Sunday, December 17, 2017

Legal Document Preparation - By The People


Rene talks about how By The People Document Preparation Service in Fairfield CA can help people with uncontested legal matters in an inexpensive way. See more at http://www.bythepeopleca.com, or call 707-428-9871

Saturday, December 16, 2017

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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Friday, December 15, 2017

Should You Include Your Spouse When Forming a Small Business LLC?



In this video it talks about a couple of reasons why you may not want to have your spouse included in your LLC. But every situation is different.

Thursday, December 14, 2017

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.


Article Source: http://EzineArticles.com/expert/Jennifer_Mann/132973

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Wednesday, December 13, 2017

Features of a Revocable Living Trust


Financial advisor Ric Edelman discusses why a revocable living trust is a key part in the estate planning process.

Monday, December 11, 2017

Aging, Communication, and Preparation


Making plans for retirement is clearly one of the highlights of your life. From the time you get out of college and enter the workforce most of your time is accounted for, and over those years there are invariably going to be many experiences that make their way onto your "to-do" list. The day that you retire is the day that you start to check things off that list, and your life experience in enriched with every mark.

We often talk about the fact that one of the challenges that is inherently part of any type of long-term planning is the fact that you can't predict the future with any degree of certainty. This is true of financial markets, laws, our own health and that of our loved ones. All of these things impact retirement planning, but there is another factor that can be difficult to fully digest.

Your mental capacity may not be the same as your retirement years pass. When you are planning for retirement it is very important to be realistic and keep this in mind. What happens if you need long-term care? What if you never made your medical preferences known via the execution of advance health care directives? You don't want to start considering these matters for the first time when you are in the latter stages of your life.

It may be a good idea to plan for your twilight years simultaneous to making plans for an active retirement both emotionally and financially. Bringing the issues of long-term care and possible incapacitation out in the open with your family long before they are directly relevant is also something to consider. Successful people generally confront reality and stay ahead of the curve. If you follow the same path that brought you success throughout your life you will invariably age just as successfully.


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

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Sunday, December 10, 2017

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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Saturday, December 9, 2017

Friday, December 8, 2017

What Is Probate Law and How Does It Affect You Today?


Have you made your will official yet? It is not pleasant to talk about, but death will inevitably take us all at some point in our lives. Having an officially recognized will ensures that your estate goes to the people that you want it to when you pass away. The simplest definition of probate is 'the official proving of a will'. The laws of probate can be overwhelming at times, especially when emotions are still raw. It does serve its purpose however as not having a will (in-estate) makes the procedures a lot trickier and the results which can take months may not be what stakeholders deem right.

When a will is filed with the courts, the process for probate varies from country to country, even city to city. However the basic process is someone close to the deceased approaches the courts to act as 'executor', once the executor is established the process starts by collecting all assets and getting a value for the total. Once debts have been paid, the remaining assets can be distributed as per the will before the probate process is formally closed.

The Executioner

The executioner is usually the closest person to the deceased (wife, daughter, father etc.) or a close friend.

Probate affects you today in two ways. As someone who files a will and as a person nominated to be the executioner of a will.

Writing Your Will

Writing a will may seem like a death wish, it is something no one wants to ever think about however there is an incentive. You likely have worked hard for what you have acquired in life and would like your estate to be distributed as you see fit according to your values and wishes. It is also to protect your family, pre nuptial agreements may appear to only be agreed to when a high profile celebrity gets married, or someone wealthy but they are doing it for the same reasons as a will. The subject of money makes people act in irrational ways to protect themselves. Family members may lay claim that they should get everything, while others believe it should be theirs. It is not a nice situation for all involved. By writing your will now, you ensure that these disagreements can be solved by simply reading your official legal will.

As The Executioner

As the writer of the will, you will normally want to tell the person who you are leaving in charge of your estate should tragedy strike. It isn't the easiest conversation to begin, but knowing you have someone you trust can put your mind at ease. When someone brings up the subject with you, there is no set way to react. Simply listening to their requests is best, do not try and influence them either way. If you are unsure of anything though, do ask. Documenting everything possible is the safest option as emotions may get in the way of what was truly requested. In a perfect world there will be many, many years to you put everything in place exactly the way you wish. Make it a common practice to revisit the will every couple of years, to verify that it fits how you feel at that time.

Probate is something most people will deal with from both sides as the executioner and the writer of the will in their lifetime. Having a will ready so that the probate law process can be handled appropriately by all parties is law that should be taken seriously.

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

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Thursday, December 7, 2017

Making a Will - What You Should Know About Creating a Will


A will is an important document for any person to have. This document simply provides directions on how your property will be handled when you pass on. Many times, when people die without a will in place, a lot of misunderstandings can arise within the family and the community at large. It is therefore important to specify how one's property or estate will be handled to avoid these misunderstandings.

A will writing service is important to help you come up with your will. It is possible for you to write your will without any help but if you are not familiar with this process, you need guidance so that you can write a will correctly.

The first thing you need to do is identify a good will writing service that has the requisite experience and reputation to ease the process of making a will. There are a number of benefits that you will get when you work with a will writing service. Some of these benefits include:

• Correct Structure

Certain things are required when you are drawing up your will. You must indicate that you are of the right age and of sound mind. You must also indicate that this is your last will and testament. You still are able to amend your will at any time you wish to.

These services will also help you to understand technical terms used when writing a will. A man writing a will is called a testator while a woman is called a testatrix. The will has to be signed by the testatrix or the testator and signed by two other witnesses.

• Tax Implications

Certain assets or estates can have tax implications. If you leave your estate to someone else other than your spouse, they might be required to pay taxes on it. It is important to know this in advance and plan for it accordingly.

• Will Execution

Another important aspect to consider is the executor of the will. This is the person who will carry out the terms of the will should you pass on. The person who helps you write the will can also be the executor if they have that capacity. If not, you should name the person or company to carry out this function.

Making a will should not be a problem for you. With the right people to help you, this process will be easy. It will allow you to rest well knowing that your estate will be handled correctly when you pass on.

Article Source: http://EzineArticles.com/expert/Tony_M_Mason/1175640

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Tuesday, December 5, 2017

The Advantages of an Uncontested Divorce


Many states these days give couples the ability to go through a simple uncontested divorce. In fact, this is the way most couples do divorce. It's relatively simple and inexpensive, and it preserves both parties' dignity and privacy.

Divorce is expensive no matter how you slice it, but if you do need to get a divorce, an uncontested divorce will let you save yourself time and money, and as much heartache as possible. This situation is difficult enough, and you don't have to make it more difficult to making the divorce itself contentious unless it's absolutely necessary to do so.

If there are particularly contentious issues in your marriage still to be resolved (such as child custody), then an uncontested divorce may not be the way to go, since of course you'll need to make sure your rights and those of your children are taken care of. In fact, in some states, if there are children involved, an uncontested divorce may not even be an option for you.

However, if you and your soon-to-be ex-spouse are on relatively good terms and simply need not to be married anymore, and if issues such as child custody are already worked out between you, then an uncontested divorce is going to be easier for everyone. Yes, the process of getting divorced is still painful, but an uncontested divorce makes it as simple a process as possible, too.

Privacy is also an issue with divorce. The disclosures you make to each other don't have to be a matter of public record unless you each want them to be if the divorce is uncontested. The agreement you make will have to be a matter of public record, but only that. By contrast, contested divorce is likely to have every single little nuance of the divorce a matter of public record simply because spouses in a major battle with each other make such things a matter of public record. So if you want to protect your privacy, work out the details of the divorce between you and simply make the final agreements a matter of public record, not every little discussion you to have had as well. This is easier on your children, too.

If you think you can't negotiate an uncontested divorce with your spouse, that's fine. Perhaps you can't. However, make sure that your spouse and you are both aware of the problems an uncontested divorce can help you avoid. It may very well be that simply faced with the differences in navigating through a contested divorce versus an uncontested one will convince the spouse who doesn't want the uncontested divorce to go through with it.

Now, it should be noted that you don't have to agree as to why the divorce is happening to make it uncontested. You only have to agree on the terms of the divorce to make an uncontested divorce possible. Therefore, at first blush, it may certainly be true that you think you cannot manage an uncontested divorce. However, after a bit of time has gone by and tempers have cooled, you may think that having an uncontested divorce is best for you after all. Think about it, think about the cost both financially and to your children, and then decide whether or not an uncontested divorce is your best bet.


Article Source: http://EzineArticles.com/expert/Jon_Arnold/41272

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Monday, December 4, 2017

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.


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

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Sunday, December 3, 2017

LLC Vs Sole Proprietorship: Which Is Right for You?


Most small business owners in the United States operate as a sole proprietorship, the default business entity. While this may work for some businesses for some time, it does not create any legal separation between your business and your personal assets. You will face both the risk of lawsuits and the potential of business debt that you cannot afford. Operating as a sole proprietorship is a risk that grows with your business.

If you want to protect your business and yourself forming an LLC is one affordable option that offers many benefits.

What is a Limited Liability Company?

If you form an LLC, you will create a separate entity that offers liability protection for owners. Your personal assets like your home and savings will not be at risk if your business is sued or has debts it cannot pay, provided you maintain the LLC and meet legal requirements. A limited liability company provides flexibile management options and it operates as a pass-through entity by default. This means that forming an LLC from a sole proprietorship will not change your taxes at all, if you have one member.

Choosing an LLC may also offer you additional benefits. You will find it easier to raise capital through investors, and you have the ability to deduct health insurance premiums. Self employment tax is based on net income and you can be taxed as a partnership or a corporation, if you choose.
Because it is very affordable to form a limited liability company and offers many important protections, it is the most popular choice for small business owners.

What is a Sole Proprietorship?

Sole proprietorships have one owner and they are not legal entities. This means that operating a sole proprietorship offers no distinction under the law between your business liabilities and assets and personal liabilities and assets. If there are business debts or a lawsuit that you cannot pay through business assets, your home, savings and other assets will then be at risk.

There are benefits to remaining a sole proprietorship, depending on your situation. Taxes are straightforward, you do not need to register with the state or file annual paperwork, and payroll can be much easier to set up. There will be no compliance issues to worry about, either.

Which is Right for You?

The choice between a sole proprietorship and LLC depends on your business. If you have a very low-risk business that does not involve working in people's homes, offering advice or selling products, remaining a sole proprietorship may be your best move. This is especially true if you are very unlikely to incur great liabilities. If you are concerned about keeping your business and personal finances and assets separate, however, or you plan to expand or take on debts, it is worth considering forming a limited liability in your state or in another state.


Article Source: http://EzineArticles.com/expert/Christine_Layton/1274248

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Saturday, December 2, 2017

Three Lessons on Durable Powers of Attorney


Durable Powers of attorney are an essential ingredient in a complete estate plan, which allow for continued financial management in the event of incapacity. Under a durable power of attorney, an attorney in fact makes financial decisions on behalf of the principal. The attorney in fact can be given broad and sweeping powers. Conversely, powers granted by a durable power of attorney can be limited to particular assets or powers. Accordingly, the level of control given to the attorney in fact should reflect the particular requirements of the estate as well as the principal's comfort with a broad grant of authority. In this article, the author teaches three lessons on effective execution and implementation of durable powers of attorney.

First Lesson: Why would I Need One Now?

The legality of durable powers of attorney stems from the law of agency. Under agency law principals, an individual with capacity may give an agent powers-to contract, to represent the principal or to revoke or amend a trust, for instance. In the case of a non-durable power, the agency terminates upon the principal's incapacity. Durable powers survive incapacity, but the principal must have capacity at the time of execution in order to effect a valid power. Accordingly, executing a durable power of attorney for financial management should be done prior to incapacity.

Waiting until one becomes unable to coherently express one's wishes with regards to financial management decisions is too late, and a court-appointed conservatorship may become necessary. What about the successor trustee designated in my trust, or the executor of my will? Would they be able to step in? Since the principal does not die at incapacity, only an attorney in fact designated under a properly executed power of attorney may step in to make financial management decisions. A last-minute durable power of attorney executed during incapacity would not survive a court challenge, however expensive or damaging the result.

Second Lesson: Consider making the Power Immediately Effective

Often, unwary estate planners will execute "springing durable powers of attorney," which only become effective upon the incapacity of the principal. Incapacity is determined according to a test set out in the power, such as a determination made by a medical doctor or a court rendered decision. But who wants to go through the expense, difficulty, and uncertainty of initiating a legal procedure to determine incapacity? Isn't one of the goals of estate planning to prevent unnecessary expense and delay? Moreover, doctors frequently hesitate to make determinations of incapacity because of liability they may face.

In most cases, a better strategy would be to execute an immediately effective durable power of attorney, which gives an attorney in fact the power to make decisions on behalf of the principal without any finding of incapacity. Many are fearful of an immediately effective power of attorney, reasoning that no one should be given such power over their financial affairs unless they are totally incompetent. If they have such a lack of trust for the attorney in fact, why are they executing a power of attorney in the first place? One would think that even more trust would be required when the principal is incompetent and has little influence over the attorney in fact. Finally, simple measures can be taken to avoid disasters before incapacity. Consider sealing a copy of the durable power of attorney in an envelope labeled "do not open until my incapacity." In addition to oral instructions, this can help to avoid the scenario of a run-away attorney in fact who uses the power of attorney to access financial accounts before incapacity.

Third Lesson: What powers should the Attorney-in-Fact be given?

The powers given to an attorney in fact depend upon the principal's desires and the particular concerns that stem from the types of assets held. The durable power of attorney should be coordinated with the will, trust and advance health care directive to ensure that they do not contradict each other. Namely, should the attorney in fact have the power to create trusts? To rescind or amend existing trusts? Should the attorney in fact have a power to make gifts to himself or to others? These powers can help ensure that preparation for long term care (medical) or tax planning can take place even after incapacity. Before executing a power of attorney, individuals should be fully informed of the powers that they are granting, and the possible consequences of such sweeping grants of power. In all cases, it's best to consult with an attorney who can advise on specific risks.

Conclusion

Durable Powers of Attorney are one of the five essential documents in estate planning discussed in this article series. Unlike a will or trust, which mostly deals with decisions that are made upon one's death, the durable power of attorney deals with life-time financial management and estate planning questions. Individuals should be aware of the risk in waiting to execute the power of attorney; the hazards of "springing" powers; the range of powers that can be given to the attorney in fact; and the risks associated with a sweeping grant of authority to the attorney in fact. --

This article is intended to provide general information about estate planning strategies and should not be relied upon as a substitute for legal advice from a qualified attorney. Treasury regulations require a disclaimer that to the extent this article concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law.

Article Source: http://EzineArticles.com/expert/John_C._Martin/176675

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Friday, December 1, 2017

How to Get an Annulment


Divorces are often easier to get than annulments because annulments require proof that the marriage was procured or initiated through fraud. Get a marriage annulment and understand misconceptions about annulments with advice from a certified family mediator in this free video on legal self-help.

Wednesday, November 29, 2017

Advance Directives: A Special Insurance Policy That Everybody Needs



What is insurance? A thing providing protection against a possible eventuality.

Given the advances in medical technology, there are many possible circumstances in which my body may be kept alive even if my mind may have ceased to function. This could result from accident or disease. It could occur in the near or distant future. Under these circumstances, I have very specific desires of things that I want to be done and others that I want to stop or prevent from occurring. Can I take out an insurance policy that will protect me against institutions or people taking actions that are against my wishes? Yes, it's called an Advance Directive.

This form of insurance can be acquired without an agent or attorney. To get this coverage you must invest some time and energy to get your state's forms and fill them out. This is usually a two-part form with the first section designating who can make health care decisions for you in the event that you are not capable. This is usually called a Medical Power of Attorney designation. The second part, sometimes referred to as a living will, is where you are able to give physicians and family specific instructions regarding your care. The forms can be downloaded on-line from several different sources or can be picked up from any hospital in your area.

The mechanics of the process can be a little difficult and uncomfortable. This small discomfort allows for procrastination to jump in and convince you that this is a good idea and you really should do it someday, but not today. Maybe you'll do it next week or next month. One way to help you get over the hurdle of procrastination is to really look at some of the many benefits that you get from completing this task.

Three benefits of Advance Directives:

  • Peace of mind from knowing that you have insurance in place.
  • A huge gift will be given to your family and loved ones. In the event that it is needed, they will be greatly helped and assured that you are guiding their decisions.
  • Protection of your estate and financial assets. Medical institutions are allowed to utilize their technology to prolong life even when the outcome may be futile. This process can drain your financial resources and possibly impoverish your family.

When you discipline yourself to create an advance directive, set aside adequate time to consider specific details. The more specific you make your wishes, the better the quality of your policy. After completing the process you will enjoy a deep sense of satisfaction. So set a deadline to help you guide the process and make it happen.


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

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Tuesday, November 28, 2017

How Do I Set Up an LLC Without a Lawyer?


Limited Liability Companies (LLC) are business entities that got their start in 1977 and are considered to fit somewhere between sole proprietors/partnerships, and fully incorporated companies. Existing to fill the gap between corporations and sole proprietors LLCs can help to segment personal and business assets and liabilities while at the same time maintaining a simplified tax structure. An LLC is not corporations but is a company structure to operate like a corporation.

Liability

An LLC is in itself its own legal entity so long as it is treated as one. The LLC can assume obligations of debt. In other words the LLC, not the members, hold a loan and the liabilities that go along with it. If however the members of an LLC use the entity as their personal bank or for personal matters it is possible that the LLC will not be recognized as a separate entity if a lawsuit is filed.

Taxes

As far as taxes go LLCs are considered by the IRS as pass-through entities. This means income passes through the business and goes straight to the LLC members just as they would with a sole proprietorship or partnership. These profits or losses are filed on each individual's tax return. A caveat to this is that LLCs can be taxed as a corporation if the members elect to do so. So, if treated appropriately an LLC can shield its members from the liabilities of a corporation without assuming the tax overhead a true incorporation must maintain.

How to File

If you are thinking about forming an LLC for your business, spend the next 20 minutes educating yourself on the difference between Sole proprietorships, LLCs, and S corporations. My guess is that for most people starting out as a sole proprietorship will be sufficient for current needs and much cheaper than filing for an LLC.

If you have done your homework and have decided that an LLC is the way to go, what next? The steps to filing an LLC are not complex and although requirements vary from state to state, setting up an LLC is a simple process that can usually be done in an hour.

  1. Articles of Organization

    The first step is to contact your secretary of state and obtain the required form for filing a LLC. In some cases this will be a simple fill in the blank form. The state of Washington for example has an online application. The processes guides you through establishing a legal name, completing the certificate of formation, establishing the registered agent, defining the members, and guides you through the initial annual report. The fee for WA is roughly $200.00, additional costs may apply depending on how you file. Google your secretary of state to find out more of the specifics.

  2. Registered Agent

    As you fill out your articles of organization you will be required to define the registered agent for the LLC. In most cases this will be you. The registered agent is the person or business that is designated to receive important documents on behalf of the LLC. The most appropriate individual for this is generally the one spear heading the business.

  3. Operating Agreement

    The operating agreement is the internal agreement between the members of the LLC. It is not required to form the LLC but it should be drafted to state the rights and responsibilities of the members. The operating agreement should contain but is not limited to the following;

    • Capital Contributions. How are the members expected to make capital contributions if the business needs additional capital?
    • Management Decisions.When the members are faced with important management decisions, does each get one vote, or do they vote according to their percentage interests in the LLC? Majority shareholders may feel they deserve a larger say.
    • Financial Withdraws. How do owners go about draws from the profits of the business?
    • Buy Out/Cash out. How do members leave the LLC? Will they receive an immediate payout of their capital contributions?
    • Compensation. If a member does leave how much should they be paid?
    • Share. While there are not actual shares within a LLC it should be defined how or if a departing owner is allowed to sell an interest to an outsider?

Publish a Notice

Some states require a notice of intent to be published. This can be as simple as running a classified ad in your local paper. Specifics on this will vary and your secretary of state can provide you with the steps required.

Licensing

The last bit to think about is obtaining other appropriate insurance, permits, and licenses for your new LLC. Each industry had its own unique set of requirements so be mindful of this once your business is established.

Conclusion

LLCs are considered by many to be a great way to establish a small business. There is little required to get one started and protection they provide could be priceless. That said an LLC may not be needed for everyone. Only you know the entity type most appropriate for your business.


Article Source: http://EzineArticles.com/expert/TJ_Mollahan/289985

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Monday, November 27, 2017

Power of Attorney



Rene at By the People in Fairfield CA talks about just some of the reasons for a need for a Power of Attorney. These documents can be really important aids in helping loved ones.

For any questions about the types of Power of Attorney, and what may be beneficial for your individual needs, call Rene or Tammy at 707-428-9871 and visit the website at http://www.bythepeopleca.com

Sunday, November 26, 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.

Friday, November 24, 2017

4 Reasons Why You Might Need a Trust


Entrepreneur Network partner Mark Kohler discusses the importance of setting up a trust.

Thursday, November 23, 2017

Happy Thanksgiving!


Give thanks for a little, and you will find a lot. 
-Hausa Proverb

Tuesday, November 21, 2017

Advance Directives: A Need for All Ages



Emergencies or a health care crisis can happen at any time, and the time to think about how you would want your medical care is now.

Monday, November 20, 2017

Living Trust and Wills - By the People



Living Trust or a will? Rene talks about some of the differences and what sets one apart from the other to help you make the best decision for your needs. Call Rene or Tammy at 707-428-9871 with any questions you may have, and see their website at http://www.bythepeopleca.com

Sunday, November 19, 2017

California Estate Planning Basics


California estate planning is essential for residents of the Golden State. Basic strategies should encompass executing a last will and testament; establishing a healthcare proxy; and designating power of attorney rights. Dependent on estate value, establishing a trust can further protect inheritance assets.

California estate planning strategies must comply with state and federal laws. California has some of the most complex probate laws in the country, so it is best to work with a qualified estate planner or probate attorney.

Probate is used within the US to settle estates that are not protected by a trust. The process varies depending on if decedents engaged in estate planning procedures prior to death. When individuals die without leaving a Will, the estate settlement process requires additional time and exposes the estate to a higher level of creditor claims or the potential for heirs to contest the Will.

The last will and testament provides directive as to how estate assets should be distributed. It is also used to appoint a personal representative charged with duties required to complete estate settlement process. Without these written directives, the estate must be settled according to California probate code.

The timeliness of estate settlement depends on various factors. One of the most prevalent is estate value. In the state of California, estates appraised with values of less than $100,000 are usually exempt from probate if a legal Will has been executed and filed through court.

The estate must undergo a 40-day waiting period to avoid probate. Afterward, the personal representative must present a legal affidavit to the court before distributing inheritance gifts to designated beneficiaries.

When decedents do not leave a Will the estate is required to undergo a probate proceeding to determine rightful heirs. This is particularly important to understand if California residents do not want to bequeath gifts to direct lineage relatives. In order to disinherit relatives the Will must include a disinheritance clause which states the reason why heirs are not entitled to estate assets.

The purpose of including the disinheritance statement is to minimize risks of heirs contesting the Will. It is not uncommon for disinherited relatives to claim the decedent was under the influence of another person or was of unsound mind.

Contesting a Will can freeze assets in probate for months on end. This act can force personal representatives to sell inheritance assets to cover legal expenses. Defense fees can easily bankrupt small estates and leave nothing for designated beneficiaries.

In addition to protecting assets, California estate planning is the most effective strategy for establishing healthcare proxies. This document allows individuals to document the type of medical treatment they do or do not want to have if they are incapable of making decisions due to illness or injury. Healthcare proxies include 'Do Not Resuscitate' (DNR) orders, as well as providing directives regarding life support and delivery of nutritional intravenous feedings.

Estate planning is also used to grant Power of Attorney rights. POA is an important decision that should not be taken lightly. The person granted with POA powers should be someone who can be trusted to make smart financial decisions, and make difficult decisions on your behalf if you become incapacitated.

Establishing California estate planning strategies is one of the best gifts to leave loved ones. Without written directives, decisions surrounding your estate will be left to the courts and chances are they won't be what you would have wanted. Additionally, putting affairs in order can reduce family discord and allow for efficient distribution of inheritance gifts.

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

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Saturday, November 18, 2017

Advance Health Directive: The Living Will and The Power of Attorney



A living will, also called will to live, is one type of advanced health care system, or advanced health care principle. It often goes along with a specific type of power of attorney. These are legal tools that are usually witnessed or notarized.
A living will usually covers specific directions as to the course of treatment that is to be taken by caregivers, or, in particular, in some cases denying treatment and sometimes also food and water, should the patient be unable to give conscious consent ("individual health care instruction") due to illness.
A power of attorney for health care, appoints an individual (a proxy) to give health care decisions should the patient be unable to do so.
Refusal of treatment forms, the name suggests, the term "will to live", as opposed to the other terms, tends to point out the wish to live as long as possible rather than refusing treatment in the case of serious conditions.
In the Netherlands, patients and likely patients can identify the circumstances under which they would want euthanasia for themselves. They do this by providing a written order. This helps to ascertain the preexisting expressed wish of the patient even if the patient is no longer able to exchange a few words. However, it is only one of the factors that is taken into account.
In Switzerland, there are several associations which take care of registering patient declarations, forms which are signed by the patients declaring that in case of unending loss of judgment (e.g., inability to communicate or severe brain damage) all means of prolonged life shall be stopped. Family members and groups, also keep alternatives which entitle its holder to enforce such patient decrees. Establishing such decrees is pretty straightforward.
In the United States, most states recognize living wills or the label of a health care surrogate. However, a "report card" issued by the Robert Wood Johnson Foundation in 2002 concluded that only seven states deserved an "A" for meeting the standards of the model Uniform Rights of the Terminally Ill Act. Surveys show that one-third of Americans say they've had to make decisions about end-of-life care for a loved one.

Article Source: http://EzineArticles.com/461017

Friday, November 17, 2017

Estate Planning Eases Confusion, Financial Worries



What you need to know about estate planning, including why having a will and assigning a power of attorney is crucial.

Thursday, November 16, 2017

Estate Planning : Family Estate Trust or Revocable Living Trust?



Most people who ask for family estate trusts really want a revocable living trust to reduce estate taxes and manage finances.

Tuesday, November 14, 2017

Living Trust Definition - What is a Living Trust?


The best living trust definition is a written legal document which substitutes for a will as your primary estate planning vehicle. When you have a trust you transfer your assets such as your home, financial accounts and personal property to the trust. In addition you change the beneficiary or contingent beneficiary of retirement accounts and life insurance to the trust. These assets are then administered for your benefit during your lifetime, and either continue to be held or transferred to your beneficiaries when you die.

The creator, also called the grantor, of the trust usually names him or herself as the initial trustee in charge of managing the assets. This allows the grantor to remain in control of the assets during his or her lifetime. For all practical purposes under this living trust definition, nothing changes in the way the grantor manages or controls the assets after they are put in trust. The only difference is the named owner.

A successor trustee is named in the document, usually a family member or friend but sometimes an institution such as a bank or trust company. This successor trustee then will manage the trust assets for benefit of the grantor if the grantor becomes disabled and for the contingent beneficiaries after the grantor dies.

This living trust definition is for the revocable living trust. It is also sometimes referred to as a revocable inter vivos or a grantor trust. It may be revoked or amended at any time by the grantors as long as they are still competent.

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

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Monday, November 13, 2017

How to Properly Use a Power of Attorney


A power of attorney is a legal document that authorizes one person to act on behalf of another in the legal or business dealings of the person authorizing the other. This type of document has a lot of relevance when, for example, somebody needs to execute some business or legal matter but is unable to do so for whatever reason. In the absence of the person, another person may be authorized to execute the matter through use of a power of attorney, which in common law systems or in civil law systems, authorizes another person to act on behalf of the person so authorizing the other. The person authorizing is known as the "principal" and the person authorized is called the "agent". The agent may, on behalf of the principal, do such lawful acts such as signing the principal's name on documents.

An agent is a fiduciary for the principal and, as this is an important relationship between principal and agent, the law requires that the agent be a person of impeccable integrity who shall always act honestly and in the best interests of the principal. In case a contract exists between the agent and the principal for remuneration or other form of monetary payment being made to the agent, such contract may be separate and in writing to that effect. However, the power of attorney may also be verbal, though many an institution, bank, hospital as well as the Internal Revenue Service of the USA requires a written power of attorney to be submitted by the agent before it is honored.

The "Equal Dignity Rule" is the principle of law that has the same requirements of the agent as it does to the principal. Suppose that the agent has a power of attorney that authorizes him or her to sign the sales deed of the principal's house and that such sales deed should be notarized by law. The power of attorney does not absolve the agent from the necessity of having the sales deed notarized. His or her signature to the sales deed must also be notarized.

There are two types of powers of attorney. One is the "special power of attorney" and the other, "limited power of attorney." The power of attorney may be specific to some special instance or it may be general and encompasses whatever the court specifies to be its scope. The document will lapse when the grantor (principal) dies. In case the principal should become incapacitated due to some physical or mental illness, his power of attorney will be revoked, under the common law. There is an exception. In case the principal had in the document specifically stated that the agent may continue to act on his behalf even if the principal became incapacitated, then the power of attorney would continue to enjoy legal sanction.

In some of the States in the USA, there is a "springing power of attorney" which kicks in only in case the grantor (principal) becomes incapacitated or some future act or circumstance occurs. Unless the agreement has been made irrevocable, the agreement may be revoked by the principal by informing the agent that he is revoking the power of attorney.

Making use of standardized power of attorney forms helps in framing a legally sound and mutually beneficial relationship for principal and agent. With the ease of use and ready availability of such forms, it is highly recommended that they be utilized when thinking of granting a power of attorney to someone. However, care should be taken not to let unscrupulous persons defraud innocent persons such as the elderly through ill-conceived agreements.

Article Source: http://EzineArticles.com/expert/Wade_Anderson/70430

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Sunday, November 12, 2017

Incorporation and LLC's - By the People



Rene of By the People Document Preparation Service in Fairfield CA talks briefly about the basic differences between Inc. and LLC, and the benefits and features of each. Give Rene or Tammy a call at 707-428-9871 with any questions you may have so they can help you get the right product for your business.

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

Saturday, November 11, 2017

Living Wills and Healthcare Power of Attorneys Help to Make Sure Your Wishes are Met


No one can foresee problems that may arise should he become incapacitated. Yet, you can avoid negative consequences of unforeseen problems by creating Living Wills and Healthcare Power of Attorneys (HCPOA).

Setting up a Living Will or HCPOA is a relatively simple task. The first step it to consult with an attorney that specializes in estate planning to ensure that your documents are clear. Here's an overview of what you can expect from your Living Will and HCPOA.

Healthcare Power of Attorney

The HCPOA, otherwise known as a "healthcare proxy" is a legal document that enables an individual that you appoint (your "agent") to act as your healthcare representative if you become incapacitated. The agent becomes your acting representative at the moment you become incapacitated, thus eliminating the need for your loved ones to argue over your rights and wishes in court.

Your agent has the authority to request or deny any medical treatment that he determines to be appropriate. Therefore, it is a good idea to choose someone that you trust as your agent. Please note: In most states, your spouse will be your default agent. If you are not married but are in a lifelong relationship your partner, he does not automatically become your agent. Make sure that you appoint your partner as your agent to ensure that he or she has control over your medical decisions if you are unable to make them.

Because your agent has whatever powers you give him or her, make sure that he or she understands your desires. Some of the decisions he or she may need to make include but are not limited to:

  • Deciding whether or not you will receive medical treatment
  • Withdrawing life-support

Living Will

A Living Will and HCPOA should be used in tandem, since one document complements the other. Your Living Will is a document that clearly expresses your desires. In short, your Living Will provides your medical team with instructions for how to carry out your wishes should you become incapacitated. For example, if you become brain dead, you can state in your Living Will that you wish to receive or not to receive life support.

By creating a Living Will, you ensure that your desires will be carried out without court involvement that can be costly and stressful for your family. Criteria for enacting a Living Will vary by state; so make sure that you consult with an attorney to ensure that your Living Will complies with the rules in your state.


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

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Friday, November 10, 2017

Uncontested Divorce - Definition, Terms and Conditions


An Uncontested Divorce is a legal procedure in which the spouses mutually agree on certain terms and conditions, in order to adjourn their marriage. An uncontested divorce can be executed successfully if the spouses comply to a shared agreement in the matters related to the property partition, financial matters, any kind of support activities related to their children, and other litigious affairs.

A major benefit of consenting with an uncontested divorce is that unlike contested divorce, it doesn't have to deal with emotional and financial issues, is relatively inexpensive and quick, since most of the times the spouses may not find any need of an attorney or a court case for the divorce, if they are in good terms with each other, and plan to go with proper understanding. This is quite helpful essentially when the couple has much less assets to deal with and no children.

There are many "Do it yourself" forms available at concerned regulatory agencies, which can assist you in going ahead with the uncontested divorce activity yourself, without the need of any outside legal authority or attorney.But, in case of the issues for child support or the partition of community property, one must follow up with attorney related to divorce, before they proceed with signing off any legal documents.

Divorce is a quite tedious and sometimes displeasing procedure.Despite having mutual consent on many of the terms, there still exist loads of matters that need to be taken care of, before ending up the marriage. The couple needs to be capable enough to distinguish these issues and resolve them as soon as they can. To decide whether it is appropriate for a couple to go ahead with an uncontested divorce rather than a contested one, there are certain points that can be used as reference:

1) Are both the spouses agreeing to go for a divorce, or one of them still wants to re-establish the relationship?

2) Are all the financial issues, modes of income and other related assets properly understood by both the spouses, so that they can divide and decide on them accordingly?

3) In case, there are children, are all the issues regarding the child care and support,custody, periodic meetings and visits decided yet?

4) Are all the issues getting settled with mutual consent, and are devoid of any hard feelings?

5) Are both the partners in accord with the honesty or authenticity of the other partner's notions,regarding the resolution of these issues?

If either of the above mentioned questions, has an answer as "yes", then it is appropriate to go for an uncontested divorce.

Uncontested divorce can be carried on easily and without much hassles, but they can be derogatory to certain individuals in case the people involved in the divorce, do not know much about their appropriate rights with respect to the alimony amount, partition of pension, earnings from real estate, and other modes of income.

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

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Thursday, November 9, 2017

Wednesday, November 8, 2017

Why Making a Will Is An Important Task for Your Family And You


All our lives we work hard to ensure that our family never has to face a difficult time ever but we promptly forget all about them at the end. We are talking about preparing wills or last testaments that people almost always don't prepare or unnecessarily delay due to a psychological block. The psychological block is our inherent fear of death which is aggravated during the making of a will. The preparation of a will is almost an indication of our own mortality and that is something none of us want to accept.

But whether we accept it or not, our mortality is the only truth and we must keep the responsibility of taking care of our family with us. A will could save our family from a host of troubles out of which some could be huge hassles that will need a lot of time and resources to solve. Say for example, the most common form of trouble that comes from the non preparation of a will is property disputes. Normal property disputes could siphon off huge amounts of time and resources. Plus there is no guarantee that the problem will be solved within a stipulated time. Property disputes are known to stretch for years and some even extend till the death of the supposed beneficiary. This means there are chances that your family might never get to enjoy the property that rightfully belongs to them.

Does that statement depress you? But that's simply the beginning as there will be more and more problems associated with non-existence of a will.

The next problem that could occur is the proper division of the property and in case of common ownership of a property- the lack of a trust fund. These are legal wrangles that could again put pressure on your family or dear one's resources.

Making a will is the best form of property management as the methods of division are expressly mentioned in the will. Without the existence of a will there are chances that the beneficiaries or dependents will have a tough fight in their hands to ensure their right on the property. Then there are properties which have common ownership and for those you need to create a trust fund. But that's again not possible without the presence of a will or testament.

Make a will immediately as this will not only guarantee the peace and security of your loved ones but also give you the strength to accept your own impending mortality.


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

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Monday, November 6, 2017

Uncontested Divorce Made Affordable - By the People



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

Sunday, November 5, 2017

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.


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

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Saturday, November 4, 2017

Situations Where Your Last Will May Be Considered Void


Drafting a last will and testament is something we only hope to do one time. Creating a document that specifies our wishes after our deaths can cause some anxiety in that we are reminded of our mortality, but more than that making changes to a will can cause headaches if not done correctly. You also risk voiding your will under certain circumstances. In order to keep your friends and loved ones from inheriting any headaches along with your estate, it is important to know exactly what events can void your will.

If your will is judged void after your death, it opens the door to any number of disputes between family and friends as they argue over dispersing your assets. Charities you wished to benefit from your generosity may not receive the funds you set aside for them, and even your burial plans may be altered. It is important, therefore, to make sure you following everything to the letter. Here are a few situations that could lead to voiding your will.

1) You make unauthorized changes. When you complete a will, it is typically signed and witnessed, and notarized. If you make written additions or deletions anytime after that period, somebody could contest the validity of the will and cause problems. If you want to make corrections after the legalities are complete, you can either destroy the current will and start over, or draft a codicil to accompany the will you current have.

2) You were not of sound mind when you wrote the will. Some people may be pressured or heavily encouraged to draft a document in order to bring peace of mind for your family. However, a will written under duress or other influence could be proven invalid if somebody believes you were not of sound mind at the time. You want to make it perfectly clear that your wishes are your own, and that you have not been forced to write anything you didn't want to write.

3) Changes in marital status. Depending on the laws in your state, a will drafted before a legal marriage or divorce could allow a party to contest your will if you do not have it changed. If you have a will ready and decide to marry or remarry, speak with your attorney about what needs to be done to ensure your wishes are kept intact.

Take care to know what factors could render your last will and testament void.

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