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Benefits of Revocable Living Trust

When it comes to your estate plan, you should also consider whether or not to set up a Revocable Living Trust to be a part of it. You need to know and be open-minded about the benefits  of a Revocable Living Trust to a Last will and testament. Consider the following:

  1. Keep your estate plan private. The filing of all probate documents with the local probate court is one of the requirements of a probate. Each probate pleads a part of the public court records that anybody can read, including your Last Will and Testament, the list of beneficiaries and assets and a summary of who’s getting what, how and when they can get it.

revocable living trust

  1. Plan for Mental Disability. Another main benefits of a Revocable Living Trust is the ability to establish mental disability planning right into the trust. The trust can detail how your mental inability should be determined, how you should be taken care of when you cannot physically function well anymore, and who will you authorize to manage your property as your Disability Trustee.
  1. Avoid probate. The most acknowledged benefit of a Revocable Living Trust is the avoiding of probate. It is also usually the one that convinces the majority of people to put one up. A Revocable Living Trust helps you avoid probate if your assets are titled in the name of your trust at the time of your death. As simple as that. On the contrary, assets left out of your trust at the time of your death will be probated.  Although in some states probate may be necessary even with a fully funded Revocable Living Trust in order to limit creditors’ entitlements and/or challenges to the validity of the trust or choice of the successor Trustee.
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Uncategorized

Starting a Business the Easy Way

To start a business, you have to plan and make key financial decisions and complete a series of legal activities. Here is how to start a business the easiest way to you plan, prepare and manage your business.

  1. Write a Business Plan. Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.
  2. Seek for Business Assistance and Effective Training. Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.
  3. Look for the Most Ideal Business Location. Get advice on how to select a customer-friendly location and comply with zoning laws.
  4. Capitalization. Find government backed loans, venture capital and research grants to help you get started.
  5. Know what Legal Structure your Business is in. Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.
  6. Register a “catchy” Business Name. Register your business name with your state government.
  7. Have a Tax Identification Number issued. Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency.
  8. Register for State and Local Taxes. Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.
  9. Secure Licenses and Permits. Get a list of federal, state and local licenses and permits required for your business.
  10. Consider and Learn More about Employer Responsibilities. Learn the legal steps you need to take to hire employees.

These are simple yet very powerful ways that you may follow in order to start a business the positive way. Key into this and know your business are growing and becoming more efficient.

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Government and Business

Businesses in the United States are directed by government regulation although they can set their own set of styles, procedure, models and type of growth. There are a variety of laws that handle businesses which may affect the latter in some ways and can define illegality or misconduct over setting the financial status and operational codes for a certain business to follow. Business laws are then divided into several primary groups which have to do with the type or the aspect of what business they affect.

Regulatory laws are standards that go with the operation of businesses in different situations. Most business laws are regulatory although there are several categories of legislation that apply more to growing and competitive industries than others. The environmental laws and building code laws for example, are formulated by state governments and the federal government as well. Moreover, there are also certain regulatory laws that must be applied for international trade and the procedures complied for business licensing.

Labor laws are regulations that have much to do with the workers or the employees. It pertains straightly to how business sources treat their employees who are responsible for the production and circulation of growth. These laws are what we can classify to minimum wage regulations, wage garnishment rules and worker protection rules. An example of this is the Migrant and Seasonal Agricultural Worker Protection Act. The older laws just like the Child Labor Protection Acts and Occupational Safety and Health rules are also among these so-called Labor laws. The approval and implementation of many other insurance and benefit programs for employees are still ongoing and developing.

It is mandatory to have an updated report of a business’ financial status to the government. That’s what makes Tax laws essential to businesses. There are various methods that businesses can use when reporting its income and expenses. Say for example, the accrual method of accounting is applied for businesses over a certain size. On the other hand, the depreciation schedules can also be chosen from a limited number of choices. Additional methods can have their own set of regulations.

There should be a law that reports the up to date finances to investors and the government. That is what we call the Reporting laws. These laws are done for transparency purposes and also to set standards, incorporating the business or businesses. Reporting laws are likely same with the function of tax laws, only that it is more concerned over possible emergence of fraud and misconduct which are cases that should be avoided at firsthand.

 

 

 

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Employment, Uncategorized

Should I be Paid by My Employer While on Jury Duty?

should-i-be-paid-by-my-employer-while-on-jury-dutyOne of the most important parts of our judicial system in the United States is the right to be tried by a jury of your peers. Those peers are selected from a pool of eligible jurors, usually from the area that the case is being heard. At one time they were selected from the list of registered voters. However, today the list is compiled from people who file taxes, have driver’s licenses, bought a house, and many other ways. If you are a citizen in the US, you can be called to serve jury duty. Juries are usually made up of six to twelve jurors.

The jurors who are called upon to serve jury duty are required by law to serve for however long the trial takes. While this is one of most important civic duties a person can participate in, it can be difficult for a juror to put their life on hold while participating. Their families and their jobs can suffer. There are many people who try to avoid serving on jury due to this disruption. One of the biggest concerns is loss of pay. While the Federal government does not have any specific law handling pay during jury duty, jury duty is somewhat covered by the Fair Labor Standards Act (FLSA) ensuring that an employee cannot be fired for serving jury duty. The matter of pay during that service is covered by State law and each state has different laws for handling this issue.

There are currently seven states that require employers to pay employees – Alabama, Colorado, Connecticut, Massachusetts, Nebraska, New York and Tennessee. There are also eleven states who do not allow employers to require employees to take any kind of paid leave, such as sick leave or paid vacation time, while serving jury duty. But each state has different specifics for jury duty. Some of these laws include:

  • Payment of up to a specific amount for a set number of days
  • Payment of full time wages during absence
  • Requires unpaid leave for the duration of jury duty
  • Prohibits penalizing an employee for time spent in jury duty
  • Employee must retain the same position as when they left for jury duty

While the laws vary from state to state, most protect the employee from being penalized for participating. However, the majority of states do not require the employer to provide any type of financial compensation for time spent on jury duty. The states that do require employer payment to the juror, put limitations on it. Most only pay for three to five days of jury duty participation. Also, the amount is limited, such as no more than $50.00 per day. These requirements are also usually limited only to full time employees. So, a part time employee who gets called to jury duty would not be eligible for this benefit.

Serving jury duty is an important civic service, the small amount that the courts pay to those who participate on the jury does not usually make up the loss in pay. With so few states requiring employers to pay wages to employees on jury duty, it is no wonder so many are hesitant to take part in jury duty. It is not unheard of for cases to drag on for much longer than the jury members can afford to lose. While they are assured of having their jobs when they return, the financial burden may be tougher to overcome.

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