2010 July | Making a Will

ABA stands for American Bar Association . According to official ABA website, American Bar Association has over 400,000 members; it provides institutions that offer law programs credentials , additional legal studies , information about the law, programs to assist lawyers and judges in their vocation , and initiatives to better the legal system for the public.

Education requirements for paralegals are different with each states or even areas . Nowadays , there are over 1000 institutions across the United States that offer curriculums for paralegals leading to a certificate or degree . ABA has approved 250 of them .

While formal education is not demanded in the profession and most paralegals have gotten their training on jobs , currently more and more people are getting it to jump start their paralegal careers. The ABA approved courses are tailored to accommodate the highest meansures and quality of paralegal education. The programs will be conducted to give the students the essential studies and trainings to be able to help and assistant lawyers in current and future works.

Above all, AA degree or certificate is offered by the institutions which offer ABA Approved Paralegal Programs or Post Bachelor Paralegal Certificate Programs either through 2-year community colleges, 4-year colleges and universities and some business or institutions committed primarily to providing the necessary training or certificate. Most of the programs stretch from a few months to 2 years; some require internships in order to obtain a degree or certificate.

Everyone of them should provide the general studies in the field preparing the students for both technical skill and analytical skills : executing theories and principles of law; preparing or interpreting legal documents; drafting pleadings including court forms; preparing for litigation; applying legal ethics; getting case management techniques, and skills for client interaction; researching the law; enhancing the ability of students to reason, understand, and apply correct principles of law; and gaining analytical and critical thinking skills as opposed to rote learning.

If the candidate is ambitious to work towards specialization in a specific area of law , some ABA Approved Paralegal Programs’ specialization or area of focus ranges widely from family law, litigation laws, real estate laws, etc.

Requirements for entry into these programs vary too. A candidate’s personal qualifications will be evaluated also . job hunters must be able to possess effective communication skills, strict attention to details, and ability to multitask while being comfortable meeting tight deadlines and working in a fast paced environment.

For the complete listing of ABA Approved Paralegal Programs or Post Bachelor Paralegal Certificate Programs, please check out the official ABA website.

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A friend of mind recently asked if he should incorporate for his business. Pretty quickly, I told him no, that he doesn’t need to incorporate. However, the reason for this response might not be so clear to some. This is what lead to the creation of this post.

Please remember that this is my personal commentary on whether or not you should incorporate your business. If you’re getting serious about your business, I recommend you read a few books on the topic and possibly even talk to an attorney or family business advisor. (Just about every “guide to starting a business” will have a section explaining the different business structures.) Make sure to do adequate research on your own before diving into such an endeavor. Creating a profitable business online or off is an extreme process. It’s not for the faint of heart.

Before we move on, let’s review the various business structures:

1. Sole ProprietorshipBasically, anyone that performs a service is automatically considered a sole proprietorship unless they specifically set up another business structure. Generally, a sole proprietorship consists of a single person or a few employees. However, there is absolutely no limit on the size of your sole proprietorship. Technically, even a company the size of Wal-Mart could be a sole proprietorship, but it usually makes sense for larger businesses to use a different business structure.

2. PartnershipWhen two people start a for-profit business, it’s considered a partnership. There’s usually, *and should be*, a written agreement covering the distribution of income, as well as what would happen if one or both of the partners decided to leave the business. In most states, disputes are handled under the Uniform Partnership Act (UPA). A partnership is really just a sole proprietorship, but with 2 or more people. If you go into business with a partner, no matter how perfect the initial arrangement is, please make sure to write up a detailed partnership agreement. You’ll appreciate it if things ever turn sour.

3. CorporationWhen you incorporate your business, you’re actually creating a new legal entity. This new entity can do just about anything a person can. It can get credit, make a profit, and get sued. To form a corporation, you need to complete several incorporation documents specific to the State of incorporation. When the corporation is created, shares of stock are issued to shareholders. These shareholders trade something of value, such as money or expertise, for their shares. These shares are created regardless of whether the corporation is public or private. If your corporation is private, all of the shares could be owned by yourself, or maybe by some close friends and family. Once your corporation goes public, anyone may buy shares of your company at the going price.Corporations are generally divided into C-Corporations, Subchapter S Corporations, and Limited Liability Corporations (LLC). Large companies generally form C-Corporations, while smaller companies usually choose an S Corporation or LLC. There’s less paperwork and regulation on the latter two as long as they follow certain guidelines.

Ok, so why shouldn’t I form a corporation?

There are several myths out there as reasons one should incorporate a business. The top 2 are tax savings and personal liability.Ok, now to disspell those incorporation myths:

1. Tax Savings

I’ve read so many times on the Internet that I should incorporate for the tax benefits. They usually go something like this: “If you incorporate your business, you can write off business expenses, business meals, and even a portion of your mortgage!”However, you can do all of these as a sole proprietor! I have owned my own business in one form or another for the past 10 years. Every year, I was able to deduct business expenses. (Always consult a tax attorney. This is not advice. It’s only my opinion.) I have written off equipment, meals, travel expenses, part of my mortgage, part of my utility bills, even some supplies to spruce up my office. The key is that a sole proprietorship is a business. As a business you can deduct your business expenses from your income. (Again, I’m not a tax expert. This is just my experience.)I did form an LLC a few years ago and the only difference was that I paid a bunch of money to fill out a bunch of forms and follow a bunch of rules. Then, at tax time, I got a penalty because I didn’t dot all of the i’s and cross all of the t’s. Thank you, but I’ll choose a sole proprietorship every time.

2. Personal Liability

First, I will admit that this is true. Technically, the corporation is a separate entity, and if it is sued, your personal assets cannot be taken. If you are running an honest business and someone slips when leaving your house after a meeting, this business structure should stop them from being able to take your house. (Again, this is not legal advice. This is just how I think it should work.) I’d say an exception to this entire post would be if you are running a brick and mortar business. You could absolutely have a slip and fall situation and you’ll be glad to have this layer of protection. On the other hand, if you’re starting a wholesale business, or other venture that is almost entirely online, you’ll have a tough time convincing me to incorporate.

HOWEVER…This does not mean you are exempt from all responsibility. If you personally are negligent or dishonest in your business dealings, a judge will come after your personal assets every time. Many judges are looking to determine why you formed your corporation. If they find that it was so you could rack up huge debt and/or scam your customers, expect the corporation to be sued, but you can bet you’ll be named as a co-defendant. Yep, that means YOU are personally responsible for everything.

In closing, I want to say that I always wanted to start a corporation. I thought that creating a corporation made my business legitimate, but I was fooling myself. Sure, it puts the business on paper, but the only things that really matter are how you are helping your customers and whether or not you’re turning a profit. You’ll need to decide whether a corporation is necessary for your situation, and I wish you good luck in your endeavor.

A good resource for additional information on this topic and many others is my business advisor, Rich Snebold.

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Mrs T and her son were aware her health would get worse quickly and before long she would have no alternative but to be taken in to a warden controlled home. They each were aware two of her neighbours had left the whole lot right up until almost the end after the area local authority officer swooped down and dealt with it. Mrs T and her family eventually learned how the work group had themselves declared Power of Attorney, which in turn meant they were able to put up for sale her neighbour’s flat to cover their care. Those actions really motivated Mrs T to get a will expertly drafted and her daughter given Power of Attorney, was that they subsequently learned that anything left over right after her acquaintences passed away, was held on to by the area office While this happened a some time ago, studies performed by Help the Aged tend to suggest this is still happening and the best the best means of preventing this is in making a will.

Mrs S and her daughter chose to have her will drafted by professionals as well as be certain that her daughter was awarded legal control over her affairs they utilized a will writing company to guarantee her wishes couldn’t be overruled by the authorities. Both Mrs S and her son and daughter had been warned that they had to have a realistic frame of mind to the future; tougher to continue with minimum aid and would at some point require regular nursing care. Mrs T’s daughter needed to ensure that his mum had the best possible care and that he had charge over the ultimate selling of her home and anything that still remained after her care was paid for.

Mrs T’s health got a whole lot worse days after she had her will drafted. Her condition was spotted by the carer who came in every day and as her job required, she mentioned it to adult services A social worker arrived in the morning to talk to Mrs T about going into a residential home. Mrs B told the social worker that she really should consult with her son and daughter as she had Power of Attorney over her affairs. The social worker spoke to Mrs T’s family and told him that social services would place her in a care home. Luckily, Mr T showed her a copy of the will therefore the law was on her side when he spoke with the social worker and informed her that he would find a care home for their mother as he had the right to do so according to the terms of her will.

When the local authority had checked the legitimacy of the statements made by Mrs T’s daughter they finally withdrew from the situation. Making a will had been the best thing that Mrs T had done since it meant her family could find the kind of residential home he understood she would be content in, and she could sell off her property to finance things. Mrs T was pleased because she understood that her family would at least have some inheritance when she passed on making a will with professional help had made all the difference to their situation.

Making a Will Writing a WIll & Estate Planning

Archive for July, 2010

ABA Approved Paralegal Programs no comments

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Do I Need to Incorporate My Business? no comments

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Why You Should choose to have Your Will Penned by Qualified personnel no comments

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