The Rule against Perpetuities
The law allows a person preparing a will to have almost complete control over his or her assets after the testator passes on, but there are limits to such power. A person can restrict a property from being sold, or make sure that it is used for a specific purpose. A property can be...
The Rule against Perpetuities Continue reading…Patents
Inventors have a right to protect their inventions through the United States Patent and Trademark Office (USPTO). With the creation of a device come a bundle of property rights issued by the United States Government. A patent prevents all “others from making, using, or selling the invention in the United States.” The patent may...
Patents Continue reading…The Revocable Living Trust
There are many benefits to a revocable living trust that are not available in a will. An individual can choose to have one or both, and an attorney can best clarify the advantages of each. If the person engaged in planning his or her estate wants to retain the ability to change or rescind...
The Revocable Living Trust Continue reading…Non-Compete Agreements – Are they enforceable?
Courts typically disfavor “covenants not to compete” or “non-compete agreements.” Therefore, the terms and provisions of these contracts must not be overly restrictive of the employee. In order for a non-compete to be upheld, the document must “be reasonable in scope, geography, and time.” It cannot last for years on end, or prevent the...
Non-Compete Agreements – Are they enforceable? Continue reading…How to calculate estate tax
In order to predict how much your estate will have to pay in taxes, one must first determine the value of the estate. To determine this, many assets might have to be appraised at fair market value. The estate includes all assets including real estate, cash, securities, stocks, bonds, business interests, loans receivable, furnishings,...
How to calculate estate tax Continue reading…Trade Secret Vs. Patent Protection
Many business owners wonder which type of Intellectual Property protection is the best fit for their business purposes? A “trade secret” is intellectual property that is kept private in order to maintain its financial value in the marketplace. Examples of trade secrets include: “a formula, pattern, compilation, program, device, method, technique or process.”
Alternatively,...
Trade Secret Vs. Patent Protection Continue reading…Disinheritance
Inheritance laws involve legal rights to property after a death and such laws differ from state-to-state. Heirs usually consist of close family members and exclude estranged relatives. Depending on the wording of a will, an individual can be intentionally, or even unintentionally, disinherited.
In most cases, spouses may not be legally disinherited. Certain contracts, however,...
Disinheritance Continue reading…Oral Contracts & The Statute of Frauds – Is the Agreement Binding?
There is a widespread misconception that verbal contracts are unenforceable. Nevertheless, a contract made orally with another party, without embodying the particular terms in a signed writing, can still be valid and binding. Even so, any disagreement concerning the deal may pose multiple problems for both parties. In order for the court to give...
Oral Contracts & The Statute of Frauds – Is the Agreement Binding? Continue reading…Testamentary Substitutes
In states that have “elective share statutes,” a surviving spouse is legally entitled to a certain percentage of the deceased's estate, even if that spouse has attempted to disinherit or to provide a lesser bequest, or gift, under the will. In “separate property” states, an elective share statute is likely to be in effect. ...
Testamentary Substitutes Continue reading…Copyright Protection and Fair Use
Authors often want to understand the eligibility of their writings for copyright protection. Legal copyright registration provides the copyright holder with a collection of special rights. Under the U.S. Copyright Act, a rightful owner maintains the “exclusive right to reproduce, distribute, perform, display, license, and . . . prepare derivative works” founded on his...
Copyright Protection and Fair Use Continue reading…Preventing Will Contests
So, you have a will, but is it valid? A will can be contested for a multitude of reasons after it is presented to a probate court. It is in your best interest to have an attorney draft the will to prevent any ambiguity in the provisions of the document that others could dispute...
Preventing Will Contests Continue reading…The Federal Trade Commission Act and its Affect on Advertising
The law forbids businesses from including baseless statements or assertions in their advertisements. According to the Federal Trade Commission Act (FTCA), a business must ensure that their representations are not misleading or unfair, and the entity must have data that supports all claims. Evidence may, for example, be substantiated based by surveys, expert testimony,...
The Federal Trade Commission Act and its Affect on Advertising Continue reading…