Limited Liability Companies – Advantages Over Limited Partnerships and S Corporations

What is a Limited Liability Company (LLC)? An LLC a non-corporate entity that is authorized by statute and may engage in lawful acts or activity. The owners (members) have no personal liability. The obligations are solely the liability of the LLC.  Members are also able to structure shares, distributions, powers, rights in almost any manner they deem fit. Many entrepreneurs will use this as the LLC needs only one member.  Finally, all of the income, gains, losses, etc of the…

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2021 – The Year of Estate Planning

As we all know, the Covid-19 pandemic has affected just about everything. It has definitely been true with ‘legacy planning’ as the need and urgency to get Estate Plans in order has been highlighted. It’s a task that many people have admittedly put on hold for too long. It is highly likely that there will soon be a lower estate tax exemption coming under the new administration, and with the aging, baby boomer population, it strongly appears that 2021 is…

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Don’t Be Held Personally Responsible for Business Debts

Owning a business can be an exciting prospect, but if not organized and run properly, you may become personally liable for business related expenses. No business owner ever wants to think about the possibility of being sued for unpaid business debts or losses caused by their employees, but it can happen. Below are a few ways to avoid personal liability should your business be part of a litigation. Structuring your Business The first step to avoid personal liability is to make sure…

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Most people don’t have a lot of experience handling what happens after their loved one dies and they have been named as the Successor Trustee – in charge of settling their loved one’s Revocable Living Trust. The purpose of this guide is to offer a very general idea of the six steps necessary to settle and then terminate a Revocable Living Trust after the Trustor dies. Step 1 – Inventory The first step in settling a Revocable Living Trust is to…

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Operational Issues for Small Businesses

Are You Being Too Informal? A Case Study – We have found that small businesses tend to operate their business without the stringent formalities of a large company.  This sounds like a benefit to having a small business – however – not only is it incorrect as small businesses need to operate with certain formalities, but when they don’t, we see drastic results. There is a case that came out of the 8th Circuit a couple of years ago which illustrates…

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Estate Planning Benefits in 2021

The unthinkable just might happen, so be prepared. Have a well documented and detailed set of instructions already neatly assembled and in place. Eliminate confusion by planning ahead. Estate planning not only helps avoid multiple state probate proceedings, but eliminates probate altogether. While the probate process remains open for public scutiny, estate planning keeps all asset transfers private. The segregation of assets will be thorough, leaving all questions answered and challenges to the estate nonexistent. Guardianship for minors, or disabled…

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Proposition 19 – How May This Affect You?

Voting season is just around the corner, and with that comes numerous propositions on the ballot. One of them is especially important for California property owners and should be looked into with more detail. Proposition 19 was added to the ballot in June, which calls for the repeal of Proposition 58 and Proposition 193. If passed, it may result in an increase in property taxes for transfers of California real property between parents and children as well as grandparents and…

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The Flaig Law Firm is Available to You During This Time

April 2020 by Donald W. Flaig, Esq. As we all navigate a "new normal" due to COVID-19, we would like to update you on how The Flaig Law Firm is handling business and making itself available to you during this time. Our firm is OPEN, WORKING and COMMITTED to doing the right thing for our clients! Currently we are seeing clients in the office for the signing of legal documents only. All other business is telephonic. To ensure our clients safety,…

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5707 Corsa Avenue Suite 104Westlake Village, CA 91362
Mon - Fri: 9:00 am - 6:00 pm

The Flaig Law Firm 2024. All Rights Reserved.

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