Wills

We also offer simple estate planning, power of attorney and last will and testaments preparation. You may ask, do I need a will? It is recommended that you take action to plan for distribution of your estate or direct care for minor or disabled adult children. If you do not own any property, do not have any children, and/or do not anticipate receiving any property, you may not need to leave a will.

If you do not leave a valid last will and testament, your estate will pass through a process called intestate succession. Applicable probate law will determine which heirs get which portion of your property. Family courts can fully determine what happens to your minor children without your input, if no other parent or legal guardian is surviving, and if no directive is in place.

Other tools may be available to dispose of property without a will, including but not limited to:

1. Trusts
2. Inter vivos gifts: Absolute gifts made while living
3. Life estates: Keeping property for your lifetime with automatic pass to another upon death
4. Payable on Death (POD) designations on financial accounts
5. Life Insurance
6. Transfer or sale of property during your lifetime

Business Entities & Incorporation

Certainly, if you want to go into business, you want to know which entity is best for you and your goals. There are several types of basic business models: sole proprietorship, partnership, Limited Liability Partnership or Corporation, S Corporation, and C Corporation. The prevailing concern as to which type of entity you want to choose rests heavily on tax laws and what serves as the best vehicle for tax savings and profits.

As the tax laws often change, we collaborate with your tax professional to determine what entity is best for you, regardless of whether you are a new or transitioning business. Of course, as your business grows or downsizes, you may need to morph into another type of business structure to get the best results.

Contracts

Have you ever been given a front and back contract with the smallest gray writing that you have ever seen in your life? Even if you read it all, you may not understand how all of those words and clauses affect you.

Whether it is a contract for services, entertainment, publishing, sales, or purchases, it is imperative to know what you are signing. I cannot keep up with the number of times that clients come after they have signed a document that has unsuspectedly wrangled their earnings and/or their property into a lien status. It is not a defense in law to say you didn’t read it before you signed. If you are capable of reading and understanding, you may be stuck. If you are ever presented with a hurried “sign here, sign here” transaction, you may want to pull back the reins and ask for an opportunity to review the contract with a professional.

If you know that you are planning to attend such a transaction, ask for an advanced copy for review with your attorney or someone versed in the industry. It is suggested that you read the contract first, jot down or highlight clauses of concern, meet with an attorney who will go over every page with you and exhaustively answer your questions. You know the saying, “There are no stupid questions!”

Contact us if you need help with a contract review.