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May 2014 Archives

Why should a sole proprietorship spend money to incorporate?

Deciding whether or not to incorporate an operating sole proprietorship is one of the key business decisions for start-up companies. Essentially, in a sole proprietorship the person and the entity are one "person" under the law. Therefore, everything, both good and bad, pass through to the sole proprietor. However, should a lawsuit be brought or a bankruptcy occur, then the sole proprietor and his or her individual assets (money, house, etc.) may be liable for payment of a judgment. If the sole proprietor had incorporated, then his personal assets may not have been at risk.  The type of business entity directly correlates to the personal exposure for business liability.

Estate Planning: Assets Owned in Your Own Name

Lack of Estate Planning deprives you of determining who inherits from you. Those assets which you own in your individual name will be distributed to your heirs at the time of your death, as determined by California Probate Code Sections 6400-6414. When you die without a Will, you die "intestate", and pursuant to these Probate Code Sections, your assets pass via "intestate succession".

Who Will Inherit My Estate?

Who will  inherit your estate depends on whether or not you have an estate plan completed. If you have a Will or a Trust, you have designated beneficiaries that will receive the value of those assets which remain in your estate at the time of your death.

Probate or Estate Administration? My Parents Had a Trust, Why Probate?

Probate and Estate Administration are two sides of one issue - the distribution of estate assets.  A primary reason for preparing a trust in California is to avoid Probate and keep an estate out of court. When an estate does not go to Probate, then Estate Administration is the distribution tool.

Tips for Deducting Charitable Donations

Deducting charitable donations is important for both the donor and the charitable organization.  To obtain a charitable tax deduction and/or to offer to the public a charitable donation opportunity, the organization MUST be a qualified organization under the federal IRS statutes and regulations.  It is the qualified organization's obligation to provide this information to the donor, but it is strongly advised that the donor VERIFY the organization's status as qualified.  

Reviewing and Updating Your Estate Plan

An Estate Plan can be like your car. You purchased a car that will be reliable and long lasting; however it requires periodic check ups and maintenance. Your North County attorney cannot prepare your Estate Plan to be suitable indefinitely. Changes in life circumstances, and changes in the law, may necessitate updates to your Will or your Trust.

I've been told I need a "trust." What kind? Living Trust? Irrevocable Trust?

There are many different kinds of trusts. For example, there is the common inter vivos trust (which is often referred to as a "living trust"), and there are more rare variations, such as the "pet trust." While some trusts may have similarities, each is unique and may not be appropriate in your specific circumstance. The experienced estate planning attorneys at the Carlsbad-based The Loftin Firm P.C. can help you decipher the "legalese" often used in trusts to determine which is right for you.

Be careful what you say during contract negotiations or at signings in CA

The California Supreme Court extended litigation risks when Selling, negotiating, inducing someone to sign an agreement with you prior to or atthe time of signing can now lead to litigation.  A new sequence of cases makes it easier to litigation fraudulent inducement cases.

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The Loftin Firm, P.C.

The Loftin Firm, P.C.
5760 Fleet Street
Suite 110
Carlsbad, California 92008-4713

Toll Free: 866-933-2340
Phone: 760-814-9649
Fax: 760-431-2003
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