CORPORATIONS
If you have a business, whether you own it individually or in a partnership or if you are starting a business you should consider creating a corporation. The primary reason why most people decide to create a corporation is to limit their liability. A corporation is treated as a separate entity from you. This means that if it has financial problems and goes bankrupt it may not take you down with it. In other words, over the years you may make thousands of dollars under the business of the corporation and may become personally wealthy, then the corporation faces bad times or loses a major suit, it goes broke but you don't.
Corporations have some maintenance costs but they may also provide some forms of tax savings. Small business corporations may elect to have their income treated as personal income so that they don't face a double taxation. If they don't make this election then earnings of the corporation generally are taxed at a much lower rate than personal income but once a withdrawal is made or compensation paid additional taxes are levied.
Aside from helping people create corporations, we also help people create Limited Liability Partnerships and other Limited Liability Companies.
WILLS AND TRUSTS
If you want to determine who gets your property after your death or exclude a decedent or spouse you probably need to do a Will.
The will takes effect after your death. It needs to be probated to be enforced. Probate of an estate often causes delays in the distribution of property and may be expensive.
Currently Living Trusts are used to avoid some of the problems associated with just a Will or Testamentary Trust. By the creation of a Living Trust, you create a separate entity that owns certain property. Typically you will put all your property into a Living Trust (you may want to exclude your retirement accounts). You control the Living Trust while you are alive and name a successor Trustee to manage the trust and distribute it to your beneficiaries after your death. By creating a Living Trust you may be able to avoid the expense and delays of probate. You can also maintain trust provisions that distribute monies for the care and education of children and provide income or distributions to individuals even beyond the age of eighteen. For example you may provide for the education of your children but rather than distributing the balance of the estate to them as they become eighteen, you might provide that they get three lump sums at different ages. You tailor the trust according to your wishes. DURABLE POWER OF ATTORNEYS
You never know when something serious may happen that puts you out of commission. It could be a major accident or a stroke. Sometimes people are uncomfortable about giving someone else power over them. However by the use of this document you may make the power only effective on your incapacity.
PROBATE
If you are the listed beneficiary/executor of a will or are an heir to an estate without a will, we may be able to help you. On cases we accept, only costs are advanced by you. The fees are determined by the court and are paid at the conclusion of the case.
