Estate Planning Archives - Lowthorp Richards

Understanding Eminent Domain: A Comprehensive Guide

May 22, 2023May 22, 2023 by socialspice20

What is Eminent Domain?

Eminent domain is the term for the power of the government to seize private property for public use, with just compensation provided to the property owner. This power is limited by the Fifth Amendment of the U.S. Constitution, which states that private property cannot be taken for public use without just compensation. The government exercises eminent domain to acquire land for purposes such as building highways, public schools, or other public infrastructure projects.

Damaged Crops- When to Involve Your Attorney

May 8, 2023May 8, 2023 by socialspice20

Ventura County is home to over 100,000 acres of irrigated farmland and over two thousand farming operations, producing billions of servings of fruits and vegetables. This fertile area is known around the world for its optimal agriculture. But recently, California has been hit by record-breaking rain and snow, putting our crops at high risk.

How Your Attorney Can Help Plan and Document Business Acquisitions

April 17, 2023April 17, 2023 by socialspice20

Attorney planning and documenting business acquisitions on pen and paper

Gaining business acquisitions requires experience and special skills. It is not an entry-level endeavor. To start, a buyer needs to identify potential targets that fit the buyer’s criteria. This requires researching businesses in an industry or geographic area or looking through a list of specific businesses that are known to be available. Once potential acquisitions have been identified, with due diligence, the buyer will evaluate the business’s financial and operational performance and its legal and regulatory compliance. This involves reviewing financial statements, contracts, customer lists, intellectual property, and other relevant information.

5 Reasons You Need an Attorney to Draft Shareholder and Buy-Sell Agreements

April 3, 2023April 3, 2023 by socialspice20

shareholders shaking hands over a buy-sell agreement

When preparing a shareholder or a buy-sell agreement, it is important to have an experienced attorney to guide you through the process. Having an attorney that specializes in corporate law can make the process of drafting these agreements much easier, as well as protect you from any legal complications. In this blog post, we will discuss five reasons why you need an attorney to help you draft shareholder and buy-sell agreements.

Property Taxes: What to Consider

March 21, 2023March 20, 2023 by socialspice20

Under California law, local governments are allowed to levy property taxes on real estate assets such as land, buildings, and other structures. Local officials use various factors, such as the size and condition of the property, its location, and its current market value, to assess the property’s value. They then base the property tax on this assessed value. You can challenge that assessment, as discussed in this post

What You Need to Know About Business Law

March 6, 2023March 6, 2023 by socialspice20

Business law is the body of law that controls the rights, relations, obligations, and conduct of individuals and entities engaged in commercial activities, including corporations, partnerships, and sole proprietorships. The primary function of business law is to specify rules and regulations that protect the interests of the parties involved in business transactions, including customers, employees, suppliers, shareholders, and other owners.

5 Things to Know When Real Estate Partnerships Go Awry

February 20, 2023February 20, 2023 by socialspice20

a real estate partnership going through a breakup

Real estate partnerships are no different from any business partnership in that things can go wrong for a variety of reasons. These reasons can include poor communication, misaligned objectives, financial difficulties, and changes in circumstances. Open communication can solve many problems, but if it is determined that the situation requires significant action, an in-person meeting focused on key issues may help to find a resolution. If things are past that point, action may need to include a partnership dissolution. This blog contains some things to consider.

What to Know About Asset Protection Trusts

February 6, 2023February 6, 2023 by socialspice20

The goal of an asset protection trust is to protect your assets from creditors and lawsuits. A trustee (your choice of associates in your circle or yourself) will manage the assets for the benefit of the trust’s beneficiaries. The manager is under a special fiduciary duty and must account for all spending decisions. They must operate without conflicts.

The Difference Between a Proprietorship, Partnership, Professional Corporation & Incorporation

January 23, 2023January 23, 2023 by socialspice20

When starting a business, it’s important to understand the differences between the various business structures and organizations. Deciding which business structure works best for you will depend on a variety of factors– and having an experienced attorney to help guide you through the process is essential. In this post, we’ll look at the differences between incorporation, partnership, proprietorship, and professional corporation, and explain why knowing which works best for you is so important.

When Should I Begin My Business Succession Plan?

January 9, 2023January 9, 2023 by socialspice20

Business Partners shaking hands in front of papers after business succession

An appropriate succession plan can help ensure the smooth transition of your business to the next generation or new ownership and can also help protect the value of your business. Thus, it’s never too soon to start thinking about how you want to transition your business, but the exact timing will depend on your individual circumstances. The most important factors to consider are your personal and financial goals.