FUNDING PERSONAL PROPERTY INTO A REVOCABLE LIVING TRUST Whether personal property is funded into a trust is primarily a matter of intent. With every comprehensive estate plan that we do, we include an “Assignment of Personal Property,” which explicitly states that all personal property is thereby intended to be funded into the trust. This document…
What is a Living Trust? A Living Trust is a vital component of an estate plan, and part of estate planning documents prepared for you while you are alive. In order for a Trust to work properly, you must transfer most of your assets to your living trust. Title to some assets cannot be transferred…
Personal Liability of Members and Managers An LLC generally shields its members from liability for the company’s obligations. However, there are circumstances in which members may be held personally liable for the LLC’s obligations. Here are a few examples: 1) If a member has an oral side agreement to reimburse the LLC for payments made…
Changes in the Law That Take Effect for LLC’s in California Best Asset Protection – WFB Legal Consulting, Inc On January 1, 2014, the California Revised Uniform Limited Liability Company Act (the RULLCA) will take effect. The RULLCA (new LLC law) replaces the Beverly-Killea Limited Liability Company Act, California’s current law governing limited liability companies. The…
Contract Terms Business Owners Need But Often Overlook Many business owners who enter into contracts with customers, suppliers and clients overlook important key terms and arbitrarily accept “boilerplate” clauses at the end of the contract without examination. ALWAYS remember to include the following terms: 1. Indemnification. This is an important contractual term which shifts the…
Best Asset Protection and Power of Attorney Generally speaking, if a principal is still living and capable of managing their own affairs their relatives cannot change the POA. However, if the person becomes incapacitated a General POA is extinguished and the relatives can petition for a guardianship of the person. If there is a Durable POA in effect…
No More Partnerships. Please! The limited liability company combines the limited liability advantage of a Corporation with the protection of your ownership interest. Yet, there are essential reasons we should prefer a Limited Liability CO. (LLC) to either the Limited Partnership or even the Corporation: – As with an S corporation, you can avoid double…
Buy-Sell Agreements When we use the term Buy-Sell Agreement, we are not talking about a contract in which you promise to buy a business. Rather, the Buy-Sell Agreement of which we are speaking here, is a binding contract among the owners of your business that controls the buying and selling of ownership interests in the…
