Business and Industry Law Articles
Articles written by lawyers and expert witnesses worldwide
explaining the different aspects of Business and Industry.
Everyone needs an estate plan. If you are smart, you know that you need an attorney to draft your estate plan. Estate plans have legal consequences, so it only makes sense to hire a legal expert to create your plan. You wouldn't hire a roofer to fix a cavity. You would go to the dentist for that.
When you are enjoying your prime earning years you have a certain amount of financial power. Once you retire you may find yourself living on a fixed income with little flexibility available to you. As a result you must look ahead toward the future when you are still working and plan ahead intelligently so that you can enjoy your retirement years to the fullest without any financial concerns.
In a small majority of states, adult children of elderly parents may be required to pay for the parent's long-term care expenses if the parent is not able to. Thirty states have what are called filial responsibility laws. These laws require the children to pay for their parent's nursing home expenses. Though they have rarely been enforced, they apply if an elderly parent is considered indigent and the adult children are able to pay.
Capital markets projects always involve a significant amount of effort and stress from all parties of the process. Everybody has a common goal to get everything done just before the ever-urgent “windows” for the issue close. This time of crisis and uncertainty is precious and not to be wasted. Now is a great opportunity for prospective issuers and investors alike to get to grips with preparatory work in time for when the capital markets open their doors for Ukrainian business.
Traditionally M&A transactions involving Ukrainian targets are structured in a specific way in order to reflect peculiarities of the Ukrainian business environment. Enforcement of such structures requires deep knowledge and outstanding expertise in arbitration involving Ukrainian parties. Before drafting any dispute resolution clause, the following issues should be addressed.
From the moment foreign investors enter Ukraine they face a “non-Western standard” business environment, confusing and unstable legislation, and bureaucracy. One would need to spend a lot of time and effort to get a clear understanding of the local “rules of conduct”. That is why many investors prefer to have a local partner rather than be on their own.
On the way to the European integration, and by virtue of the determined Ukrainian policy towards energy independence, the Ukrainian Government is taking significant steps to improve Ukrainian energy sector. Currently, important changes are being introduced in the oil-and-gas industry. This has already encouraged global oil-and-gas companies such as Exxon Mobil, Shell, Chevron, and Eni to commence investment activity in Ukraine.
Sophisticated M&A transactions include not only straightforward share purchase agreements but may also contemplate ancillary agreements (e.g. option agreements, share pledge agreements, repo financing, etc.). Moreover, share purchase agreements may envisage non-compete clauses, which also fall within the ambit of Ukrainian competition law.
Development of efficient tax and corporate structures from the shareholders’ and potential investors’ perspective are key issues in a business restructuring. Each cross-border restructuring usually involves several jurisdiction. Below are some of the most frequently asked questions (and answers) on the cross-border restructuring of Ukrainian business:
4 Questions You Should Consider When Selling Your Stake in Business to a Private Equity Fund - Ukraine
Unlike Western developed economies, Ukraine has only recently started to unlock its potential in the area of attracting investments from Private Equity Funds (“PEFs”). Therefore, on the one hand, every more or less serious Ukrainian business (“Business”) has a good chance to attract the attention of a PEF.
New Measures on Administration of Special Funds for the Development of Small and Medium-sized Enterprises in China
On May 25th, 2012, the Ministry of Finance (“MOF”) and the Ministry of Industry and Information Technology (“MIIT”) of the People's Republic of China (“PRC”) jointly issued the Measures on Administration of Special Funds for Development of Small and Medium-sized Enterprises (hereinafter referred to as the “New Measures”) which shall enter into force as of the date of its promulgation. June 13rd, 2012.
Moving to a new home probably means making long lists of Things to Do. If you’re moving across state lines, be sure to add an Estate Plan Review high on the list. Even though each state must honor legal documents made in other states, each state makes its own laws for the formalities and substance of wills, trusts ,powers of attorney, and health care directives. This can lead to some confusing consequences.
Dubai is a well-respected pathway to the East, and since it became a financial hub, companies that engage in all types of business activities are now looking to establish a presence here. Dubai has over ten freezones, which provide international investors with the opportunity to expand into the Middle-East and beyond.
Although you may not know the name, you have probably read the novel or seen the movie based on the novel The Girl with the Dragon Tattoo, which was written by Larsson. Larsson was a lifelong journalist -- often authoring controversial political pieces. As do many writers, Larsson had a novel in his head that had to be put down on paper.
Death is not a popular topic for obvious reasons. Most of us prefer not to spend much time thinking about the possibility of dying, at least not anytime soon. It can happen though, and being financially and practically prepared is important.
If you have worked hard all of your life, and are at the point where you are starting to think about your golden years you are probably counting on Social Security retirement benefits to fund at least a portion of your golden years.
If you have recently lost a parent, you are undoubtedly going through the grieving process that follows such a deep loss. The loss of a parent is never easy. If you are also concerned that something is not right about her Last Will and Testament, your grief is likely also joined by worry.
Marriage in the United States is much more than an emotional commitment between two people--it is an official status that comes with numerous financial and legal benefits to the partners. Anyone who is in a same sex relationship is all too aware of this fact.
If you are one of America’s farmers or ranchers, estate planning includes some significant hurdles for you that it does not include for other types of businesses. Although estate planning is always important, for a farmer or rancher it often takes on a heightened importance to ensure that the farm or ranch assets are not lost to estate taxes upon your death.
Losing a parent can be one of the most emotionally difficult times you will ever have to face during your lifetime. Sitting down to hear the terms of your mother’s or father’s Last Will and Testament is often one of the most difficult parts of the loss.
As you are thinking about the quality of life that you will lead as a senior citizen, you must be pragmatic about your present-day actions. Social Security alone is probably not going to be enough to provide you with a truly comfortable retirement, and Medicare does not pay for everything. So, to be able to realize your ideal retirement vision, you are going to have to engage in some intelligent long-term planning.
Once you have drawn up your Last Will you have taken an important first step, but things are not going to simply take care of themselves when the time comes. After you pass away your estate is going to have to be probated before the rightful heirs to the estate receive their inheritances.
If you have been appointed to be the Executor of a Will, you have a lot of work to do. The Executor needs to gather all of the assets of the estate and distribute them according to the terms of the Will. That's the easy part.
Some would have you believe that Scots law allows anyone to be the Lord of, if not all he surveys, at least a square foot of the Scottish Highlands. One site advertises souvenir plots “from just £29.99” and claims that, in return, you can use a clan crest, coat-of-arms and tartan. By “Scottish tradition”, it says, ownership of the plot “legally allows” you to use the courtesy title of Laird, Lord or Lady. But what is the legal truth behind these offers of instant ennoblement?
With even the President of the United States openly supporting the rights of same-sex couples to marry the future looks brighter than ever for gay couples who want to enter into a legal marriage. For now, however, statistics tell us that as many as one million same-sex couples in America continue to struggle with providing similar rights and protections to their partner that a traditional marriage provides when it comes to estate planning.
Many people are unaware of probate courts and what they do. If you've begun your estate planning efforts you may know that probate courts are responsible for supervising the estate administration process, even though they also do a lot more. Though each state court has different responsibilities, let’s take a look at some of the more common matters that probate courts handle.
A recent article in the Wall Street Journal highlights how Medicaid, especially after the passing of the Affordable Care Act is changing the way many Americans look at healthcare and retirement planning. Though originally enacted as a plan to provide health insurance to the needy, Medicaid is becoming more widely available to those who previously had been ineligible.
People like to make money. Estate planning attorneys are not any different. Most people, however, like to make money in ways that are not headache inducing. Estate planning attorneys are not any different in that respect either.
Family farms and ranches face some of the same estate planning obstacles as any other business; however, there are some aspects of estate planning that are unique to the family farm or ranch. If you own a family farm or ranch, and plan to pass it down to future generations, careful estate planning is critical to avoid losing your farm or ranch to estate taxes.
Many people wonder how much control they should retain over the assets they leave to their heirs. Some people want to just give them everything away and let their heirs do with it what they will. Other people want to dictate everything that their heirs can do with their inheritances. Both of those are extremes. Most people will find themselves somewhere in the middle.
As you are making preparations for the future you are going to want to discuss all of the possibilities with an experienced local Indianapolis estate planning lawyer. Out of a lack of information there are those who go forward assuming that a last will is the best and only choice, but this is a mistake.
For many people, creating an estate plan so that your estate can avoid having to go through probate is one of the main goals of beginning the planning process. However, probate courts do not simply exist to delay the estate settlement process. These courts exist in all states and are responsible for hearing numerous important legal issues. Let's take a look at some of the common issues probate courts handle.
Turkish Cabinet has announced a new decree on 15th June 2012, numbered 2012/3305 and published on official gazette of 19th June 2012.
Turkish Government has incorporated The Republic of Turkey Prime Ministry Investment Support and Promotion Agency (“ISPAT”) by law no 5523 (“Law”) as of 4 July 2006. ISPAT is incorporated as a legal entity with administrative and financial autonomy in association with Prime Ministry.
Here in Asia, it’s surprising how often tech companies will team up with a business partner and commence manufacturing, with no contract in place, placing trust in a few emails, oral conversations and purchase orders. I know, because they will then come to me, after problems have arisen, with questions about their legal rights. Much risk and uncertainty can be eliminated if the parties will first negotiate and sign a basic manufacturing agreement.
Companies that wish to produce new technologies often choose to jointly develop it with others. That option is popular, as it allows two companies to share their respective strengths, resources and expertise. It is also risky, because each party relies on the other and may be required to share sensitive trade-secrets and other intellectual property rights. However, handled properly, the risks can be minimized and a mutually beneficial relationship can flourish.
Like Rodney Dangerfield, Non-Disclosure Agreements (“NDAs”) often get no respect. Business persons may plunge into negotiations, revealing confidential information with no agreement in place, or Legal may issue the same form agreement in every case, as if one-size-fits-all. Well, like any contract, the NDA can provide vital protection, but should be drafted with care. Here are 10 tips to consider.
Greek company law provides several options for establishing a business entity in Greece. Greek company law provides for companies incorporated in Greece to be either personal or capital-based. The basic business entities under Greek law, similar to French, are:
I. General Standard - With some exceptions, the general legal standard of care for business actors and agents is “prudence.” In this context “prudence” means to act as an ordinary prudent person would act under the circumstances. But, this standard can be misleading because, at law, prudent people arguably do not make common mistakes, like combing their hair or changing the radio dial while driving, let alone sending texts.....
Anyone over the age of about 40 should be aware that the Social Security retirement system has problems. We have all heard the warnings. Unless you are a financial analyst, you likely don’t know what to make of all the warnings. Will the system disappear entirely before I retire? Will the benefits decrease? Are the warnings unfounded?
In this article, I briefly outline the legal requirements that apply when a group medical practice pays compensation to its members. My prior article, Compensation structures for a group medical practice, explained compensation plans from a non-legal perspective. This article talks about the law, specifically, medical practice compensation plans under California and federal referral laws (Stark and Anti-Kickback).
In this article, I talk about compensation plans for group medical practices. In general, a group practice pays its physicians in some combination of three ways: (1) salary, (2) productivity payments, that is, productivity bonuses or shares in profits or collections, (3) corporate dividends. Your balance of the three forms of payment determines in large part the culture of your group practice. Without further ado:
In this article, I first discuss when a physician is a contractor as opposed to an employee. Second, I look at the essential terms of a physician employment contract and a physician independent contractor agreement. Is you is, or is you ain’t, a contractor? - From time to time, to generate revenue, the IRS and CA EDD will audit medical practices on the issue of whether a physician is an employee or independent contractor.
The new Turkish Commercial Code numbered 6102 (the “New TCC”) was promulgated in the Official Gazette on February 14, 2011 and has entered into force as of July 1, 2012. On the other hand, some of the provisions therein will be effective on different dates.
Dubai is a well-respected pathway to the East, and since it became a financial hub, companies that engage in all types of business activities are now looking to establish a presence here. Setting up a Local Company is an excellent way to enable you to have a presence in Dubai as well as operate within the local jurisdiction.
The Internet is destroying the enforceability of small business contracts. Here are a few examples: Case 1: Painting Company and the BBB. - A house painting company (“PaintCo”) bid on and signed a contract with a home owner to paint his house. The contract had a three day cancelation clause which was not invoked.
In selecting a law firm for an owner-operated small or medium sized business (aka “SMB’s”), we can start with some basic positions: 1. The law firm client is well advised to choose a lawyer, not a firm. Lawyers vary in aptitude, knowledge and experience in various practice areas, just as other businesses do. So, obviously, you need an attorney who actually practices business law.
Background - The application for transfer of ownership of foreign shares can be submitted either by foreign investment company or by domestic investment company. The transfer of ownership of foreign shares shall be conducted whenever there are changes in the company’s capital that cause some or all the company’s capital into a foreign capital or domestic capital.
Debtors often to not fully understand the rights granted to them by the bankruptcy code upon filing a bankruptcy petition with the court. One of the most important rights is the right to be free from collection attempts by creditors after the bankruptcy petition has been filed. The automatic stay allows to the debtor to carry less of a burden from mounting debt by barring creditors from attempting to collect a debt while the bankruptcy petition is being processed in the court system.
To be comprehensively prepared for the inevitable you must consider all of the basic hand to mouth details. One of these would be funeral arrangements. There are those who assume that this is something that family members should take care of, but in fact there are a lot of choices that must be made and it may be best to make them yourself.
A person’s Last Will and Testament may be the most important legal document that he or she ever creates. As such, it should be created after careful contemplation and consideration, while the person is of sound mind, and with the assistance of an experienced estate planning attorney.
The law has had to adapt and change to meet the needs and demands of businesses and consumers as modern technology has advance. And it will keep on changing as technology continues to develop. If you are considering setting up in business with a measure of reliance on the internet and associated technologies, you will need expert advice from lawyers experienced in e-business law.
The 2011 revision of the China’s Foreign Investment Industry Guidance Catalog (“New Catalog”) was issued jointly by the National Development and Reform Commission and the Ministry of Commerce on 24 December 2011 and it came into effect on 30 January 2012. The Foreign Investment Industry Guidance Catalog is an important reference for foreign investments in China.
The U.S. Court of Appeals, in its published opinion, Warren v. Sessoms & Rogers, P.A., No. 10-2105, 2012 WL 76053 (4th Cir. Jan. 11, 2012), analyzes the materiality and knowledge requirements under the Fair Debt Collection Practices Act (“FDCPA”), 15 U.S.C. § 1692 et seq. The decision is significant for consumer attorneys, as it involves an interpretation in favor of consumers by a court that has a conservative reputation.
The State Administration of Taxation (“SAT”) issued Notice on the Matters regarding Enterprise Income Tax under the Development Strategy for Western Region (hereinafter referred to as “Notice”) which provided certain important clarifications for the implementation of Enterprise Income Tax (“EIT”) preferential policies and set out the relevant applications and approval procedures. The Notice takes retrospective effect from January 1st 2011.
The State Administration of Taxation has issued the Provisional Measures of Applying the Exempt, Credit and Refund Method to Zero-rated Value-added Tax Services in Their Transformation from Business Tax to Value-added Tax under the Pilot Program (the “Provisional Measures”) on April 5th, 2012, which has retrospectively become into effective since January 1st, 2012.
Most people when they think of long-term care think of care in a nursing home. The majority of people only enter a nursing home when their needs can no longer be met outside of a treatment facility. Home based and community services are a range of services that allow people to remain in their homes and retain their independence for as long as possible.
India and Vance had been married for 27 years at his death. When she turned 62 she applied for widows benefits. Social Security requires as part of the application for Widows benefits that she show proof of marriage. India could not find her marriage certificate. She requested a copy from the Bureau of Vital Statistics in the state where she and Vance were married and was told they had no record of her marriage. What does she do now?
In litigation that already has lasted nearly twice as long as the war itself, volleys are still being fired over the copyright for a portion of the memorial to a war that ended in armistice and not peace. On May 14, 2012, Gaylord v. United States was remanded by the U. S. Court of Appeals for the Federal Circuit to the U. S. Court of Federal Claims for another shot at determining the amount of damages, the fifth courthouse battle in this protracted campaign.
The chance that a person will develop Alzheimer's disease increases significantly after the age of 65. Almost one out of every eight people will develop Alzheimer's disease. Though there is currently no treatment for this condition, you can look out for the common warning signs associated with Alzheimer’s. The following are a few examples:
Stieg Larsson, for those of you who can’t place the name offhand, was a Swedish journalist and right wing political activist for most of his life. He will be remembered though as the author of the novel turned blockbuster movie, The Girl with the Dragon Tattoo. As is the case with many writers, Larsson lived a modest life without acquiring a significant estate up to the time of his death.
Can a company that does business only in Asia, with all of its manufacturing, sales and deliveries taking place there pursuant to contracts signed in Asia, be held liable for infringement under the U.S. Patent Act? Yes, quite possibly, as explained in this article by an international technology attorney based in Taipei, Taiwan.
We have all heard how important it is to create an estate plan. Despite this, many people put off creating one. We all also know how important it is to discuss funeral plans or burial wishes without loved ones, yet many people also fail to do so. The best way for people to understand the consequences of not preparing properly is often to provide an example of what happens absent preparation. Imagine the following scenario.
As people continue to live longer and medical science continues to make improvements, elderly people often face a range of legal topics that younger people typically do not have to deal with. Elder law attorneys are lawyers who specialize in knowing how specific areas of the law impact their clients and what people can do to protect themselves as they get older. Let’s take a look at some of the most common areas that elder law attorneys deal with.
The Catalog for the Guidance of Foreign Investment Industries (Amended in 2011) (the “Catalog”), which shall come into force as of January 30th, 2012 and replace the old version of the Catalog promulgated on October 31, 2007. The new Catalog includes 473 items in total - 354 encouraged items, 80 restricted items and 39 prohibited items.
Pursuant to California law, medical marijuana businesses legally are allowed to operate in the state. However, there are conflicts in the laws and confusion about what is and is not permitted. This article provides some general information on this unique area of business law and summarizes some of the major differences and similarities between these organizations and those in other industries.
Prenuptial agreements still get a bad rap. People often crack jokes when talking about them, saying they are for the paranoid, the pessimistic, and the greedy and how unromantic they are. But wanting or signing a prenup doesn't mean you are planning for divorce. In reality, they serve a very important estate planning function, particularly in second marriages. Such agreements can also be made after marriage and are called post-nuptial agreements.
If you want to leave money to a friend or family member when you die, but are worried about their financial acumen, you might want to consider establishing a spendthrift trust. A spendthrift trust protects people who may be mentally incapacitated or who may waste money by establishing a trust overseen by someone (a trustee) who controls the funds. The beneficiary cannot spend the money before getting a distribution.
If you have an employer sponsored 401k and you happen to leave your current job, you’ll probably have some decisions to make about how to handle that money going forward. In most cases if you have $1,000 or less in your 401k, you will probably get that money in the mail within a month or two after you stop working for the company.
Creating a Family Tree is a helpful method to guarantee your estate plan encompasses all your wishes for distribution of your property. A comprehensive estate plan includes a Last Will and Testament, Living Trust, Living Will and insurance policies. Depending on your personal circumstances, you may or may not need all of these documents. Each of these documents involves making specific bequests to family, friends or charitable organizations.
One encounters indemnification provisions so often in so many diverse agreements that it’s almost tempting to regard them as routine boilerplate. To do so would be a big mistake. This article provides valuable tips for negotiating and drafting appropriate contract language. The article was produced by the International Technology Law Blog, a publication of Asia Law, a firm of international attorneys based in Taipei, Taiwan that provides legal services for companies doing business in Asia.
Business is booming in the Asheville food truck industry. It took a little while (about a year) for Asheville City Council to approve the downtown vending. But as of Friday, March 2 food truck owners have their own space in downtown Asheville. “The Lot” is what food truck owners are calling the parking lot located next to the bus station at 51 Coxe Ave.
This question comes from a lawsuit filed against Yves Saint Laurent America, Inc. by Christian Louboutin. Louboutin is a French shoe designer who is very well known for his collections of women’s high heel shoes with bright red out soles. Most women are familiar with the red soled shoes, and associate the color with the designer. The red soles have become a status symbol, a sign of luxury and wealth.
Adult guardianship is a legal proceeding in which a ‘ward’ is found lacking in the capacity to care for themselves and legally authorizes a guardian to make their decisions. Adult guardianship is often required when an elderly person can no longer care for themselves because of declining health, dementia, a stroke or another medical condition. Adult guardianship is a court procedure during which the ‘ward’ is found to be mentally incompetent and lacking the capacity to care for themselves.
If you’re covered by life insurance, you’re the “insured», and you’re most likely the owner of the policy, too – but not necessarily. In some situations, you might choose to have your spouse, your children, or a trust own the policy. If you’re a business owner, your company might own a life insurance policy on you and your partners to cover the value of your ownership interest in the company.
Everyone knows that long-term care is expensive, and it’s not likely to get more affordable in the near future. Figuring out how to pay for a nursing home or another form of long-term care has become a nagging concern for countless families. What happens if you have too much income or too many assets to qualify for Medicaid, but not enough savings to foot the entire bill for long-term care?
As you go through the process of planning your estate, one of the things you’ll be asked to do is to name an Executor of your Will. Many people name their spouse or child without giving much thought to what an Executor actually does – and this could be a mistake. The role of Executor is an important one, and it can involve unfamiliar and stressful duties.
Leaving an inheritance to a child is a little trickier than leaving an inheritance to an adult. After all, if you want to leave money or property to an adult, it can be as simple as saying as much in your will or revocable living trust. Children, however, can’t take control of money or property they’ve inherited – at least not until they reach adulthood. Until that time, they need someone to manage it for them.
The revocable living trust has become an indispensible estate planning tool in recent years. It gives you the ability to avoid probate. Plan for disability, and keep your personal affairs private, while at the same time offering you the flexibility to remain in full control of your assets. And, for basic estate planning purposes, a revocable living trust is an effective tool.
For example, what if your incapacity planning documents are old and don’t include the appropriate HIPAA language. In the event that you become disabled, your loved ones might have to end up going to court to get the right to make decisions on your behalf. And this is the very thing that an incapacity plan is meant to avoid.
One of the great things about a Roth IRA is that since you fund the account with after-tax dollars, amounts you withdraw from the account are usually tax-free. But not always. Here are the basic rules (keep in mind that there are separate rules for funds converted from a traditional IRA):
If you have a Revocable Living Trust, you know that it can serve as an essential incapacity planning tool. If you’re ever disabled – through illness or injury – to the point that you can no longer manage your own financial affairs, your Disability Trustee can step in and take over your trust property. However, if a Revocable Living Trust is the only estate planning tool in your incapacity plan, then there are probably gaps that need to be filled.
Not even the extremely wealthy are immune from basic estate planning mistakes. Time and time again, people name one child as a Trustee. That is a great way to make sure that your other children and heirs will dispute the administration of the Trust. A recent example concerns the estate of Lee Byung-chull who passed away in 1987. In his life, he founded Samsung.
Procrastination is common as we all live busy lives, and time can get past you in a hurry. If you have been planning on discussing your situation with a good Central New Jersey financial planning lawyer this year you may want to take action because we are already well into 2012.
According to a news piece that is appearing on the Forbes website the late multi-Grammy award-winning pop singer Amy Winehouse died intestate. The article cites probate records as the source of this information. This is indeed news because it flies in the face of earlier reports. The tabloids from across the drink published stories shortly after the death of the mercurial diva praising her stalwart estate planning efforts.
Everyone has heard of Alzheimer's disease, a debilitating condition that causes dementia among our nation's senior citizens. People who suffer from dementia can find it difficult to understand certain concepts, and as a result they can find it impossible to make sound decisions for themselves.
Not just anyone may challenge the validity of a Will. Though state laws differ slightly, all require that you be related to the Will in some manner. Typically, you must be able to show that you would have received more from the decedent, if he or she had died without a Will; or if he or she wrote an earlier Will that left you more than the current Will.
Last month, President Obama signed historic and far reaching legislation into law – the Jumpstart Our Business Start-ups Act (the “JOBS Act”). The broad impact of the JOBS Act effects companies – whether private or public, domestic or foreign – as well as capital raises, the IPO market, and more.
Reason 1: Your children will need a guardian if you should die. Becoming a parent changes you, especially when you realize that your children are entirely dependent on you. With this realization also comes the knowledge that if you and the other parent should die, your children will have to be cared for by someone else. But who will take on this role?
On the 17th April 2012, the Companies Act (Recognized Incorporated Cell Companies) Regulations were incorporated into Maltese law by virtue of L.N. 119 of 2012. The said Regulations are supplemented by the MFSA Investment Services Rules for Recognized Incorporated Cell Companies (“RICC”) and Incorporated Cells which have been integrated into the existing MFSA investment services regulatory framework.
It would be logical to assume that you can leave behind financial resources to your loved ones without losing money in the process. However if you do not plan your estate carefully your legacy may well be eroded as it is being passed on to your heirs. One source of asset erosion is probate.
There are a number of things about the Federal estate tax that do not seem fair to many observers. One of them is the fact that it is a tax that is imposed on resources that are still in your possession after you paid taxes. They are not subject to more taxes by virtue of their very existence while you are alive. But the event of your death is somehow viewed as a taxable one by the powers that be.
Every family dynamic is unique and the level of communication that exists among family members is going to vary on a case-by-case basis. Some families have very frank and open lines of communication and this can be helpful when you are considering the implications of the aging of a family member.
You may hear about payable on death accounts and walk away thinking that these accounts are an ideal estate planning solution. After all, simply adding a beneficiary who would assume ownership of resources left in the account after you die is a pretty efficient solution.
In line with the trend towards higher level of corporate governance and more accountability of listed issuers and their directors in many other countries, the Hong Kong Stock Exchange (the “Exchange”) released its Consultation Conclusions on Review of the Corporate Governance Code (“Code”) and Associated Listing Rules (the “Conclusions”) on 28 October 2011.
Statistics indicate that a high percentage of people who are approaching retirement age are simply not ready, and many seniors will never be able to retire. If you ask each individual who is unprepared how he or she got into this predicament, you will get a variety of different answers. But without question, a lot of people find themselves lacking because they expected too much from Social Security and Medicare.
Mark Zuckerberg and Dustin Moskovitz are two young men who are in possession of some extraordinary wealth. The Facebook founders are in a position where they have to look for ways to preserve considerable financial resources beyond their own lives. There can be significant tax consequences that go along with gift giving and asset transfers after death, so careful planning is key.
Far too many people go through life without executing the appropriate estate planning documents. The reasons why they procrastinate vary but one reason is the misconception that it is a very simple matter that can be handled at any given time. You simply jot down your final wishes, call it a last will, and the matter is closed.
The probate process governs what happens to all the property a person owned after that person dies. Each county usually has a probate court that is set up to deal with these property questions. Though each state and even each county, has a slightly different procedure for probate cases, all of them require the same basic process. To begin, someone has to go before the court and file a petition.