One of the main benefits of establishing a corporation is the legal protection it affords the owners/shareholders. Because the corporation is its own legal entity, creditors of the corporation are generally not able to seek compensation or damages from the owners personally when the corporation breaches a contract or fails to fulfill its commitments. This… Read more »
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How “Do It Yourself” Estate Planning Can Hurt You and Your Heirs
Introduction Websites and companies like LegalZoom and others promise users the opportunity to tackle their legal needs without having to consult with an attorney and pay an attorney’s allegedly-high fees. Instead, these outfits deliver forms and pleadings to users, who are then responsible for entering the pertinent information into the forms and filing them with… Read more »
Best Reasons to Use a Trust
Introduction Trusts have become an increasingly-popular estate planning tool, especially for younger individuals. Trusts have been touted as offering many benefits over the traditional will, but some older individuals or those who are committed to doing things in the same manner as their parents and grandparents may be reluctant to jump on board the bandwagon… Read more »
What Should I Do With an Old Will or Trust?
It is not uncommon for individuals to create multiple wills or trusts over the course of their lifetimes as their situations change. Some testators (creators of wills) and grantors (creators of trusts) wonder what happens – or what should happen – to the will or trust that is being replaced. This can be of concern… Read more »
The Business Judgment Rule
If you are the director of a corporation with shareholders, your job is all about one concern (basically): Maximizing the profit for the shareholders over the long term. While shareholders may be the true “owners” of a corporation, they employ directors such as yourself to assist in the strategic planning and operation of the business…. Read more »
Be Careful About Transferring Property to Your Family Before Death
As individuals age, they begin to confront the possibility that they may need to be placed in a nursing home or retirement home facility to live out their final years. Paying for these facilities is expensive – sometimes thousands of dollars per month – but Medicaid will generally pay for these costs so long as… Read more »
Document and Information Storage, Sharing and Retrieval
There are many documents, and much information, you want to store in a convenient place, or you want to share, or you want to access readily. For example, it would be most convenient to store information about the medical conditions, prescriptions, doctors and medical history together with the healthcare power of attorney of a loved… Read more »
An Agency Primer for Businesses
In law school, law students who take coursework on business law or corporate law are introduced rather early to the concept of agency. Agency describes the situations and circumstances under which one person may act on behalf of another and bind the other person to obligations or make the other person responsible for the damages… Read more »
Does a Breach of Contract Mean I Can Do Whatever I Want?
Republican presidential candidate Donald Trump recently claimed that the Republican National Committee breached a contract with him and that, as a result, he could do whatever he wanted. Putting politics aside, this statement causes one to question whether his underlying legal conclusion, that he can now do “whatever he wants,” is accurate. If so, this… Read more »
What Happens to Motor Vehicles When my Spouse Dies?
Under Section 2106.18 of the Ohio Revised Code, two automobiles owned by a decedent (as long as they do not have a combined value of $40,000 or more) will transfer to his or her surviving spouse at the death of the first spouse to die. The procedure to make the transfer is for the… Read more »