Sunday, November 30, 2014

What Is Health Care Power of Attorney?

A health care power of attorney or a health care proxy is a document that designates a person or persons you name and authorizes that person to make health care decisions for you -- but only in circumstances when you can't make the decisions for yourself.

Saturday, November 29, 2014

7 Important Reasons to Form a Corporation or LLC for Your Business

Are you operating your business as a real business or as a hobby? It's time to make your business OFFICIAL before the summer push for business!

Let me ask you two important questions:

  1. Are you operating your business under your own name, a DBA or fictitious firm name, basically as a sole proprietorship or maybe as a general partnership? AND/OR
  2. Are you or your family at risk because of business or personal assets that are unprotected from unexpected losses or legal issues?

If you answered YES to either question please read on for important news about why NOW is the time to form an corporation or LLC for your business.

  1. Make it Official. Operating as a sole proprietorship or general partnership sends a message that you are still "testing" your business, or that you're not sure you'll really make it. Perhaps your accountant told you that incorporating is an unnecessary expense or that it won't help you save on taxes due to an expectation of low profits. This is the WORST marketing message you can send when you want to attract new clients and partners to your business, who want assurance that you're about your business and here to stay.

  2. The Law of Attraction. You get what you focus on. Testing, hoping and "seeing if things work out or not" BEFORE you decide to step-up and make your business official by incorporating broadcasts a clear message to the universe that you're not really serious about your business or committed to a positive outcome. The Law of Attraction states that the universe returns not what you wish for, but what you program into your deepest belief system through your dominant thoughts, actions and feelings. Making your business official and really stepping up says, "I am ready to receive!".

  3. Limited Personal Liability. You may be thinking "I already lost everything in the market collapse from 2008" and still recovering. If you're one of the few that managed to survive and grow your assets since then, but are still holding them in your own name, you're playing a VERY RISKY game (similar to those with assets in unstable European banks). Even if you don't have any assets right now, a lawsuit or judgment will destroy any credit you are looking to build in the future PLUS you may be looking over your shoulder for years waiting for someone to come after you when you finally do start to turn things around. That's no way to live your life. One lawsuit from an unprotected business can ruin your chances of getting a personal auto loan or refinancing your home. Good people who "play by the rules" can still be sued for the most unexpected reasons. You may be thinking "my business insurance will help me out" but are you really covered? Even if your business is never sued, what if you're unable to pay a vendor and they come after you? Do you want to be personally liable? Put a halt to greedy people looking to take what you have worked for! This is the best time to form an LLC or corporation to limit your personal liability.

  4. Reduce Your Taxes. The bottom line is that operating as a sole proprietorship will cost you the most in employment taxes (up to 15.3% on earned income up to $113,700 in 2013). That means that your income will be taxed as the HIGHEST possible TAX RATE as a sole proprietorship. By the way, filing a Schedule C (the form filed for earned income from a sole proprietorship) also means that your business is among those MOST LIKELY TO BE AUDITED. Why? The IRS has a $300 BILLION tax gap and they believe the biggest tax cheats are the little business owner like you. Why? Their stats show them that sole proprietorship are MOST likely to UNDER report their income and OVER report their expenses (two big no-no's with the IRS). Operating as an S corporation or LLC taxed as an S corporation in many situations is a much better approach for two reasons. You will have part of your profits as distributions which are NOT subject to the 15.3% employment taxes AND move that profit to schedule E, not schedule C which is more likely to be audited!

  5. Access More Funding Options. Operating as a sole proprietorship or general partnership limits you when it comes to funding options. You are also DAMAGING YOUR PERSONAL CREDIT SCORE by operating this way. How do you finance your business as a sole proprietorship? You use your PERSONAL CREDIT cards which will drive up your revolving debt which will in turn DRIVE DOWN your personal credit score! When you form a corporation or an LLC you will SEPARATE your PERSONAL and BUSINESS CREDIT. Yes, any type of cash funding with a personal guarantee will come into play, but that DEBT does NOT show up in the personal credit bureau which is HUGE for future funding! As you form a new LLC or corporation NCP will help (if you choose) to build your business credit scores quickly and get your business in a position to secure funding to grow. But the first step is to form a separate legal entity.

  6. Simply Your Life. Yes, in fact operating as a sole proprietorship will complicate your life, not the opposite. Separating your business and personal life will make it much easier for you to navigate both from a financial and legal point of view. Now you will have each in its own compartment where it belongs to protect your overall success.

  7. Asset Protection. Forming an LLC for your safe assets like investments (those outside a retirement plan) will help you sleep better at night knowing you don't have all your "eggs" in one basket. If you are using a LIVING TRUST to protect your assets that will NOT work and everything in your trust may be vulnerable. Do you own other businesses that really should be operating through a separate bank account in a separate entity? Do you own real estate in your own name that may be sending a message that you are rich and have assets worth taking? Have you been in business for years or are you operating more than one business in one entity? Are you doing some business with a new partner and making the big mistake of running that revenue through your current business? Avoid these costly mistakes and form a separate company for that separate business.

Do you need support in forming a corporation or LLC? Not sure what entity or state is best? Call Nevada Corporate Planners, Inc. at 1-888-627-7007, the company I founded. We incorporate in all 50 states and have amazing support and turn key packages to help you also with building business credit and helping keep the IRS off your back!
Article Source:

Article Source:

Friday, November 28, 2014

What is Probate and Will it Affect My Inheritance?

What is probate is a fundamental question. Financial planners claim less than 20-percent of heirs and beneficiaries receive their intended inheritance. Funeral expenses, unpaid debts, estate taxes and legal fees can financially deplete the estate, leaving nothing for those left behind.

This article answers the "what is probate" question and provides tips and techniques to keep assets out of probate. Estates will process through the court system faster when fewer assets are involved.

Probate is the legal process used to validate decedents Last Will and Testament and tie up financial loose ends. The last will is the instrument used to convey final wishes and designate who should receive money, personal belongings, real estate and valuable items.

Numerous options exist for creating a Will. Preformatted Wills can be downloaded online or purchased at office supply stores. Complex estates generally require assistance from a probate attorney or professional estate planner. Much depends on the estate's net worth and how many heirs are entitled to assets.

An estate administrator is designated within the decedent's Will. This individual is responsible for a wide range of duties, so it is best to appoint someone who is good with finances and able to cope well under stress. This is of particular importance when family discord exists.

Probate begins when the decedent's death certificate is submitted to probate court. The estate administrator must create an inventory list of assets and obtain property appraisals for valuable assets such as real estate, collectibles, antiques, artwork and heirloom jewelry. Other duties include paying outstanding debts, filing a final tax return and distributing assets according to directives outlined within the Will. Most Administrators require assistance from an attorney or estate planner.

The process of probate typically takes six to nine months to settle. This can be financially challenging for estates with business or real estate holdings. The estate is responsible for maintaining real estate properties and managing business entities. If the estate does not possess the financial means to maintain property or handle business affairs, the court can order these assets to be sold.

Probate provides a stage for disgruntled heirs to contest the last will. When family members are disinherited or do not receive assets they believe are rightfully theirs, they can file a petition through the court.

The plaintiff is responsible for legal fees. The estate must reimburse legal fees if the court rules in favor of the plaintiff. When Wills are contested probate can drag on for years and potentially bankrupt the estate. In most instances when Wills are the contested, the only people who win are the attorneys.
Estate assets can be exempted from probate by establishing a trust. A variety of types exist and most can be customized to suit the needs of the estate. Trusts are typically reserved for estates valued over $100,000.

Smaller estate can utilize various techniques to keep assets out of probate. These include establishing transfer on death (TOD) and payable on death (POD) beneficiaries. TOD is used with investment and retirement accounts, while POD is used for checking and savings accounts.

TOD and POD assignments can be made by filling out a simple form through the financial institution where accounts are held. Financial assets avoid probate through the assignment of beneficiaries.
Real estate can avoid undergoing the process of probate by titling the property as 'Tenants in Common' or 'Joint Tenancy'.

Titled property such as automobiles, motorcycles, boats and airplanes can be jointly titled and transferred to the name beneficiary upon death without passing through probate.

Another option to avoid probate is to give assets to loved ones while you are still alive. The IRS allows cash gifts of up to $10,000 per person or $20,000 per married couple, per year. This option is oftentimes attractive to individuals with chronic or terminal illness.

Probate can be an overwhelming and time-consuming task. By taking time now to execute a last will and testament and taking action to keep assets out of probate, you can rest assured knowing your loved ones will receive the inheritance you wish to leave them.

Simon Volkov is a real estate investor and probate liquidator who helps heirs understand what is probate and how to avoid it. Simon engages in buying inheritance assets to ease financial burdens of estates with limited finances. If you need to sell estate assets or need additional information about probate, visit
Article Source:

Article Source:

Thursday, November 27, 2014

Happy Thanksgiving!

By The People Would Like to Wish You and Your Family a Safe and Happy Thanksgiving!

Tuesday, November 25, 2014

What Is Limited Liability and Why It Is Important?

The best way to explain limited liability is this - you risk what you put in. In other words, limited liability is a way to make sure that a person who is engaging in business does not risk his or her personal possessions in case the business fails. Any investor, partner, or member of the company that by law has limited liability cannot be made responsible for any unfulfilled company obligations and debts that are more than the amount that the person has invested.

Here is a simple comparison. Jack and Jill are friends. Jack is a handy guy and Jill is a great cook. To earn money from their talents, both start their own business. Jack earns his living by doing renovations. He bought his own equipment and simply advertises his services under his own name. Jack is a sole proprietor.

Jill decided to open a bakeshop. Before going into business, however, Jill has formed a small corporation (an S-Corporation), called Jill's Cakes, Inc. Jill invested her savings into Jill's Cakes, Inc. as a starting capital and then bought her baking equipment and leased her shop on behalf of her corporation. So long as things go well for Jack and Jill there are almost no differences between the two ways of doing business.

As soon as things turn sour though, the differences become apparent. One day, Jack mopped the floor right before leaving the apartment he just painted, but forgot to put up a sign. The owner walked in, slid on the wet floor and broke an ankle. He is suing Jack for medical expenses and lost wages. Jill accidentally dropped a peanut in a wrong batch of batter and caused a severe allergy attack in one of her customer. That customer is suing her for medical bills and pain and suffering.

What is at risk for Jack and Jill? Jack is risking everything he owns - his work equipment, his truck, his house, his personal belongings. So long as there is a judgment against him, Jack must sell anything he owns to pay it. Jill is risking only her business assets - her cooking equipment, her cash reserves, and anything else owned by Jill's Cakes, Inc. But her personal things, such as her car and her apartment, are safe. Her business may become bankrupt, but her life will not be destroyed.

Of course, this story describes a worst case scenario. Many businesses prosper without many troubles. But many also fail, and it is so easy for a business owner to take advantage of limited liability that everyone should do it.

Several types of business entities offer their owners the protection of limited liability. The most popular are corporation and limited liability company (LLC). Each of these entities has its own advantages and drawbacks, but both offer their owners limited liability protection.

A few things are important to remember in the context of limited liability. First, a company must be properly maintained in order to offer full liability protection that it is designed to offer. In short, if a company is only a company in name, but is run as if it is one and the same with the person running it, the courts will consider it a sham, and will not afford the owners limited liability protection.

Second, even in a limited liability business an owner may be responsible for amounts beyond his or her investment. This is the case when an owner has personally co-signed a debt agreement (such as a credit card application). This signature gives the lenders a personal guarantee of repayment of that debt and in the case of default they can go after the owner's personal assets. Other owners of the company (or investors) would not be liable if complete repayment is beyond the resources of the business, but the owner who had done the co-signing would be responsible for that amount.

Further, in some professions it is impossible to reap the benefit of limited liability. Professionals like lawyers, doctors, accountants, chiropractors, engineers, or architects are prevented by law and ethics from limiting their liability. We want these professionals to be personally responsible for their decisions so that they always make the decisions carefully.

The bottom line is, anyone doing business should consider taking advantage of a limited liability entity, if at all possible. Consider it an insurance against your worst case scenario.

Alex Zehnbacht is an entrepreneur with over 8 years of experience in start-ups and business consulting and one of the founders of, an online business dedicated to help entrepreneurs with all their business filing needs. He has helped thousands of clients to incorporate their businesses, register an LLC, obtain various business licenses, and much more. Alex has a personal blog where he shares his view on variety of topics.
Article Source:

Article Source:

Sunday, November 23, 2014

Do You Need a Registered Agent When You Form an LLC or Corporation?

When you're busy planning the formation of an LLC or corporation, its easy to overlook some details, even the important ones. Every corporation or LLC must have an agent who is designated to receive official correspondence and notice in case of lawsuit.

Registered agents are also known as resident agents or statutory agents, and they serve an important role in your company.

In most states, the resident agent must be either an adult living in the state of formation with a street address, or a corporation or LLC with a business office in the state that provides registered agent services. If you form an LLC or incorporate in your home state, any officer or director, or manager or member in the case of an LLC, may act as the resident agent. Having a third party act as the statutory agent comes with some advantages, however, including increased privacy and reducing the risk that you will be surprised at home with court papers for a lawsuit.

Doing Business in Another State

So, what happens after you incorporate in Delaware, for example, and then decide to start doing business in New Jersey? At this point, you will need registered agent service in the new state. The agent's address can also be where the state send annual reports, tax notices and notices for yearly renewals of the business's charter.

You will be required to maintain a resident agent in any state where your company does business, and the agent's office address and name must be included in the articles of incorporation giving public notice.

Finding a Statutory Agent

Most corporate service companies provide registered agent service, which includes forwarding any tax notices or official documents from the Secretary of State and the acceptance of legal service of process to forward to your company. Basic levels of service include a legitimate working office, compliance management, information shielding and document organization as well.

Agents, or statutory agents, serve an important role. After all, you will lose by default if you can't be served or the paperwork isn't passed to you properly, so a reliable registered agent is your first line of defense against opportunistic lawyers. It's usually best to choose someone else as your registered agent, as you don't want to be served in front of employees or customers in a working office, and a good agent will protect your personal information from appearing online.

Christine Layton writes for USA Corporate Services, a business service company specializing in helping business owners incorporate or form an LLC and decide which of the types of companies is best for their business.
Article Source:

Article Source:

Saturday, November 22, 2014

What Is the Difference Between a Living Trust and a Life Estate in Real Estate Investing?

Both a living trust and a life trust are legal documents that are designed to facilitate financial planning for a homeowner. They are also both designed to aid in the seamless transfer of a property after the death of a beneficiary of these trusts.

A living trust is a document that is designed to avoid probate and allow the beneficiary(s) to control the destiny of the assets in the trust even after the death of the beneficiary. Essentially, the beneficiary, who is usually also the trustee, can determine the distribution of the assets or their liquidation and the proceeds distributed figuratively from the "grave".

By avoiding probate, the beneficiary can save a lot of money and probate battles between wannabe heirs. These probates can be very lengthy and even take many years to resolve. Between estate taxes and attorneys' fees, many estates lose 30% - 60% of their value before the liquidated assets are disbursed to the proper heirs as determined by the court.

Possibly more important to the beneficiaries of these living trusts, is the assets of the trust are not shown in the public record as with simple probated wills. The trust must pay income taxes and estates taxes and the trust does not save the beneficiaries any money in these areas.

Finally, in the event the trustee (beneficiary) is incapacitated, the trust contains language so a new trustee can be installed without a court order and this new trustee can take appropriate action with regard to the medical condition of a beneficiary. This avoids having to get a court order for a medical procedure which could take so long that the patient could die - or live an unreasonable time.

The life estate is also a legal document that is actually a special deed to a property that titles the property in such a manner that when the owner of the property dies, the additionally named individual on the deed automatically becomes the new owner as soon as the former primary owner's death certificate is filed in the public record. This instrument also bypasses the probate process but does not avoid any Federal estate taxes due.

The difference in the living trusts and the life estate is that the living trust is a document that contains specific instructions for a trustee in the manner and disbursement of many assets owned by the beneficiary of the trust. The property remains in the trust with a different trustee until the terms of the trust instrument are carried out by the trustee.

The life state is simply a special deed that conveys a single property from a primary owner to a second person when the primary owner is deceased and the death certificate is filed in the Clerk of the Court's public records. Both instruments bypass the probate process.

Dave Dinkel has over 40 years experience in Real Estate Investing which has given him a unique perspective into the Real Estate Market. Learn the "No Money, No Credit, No Risk" proven methods of today's successful Real Estate Investors. Visit America's Online Real Estate Investing Association created by Dave Dinkel to get you started as a Real Estate Investor today! Click the link Now
Article Source:

Article Source:

Friday, November 21, 2014

Estate Planning 101 - Wills, Living Wills, Power of Attorney, Trusts

Estate planning sounds so overwhelming: Wills, Living Wills, Power of Attorney, Trusts, Guardianships, etc., etc., etc.

What does it all mean and what do you really, really need to ensure that your family will be cared for when you pass away?

While the following definitions are by no means intended to be all-encompassing, or cover all of the variations of each document, they are helpful for the estate planning novice in determining what documents are right and necessary for them.

What is a will?

A will is a written legal declaration by which a person makes known how their property will be disposed of upon their death. Property includes not only real property (land, house, condominium, business storefront, etc.), but also personal property such as jewelry, art, sports memorabilia, even pets.

What is a living will?

A living will is a legal document, by which a person makes known his or her wishes regarding life-sustaining or life-prolonging medical procedures, such as resuscitation. A living will can also be called an advance directive, health care directive, advance medical directive, or physician's directive.

What is power of attorney?

Power of attorney is a legal document by which Person A gives Person B the power to make decisions about their legal and/or financial affairs upon Person A's incapacitation. Powers of Attorney expire upon your death.

What is a trust?

Trusts come in all forms and can be straightforward or extremely complex. Simple stated, trusts are a financial arrangement that allows a third party (the trustee) to hold assets on behalf of a beneficiary. How and when the assets pass to the beneficiary can be controlled by establishing a trust.

The sooner you get started, the sooner you'll have the peace of mind in knowing that your family will be cared for when the inevitable happens.

Even if you have completed estate planning, it's never really 'done.' Life is going to come along and make you re-do it.

Following are a few examples of life circumstances that necessitate your updating your estate planning documents:

  • IF you had a baby
  • IF you got married
  • IF you got divorced
  • IF you adopted a child
  • IF you have a new grandbaby
  • IF a relationship within your family has changed
  • IF tax laws have changed
  • IF your estate value has dramatically increased (or decreased)
  • IF you moved to a new state
  • IF you retired
  • IF you changed your investments
These are just a few reasons that you might need to review your will with an attorney.
The Law Office of Nancy L. Holm, LLC, a New Jersey Limited Liability Company, is a full-service, general practice law firm located in Monmouth County, N.J., and serving clients in New Jersey and Pennsylvania. You can trust our integrity and commitment to your best interests when you have a legal problem. We offer a free consultation and reasonable rates, so that legal representation is available to everyone.
Article Source:

Article Source:

Tuesday, November 18, 2014

Living Will FAQs - Once I Write My Living Will, Can I Make Changes to It?

Living Wills are not a necessity, but a good thing to have, in case at some point in your life you may not be able to make decisions about your own health and finances. A living will can be done on your own, or by an attorney, and lists how to distribute your assets in the event that you cannot handle your own finances, or if you need someone to make important health decisions on your behalf.

However once a living will is created, time can change things, and in some cases, living wills may need to be altered. This can certainly be done. The original living will can either be destroyed or have a letter of cancellation attached to it. If you had done your living will through an attorney, it may be advised that you contact your attorney to help make the necessary alterations to the will.

Otherwise, you are free to alter your living will as you need to. It is important that you check with your state government office to make sure you are doing it correctly, however, so that your original will or your altered will aren't thrown out in court if it ever comes to that point.

A living will can be an important document, should anything unfortunate and unexpected occur. Having one that is up to date with the correct information and requests will make things easier for you and for your family. It's best to look at your will at least once a year and alter it if necessary, just to be safe.

The writer contributes to Big Baseball Bat & Big Barrel Baseball, and reviews many manufacturers.
Article Source:

Article Source:

Sunday, November 16, 2014

Reasons to Start an LLC Business

There are various resources that tell you how to start an LLC business. But, there is a big difference between knowing and actually doing the right thing. When you start an LLC business, it is important to have a good grasp of why you are doing it. More than knowing how to start the business, you have to find reason in why you are getting into business in the first place. Here are some of the reasons that could motivate you in starting your own LLC:

- To make money out of something that you enjoy doing

Locals enjoy doing several things, but not everyone could profit from what they do. If gardening in the backyard, for example, is a passion, you might want to think about selling your harvest. You can always turn your hobby into a small business and generate income from something you love doing. As they say, if you enjoy what you are doing, it would not feel like you are working. You can start an LLC business that you can operate from your own home with your relatives and perhaps a small group of friends as your members.

- To get a slice of the pie

Recent years saw a surge in products marketed based on health benefits. The green revolution has begun and this puts at an advantage being an agricultural state. If other companies can sell health-based products, so can you. Identifying a niche that has not been saturated yet will give you a bigger chance of getting a bigger share of the pie so to speak. This goal is enough to sustain your interest even after you start an LLC business.

- To help the community

Did not earn the nickname "The Volunteer State" for nothing. This sense of community can be a source of profits as well. You can hit two birds with one stone when you start an LLC business: you get to help your community and you earn profits in the process. You can think about employing people from your community too as a way of helping ease the unemployment rate in your locality. On a more personal note, you will be helping the people you employ put food on the table and send their kids to school.

- To be your own boss

This sounds cliché but it is true. Most folks would love a life of self-sufficiency and without having to be at the beck and call of someone else out of fear of losing a job. It's also the best way to regain whatever self-confidence you may have lost at the expense of some power-trippers.

- To have a source of income because the day job is not enough

Those who are employed do not necessarily get enough money to support all their family's needs. Some have even taken pay cuts just to stay employed. With a business, they can augment their incomes to bring home more earnings. Putting up a small business like an LLC will give these people another source of income stream that they can use to provide their family's needs.

When you are clear about why you want to start an LLC business, it is easier for you to stay on track towards your business goals. All your action plans will have to revolve around your motivation for doing business.

If you are looking for information on start an LLC business in Tennessee, click on the link. Or you can visit
Article Source:

Article Source:

Saturday, November 15, 2014

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.

If you are looking for information on LLC in Tennessee, click on the link. Or you can visit
Article Source:

Article Source:

Friday, November 14, 2014

What Is a Will? | Financial Terms

Learn about Wills in this Howcast finance video with expert Gregory McGraime.

Thursday, November 13, 2014

Power of Attorney - 6 Factors You Should Consider When Nominating the Best Agent

Ever wondered how your modest finances or properties are handled, in case something occurs to you or you will have to go away somewhere? In that case consider the power of attorney. What is power of attorney? This is a legal document that would facilitate you to allow an organization or a person manages your business matters and your finances.

The principal is person who is creating or signing the power of attorney, while the agent or the attorney-in-fact is the person who would be granted with authority. Because the power of attorney will give the agent the control over banking, credit and other financial concerns, it is important to be made with care that's why legal assistance is important.

Power of attorney can be divided into 2 types, the general and the specific. The general power of attorney can handle different personal and business transactions while the specific power of attorney identifies specific transaction when the document would take effect.

Here are some factors you should consider when choosing the best agent for your power of attorney:

• Capability. It is much recommended to think about the capability of agent in managing legal matters and principal's property. You should not entrust your own finances to the agent who has problems in controlling over their own finances.

• Age. In case you are thinking about your child as the attorney-in-fact, you should consider the age. There are differences on every state of laws on creating the power of attorney. However approximately all of the laws accept that no agent must be under 18 or 21 years old.

• Work experience. It's good idea to award authority to agent who is competent and expertise in legal matters or in finances.

• Time. While deciding on the perfect agent to stand for you, at that time it is very vital to think about how much time they can provide in handling legal matters and financial.

• Location. It's advisable to consider agent who is not far from the property and the principal.

• Organization and documentation skills. The principal may perhaps require the attorney-in-fact to trace and correctly document the several transactions made whether it will be for personal, business or government purposes.

Other factor you should pay attention is how to decide the spouse as the attorney-in-fact. Nearly all military personnel will give the power of attorney to their spouses in case they are in battle. Other option is a close relative.

You do not always have to opt for a family member, you can decide on a non-relative attorney-in-fact. If the principal is slightly worried on giving many duties on one agent, then he or she may well find other co-agents. However you could do that only if the power attorney specifies the information or the limitation of the capabilities. Previous to making decision on agent in the power of attorney, the principal ought to talk to the agents first and ask them if they are keen to be agents.

When carrying out the task, no organizations will control the agent. It will just depend on the principal as well as principal's relatives to supervise if the agent is carrying out what is predetermined in the power of attorney.

Learn more guide to understanding the power of attorney []. Get free tips and advices, please visit: []
Article Source:

Article Source:

Tuesday, November 11, 2014

How to Become Someone's Power of Attorney

Becoming someone's power of attorney allows a person to make financial or legal decisions for another person if that person cannot make their own decisions.

Monday, November 10, 2014

The Advantages of a California LLC Business Structure

As a business owner, deciding on the structure of your company is one of the most important decisions you can make. Limited liability companies are a relatively new hybrid business entity. California passed The Beverly-Killea Limited Liability Company Act which allowed for LLCs to be created in California in 1996. Since their start, they have become increasing popular with business owners and for good reason.

An LLC is an interesting hybrid that has the best of different business structures rolled into one. It is a business structure where, as with a sole proprietorship or partnership, the losses of the company are reported on the business owner's personal tax returns. Sole proprietorships and partnerships however, do not provide the owner any limited liability protection. With an LLC, as with a corporation, the owners are protected from personal liability.

Easier to Create and Maintain

An LLC has many advantages to the business owner. LLCs have all the advantages of a corporation (protection from personal liability), without the red tape and administrative costs in creating and maintaining a corporation. Because of this, they are a good option for the small business owner. Complying with corporate formation rules and the yearly maintenance that is needed is time-consuming and costly. There are statements and reports that need to be filed with the Secretary of State, and corporate books to be maintained. The stakes to maintaining a corporation are high, failure to do so means that a creditor of the corporation could theoretically "pierce the corporate veil" and come after the shareholder's assets.

In contrast, the creation of an LLC is simple. All that is required to form an LLC in California is to file Articles of Organization with the Secretary of State and pay a filing fee. California also requires that LLCs create an Operating Agreement. The Operating Agreement is a written agreement between the members setting the guidelines and procedures of how the LLC will function. While there are no set criteria as to what the document should contain, typically it would include subjects as how the company will be managed, the amount of capital contributions from each member, and how profits and losses will be handled.

Favorable Tax Treatment

The IRS has different ways of viewing an LLC for tax purposes. For instance, an LLC with only one member is taxed as a sole proprietorship. If the LLC has two or more members it will be taxed as a partnership (unless the LLC has been elected to be treated as a corporation). Either way, the tax treatment for an LLC is preferable to that of a corporation. In contrast, C-Corporations are subject to double taxation. The corporation is required to pay a corporate tax, and then the money is taxed again as income to the individual shareholders. With an LLC, all the business losses, profits and expenses flow through the company to the individual shareholders. This also holds true with a corporation that files for S-election status. The drawback however, is S-corporations are complicated and costly to create and maintain. Further, Section 1361 of the Internal Revenue Code imposes significant restrictions on the ownership of S-corporations.

Owner's Assets are Better Protected

Just as with shareholders of a corporation, LLC owners are protected from personal liability for business debts and claims. They are not individually liable for any debts or liabilities incurred while doing business for the company. Owner's assets cannot be seized or sold to pay other liabilities for the company. This is not the case with a sole proprietorship or partnership, where the owner is responsible for any loss or debt, even if it means settling this debt with their personal assets.

For these reasons, the LLC can be a great option for some, by combining the best features of different business structures. While the LLC is a great option for some, choosing the right business entity is a complicated process. When in doubt consult legal counsel.

James Vignione, administrator of Orion Systems specializes in business protection contracts for business owners looking to protect their business and avoid employment related lawsuits. For more information, visit
Article Source:

Article Source:

Sunday, November 9, 2014

5 Reasons Why You Need A Living Will

Many people think a living will is not something they need unless they reach senior citizen age. However, this could not be further from the truth and you could end up seriously regretting not taking the time to make one out. Life is unpredictable and often uncontrollable which is enough reason for adults of any age to invest in a life will in order to protect themselves when bad fortune arises. Below are five reasons every adult should take the time to make out a living will no matter how old they are.

1. Protects You When You No Longer Can Communicate

The most advantageous part of having a living will is that it protects you in a future situation in which you no longer can communicate your wishes. If something was to happen the medical professionals in charge of treating you have a big say in what happens to you once you are in a state in which you cannot communicate what you want to be done.

2. Prevents Major Arguments Between Family Members

Having a living will prevents major arguments between family members when the decision is not up to the medical professionals in charge. The other people that have a say in what happens to you are your family members. If they disagree on what should be done with you it can cause relationship ending arguments between members of your family. This is the last thing you want happening during such a tough and difficult time. With a living will it will be your choice and no one else's. This will eliminate any argument or debate as to what should happen to you.

3. Gives You Control Over Medical Treatments/Procedures

A living will also gives you control over what medical treatments and procedures take place in a situation where you are ill to the point of not being able to communicate. In this situation a living will orders doctors to fulfill your wishes in writing. This way you take the decision out of their hands.

4. Reduce Potentially Unwanted Medical Bills for Your Family

In the situation that you get into an coma or vegetative state, a living will decides exactly what is done with you. Many people would rather die than live an additional 20 years on life-support. The reason being is because if they are on life support it will rack up enormous medical bills in which their family will have to pay. If you do not specify this, then your family may be left paying insurmountable medical bills. If you do not want to see something like this happen then you need a living will that specifies exactly what you would like to happen in a given situation.

5. Gives You Peace of Mind

Last of all, making out a living will give you peace of mind. These are designed to give you the control to prevent more bad things from happening in tragic situations. Tragic situations are hard enough and you want to know that your family as well as yourself will be taken care of properly in such a situation.

The last thing you want to do is be lazy and end up giving people outside of your family control over what happens to you under bad circumstances. Get your living will made today. It is so easy to put off but it is probably one of the best decisions you can make.

About the Author
Scott Gray is a writer and website publisher who writes for Morely Levitt. Morley is a will and estate lawyer. His office is located at 120-11181 Voyageur Way, Richmond, B.C. Canada. If you are looking for information about a will in Ladner or Tsawwassen BC Canada, or other areas like Vancouver and Richmond British Columbia, be sure to give him a call at 604-270-9611.

Article Source:

Article Source:

Saturday, November 8, 2014

What Does LLC Stand For?

Many ask the question of What Does LLC Stand For? They are usually looking for one of two answers: (i) what do the actual letters stand for and where did it come about; or (ii) what benefits and features does an LLC provide?

LLC Stands for Limited Liability Company

The LLC is a creature of state laws. In 1977, Wyoming was the first state to enact a law that gave birth to a limited liability company. Since then, every state in the United States has passed a set of laws which allow for a legal entity called a limited liability company to be created under the law.

The main reason the LLC was born is because small business owners needed a legal entity that was more catered form them as compared to the corporation entity which was more suitable for larger businesses.

Lawmakers want to encourage small business as it drives our economy and creates jobs. Accordingly, what the LLC provides is a legal entity which provides benefits that are specifically tailored for the small business owner but also has the flexibility to accommodate larger businesses as well.


The LLC provides business owners with a shield of protection. Owners are not personally liable for the debts and obligations of the business. In addition, this type of legal entity offers a single layer of taxation which minimizes taxes for owners and even allows active members to take a deduction against other income if the business generates losses.

The benefits do not end with protection and taxes. The limited liability company also allows flexibility for business owners to tailor who they want their business to operate and be managed. You are not forced to fit into a one size fits all governance structure.

Business owners want to spend their time building their business and not maintaining legal entities or having to keep up with legal compliance requirements. LLC laws were specifically designed to make the use of this vehicle easy. There are minimal requirements to form and maintain a limited liability company.

Another benefit is that the use of a legal entity for a business conveys a more professional and official image. Customers see that the business is a limited liability company and know that the owners of the business engaged in some serious business planning. This is great for getting more business.

So, when one asks what does LLC stand for, the answer is that it stands for the most popular legal entity vehicle for small business. For the low cost to form one, a business owner gets tremendous benefits and advantages.

For a FREE LLC GUIDE and to learn more about the Limited Liability Company, visit The Learning Center and our comprehensive LLC KnowledgeBase at
Article Source:

Article Source:

Friday, November 7, 2014

Incorporation - Is It Right For My Business?

The process to form your incorporation is relatively easy, and the legal concept of incorporation is recognized all over the world. A Certificate of Incorporation is the evidence of incorporation and registration of the legal entity with the authorities of a particular state or an offshore jurisdiction. A primary advantage of incorporation is the limited liability the corporate entity affords its shareholders, and in many cases, favorable tax treatment. For anyone starting up his or her own business, an understanding of business incorporation is a must before taking that step.

Incorporation is a system of registration which gives a business certain legal advantages in return for accepting specific legal responsibilities and is an option that many businesses each year decide to take advantage of. However, prior to filing with the state, you should have your attorney and accountant advise you as to whether or not incorporation is the right step for your business, both from a legal standpoint and from a tax perspective. If the corporation is a closely held corporation and does business primarily within a single state, local incorporation is usually preferable. Incorporation is a state process, and therefore the process and specific benefits may differ from state to state, as well as registration costs, resident agent fees, etc.

What type of incorporation is best for my business? A "C" Corporation, an "S" Corporation or a Limited Liability Company (LLC)? In addition to those choices, you then need to decide where to incorporate. Not only does each state offer certain benefits, but costs to file and maintain the corporate status are different. Additionally, if your business purpose is rather simple and straight forward, you may be able to use an online incorporation service to incorporate, at substantial savings. Remember, when in doubt, or if any questions or issues need addressed, seek professional usually is cheaper in the long run!

There are certain states that offer important incorporation benefits to the directors and shareholders. You need to make a comparison of these benefits, as well as the filing costs, to determine if incorporation in that state is warranted. Another consideration for incorporation in a state other than where your business is located, is that you may be required to register as a foreign corporation in your resident state. This will usually entail annual filing fees equal to or greater than that for a domestic corporation. Again, prepare a checklist and weigh all benefits as well as additional costs, etc. before the incorporation process begins. Rather than incorporating in another state, you may also benefit by an offshore incorporation. Check it out carefully.

Gust A. Lenglet is an accomplished author and financial advisor and has written many articles in the fields of investments, law, education, as well as taxation. He is President and CEO of HBS Financial Group, Ltd. and offers online tax filing as well as timely advice on tax planning and investments.
Article Source:

Article Source:

Thursday, November 6, 2014

DUI Expungement Process - Steps to Clear Your DUI Record

If you are convicted of DUI, you may want to expunge your DUI record in order to get a job, loan, house, etc. Expungement refers to the process of removing or erasing your DUI records. You are required to petition the court in order to get your records expunged. This article discusses steps to clear your DUI record by covering the whole process from petitioning to obtaining expungement. Each state's expungement laws vary; therefore, this article gives you a basic idea on the process.

DUI expungement process:

1. Where to file a petition for expungement?

You need to file a petition for expungement in the superior court in the county where your DUI arrest occurred.

2. What are the grounds for denial of expungement?

You can be denied for expungement:

- if you haven't completed probation.
- if you didn't show a good reason to expunge your DUI record.
- if you are convicted of severe felony.
- if a great deal of time has passed since your arrest or conviction.

3. What are the grounds for acceptance of expungement?

You are allowed to expunge:

- if this is the only conviction on your record.
- if you didn't spend any time in state prison.
- if you have rehabilitated yourself.

4. How to file for an expungement?

- Do you need a lawyer?

You don't necessarily need a lawyer for expunging your records. It's just that this process involves a lot of paperwork and if you have a lawyer by your side, he can give you advice regarding that. If you don't wish to hire a lawyer, you should learn all the procedures that are required to get this process done.

- How long does it take?

The entire expungement process could take anywhere from 4 to 6 months.

- What is the filing fee? 

The filing fee may vary from $50 to $400 depending on your case and your state.

- What forms do you need to fill and where to get them?

You need to go to your county courthouse and ask the clerk for the expungement forms. As mentioned above the forms may cost around $50 to $400. The clerk may give you the following forms: 1. Expungement petition, 2. Affidavit or proof of service form.

5. What happens after you file the petition for expungement?

After you file the petition for expungement, a copy will be sent to all agencies that have your records like arresting agency, the county attorney, the city police department etc. They may accept or refuse your request. If they accept, the court will grant your petition without hearing. If they refuse, a hearing will be held and you are required to attend. (This law can vary from state to state). You will be notified of hearing date through the mail. In some states, though, the court sets the hearing date, while in others you have to pick the date. You must ask your clerk beforehand regarding how your state's county court hearing date is set.

6. The Court hearing and decision:

Your petition for expungement may or may not be granted. If you won the expungement hearing, you must check after 60 days to see for yourself whether your records show up during a criminal record check. The 60 days period is when the court orders all the agencies to seal your record. However, if you lose your hearing, you may need to ask for an expungement once again.

Expunge your DUI record "completely" with the help of DUI Process Manual. It offers little-known strategies to clear your DUI record completely and pass employment background checks in a step-by-step approach. Especially, this strategy is helpful if your state (US) does not allow formal expungement. Visit my site for free DUI strategies report and DUI Process Manual review and take action to clear DUI record [].
Article Source:

Article Source:

Wednesday, November 5, 2014

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 even 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.

Dennis Gac is widely known as "The World's premier fathers rights Consultant!" But why would you care? Well, I'll tell you if you rush over to his site... I think you'll come to your own conclusion that he "IS" the real deal! Experience someone who works and thinks outside the box for you! Read what others have to say at
Article Source:

Article Source:

Tuesday, November 4, 2014

5 Reasons an LLC Is Right For You

As a business owner, you can run your business as a sole proprietorship, or it can be operated as a formal structure, for example an LLC. Forming LLC as the business structure is an exceedingly good choice for the average entrepreneur. Managing your company as an LLC brings many benefits.

Following are just a few of many reasons to contemplate having an LLC, if you are a small business owner:

1. Protection of personal assets - As a business owner, you are more apt to be sued. You need to protect your personal assets from those of your company, so your personal monies are protected in case a lawsuit is brought against your company. By starting LLC that is correctly setup, you are usually protected.

2. Have a professional image - Nothing says professional company like a legitimate business structure. Just about anybody can start a company, but it is the people that go the extra distance by setting up a business structure show how serious they are about their company, and people take notice of this.

3. Trust - If your business is an LLC, you are making it particularly easy to discover suppliers in which to do business with you, and particularly easy to get a business loan. Operating your business as a profession, and not a hobby, is a wonderful way to gain trust with those companies that you need to work with.

4. Low audit risk - Sole proprietorships are more at risk to facing an IRS audit than LLCs. This most likely has something to do with the fact that a person might be using the business as an excuse to get some tax benefits, though they would get more if they actually had an LLC and the IRS is onto these people. However, if a person has taken the effort of LLC formation, it is likely they are in business for all of the right reasons.

5. Business flexibility - When operating as an LLC, you have greater choices in how to handle operating your business. Adding additional owners is a simple process, which is not possible as a sole proprietor. A limited liability company is a very flexible business structure that gives a variety of options on how you wish to manage your company.

If you are going to run a business, then you should do what you can to run it as effectively as possible. Making use of an LLC as your business structure has many virtues, even more than those listed in this article. Treat your business right and make it an LLC.

Will Karter is an expert when it comes to Business Entity Incorporation Search and has been working as a paralegal for over 5 years.
Article Source:

Article Source:

Monday, November 3, 2014

Frequently Asked Questions About Wills, Living Wills and Powers of Attorney


The simplest way to ensure that your funds, property and personal effects will be distributed after your death according to your wishes is to prepare a will. A will is a legal document designating the transfer of your property and assets after you die. Usually, wills can be written by any person over the age of 18 who is mentally capable, commonly stated as "being of sound mind and body."


Although wills are simple to create, about half of all Americans die without one (or Intestate). Without a will to indicate your wishes, the court steps in and distributes your property according to the laws of your state. Wills are not just for the rich; the amount of property you have is irrelevant. A will ensures that what assets you do have will be given to family members or other beneficiaries you designate. If you have no apparent heirs and die without a will, it's even possible the state may claim your estate.

Having a will is especially important if you have young children because it gives you the opportunity to designate a guardian for them in the event of your death. Without a will, the court will appoint a guardian for your children who may be someone you do not even know.


What you generally need to make a will:

1) Your name and place of residence;

2) Names and addresses of spouse, children and other beneficiaries, such as charities or friends;

3) Alternate beneficiaries, in the event a beneficiary dies before you do;

4) Name and address of an Executor/ Executrix to manage your estate;

5) Name and address of an alternative Executor/Executrix, in the event your first choice is unable or unwilling to act;

6) Name and address of a guardian for your minor children;

7) Name and address of an alternative guardian, in the event your first choice is unable or unwilling to act;

8) The age you wish your minor children to have control of their inheritance;

9) Any burial requests you may have (cremation, where you want to be buried, etc.);

10) Your signature;

11) Two Witnesses' signatures; and

12) Notarization.

Two of the most important items included in your will are naming a guardian for minor children and naming an Executor/ Executrix.


In most cases, a surviving parent assumes the role of sole guardian. However, it's important to name a guardian for minor children in your will in case neither you nor your spouse is able and willing to act. The guardian you choose should be over 18 and willing to assume the responsibility. Talk to the person ahead of time about what you are asking. You can name a couple as co-guardians, but that may not be advisable. It's always possible the guardians may choose to go their separate ways at some later date, and, if so, a custody battle could ensue. If you do not name a guardian to care for your children, a judge will appoint one, and it may not be someone you would have chosen.


An Executor/Executrix is the person who oversees the distribution of your assets in accordance with your will. Most people choose their spouse, an adult child, a relative, or a friend to fulfill this duty.

If no Executor/Executrix is named in a will, a Probate Judge will appoint one. Probate refers to the legal procedure for the orderly distribution of property in a person's estate. The Executor/Executrix files the will in probate court, where a Judge decides if the will is valid. If it is found to be valid, assets are distributed according to the will. If the will is found to be invalid, assets are distributed in accordance with state laws.

Responsibilities usually undertaken by an Executor/Executrix include:

--Paying valid creditors;

--Paying taxes;

--Notifying Social Security and other agencies and companies of your death;

--Canceling credit cards, magazine subscriptions, etc.; and

--Distributing assets according to the will.


You'll probably need to update your will several times during the course of your life. For example, a change in marital status, the birth of a child or a move to a new state should all prompt a review of your will. You can update your will by amending it by way of a Codicil or by drawing up a new one. Generally, people choose to issue a new will that supersedes the old document. Be sure to destroy the old will after you sign a new one.


The property included in your will may be subject to taxation. In planning your will, take into account the following:

---Federal estate taxes will generally be due if the net taxable estate is worth more than $1,000,000. This amount is scheduled to gradually increase from $1,000,000 in 2002/2003 to $3,500,000 in 2009 so that it will eventually shield $3,500,000 in gift or estate transfers from tax per taxpayer. Estates in excess of the exempt amount can be taxed at a rate from 37% to 50% (the top percentage is scheduled to gradually decrease to 45% in 2009). Also, note that these estate tax changes are scheduled to be repealed in 2010. If not extended, the tax law will revert to the estate and gift tax provisions in affect in 2001. Consult a tax or financial professional to determine a plan that is right for you and your family.

---State death or inheritance taxes

---Federal income taxes

---State income taxes

You may be able to minimize your estate tax by establishing a trust or giving gifts during your lifetime. You can also cover the cost of estate taxes by purchasing a life insurance policy intended to pay taxes. Talk to your life insurance agent to find out more about how this works.


Once your will is written, store it in a safe place that is accessible to others after your death. I suggest that you keep it in a fire proof box that you can purchase at any office supply store. I do not suggest that you keep your will in a safe deposit box because many states will seal your safe deposit box upon your death. Make sure a close friend or relative knows where to find your will.


A living will is not a part of your will. It is a separate document that lets your family members know what type of care you do or don't want to receive should you become terminally ill or permanently unconscious. It becomes effective only when you cannot express your wishes yourself. Discuss your wishes as reflected in your living will with family members, and be sure all your doctors have a signed copy.


A power of attorney for health care (health care proxy) is not a part of your will. It is a separate document that authorizes someone you name to act in accordance with your medical intentions. It becomes effective only when you cannot express your wishes yourself. You should make sure that all your doctors have a signed copy.


A financial durable power of attorney is not a part of your will. It is a separate document that authorizes someone you name to act in accordance with your financial intentions. It becomes effective only when you cannot express your wishes yourself. You should make sure that all your financial professionals (stockbrokers, accountants, financial planners) and banks have a signed copy.


The end of your life is something you probably don't want to dwell on, but thinking about what will happen to your loved ones and your assets and personal possessions is important. Making sure you've done all you can to make their lives easier will give you peace of mind. And once your will is drafted, you won't have to think about it again unless something significant in your life changes.

Sheri R. Abrams is an Attorney in Fairfax, VA. Her practice is limited to the areas of Social Security Disability Law and the preparation of wills, living wills, health and financial powers of attorney. Ms. Abrams is a graduate of Boston University's School of Management and the George Washington University School of Law. Ms. Abrams is rated "AV" by Martindale-Hubbell. More information can be found at

Article Source: