News & Opinion

Wills vs Trusts - 10 points of interest

2011-05-11T15:00:26Z

Wills are normally less expensive, but must be probated.
Wills can have trusts in them that take effect on death.(testamentary trusts)
Wills are more likely to be challenged, as the maker is not available for testimony.
Probate of a will is public record.
Trusts are normally a better planning tool, as they take effect now and provide flexibility for different situations.
Estate Tax exemption is up to $1,000,000 per person.
Simple estates under $500,000 probably don=t require a trust for tax purposes, but a trust might be desirable for non-tax purposes.
Land in different states requires probate in each state, making a trust more desirable to save probate costs.
Trusts are more work, as they must be kept up to date and funded to avoid probate.
Trusts are helpful for disability, as there is no need for a conservatorship. The trustee acts as conservator.

Evidence

2011-05-11T06:45:26Z

Cases are decided on the evidence presented. Sometimes justice is not achieved when evidence is lacking, when it is of poor quality, or it has somehow been contaminated. The truer of fact, be it a Judge or Jury, cannot decide a case based upon things that were not presented as evidence.

Employees

2011-05-11T06:43:56Z

The key to a good relationship with employees is to be fair and honest. Each employee should have his own employee file and anything to do with his employment should go in it. The employee has a right to a copy of anything in his/her file. The contents of the files are confidential. Decisions to fire, hire, or perform evaluations are always best handled with good, thorough documentation. Termination should always be for the real reason and should be by letter to the employee.

Teamwork

2011-05-11T06:40:29Z

Taking a case to court involves teamwork between the client and the lawyer. The lawyer is the leader of the team, but the case is owned by the client. The client, ultimately, makes the final decision on settlement. The attorney serves the client as best he can to achieve the client's goals within the legal system. If the attorney and client cannot agree on major issues of the case, the attorney may have to withdraw or the client may have to find other counsel.

Loaning Money

2011-05-11T06:39:18Z

Never loan money to any person or business without collateral. Collateral is physical property that secures payment. If the borrower doesn't pay, you can take the collateral back and sell it to cover the debt owed. If the borrower goes bankrupt, which is very common these days, the creditor/lender gets the collateral back. Loans should always be signed for by the individual, not a corporation. The Corporation may not have any assets, so use the individual's signature.

Collecting a bad debt

2011-05-11T06:30:30Z

Regarding collections of bad debts, the most important thing is to contact a lawyer as early in the process as possible. The older the debt, the more difficult it is to collect. If a debt is over 60 delinquent days, a lawyer should be consulted.