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The borrower may be referred to as the maker, obligor, payor, or the promisor. The borrowed money is called the principal. The lender may be called the payee, oblige, or promise. The note usually includes...     read more


Your estate may be subject to inheritance tax, estate tax, state and federal tax statutes, and a host of exemptions that can pass more of the estate to inheritors of your choosing. What are the differences...     read more


Learn about the best ways to get the attention of prospects. Find ways to efficiently satisfy current tenants. Protect yourself from legal challenges or charges of discrimination. If you don't put much...     read more


Advantages: Limited Personal Liability and Exposure One advantage of an LLC is the limited liability shield, which protects the personal assets of its members. Creditors, typically, cannot hold members...     read more


A limited liability company (LLC) is similar to a partnership but has the liability protection for the owners that a corporation offers without the formalities, paperwork and fees. All new LLCs must file...     read more


You can make your own basic trust or jointly with your spouse. There are many available types of trust, some are complicated that can be use for certain circumstances like: Bypass trust: This can be...     read more


Don't settle scores with a will It can be a big mistake to favor one child over the others when you're leaving property, even if you're trying to correct past financial inequities. If you really feel...     read more


Considerations before Creating your Will on 1-2-Law.com Know your state's requirements. Each state has different requirements as to the legality of a last will and testament. The standardization of...     read more


Sounds pretty straightforward. But what happens if one or both parties don't understand the details of an arrangement, or decide that the arrangement isn't fair, or simply don't honor the arrangement....     read more


Life Prolonging Medical Care At the end of your life, you will have options regarding life prolonging treatments including cardiopulmonary resuscitation (CPR), blood transfusions and blood products,...     read more


Marriage is not just an emotional and physical union, it's also a financial union. A prenup and the discussions that go with it can help place the financial well-being of the marriage on a solid foundation....     read more


How Does a Living Trust Works? Proving the legality of a will can be difficult, especially when there are properties to be distributed to beneficiaries. On the other hand, a living trust will no longer...     read more


Unlike other property deeds, a quitclaim deed contains no title covenant. It cannot offer warranty to the grantee as to the status of the property title. At the time of transfer, the grantee is entitled...     read more


How to Create a Last Will and Testament A sound mind and a legal age are the requirements for any person to create his or her own will and testament. Other than these, additional requirements may vary...     read more


What is a Deed? A deed is a document that transfers ownership or conveys real estate from one party to another. A deed is different from a sales contract. A sales contract is a promise to convey property...     read more


Living Will Also known as health care declaration, a living will is a document that lets you declare the type of medical care should you do or do not want to receive if you are no longer able to communicate...     read more


A prenuptial agreement can be a great tool for couple to establish the financial rights of each spouse in unfortunate event of a divorce including protecting a family business, securing personal assets,...     read more


For most people, buying or selling a home is the most expensive transaction that they will ever conduct. You can often handle the tasks involved in buying or selling real estate just with the help of other...     read more


A durable power of attorney for finances - or financial power of attorney - is a simple and inexpensive, way to arrange for someone to manage your finances if you become incapacitated. A durable power...     read more


In many cases, it's a good idea to have a bankruptcy attorney. However, many petitioners file for bankruptcy without a lawyer. Some represent themselves in bankruptcy because they cannot afford the lawyer's...     read more


Many judges are patient and understanding with plaintiffs who do not have a lawyer. Child support is usually a standard calculation based on expenses and income and the court can help in enforcing the...     read more


It is important to protect your legal rights during the divorce process. Hiring a divorce lawyer offers many advantages: 1) they know the law and stay up to date on changes in divorce law; 2) they know...     read more


You do not need an attorney to form an LLC. You can prepare the legal paperwork and file it yourself. If you choose to form your LLC through 1-2-Law.com, you will only need to answer a few simple questions...     read more


Newlyweds, new parents, homeowners, and even people without significant assets should write a will. What you own is yours and should go the loved ones or charities of your choice. Spelling out and recording...     read more


Entrepreneurs are the lifeblood of the American economy. Small businesses make up 99% of all businesses, employ half of all private sector employees, and have generated two thirds of new jobs in the last...     read more


What is a living trust? Living trust refers simply to the trust you create while alive. Trust is an agreement under one person called the trustee who can hold legal title to property for another person...     read more


Probate is the process that occurs after an individual passes away that involves distributing assets and taking care of any debts. This is process happens regardless of whether or not there is a will....     read more


Bypassing real-estate agents and selling your property yourself may cut out a commission of up to 6% -- or $21,000 on a $350,000 home. You may also have the ability to lower your asking price by up to...     read more


Do-Not-Resuscitate (DNR) Orders contains direction for medical personnel who might be responsible in treating you if you happen to stop breathing. These instructions may be used during "prehospital" and...     read more


Reasons to Use a Last Will and Testament • You would want your property distributed according to your wishes after your death. • You want to specify the list of people or organization that will receive...     read more


Elements of a FBSO Contract: 1. Name the parties in the contract. Names of the parties in the contract should be stated and designate them either as a buyer or seller. 2. Name the contract. A short...     read more


The Most Important Estate Planning Documents • Last will and testament. This is a common estate planning method to transfer properties to beneficiary after a person dies. Though it is inexpensive, a will...     read more


With the passage of the American Taxpayer Relief Act of 2013, many federal and state tax rules about Estate Taxes that had been in flux for years appear to be finally settled, at least for now. The majority...     read more


Nearly half of all marriages ended in divorce and almost one-quarter of all children were born to unmarried parents in the US. Most of the children who live in single-parent families have a legal right...     read more


A divorce settlement agreement is a contract voluntarily entered into between a husband and a wife in which they agree to resolve such matters as property division, debts, child custody, child support,...     read more


Do I need a written lease agreement? Yes, it is always a good idea to get a written lease agreement. Although, most of the time, oral agreements made between tenant and landlords regarding the use of...     read more


Yours. Mine. Ours. The words have one meaning when you are getting married and an entirely different one when you are going through a divorce. Everyone starts a marriage with the expectation that it will...     read more


Q: Will a quitclaim deed release me from the mortgage obligation? We held equity loans on two separate properties and during our divorce, each property was signed off to its respective owner using a quitclaim...     read more


Q: Can I refuse to hire people who smoke? A: No. You can ban smoking during work hours; however you cannot prohibit the use of lawful products during nonworking hours. Q: May I call an applicant's...     read more


What is a living trust? A living trust is also known as "inter vivos" Latin for "among the living,". It is a trust arrangement you create while you are still alive. Trust is an arrangement where a trustee...     read more


In composing your health care directives, it is imperative that you follow the rules of the state in which you live regarding the requirements to make your document valid and binding. Your signature is...     read more


Estate planning can be a form of protection for you and your family and your assets. But this can also be a source of disagreement among family members. In order to reduce family strife, proper estate...     read more


Personal promissory notes are the most common form of note payable and can be used when lending or borrowing money from friends or family, or to document the intended purchase of personal belongings such...     read more


Why Should I form an LLC? An LLC can protect the assets of its members by limiting the liability for acts and debts of the business. An LLC also provides pass-through taxation, meaning that taxes are...     read more


Child support (or child maintenance) is an ongoing, periodic payment made by a non-custodial parent to a custodial parent for the upbringing and care of a child following the end of a marriage or other...     read more


There are different types of bankruptcy, referred to as "chapters" because of their chapter location in the bankruptcy laws. For example, Chapter 7 refers to the seventh chapter in the Bankruptcy Codes....     read more


Forming a Corporation For a corporation to exist, "Articles of Incorporation" are filed with the Secretary of State. In some states, this document is known as "Certificate of Incorporation" or "Certificate...     read more


There are two basic types of personal bankruptcies: Chapter 7 and Chapter 13. An individual may file for bankruptcy under Chapter 7, which is sometimes called "fresh start" or a "liquidation" bankruptcy....     read more


Medical personnel are duty bound to protect the lives of their patients. Prolonging lives is their daily mission while working in health care facilities. When you have expressed your wishes in your living...     read more


The most important decision you make when making a durable power of attorney for health care is naming your health care agent. This person is called by other names like surrogate, health care proxy, or...     read more


Feuds over inheritance can be hard to mend but easy to prevent, if you have prepared earlier for that day when you are no longer around. That preparation can define the moments when your loved ones, devastated...     read more


Probate involves inventorying and appraising the property, paying debts and taxes, and distributing the remainder of the property according to the will. The probate attorney fills in forms and keeps track...     read more


1. Set the stage. To make this unpleasant process go as smoothly as possible be cordial and reasonable in all dealings with your spouse. Pay attention to your tone of voice, and body language. This will...     read more


Poorly organized partnerships can lead to nasty disputes among partners in the future. A partnership agreement can clarify the key elements of a partnership in a written agreement. Here's a list of the...     read more


Some federal and state laws require certain employment policies be in writing. However, there is no law that requires an employer to provide employees with a handbook. Nevertheless, there are many good...     read more


What a will won't do includes the following: Bequeath Certain Kinds of Assets or Property. You cannot use your will to leave: • Property that is in the living trust • Life insurance policy proceeds...     read more


Advance Directives are more than just Living Wills Your medical care preferences can be stated in your advance directives. This can guide your doctor or family if the time comes that you are unable...     read more


It is estimated that more than $20 trillion will be transferred to heirs in the next 50 years — the largest transfer of wealth in U.S. history. Longevity and modern family relationships (ex-spouses, step...     read more


A partnership is a business that has more than one owner that has not filed papers for becoming a corporation or Limited Liability Company (LLC). Partnerships have two basic types, a general partnership...     read more


Child support refers to the money that the noncustodial parent must pay to the custodian parent for the care and upbringing of a child after the parents separate. This serves as a parental contribution...     read more


Forming a corporation limits the personal liability for business debts. However, there is more to the creating and running a corporation than doing paperwork. You have to spend your time in the business...     read more


Land contracts are security agreements between a seller, known as a Vendor, and a buyer, known as a Vendee. The Vendor carries the financing for the Vendee, which may or may not contain an underlying loan....     read more


Rental and Lease Agreements Rental and lease agreements are contracts between the landlord and tenant regarding the use of a property about to be leased or rented. A written agreement can clearly state...     read more


How to Form an LLC File "Articles of Organization" with your state government including the name, address, and phone number of the business, and the name of the person who is the "registered agent" of...     read more


Overview of Prenuptial Agreements A prenup is a contract entered into prior to marriage, civil union or any other agreement that typically includes provisions for division of property and spousal support...     read more


Do you think that estate planning is only for rich folk? Estate planning is the process of getting your affairs in order so that if you pass away unexpectedly, things will be much easier for your loved...     read more


Planning what type of medical care you want to receive can be advantage. This is very helpful especially when the time comes that you will no longer be capable of making decisions regarding your medical...     read more


Your doctor and you can create a document called Physician Order for Life Sustaining Treatment (POLST) in order to inform emergency care providers of the kind of treatment you wish to receive in an emergency...     read more


Advantages of a Partnership Structure • Profits go straight into the partners' pockets, providing for easier tax reporting • Partners can combine their individual talents to complement each other...     read more


Engaged couples may be on cloud nine with wedding planning and honeymoon prospects and the very idea of a prenup may seem like the ultimate romance killer. But just because divorce isn't foreseeable doesn't...     read more


A corporation is the only type of business that pays taxes on profits. It is taxed differently from other business structures. Sole proprietorships, partnerships, and limited liability companies (LLCs)...     read more


How Partnership Income is Taxed The IRS does not consider partnership to be separate from the owners when it comes to tax purposes, rather, they are considered "pass through" tax entities. All profits...     read more


Single-Owner LLC For tax purposes, the IRS treats one-member LLCs as a sole proprietorship. This would mean no taxes for the LLC and no filling of income tax returns with the IRS. Being the owner of...     read more


You've created a living will or an advance health directive. Excellent. Don't stop there. You have to make sure that others know about the existence of these documents. Giving copies of your advance directives...     read more


Medicaid can pay for nursing home costs for senior citizens with few assets and low income. In some cases, this applies to senior citizens who have already spent almost all their savings paying their residential...     read more


An LLC offers several key advantages for new businesses: 1. Chart Your Own Course As the owner of a business, you want to carve out your own place under the sun by running your own show. An LLC can...     read more


Ignorance and good intentions won't help you in the face of an employee lawsuit. The law requires you to treat employees in a certain way, and any failure to do that can lead to serious trouble, whether...     read more


Landlords are likely to have tax due to depreciation, which is a non-cash expense. Residential buildings are depreciated over 27.5 years and commercial buildings over 39 years. However, your ability to...     read more


Expenses of Operating a Business Starting a business involves expenses on utilities, office supplies, repairs and advertising. This can be deducted as current business expenses as long as you already...     read more


When opting to choose a living trust as part of your estate planning, it would help to know the basic facts about a revocable living trust. Twelve Things to Know 1. What is a revocable living trust? Living...     read more


The U.S. tax rules support charity and philanthropy with tax benefits. If you itemize deductions on your income tax return, you can simply deduct the value of gifts to tax-exempt charitable organizations....     read more


Your divorce settlement agreement should follow the basic contract rules and requirement of the court plus all applicable state laws. You cannot have illegal reasons included in your agreement meaning...     read more


Option 1: Will-Based Estate Plan All essential details of your last will and testament will be outlined in the will-based estate plan. It will provide information including the person to be put in charge...     read more


A living will or health care declaration is a document that describes the kind of medical care you want to receive when you are incapacitated and can no longer speak for yourself. By having a living will,...     read more


A non-disclosure agreement (NDA) is a legal contract that outlines confidential materials, information and knowledge between two or more parties. The agreeing parties consent not to disclose information...     read more


The term attorney-in-fact refers to the agent authorized by the principal to act on his behalf. The law requires the attorney-in-fact or the agent to be loyal and honest to the principal. It should not...     read more


A prenuptial agreement or prenupis a legally binding contract created by two people before they marry, addressing such issues as the property bought into the marriage by each person and what the financial...     read more


Living wills are descriptions of your preferences regarding end-of-life care. Unexpected situation can happen at any age which makes a living will a necessity. Advance Directives Advance directives...     read more


A good goal for parents is to make sure they have up-to-date estate plans in place. No matter what life stage you're in, as long as you have loved ones that depend on you, a solid plan is something you...     read more


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