their children, or for a financial reason. For example, if a non-employee spouse has a pre-existing medical condition or some other serious medical condition; they may need to stay on their spouse's medical insurance so they can keep getting necessary medical care.

In some cases the couple may need to remain legally wed until they reach the ten-year deadline for certain Social Security benefits. This holds true for the ten-year deadline for military enforcement advantages or, the twenty-year deadline for PX and commissary benefits.

There is another substantial benefit and reason why people choose legal separation and it has nothing to do with health insurance or money. They may be unsure if they really want to end their marriage; therefore, the time apart offers them a "cooling off" period where they can have time to think about what they really want. They may realize that they really do love each other, and later decide that they want to get back together. It's a lot easier to get back together after legally spending time away from one another as opposed to having to go through the process of remarrying.

Religion and culture can play a significant role in why couples decide to separate instead of divorcing altogether. In certain religions, divorce carries a negative stigma that many couples wish to avoid. With legal separation the couples can enjoy all the material benefits of a divorce without having to deal with the negative stigma attached. Separation does not allow for remarriage unless the marriage is terminated through a divorce, but it can be assumed that people who part for religious reasons don't plan to remarry anyway.

In many cases it is more affordable for the spouses, especially when the dependent spouse relies heavily on their spouse for medical insurance. When you factor in the quality of life enjoyed through the marriage, along with how much money it would cost for the dependent spouse to take out their own medical coverage (similar to what their spouse has been carrying), then it can be reflected in the alimony payments. Sometimes it is less expensive and allows the dependent spouse to remain on the health insurance, as opposed to paying them larger alimony payments, thus saving the expense for both parties.

Getting a separation in California does require some legal paperwork and going through the court system. The same as in a divorce, you want to have a qualified attorney representing your best interests when handling important matters such as child custody, child support, asset division, property division and possible spousal support payments. If you would like to enjoy the benefits of a legal separation, contact a skilled and knowledgeable divorce attorney without delay!

Article Source: http://EzineArticles.com/expert/Gary_D_Dabbah/1201035

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Friday, August 18, 2017

Understanding Probate in California


Probate is the legal process that settles the property of the deceased person and tells how it should be equally distributed among the heirs and beneficiaries in case there is no will. The rules and regulations of probate vary form state to state and each state can have a different procedure and hearing process for probate. Some general guidance might be similar in most states but it is always advised to take help of a legal advisor in case you need to understand the probate process in your locality. Moreover you should understand that every probate case is different depending on the amount of money involved in it. The different property, debts and people involved in it make the whole case different from one other. There is no way that the rules and results of one probate case can apply to other case. Normally people have a view point that probate can be an ugly scene but the fact is that it can be easy if all parties involved in it work together for a positive outcome and preserve the memory of the deceased person.

In most cases, the property of the deceased person is transferred to his spouse if the person has not made any will before his expiry but in some conditions due to the parties' involved the property cannot be transferred to the spouse directly. The probate court which hears the matter of probate cases will get involved if there any issues relating to the property of the deceased person. The case has to go through a legal framework and the final order of the court has to be addressed by each person involved in the case. Now, since every state has different law regarding the probate so the hearings of the case in the court can be different in each state.

If the deceased person has a will and has named a representative,all the assets will be handled by this person unless the judge deems this person unfit, etc.If there is no representative named in the will then the court appoints a representative who handles the property unless the decision is made. The appointed representative is called the administrator and has sole responsibility of handling the property.

The Probate Process

In the initial phase the administrator opens the case in the court. During this period he evaluates the property and collects all the property of the deceased person. Few items which come under contract of the deceased person are not held in probate and they pass automatically to the beneficiary. Any bank accounts or other things which has the clause of "payable on death" are transferred to the person named in the contract. Only those limited property that have no clear beneficiaries are accountable for probate process. After accumulating all the property, the administrator sends a legal notice to all parties involved in the case and pays all the debts and claims which remain outstanding on the deceased name. Then the administrator distributes the remaining property to the beneficiaries of the decedent as instructed in the court's verdict.

If there are any disputes during the process then the court hearing decided upon the matter and the final verdict has to be agreed upon by every parties involved in the probate process. Anyone can file the claim on the property and if the court declines the claim then the opponent can file lawsuit to claim the property. If the lawsuit is made then court has to take the case more formally and this is when major problems occur during the probate process.

Normally, probate process take a longer time and if the amount involved is huge then the process can be more problematic. But if all the parties involved work together to make a positive solution then probate process can be competed easily and the property is distributed equally among the heirs or beneficiaries.


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Thursday, August 17, 2017

Conservatorship Information



A conservatorship is a court proceeding that grants one or more people the authority to make financial or health care decisions for another because of a mental or physical incapacity that renders a person unable to make informed and sound decisions.

A conservatorship can be over the person, the estate, or both. The person appointed by the court to make decisions is called the conservator, and the person about whom decisions will be made is called the conservatee.

Conservators are generally family members or a professional conservatorship company and in some cases, the Public Guardian's office may be appointed. Regardless of who the conservator is, their duty is to act solely in the best interests of the conservatee. To insure this, court evaluation, supervision and monitoring of the conservatorship is established.

Wednesday, August 16, 2017

Tuesday, August 15, 2017

Documents to Consider When Doing Estate Planning


There's nothing that can prevent someone from dying, since physical death is an absolute certainty that no one can escape. The fear for some people, though, is not what's going to happen to them after they pass on, but more on who's going to take care of their loved ones, especially if the people he'll be leaving behind are either very young children or are incapacitated, or both.

You can't have control of what's going to happen to you after death, but you sure can decide what's going to happen to your assets once that event transpires. It's called estate planning. This is the process by which a person (or even a family) arranges the transfer of his assets in anticipation of his death. And in estate planning, there are several documents to consider. Here are some of them:

Last will and testament - This document takes front and center in all the planning. This is the document that legally provides for the transfers of assets after one's death. It names a person to settle the estate, a trustee who will administer any trust established, and a guardian if there minor children. For those who die without having executed a will, they are considered to be 'intestate.' Under certain laws, if one is intestate, property goes first (or in major part) to a spouse, and then to children and their descendants.

Trust - Persons preparing a will and testament can execute either 'inter vivos' or testamentary trusts (trusts established through a will). The difference between the two is that with the former, assets are transferred into the living during the trust creator's lifetime, as opposed to testamentary trusts, where the transfer becomes operative at the time of death.

Durable powers of attorney - A power of attorney is the document that authorizes a designated agent to carry out financial and business transactions for the person that's establishing the document. This grants such agent to access bank accounts (and even brokerage accounts), deal with insurance companies, and even sell property. This effectively allows the agent to step into the shoes of the person he is assisting.

Healthcare power of attorney - This document is a form of a living will that is designed, among other things, to: provide instructions for the conditions should life-sustaining procedures be utilized, authorize who will make healthcare decisions, and ensure that the person chosen to make these decisions is given access to the executor's medical records during incapacity.

These are the important documents to take into account so a person can have the opportunity to make personal and financial decisions, both in life and after death, without the need for court orders.


Article Source: http://EzineArticles.com/?expert=Toby_King

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Monday, August 14, 2017

Advance Directives - "The Living Will" and Other Issues


Advance directives are legal documents prepared in advance to accomplish a task at a later date. These documents can be instructions or permission granted for a specific usage such as life support or even financial issues. There are two types of advance directives. A durable power of attorney for health care allows you to name a (patient advocate) to make decisions on your behalf. A living will allows you to state your wishes in writing, but does not specifically name a person to assume the role of advocate. Regardless of which one is used, the court system can still intervene and make an overriding decision if situations arise.

Most people who choose to prepare advance directives do so to remove any doubt of their wishes in the event of a situation where they may be deemed unable to make decisions.
Considerations of the advance directive would be who you would want to assume the responsibility for decision making. Important decisions could be about ventilators (and other life extending machines) resuscitation, surgery, feedings (tube, food and water) and prescription drugs.

A Durable Power of Attorney for HealthCare is a legal document that allows you to name another adult (18 or over) to make your health decisions for you. Most people choose a family member but often a trusted advisor is selected. If end of life issues are in play, you may instruct your appointee to refuse any and all treatment and let you die. You would state this in writing that the person you select has the power to make that decision. The durable power of attorney only goes into effect once you are unable to make any decision yourself.

The power of attorney and the living will are both reversible. At anytime you may change your mind both as to treatments and who is the appointee. The only real component of either of these agreements is that at the time you execute the agreements you are considered a competent adult. This means that you are capable of making the choice of your own free will and without outside influence.

It is always best to seek legal advice when considering important decisions. Numerous sources exist to provide you with basic information about how these agreements work and how they may affect you and your heirs.

Article Source: http://EzineArticles.com/?expert=Bill_Broich

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Saturday, August 12, 2017

Wills and Trusts - What Are the Differences?


Both of these legal documents offer a way to distribute estate assets when a person dies but each are different in a variety of ways.

Wills

With a will, it is cheaper to prepare but it can be expensive to probate. In many jurisdictions, according to estate law, this is a legally binding document, which will allow you to give your assets to a designated beneficiary or beneficiaries. Unfortunately, this usually does not happen until after the person of the will dies. A will executor carries out the distribution of their assets. After the creator dies, the will must go through probate. During probate, the court will decide if the will is valid. Then the court will supervise the distribution of the assets. This can be a costly process because the assets can be subjected to estate taxes. When this is the case, an estate lawyer's services may be required.

With a will, one of the drawbacks is that they become public record after the creator's death so everything about the will is public knowledge. In order to manage the distribution of assets there will be a conservatorship or a power of attorney.

Trusts

A trust is more expensive to prepare but when there is a trust, it will usually allow the beneficiaries to avoid any probate costs. After having a trust written it can take effect any time during a person's lifetime using a trustor to convey assets to the trustee to hold for the beneficiaries. When the creator dies, the probate is avoided. This is because the assets were transferred during the lifetime of the trustor. The trust will continue to function even after the trustor dies.

With a trust, it will usually remain private and allow the beneficiaries of the trust to maintain confidentially about the specific terms of the trust. Generally having a trust can provide more tax benefits. In some jurisdictions, they will allow for a certain amount of the trust assets to be passed on to the beneficiaries without requiring them to pay gift and estate taxes. Depending on any applicable trust laws, the tax perks available will vary from one jurisdiction to another jurisdiction.

In managing a trust, it can be done by a trustee or a trustor but will depend on how the trust has been set up. If the trustor manages the trust then he will usually specify who will manage it once he has died.

In conclusion

Looking at all the facts it appears that it is best if a trust is set up to distribute the assets instead of using a will. If you are uncertain talk to an estate attorney for legal advice as to which one you should set up for your particular situation.


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