The Benefits of Incorporating in Safe Haven States
Many business owners believe it's best to incorporate in their home state, but there are often business and tax advantages available in other states. In particular, Delaware and Nevada are attractive to those who are looking to form a corporation. These so-called corporate haven states are considered to be business friendly.
The State...
The Benefits of Incorporating in Safe Haven States Continue reading…What is an Estate Tax?
While the terms "estate tax" and "inheritance tax" are often used interchangeably, they are not synonymous. Let's try to clarify the difference.
Estate Tax
Estate tax is based on the net value of the deceased owner's property. An estate tax is applied to these assets when they are transferred to the beneficiary. It is important to...
What is an Estate Tax? Continue reading…What Does “Goodwill” Mean When Buying a Business?
Goodwill is an asset that is an intangible part of a business being purchased. In spite of its intangibility, goodwill may be worth more than concrete assets, such as property, buildings, machinery or inventory. Goodwill is the essence of the company's value to its customers, clients, and employees and, as such, is invaluable to...
What Does “Goodwill” Mean When Buying a Business? Continue reading…Do I need an attorney if I am buying a home?
Buying a home can be an exciting experience, but the process can be complicated. While some homebuyers may think hiring an attorney will be too expensive, not having proper legal representation can be even more costly. Although real estate agents typically bring buyers and sellers together, a highly skilled attorney can perform critical...
Responsibilities and Obligations of the Executor/ Administrator
When a person dies with a will in place, an executor is named as the responsible individual for winding down the decedent's affairs. In situations in which a will has not been prepared, the probate court will appoint an administrator. Whether you have been named as an executor or administrator, the role comes...
Responsibilities and Obligations of the Executor/ Administrator Continue reading…Why Your Business Needs an Email Policy
In the contemporary workplace, email is an essential and efficient form of communication. Whether it's used internally among staff members, or for exchanges with vendors and customers, email is a necessary business tool. At the same time, misuse of this technology can expose an organization to legal and reputational risks as well as security...
Why Your Business Needs an Email Policy Continue reading…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…