Wednesday, May 23, 2018

Defining Legal Terms - By The People



Rene goes over what types of questions they can help answer at By The People. A legal document preparation company.

See more at http://www.bythepeopleca.com

Tuesday, May 22, 2018

Why Forming an LLC is a Good Idea


If you are experienced in running your business, you understand the importance of getting the correct corporate form in place. You should seek to have a structure that will not only aid long term expansion but also protect your assets. The good news - there are a lot of potential forms your business can take.

You should consider, if you have a small business, forming an LLC. Think about setting up an LLC if you have a small business. Fortunately, they are simple to create. There is little paperwork with them. Further, in many states, you won't need to file an annual report.

Also, LLC forms a business structure that can protect your personal assets. Just keep you LLC compliant and your personal property is protected.

With an LLC, you can safe guard your business name.Also, LLCs allow unlimited owners. This will help give your business growth room. Also, owners don't need to have US citizenship.

In addition, an LLC doesn't require meetings. It also needs little paperwork. And you can flow your profit and loss to your personal taxes.

Keep in mind that setting up an LLC has fees and paperwork. Also, you need to make sure you are following all city and state laws. Thus, only consider an LLC if you have a clear business plan.

Overall, an LLC is great for small business. So you should at least consider one if you are serious about your business. Remember, it can save you time and money, both of which you can invest in your business!


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

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Monday, May 21, 2018

Four Reasons Why Business Owners Should Make A Will


If you own a business or have shares in a family company then you should consider making a Will. The following are some of the reasons why making a Will for business owners is so important.

1. The first reason is the fact you can select appropriate executors and trustees, who will be responsible for ensuring the running of the business after your death. Unlike funds in the bank, where management can be fairly minimal, your executors will almost certainly need to ensure the business is kept running in the short term until more long decisions can be taken.

For even the smallest business, your executor's job is to ensure that your financial obligations are met, this can include dealing with tax issues, employees and your business accounts. Failing to do so could have a detrimental effect on the value of the business and therefore mean your family lose out financially. So while your may ultimately want your spouse or children to inherit, if they are not going to be the appropriate executors then you can appoint executors who have the business skills to carry out the executor's duties effectively.

2. The second reason is that by drafting your Will, you can take advantage of the tax breaks offered for business property. There are ways in which the Will can be prepared to ensure that not only do you pass your business to the people you want to inherit, but you do so in a way that limits your total inheritance tax bill as well.

3. The third reason is for making a Will is so that you define exactly how your executors can act. By making a Will, you are able to ensure that your executors have all the necessary powers and authorities they will need to carry on your business and run it correctly. Without a Will, your estate may end up in a position where decisions or steps that are needed to ensure the survival of the business cannot be taken when they need to be. This could mean either a lucrative business opportunity is missed or that an expensive Court application is needed. Either way the result is detrimental to your estate.

4. The final reason for making a Will is to ensure that your interest in the business passes in the way that you want. So for example if you have that children assist in the business while others do not, you can draft your Will to take this into account.

You may therefore decide to ensure that your children who are involved in your business inherit the shares, while the others take cash or other assets. Doing this ensures both a fairness in the way your children are dealt with, but also means that your children who do take a role in the business will not to lose their livelihood following your death. Additionally it means that they will not be forced to sell the business to pay their siblings, a move which may mean they also lose out financially.

If you own a business then making a Will really is something to consider very seriously. The time and effort you have spent in building your business, and its value to it may not be properly passed to your family if you do not make a Will.


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

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Sunday, May 20, 2018

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.

Saturday, May 19, 2018

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.


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

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Friday, May 18, 2018

Deeds - Some Ways To Make Changes - By the People



Rene at By the People talks about Deeds of trust and how they can help people make the necessary changes to their title for a number of different reasons. Call 707-428-9871 with any questions, and visit the website at http://www.bythepeopleca.com

Wednesday, May 16, 2018

What Is Probate in Relation to a Will?



A will is a legal document that outlines what one would want to happen after their death in terms of their funeral, care for their children and most important of all, distribution of their estate. When a person dies having drafted their will, they are said to have died testate in legal terms. The opposite of this would be dying intestate. A will usually specifically states the name of an executor, a person entrusted by the testator or testatrix with the task of executing the will after their death. An executor could be a close family member, a relative, trusted friend or even an attorney. An executor is usually referred to as a 'representative of the estate in probate' in a will in order to cover executors of both gender.
A will is very important because it makes things a lot easier for the family of a deceased person especially when it comes to estate distribution issues. A will reduces the possibility of disagreement or misunderstanding between family members when trying to figure out the deceased's death wishes. Administering a will is however not as easy as it may sound. This is because the law requires wills to be validated by a court which could take a couple of months to do. Validation of a will is done by the executor by applying for a Grant of Probate in a probate court.
Probate is the legal process of identifying, validating and distributing the estate of a deceased person under strict court supervision. The probate process includes payment of outstanding debts to creditors and payment of outstanding taxes such as death and inheritance tax. A probate court is a special court that interprets the will and validates any claims on the estate made by third parties such as the creditors of the deceased. The court oversees the probate process right from when the executor files for a grant of probate, up to when it is granted and ownership of the estate is transferred to the beneficiaries.
For the executor of a will to be granted probate, they will have to first present to the probate court registry, the deceased's will and a solicitor approved oath. The oath shows that the executor is committed to administering the wishes stated by the deceased in the will. The executor named in the will is usually not recognized by the law until the probate court officially appoints them as the representative of the estate in probate.
If a will was properly drafted, it takes the court a shorter time to grant probate. Incase the beneficiaries are not completely satisfied with the court's decision, probate law allows them to contest the validity of the will in the same court. In such a case the estate remains frozen until the court makes a validity judgment. In the event of intestate death, or if there is no executor is named in a will, the grant of probate is referred to as a 'Letter of Administration'. It is also acquired through a court process and is issued to the person that the court deems fittest to execute the will or distribute the estate.

Article Source: http://EzineArticles.com/9326024

Tuesday, May 15, 2018

Can You Afford Effective Estate Planning?


"Can I Afford Effective Estate Planning?"

That's Really Not the Right Question.

What you should be asking yourself is: "Can I Afford Not to Do It?"

You may be asking yourself whether you can really afford to do the effective estate planning that you know needs to be done. That's not the question to ask. The real question is whether you and your family can afford to be without the protection and security that the right planning provides.

Would you drive without car insurance? How would you feel without the protection that liability and property coverage offers??

Would you leave your home uninsured?

Would you go without health insurance, knowing that any major medical bills could wipe you out?
In the case of the car, home, and health insurance, you're protecting against the possibility of something happening. If an insured event occurs, then your insurance will cover you, and the premiums you paid for the insurance will be more than worth it.

Estate planning is protecting against the possibility that you might become incapacitated during your lifetime, and the certainty that you will pass away one day.

So what protection and security does the right kind of planning provide?

Protecting You if You Become Incapacitated. If you become incapacitated and need help managing your financial affairs and your medical care, the people you want helping you will need the proper legal documents in order to have the authority to act for you.

Protecting Your Loved Ones. The right kind of estate planning will protect your loved ones from any of the following:

  • Creditors - whether they have creditor problems now, or some that arise in the future.
  • Predators - people who would take advantage of them after they receive an inheritance from you.
  • Poor Financial Judgment - sometimes our loved ones just aren't good at handling money.
  • Loss of Benefits - if you have a loved one with Special Needs, then having the right plan will protect their continuing benefits.
  • Family Feuds - Unfortunately, when your planning is not done correctly, horrible feuds can arise between family members, even among siblings who previously got along.
  • Divorce Loss - if one of your loved ones got divorced, would you want their ex-spouse to receive half of their inheritance? Without proper planning, that can happen.
  • Blended Families - in families where there are children from other marriages, then the right estate planning will protect against one side of the family being inadvertently disinherited.
Protecting Your Assets. The right planning will protect your assets from unnecessary expenses, and the potential for loss from creditors or a nursing home spend-down.

  • Probate Expense - If your estate goes through Probate, then your family will pay a much higher cost to administer your estate. The attorney fee to pay in Probate is calculated as a percentage of your assets, starting as high as 4.5%. For example, in Lucas County, the attorney fee for probating a $400,000 estate (gross value) would be $15,000. With the right planning, that cost could be significantly reduced, resulting in savings of up to $11,000!
  • Creditors or Long Term Care Spend Down. If you're concerned about the potential for losing your savings to a nursing home, and if long term care insurance is not an option for you, then the right kind of estate planning can help protect a large portion of your assets and preserve them for your loved ones.

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

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Monday, May 14, 2018

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 not 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 a 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.

Article Source: http://EzineArticles.com/expert/Ana_Marie_Fischman/435629

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Sunday, May 13, 2018

Happy Mother's Day!


"Motherhood: All love begins and ends there." 
- Robert Browning