Probate is a legal process through which a deceased person’s estate is settled, and their assets are distributed to beneficiaries or heirs according to the law or their will (if one exists). Important outcomes of probate include validating the will, appointing an executor, paying debts and taxes, and distributing assets. The probate process ensures validity and authenticity if the deceased person has a will. This involves verifying that the will was executed correctly and reflects the deceased person’s true intentions.
In today’s volatile financial environment, ensuring the protection of one’s assets has become paramount. Whether you are an individual with significant holdings or a parent wanting to secure your family’s financial future, asset protection is essential. From shielding your estate from creditors and lawsuits to setting up trusts, the world of asset protection can seem complex. However, with the right strategy and advice, it’s possible to fortify your assets effectively.
While property reassessment is generally important for maintaining fairness and accuracy in taxation systems, there can be negative consequences associated with the process. Property reassessment can lead to tax increases and a shift in the tax burden among property owners.
Many young couples are excited to start their life and buy a place of their very own. What many don’t realize is just how high property taxes can be, and how it can impact their finances and their plans for their home.
The recent issuance of Revenue Ruling 2023-2 by the IRS has brought significant implications for estate planning, mainly when it involves irrevocable trusts. Over the past decade, an increasing number of families have turned to this instrument as a means of safeguarding their assets from being depleted to meet eligibility criteria for government benefits like Medicaid and VA Aid and Attendance. Many more estates have used irrevocable trusts to reduce tax liability through a step-up in basis.
Wrongful termination is when an employer terminates an employee’s employment in violation of their legal rights. It occurs when an employee is fired or laid off for reasons that are illegal or improper under employment laws and regulations. Wrongful termination can take various forms and may involve a breach of an employment contract or a violation of federal, state, or local laws that protect employees from unfair treatment in the workplace.
Insurance denials are a common issue in business, and they can have a significant impact on a company’s bottom line. Insurance denial can have several negative consequences for businesses. They can lead to increased costs, lost revenue, and even legal action. To avoid insurance denials, businesses should carefully review their policies and make sure that they are filing claims correctly. They should also keep detailed records of all medical expenses. If a claim is denied, businesses should appeal the decision promptly and professionally.
Commercial leases can become problematic when tenants or landlords experience difficulties. This can include personal mishaps, technical or mechanical failures, natural disasters, health-related issues, or public service failures. In the event of recessions, these difficulties and financial troubles will likely become more frequent.
Commercial landlord-tenant laws are a mix of property law, contract law, and other common law and statutory jurisprudence. These laws outline the landlord’s and business tenants’ rights and responsibilities. Landlords have the right to collect rent as long as their obligations as landlords are met. The pandemic changed the rules in some regions. This post will touch on several important areas, including the lease agreement, the parties, deposits, repairs, discrimination and fair-housing laws, lease assignments, and termination.
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.