divorcelawyergunnisonutah - Tumblr blog

divorcelawyergunnisonutah · 10 months

Text

Trust Dos And Donts

Trust Dos And Don’ts

A trust is the legal relationship between one person, the trustee, having an equitable ownership or management of certain property and another person, the beneficiary, owning the legal title to that property. The beneficiary is entitled to the performance of certain duties and the exercise of certain powers by the trustee, which performance may be enforced by a court of equity. Most trusts are founded by the persons (called trustors, settlors and/or donors) who execute a written declaration of trust which establishes the trust and spells out the terms and conditions upon which it will be conducted. The declaration also names the original trustee or trustees, successor trustees or means to choose future trustees. The assets of the trust are usually given to the trust by the creators, although assets may be added by others. During the life of the trust, profits and, sometimes, a portion of the principal, called the “corpus”, may be distributed to the beneficiaries, and the remainder to is usually distributed upon the occurrence of an event, such as the death of the creator. A trust may be created as an alternative to a will in order to avoid probate and higher taxation. There are many types of trusts, including “revocable trusts”, created to handle the trustors’ assets (with the trustor acting as initial trustee), also called a “living trust” or “inter vivo trust”, which only becomes irrevocable on the death of the first trustor; “irrevocable trust,” which cannot be changed at any time; “charitable remainder unitrust,” which provides for eventual guaranteed distribution of the corpus (assets) to charity, providing a substantial tax benefit. There are also “constructive” and “resulting” trusts declared by a court for equitable reasons over property held by someone for its owner. A “testamentary trust” can be created by a will to manage assets given to beneficiaries.

Types of Trusts

A trust is a legal document that can be created during a person’s lifetime and survive the person’s death. A trust can also be created by a will and formed after death. Once assets are put into the trust they belong to the trust itself (such as a bank account), not the trustee (person). They remain subject to the rules and instructions of the trust contract. In essence, a trust is a right to money or property, which is held in a fiduciary relationship by one person or bank for the benefit of another. The trustee is the one who holds title to the trust property, and the beneficiary is the person who receives the benefits of the trust.

Revocable Trusts

Revocable trusts are created during the lifetime of the trust-maker and can be altered, changed, modified or revoked entirely. Often called a living trust, these are trusts in which the trust-maker: • Transfers the title of a property to a trust • Serves as the initial trustee • Has the ability to remove the property from the trust during his or her lifetime

Revocable trusts are extremely helpful in avoiding probate. If ownership of assets is transferred to a revocable trust during the lifetime of the trust-maker so that it is owned by the trust at the time of the trust-maker’s death, the assets will not be subject to probate. Although useful to avoid probate, a revocable trust is not an asset protection technique as assets transferred to the trust during the trust-maker’s lifetime will remain available to the trust-maker’s creditors. It does make it more somewhat more difficult for creditors to access these assets since the creditor must petition a court for an order to enable the creditor to get to the assets held in the trust. Typically, a revocable trust evolves into an irrevocable trust upon the death of the trust-maker.

Irrevocable Trust

An irrevocable trust is one that cannot be altered, changed, modified or revoked after its creation. Once a property is transferred to an irrevocable trust, no one, including the trust maker, can take the property out of the trust. It is possible to purchase survivorship life insurance, the benefits of which can be held by an irrevocable trust. This type of survivorship life insurance can be used for estate tax planning purposes in large estates; however, survivorship life insurance held in an irrevocable trust can have serious negative consequences.

Asset Protection Trust

An asset protection trust is a type of trust that is designed to protect a person’s assets from claims of future creditors. These types of trusts are often set up in countries outside of the United States, although the assets do not always need to be transferred to the foreign jurisdiction. The purpose of an asset protection trust is to insulate assets from creditor attack. These trusts are normally structured so that they are irrevocable for a term of years and so that the trust-maker is not a current beneficiary. An asset protection trust is normally structured so that the undistributed assets of the trust are returned to the trust-maker upon the termination of the trust provided there is no current risk of creditor attack, thus permitting the trust-maker to regain complete control over the formerly protected assets.

Charitable Trust

Charitable trusts are trusts which benefit a particular charity or the public in general. Typically charitable trusts are established as part of an estate plan to lower or avoid the imposition of estate and gift tax. A charitable remainder trust (CRT) funded during the grantor’s lifetime can be a financial planning tool, providing the trust-maker with valuable lifetime benefits. In addition to the financial benefits, there is the intangible benefit of rewarding the trust-maker’s altruism as charities usually immediately honor the donors who have named the charity as the beneficiary of a CRT.

Constructive Trust

A constructive trust is an implied trust. An implied trust is established by a court and is determined by certain facts and circumstances. The court may decide that, even though there was never a formal declaration of a trust, there was an intention on the part of the property owner that the property is used for a particular purpose or go to a particular person. While a person may take legal title to a property, equitable considerations sometimes require that the equitable title of such property really belongs to someone else.

Special Needs Trust

A special needs trust is one that is set up for a person who receives government benefits so as not to disqualify the beneficiary from such government benefits. This is completely legal and permitted under the Social Security rules provided that the disabled beneficiary cannot control the amount or the frequency of trust distributions and cannot revoke the trust. Ordinarily, when a person is receiving government benefits, an inheritance or receipt of a gift could reduce or eliminate the person’s eligibility for such benefits. By establishing a trust, which provides for luxuries or other benefits which otherwise could not be obtained by the beneficiary, the beneficiary can obtain the benefits from the trust without defeating his or her eligibility for government benefits. Usually, a special needs trust has a provision that terminates the trust in the event that it could be used to make the beneficiary ineligible for government benefits. Special needs have a specific legal definition and are defined as the requisites for maintaining the comfort and happiness of a disabled person when such requisites are not being provided by any public or private agency. Special needs can include medical and dental expenses, equipment, education, treatment, rehabilitation, eyeglasses, transportation (including vehicle purchase), maintenance, insurance (including payment of premiums of insurance on the life of the beneficiary), essential dietary needs, spending money, electronic and computer equipment, vacations, athletic contests, movies, trips, money with which to purchase gifts, payments for a companion, and other items to enhance self-esteem. The list is quite extensive. Parents of a disabled child can establish a special needs trust as part of their general estate plan and not worry that their child will be prevented from receiving benefits when they are not there to care for the child. Disabled persons who expect an inheritance or other large sum of money may establish a special needs trust themselves, provided that another person or entity is named as trustee.

Spendthrift Trust

A trust that is established for a beneficiary that does not allow the beneficiary to sell or pledge away interests in the trust is known as a spendthrift trust. It is protected from the beneficiaries’ creditors, until such time as the trust property is distributed out of the trust and given to the beneficiaries.

Tax By-Pass Trust

A tax by-pass trust is a type of trust that is created to allow one spouse to leave money to the other while limiting the amount of federal estate tax that would be payable on the death of the second spouse. While assets can pass to a spouse tax-free, when the surviving spouse dies, the remaining assets over and above the exempt limit would be taxable to the children of the couple, potentially at a rate of 55 percent. A tax by-pass trust avoids this situation and saves the children perhaps hundreds of thousands of dollars in federal taxes, depending upon the value of the estate.

Totten Trust

To create a Totten trust, the title on the account should include identifying language, such as “In Trust For,” “Payable on Death To,” “As Trustee For,” or the identifying initials for each, “IFF,” “POD,” “ATF.” If this language is not included, the beneficiary may not be identifiable. A Totten trust has been called a “poor man’s” trust because a written trust document is typically not involved and it often costs the trust maker nothing to establish.

Advantages and Disadvantages of Living Trusts

Regardless of whatever else you may have heard there are only two ways to avoid probate: don’t die and don’t own anything. The living trust attempts to accomplish the second way of avoiding probate, no one having yet discovered how to accomplish the first. As an estate planning tool, a living trust is neither inherently good nor inherently bad. It has certain advantages and certain disadvantages. Whether its use is appropriate depends upon the particulars and is a matter for individual determination. But first, a little background. Probate is simply the procedure for transferring a decedent’s assets, either by that person’s will or by state statute if there is no will. In the overwhelming majority of cases, the system functions smoothly and without undue delay or expense. It is the rare, but sometimes colorful case in which the estate is tied up for years and burdened by enormous legal fees and administrative expenses – whether because of a will contest or other disputes among the heirs or because of disputed claims against the estate – that provides grist for the mill of the “avoid probate” industry. You might not know it from the sales pitches, but a “living trust’ is nothing new as an estate planning mechanism. It has been around for years under the more traditional names “revocable trust” and “inter vivo trust,” literally, a trust “between the living.” If it tells you nothing else, the Latin name tells you that the concept is very traditional. A living or revocable trust is one created by a person while living that may be revoked or modified by that person without the consent of any other person. The creator of the trust, called the “settler” or “grantor,” can be his or her own trustee and can designate a successor trustee or trustees in the event of incapacity or death. The settlor is typically the beneficiary of the trust during his or her life, and designates in the trust document who will be the beneficiaries upon his or her death.

The use of a revocable trust “to avoid probate” requires that the trust be funded with all or substantially all of the settlor’s assets during the settlor’s life. It is in this way that the revocable trust enables the settler to follow the aforementioned advice, “don’t own anything.” The assets have passed from individual ownership to ownership by the trust. Thus, when the settlor dies there is nothing in the estate (assuming no further acquisitions) and nothing to “probate,” even though the settler, as beneficiary, has enjoyed the use of the trust assets during his or her life. There can be additional advantages of such trusts, beyond probate avoidance. For example, if the settler is successful in avoiding probate, the size and distribution of the estate can be kept confidential, unlike probate proceedings which are matters of public record. Also, the assets of a living trust can typically be distributed to beneficiaries sooner than is possible in the probate of an estate. Living trusts also can be an excellent way of keeping records and managing property. Another argument for living trusts is that confidentiality of trust provisions and avoidance of court procedures tend to reduce the likelihood of the equivalent of a will contest.

A major disadvantage of a living trust is the cost associated with its preparation and funding. The paperwork is more complex for a living trust than for a will and the attorney’s fee is typically larger. Property that passes by title, for example, real estate and vehicles, has to be transferred formally from individual ownership to trust ownership. More paperwork and more expense. Beneficiary designations to property such as insurance policies and bank accounts may also need to be changed. For an estate with fairly extensive property and complex dispositions, the cost of preparing and funding a living trust can be two or three times the cost of a will with equivalent dispositions. People who choose a living trust over a will are essentially doing much of their own probate before their death, similar to the way that some people plan their own funerals. As a result, they are paying costs and performing work now that would otherwise be deferred until after death and then paid by their estate and performed by their Personal Representative. There is nothing wrong with this of course, as long as a person realizes that is what he is doing. Additionally, the formalities of setting up and funding a living trust must be observed and records kept to reflect that observance throughout the settlor’s life if the transfer of the assets is to occur smoothly and without probate when the settlor dies.

Again, more paperwork and transaction expenses to keep the trust current. Unfortunately, many people lack the self-discipline necessary to keep their affairs in the order required by a living trust after they have established one. The costs to set up, maintain, and administer a living trust are generally at least the same as the costs of a will plus probate. With a living trust those costs are loaded toward the front end, with a will toward the back end. On occasion, there is a distinct advantage to opening a probate case even where the decedent had a trust and all the decedent’s property had been placed in the trust. The probate process allows for publication of a “Notice To Creditors,” which in effect imposes a very short statute of limitations on claims against the estate. Trust administration procedures do not provide for this, so any claims against the trust are subject only to their ordinary limitations periods.

Free Initial Consultation with Lawyer

It’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Utah Revocable Living Trusts

Tax Planning Considerations

Creditor Claims Against Retirement Assets

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Trust Dos And Don’ts appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/trust-dos-and-donts/

0 notes

divorcelawyergunnisonutah · 10 months

Text

Creditor Claims Against Retirement Assets

Creditor claims is defined as written claim filed in federal bankruptcy court by a person or entity owed money by a debtor who has filed for bankruptcy. A written claim filed in probate court by a person or entity owed money by a person who has died. State law sets a deadline, usually a few months, for filing a claim in probate court. If the executor or administrator in charge of the probate denies the claim, the creditor can request a court hearing. A creditor with a secured claim in bankruptcy has two things: a debt that you owe and a lien (also called a security interest) on a piece of property you own. If you don’t pay according to the terms of your contract, the lien allows the lender to recover the property, sell it at auction, and apply the proceeds to the account balance. For instance, a mortgage lender with a lien can recover real estate in a foreclosure action, and a vehicle loan lender with a lien can recover a car through repossession.

Secured claims are often voluntary. For instance, if you agree to pledge an asset as collateral for the loan (a common practice when buying a house or car), you voluntarily give the creditor a security interest in your property. Creditors can also obtain an involuntary lien against your property without your consent. For instance, a credit card company can get an involuntary lien after suing you in a collection lawsuit and winning a money judgement. When you fall behind on your taxes, statutory law gives the IRS the right to a tax lien against your property. Filing for bankruptcy involves disclosing your debts, or “creditor claims,” on official bankruptcy paperwork. But as easy as that might sound, classifying claims can get a bit tricky. First, you’ll list the debt as either a secured or unsecured claim. Then, you’ll divide the unsecured claims into priority and non-priority unsecured claims.

Listing Creditor Claims in Your Bankruptcy Paperwork

A bankruptcy case gets started after you complete and file official bankruptcy forms. The cover document, called the petition, is where you’ll disclose identifying information, such as your name, address, and the bankruptcy chapter you’re filing. You’ll provide details about your income, creditor claims (debts), and assets on forms called schedules.

Creditor claims will appear on one of two schedules: • Schedule D: Creditors Who Hold Claims Secured By Property. Here you’ll include secured claims, such as a mortgage, car payment, or another collateralized obligation. • Schedule E/F: Creditors Who Have Unsecured Claims. You’ll list unsecured claims on this form. Priority unsecured claims, such as unpaid taxes and child support, belong in Part 1. You’ll list your non-priority unsecured claims (all remaining debts) in Part 2. Common examples of secured bankruptcy claims include: • Mortgages • car loans • unpaid real estate taxes, and • other property liens.

You’ll list all secured claims on Schedule D: Creditors Who Hold Claims Secured By Property.

A creditor with a secured claim is in a good position. A bankruptcy discharge (the order that wipes out debt) won’t get rid of a lien on your property. It only eliminates your liability to pay the debt. Since the lien remains, the creditor can still foreclose or repossess the property if the loan doesn’t get paid. So if you file for bankruptcy and want to keep property securing a loan, you’ll have to continue making payments to the lender until you pay off the debt. However, if there is significant equity in a house or car, a Chapter 7 trustee will likely sell it. But, because of the lien, the trustee must get enough to pay off the loan, return any exemption amount to you (the amount of equity you’re allowed to protect), and use the remaining funds to pay off creditors. If there isn’t enough equity to pay something meaningful to creditors, the trustee won’t sell the property. If a property you’d like to keep has significant equity, a Chapter 13 case will likely be a better option. But you’ll have to have enough income to pay a hefty monthly payment for three- to five-years (you must pay the value of the nonexempt equity in the plan).

Eliminating Liens in Bankruptcy

You can eliminate certain types of property liens in bankruptcy. For instance, you might be able to ask the court to: • get rid of a judgment lien that impairs your bankruptcy exemptions, or • wipe out a wholly unsecured junior lien from your property in Chapter 13 bankruptcy.

Unsecured Claims

A creditor with an unsecured claim doesn’t have a lien. There are two types of unsecured claims: • Priority unsecured claims: These debts aren’t dischargeable in bankruptcy and, if money is available, the claim will get paid before non-priority unsecured claims. • Non-priority unsecured claims. Most of these obligations are dischargeable in bankruptcy (except student loans). All priority debts must be satisfied before these debts can be paid with bankruptcy funds.

Non-priority Unsecured Claims

The bankruptcy discharge will eliminate most types of non-priority, unsecured claims, but not all. Some of the most common non-priority unsecured claims you can discharge in bankruptcy include: • credit card debt • medical bills, and • personal loans. Although student loans are unsecured debts, you can’t discharge them unless you can prove that it would be an undue hardship to pay them (which is a difficult standard to prove).

Priority Unsecured Claims

Priority unsecured debts aren’t dischargeable and receive special treatment. Priority creditors get paid before other creditors in bankruptcy. The following are some of the most common types of priority claims: • alimony • child support • certain tax obligations, and • debts for personal injury or death caused by drunk driving.

Because you can’t wipe out priority debts in Chapter 7 bankruptcy, you’ll be responsible for paying any balance that remains after your Chapter 7 case (the bankruptcy trustee might sell some of your property and apply the funds to the debt). If you file for Chapter 13 bankruptcy, you’ll have to pay off priority unsecured debts in full through your three- to five-year repayment plan. The bankruptcy code generally exempts certain retirement funds from creditors. It makes sense when you consider why retirement accounts are protected. The government encourages retirement savings by allowing taxpayers to make qualified contributions to retirement accounts on a tax-deferred basis. The tax code is written to ensure that retirement accounts are not used as ordinary savings by penalizing withdrawals from the account until the account owner reaches age 59½. For this reason, the funds held in the account are not accessible and are protected from creditors.

Retirement Accounts

The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 offer protection for contributions to and earnings in IRAs, including Roth IRAs, up to $1,000,000. The dollar limit is adjusted every three years and currently is $1,283,025. This applies to all such accounts (not applied per account) and is scheduled to be adjusted again on April 1, 2019. Company retirement plans that are subject to the Employee Retirement Income Security Act of 1974 (ERISA) are excluded from bankruptcy. The Supreme Court ruled1 that ERISA plans are excluded from an individual’s bankruptcy estate as provided under the Federal Bankruptcy Code2. This protection is provided for an unlimited amount of assets held in plans such as 401(k) and 403(b) company sponsored plans. SEP IRAs and SIMPLE IRAs are not subject to ERISA.

However, BAPCPA states these plans are excluded from bankruptcy for unlimited amounts and are not part of the aggregate total which applies to traditional IRAs and Roth IRAs. Rollover IRAs are also exempt from the cap. Since the funds from rollover IRAs originate from ERISA-qualified accounts, such as a 401(k) or employer pension, a rollover IRA is fully protected from creditors in bankruptcy.

No Federal Protection for Inherited IRAs

The courts have set a precedent of protecting assets from bankruptcy for individuals actively saving for retirement. Retirement assets received by other means have not received the same treatment. Federal bankruptcy law does not protect inherited IRAs. The U.S. Supreme Court ruled that an inherited IRA did not fit the meaning of “retirement funds” protected by bankruptcy: • Beneficiaries of an IRA are not permitted to make contributions to the account, they may only take withdrawals. • Beneficiaries must begin to take distributions regardless of their age (even though they may be years away from retirement). • Withdraw the entire balance within 5 years of the original account holder’s death, or • Take minimum distributions (based on life expectancy) until the fund is depleted. • Beneficiaries can withdraw some or all of it at any time without a penalty.

It is assumed that the reasoning of the decision also applies to inherited Roth IRAs also note that if the beneficiary is a spouse, he or she may secure federal protection. If the spouse rolls over the account to his or her own IRA (or Roth IRA), the funds likely will be treated the same as if the spouse had funded the account. While there have been no cases or rulings on whether this gives the same protection to a spouse as an owner enjoys, there is a good argument for it.

IRA Asset Protection Planning

Notably, the different federal and state creditor protection given to 401(k) qualified plans and IRA, including Self-Directed IRAs, inside or outside the bankruptcy context presents a number of important asset protection planning opportunities.

For example, if you leave an employer who provides a qualified plan, rolling over assets from a qualified plan, like a 401(k), into an IRA may have asset protection implications. For example, if you live in or are moving to a state where IRAs have no creditor protection or have an excess of $1 million dollars in plan assets and are contemplating bankruptcy, you would likely be better off leaving the assets in the company qualified plan.

That is to say, if you plan to leave at least some of your IRA to your family, other than your spouse, your beneficiaries’ creditors may not be able to protect your assets. Of course, this depends on where the beneficiaries live. IRA assets left to a spouse are likely to receive creditor protection if you re-title the IRA in the name of the spouse. However, you will likely be able to protect your IRA assets that you plan on leaving to your family, other than your spouse, by leaving an IRA to a trust. Consequently, you must name the trust on the IRA custodian Designation of Beneficiary Form on file.

The IRA Asset & Creditor Protection Solution

In summary, by having and maintaining an IRA, you will have $1 million of asset protection from creditors in a bankruptcy setting. However, the determination of whether your IRA will be protected from creditors outside of bankruptcy will largely depend on state law. As illustrated above, most states will afford IRAs full protection from creditors outside of the bankruptcy context. So, IRA Asset Protection is a crucial part of your retirement planning. Most people don’t even consider what might happen to their retirement accounts in the event of an early demise, because most of us plan retirement with the idea that we’ll be around to enjoy it. But, like many aspects of estate planning, we must plan for the worst and hope for the best. Your retirement accounts can end up in probate if the proper steps are not taken prior to death.

• Naming the estate as the beneficiary – If for some reason a person wanted the funds from their retirement account to pass through probate then they could simply elect to have their estate be the beneficiary of the retirement accounts. This may be the case if the person wants the funds to pay off debt during the probate process. Usually, this is unlikely. • Naming the spouse as the primary beneficiary – This is very common and usually the default method when naming a beneficiary. Upon death, the decedent’s retirement accounts would pass directly to the spouse, outside of probate. • Designating alternate beneficiaries – Another important aspect of estate planning in regards to retirement accounts is being sure to have at least one or more alternate beneficiaries. In the event that the primary beneficiary, let’s say the spouse, for example, does not survive the death of the retirement asset owner, like if a husband and wife died in a car accident, then the retirement account and it’s funds would pass to the alternate beneficiaries. This is why it’s very important to update beneficiaries if there are any pertinent changes to the alternate beneficiaries that would affect the transfer of the retirement account.

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

How Long Does It Take To Rebuild Credit After Chapter 7?

Utah Revocable Living Trusts

Tax Planning Considerations

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Creditor Claims Against Retirement Assets appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/creditor-claims-against-retirement-assets/

0 notes

divorcelawyergunnisonutah · 10 months

Text

Your Ultimate Guide to Selecting the Right Divorce Lawyer

Divorce is a life-altering decision, fraught with a host of emotional, financial, and legal complexities. Often, it’s a path strewn with tough questions: Who gets custody of the children? How will the assets be divided? Who will pay alimony? All these concerns underscore the importance of having an experienced, skilled, and empathetic divorce lawyer by your side. The right divorce lawyer not only provides expert legal counsel but also becomes your advocate, navigating the labyrinth of legal procedures with you, and helping you secure the best possible outcome for your case.

But, how do you find such a lawyer? With a sea of attorneys out there, each advertising their “expertise” and “success rates,” finding the best divorce lawyer for your specific needs can seem like finding a needle in a haystack. The process can be daunting, but fear not – it’s not an impossible task.

In this comprehensive guide, we’ll walk you through step-by-step on how to choose the best divorce lawyer. We’ll cover everything from understanding your specific needs, beginning your search, evaluating potential lawyers, to making the final decision. Let’s get started, shall we?

Identifying Your Needs: Key Steps Before Starting Your Divorce Lawyer Search

Before you start looking for a lawyer, it’s critical to understand what you need from this divorce process. Not all divorces are the same, and different situations call for different types of legal representation.

If your split is amicable and you and your spouse have reached an agreement on most issues, you might consider mediation. This process involves a neutral third party (the mediator) who helps both parties reach a mutual agreement. However, it’s still wise to consult a lawyer to ensure your rights are adequately protected.

For more complex situations involving high assets, child custody disputes, or situations where there’s a significant power imbalance between the spouses, you’ll likely need a lawyer who specializes in contested divorces. These lawyers are well-versed in litigation and negotiation, helping ensure that your interests are represented in court if necessary.

Also, consider the personality traits you’d like in your attorney. You’ll be sharing personal details of your life with this person, so you want to ensure you’re comfortable with them. The best divorce lawyer for you is someone who understands your goals, communicates effectively, and puts your interests first.

Commencing Your Search for the Best Divorce Lawyer: Where to Look

Once you’ve outlined your needs, it’s time to start searching. Begin with personal recommendations. Friends, family members, or professional acquaintances who have gone through a similar process can provide invaluable insight into a lawyer’s style, strategy, and pricing.

Next, turn to the internet. An online search will yield a plethora of divorce lawyers in your area. Visit their websites to learn about their experience, areas of specialization, and client reviews. As you search, keep an eye out for lawyers who are certified specialists in family law.

Don’t overlook your local bar association. Most have referral services that can direct you to qualified divorce attorneys in your area.

As you build a list of potential lawyers, aim for a variety. Having options allows you to compare and contrast to find the best fit.

Evaluating the Expertise of Your Potential Divorce Lawyer

A crucial factor in your decision should be the lawyer’s expertise. Divorce law is a vast field, and you want an attorney who specializes in the areas most relevant to your case.

Questions to Determine Expertise

Ask potential lawyers about their experience with cases similar to yours. How many have they handled? What were the outcomes? If your case involves complex financial matters or contentious child custody battles, you’ll want a lawyer with a track record in these areas.

Also, consider whether the lawyer is familiar with the family law judges in your jurisdiction. This familiarity can help them develop strategies that align with specific judges’ ruling history.

Remember to ask about their courtroom experience too. While it’s true that many divorce cases settle out of court, you want a lawyer who is equally comfortable and effective in the courtroom should your case go to trial.

In the next part of the post, we’ll discuss how to evaluate potential lawyers and prepare for your first consultation.

Assessing Your Options: What to Consider When Evaluating Divorce Lawyers

Choosing the right divorce lawyer is about more than just experience and expertise. You’ll also want to consider the lawyer’s communication style, their fee structure, and past client testimonials.

Communication Style

Firstly, pay attention to how the lawyer communicates. They should be able to explain complex legal concepts in a way that’s easy for you to understand. You should feel comfortable asking them questions, and they should respond promptly and thoroughly.

Fee Structure

Next, let’s talk about fees. During your initial consultation, ask about the lawyer’s fee structure. Some lawyers charge a flat fee, others bill by the hour, and some use a combination of both. Make sure you understand how you’ll be billed and what services are included. Keep in mind that while cost is a crucial factor, it shouldn’t be the only consideration. The cheapest lawyer might not be the best fit for your case, and the most expensive might not provide the best service.

Client Testimonials

Finally, seek out client testimonials. These can provide valuable insights into the lawyer’s style, professionalism, and effectiveness. Look for reviews on the lawyer’s website, but also check independent review sites for a more balanced view.

Navigating the Initial Consultation: Key Questions to Ask Your Potential Divorce Lawyer

The initial consultation is your opportunity to learn more about the lawyer and how they can assist you. Come prepared with a list of questions. Here are some to consider:

– How long have you practiced family law?

– How many cases like mine have you handled?

– What’s your approach to a new case?

– What’s your strategy for my case?

– How will you keep me informed about my case’s progress?

– What’s your fee structure?

– Can you provide references from past clients?

Observe the lawyer’s demeanor during this meeting. They should seem interested in your case, listen attentively, and answer your questions clearly and patiently.

Sealing the Decision: Choosing Your Divorce Lawyer Wisely

After your consultations, take some time to reflect on what you’ve learned. Consider the lawyer’s expertise, communication style, fee structure, and past client testimonials. But also trust your gut – you’ll want a lawyer who you feel comfortable with and who you trust to advocate for your best interests.

Remember, the divorce process can be stressful and emotional. The right lawyer will not only provide expert legal advice but also help you navigate this challenging period with compassion and understanding.

The Road to a Successful Divorce Process: Summarizing the Steps to Choose the Best Divorce Lawyer

Finding the right divorce lawyer may seem daunting, but by understanding your needs, starting your search informed, evaluating potential lawyers thoroughly, and trusting your instincts, you can find a lawyer who is the best fit for you and your situation.

Remember, the end goal isn’t just to ‘win’ your divorce case, but to emerge from the process feeling that your interests were well represented, and that you were treated fairly and respectfully.

Reach Out to Ascent Law: Your Companion in the Divorce Process

At Ascent Law, we understand the intricacies of divorce law, and we’re here to help. Our experienced, compassionate team is committed to providing high-quality legal counsel tailored to your unique circumstances. If you’re seeking a divorce lawyer who will put your needs first, we invite you to contact us at (801) 676-5506 to schedule a consultation. We’re ready to stand by your side, every step of the way.

The post Your Ultimate Guide to Selecting the Right Divorce Lawyer appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/your-ultimate-guide-to-selecting-the-right-divorce-lawyer/

0 notes

divorcelawyergunnisonutah · 10 months

Text

Tax Planning Considerations

Tax planning is the process of analyzing a financial plan or a situation from a tax perspective. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency. Tax planning is a significant component of a financial plan. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success. Tax planning comprises various considerations. Considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures. Also, the chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome. Tax planning plays an important role in the financial growth story of every individual as tax payments are compulsory for all individuals who fall under the IT bracket. With tax planning, one will be able to streamline his/her tax payments such that he or she will receive considerable returns over a specific period of time involving minimum risk. Also, effective tax planning will help in reducing a person’s tax liability.

Tax Planning Objective

• Reduce Tax Liability: The main purpose of tax planning is to reduce tax liability imposed on a person. Every individual wants to reduce their tax burden and save that money for their future plans. So an individual can do so by prior planning and can avail all the benefits to reduce his tax. • Minimization of litigation: Taxpayers want to minimize his legal litigations. After consulting his legal advisor and adopting proper provisions of law for tax planning can minimize the litigation. This can save taxpayers from legal harassment. • Economic stability: If a taxpayer paid all the taxes without legally due then it will create a more productive investment in the economy. Prior plans help taxpayers as well as the economy. • Productivity: If a taxpayer is aware of all the tax compliance and does productive investment planning then it will create more tax saving options for him. • Financial Growth: If tax planning is done in the right manner and is going in the right direction, it will help in financial growth with economic growth.

Features of Tax Planning

• Reduction in tax liability: One of the most important features of tax planning is to reduce tax liability. Every individual has done his financial plan so he can reduce his tax amount and can save for his future plans. • Advance planning: One has to arrange his tax plans at the beginning of the financial year because no one can plan to reduce his tax liability day before filing an income tax return. • Investment in the right direction: With the help of tax planning one can invest his money in the right direction by choosing the right policy. Investment in any assets or policy will not help in saving money from taxes, for this right investment should be done. • Dynamic in nature: Tax planning has to be done every year because of the new implementation of policies introduced by the government. One has to modify his tax plans at the beginning of every financial year.

Tax Avoidance

Tax Avoidance is reducing tax liability in legal ways. Tax avoidance is done by taking advantage of loopholes of the law. Provisions of law interpreted in such a manner that it will avoid payment of tax. No element of mala fide motive present in tax avoidance. Even the Court in the support of the tax avoidance said that tax avoidance is not unlawful and the taxpayer can take its advantages. One can minimize his tax liability within the legal framework even by taking advantage of loopholes in the law.

Essential Features of Tax Avoidance are as follow; • Legitimate arrangements should be in such a manner that will minimize the tax liability. • Tax avoidance is in respect of legal provisions and carries no public disgrace with it.

Need of Tax Planning

Tax planning is essential to point in a person’s life. As the government imposed high tax rates so to reduce that tax liability, there is a requirement of tax planning. There are many schemes and offers provided in taxation law. One has to choose the right scheme where he can invest and avail the benefits of those schemes. Many Benefits are provided to assess like; • Deduction under Section 80C • Deduction for HRA • Deduction on education loan • Investment in senior citizen scheme • Investment in mutual funds • Investment in national saving schemes • Any many miscellaneous schemes.

Tax Planning Benefits

Tax planning should be done to reduce tax liability but what are other benefits of tax planning? Let’s discuss here, a very important factor of tax planning and every individual or company focus on this factor i.e., to save tax. The main purpose of tax planning is to save capital from taxes and use it for the more beneficial purposes like invest in some beneficial scheme. Better to save the money at the beginning of the year by planning better to spend it in paying tax. One should avail the offers as much as he can, so he can spend that money in any other way or save for his future plans.

Methods of Tax Planning

• Short-Range Tax Planning: short-range tax planning involves year to year planning to complete some specific and limited objects. In this type of tax planning, one can invest in PPF or NSCs within the prescribed limit of income. • Long-Range Tax Planning.- Short range tax planning, long-range tax planning are those activities undertaken by an assesses, which does not pay off immediately. This starts at the beginning or the income year to be followed around the year. • Permissive Tax Planning: Permissive tax planning are permissible under a taxation law. In Utah, there are many provisions of law which offers deduction, exemption, contribution and incentives. • Purposive Tax Planning: Purposive tax planning refers to those planning by which taxpayers can avail maximum benefits by applying provisions of law based on national priorities. So, the assessee can plan in such a manner that these provisions do not get attracted and it would increase disposable resources.

Tax planning for New Business

Any person or company can do their financial planning to reduce their tax liability. An individual can plan his tax liability by contribution in government schemes, deduction, subscription or any other exemption provided by law. But how can tax planning be done with reference to setting up of new business, financial management decision, employee remuneration, etc.

Many factors can affect the location of business for the purpose of better tax planning, there are some tax incentives provided by law- • Free Trade Zone: Provides a deduction to newly established undertakings for which some conditions should be satisfied like- undertaking must begin manufacture/production in Free Trade Zone, the industrial undertaking should not be formed by the splitting up or reconstruction of a business already in existence except those undertakings. • Hundred percent export-oriented undertakings • Deduction in respect of profits and gains from certain industrial undertakings like- business of an industrial undertaking, operation of a ship, hotels, industrial research, production of mineral oils, developing and building housing projects, convention theatre, etc. • Manufactured product under that undertaking • Venture Capital Companies (VCC) • Infrastructure Capital Companies • Tea/Coffee/rubber development account • Site restoration fund • Amortization of telecom license fees • Deduction in respect of expenditure on specified business • Amortization of preliminary expenses • Amortization of expenditure on prospecting of certain minerals • Profits and gains from industrial undertakings other than infrastructure development • Profits and gains of undertakings in a certain special categories of states • Profits and gains from the business of collecting and processing of biodegradable waste • Employment of new workmen

The legal form of Organization

One can decide tax liabilities under different organization forms while comparing other factors and tax incentives like how a person can reduce his tax liability by availing tax incentives provided under the law.

Capital Structure

Capital structure is the amount of debt or equity to fund the operation and finance assets of the company. By Capital structure shareholder’s return can be maximized. This structure is known as debt-to-equity or debt-to-capital ratio. Under taxation law, dividend on shares is not deductible; while the interest paid on interest borrowed capital is allowed as deduction.

Dividend Policy

A dividend is part of a profit which is distributed among the shareholders of the company.

Inter- Corporate Dividend

Deduction on the inter-corporate dividend is given where the total income of an assessee being a company includes any income by way of dividend received by it from a company or a company within Utah shall be entitled to a deduction from the income tax.

Bonus Shares

Tax consideration for equity shareholders and preference shareholders are as follow- For equity shareholders, at the time of the issue of bonus share, there is no tax liability of the company as well as shareholders. But at the time of liquidation of the company bonus shares in the hands of the company will be treated as Dividend distribution and company has to pay dividend tax but that amount will be exempted in the hands of shareholders. In the case of preference shareholders, if the bonus shares issued before June 1, 1997, then there will be no tax liability for the company and for shareholders it will be deemed as dividend, and if bonus shares issued after June 1, 1997, then there will be no tax liability on shareholders and for the company it will be chargeable as dividend tax. At the time of redemption or liquidation, there will be no tax liability on the company and shareholders too.

Tax Planning and Managerial Decision

Tax planning affects managerial decisions too, like- • Make or Buy- make or buy decision is based on the costing and non-costing considerations. A consideration which affects the decision is –  Utilization of capacity  Inadequacy of funds  Latest technology  The variable cost of manufacturing  Dependence upon supplier  Labor problem  Other factors

• Own or Lease: if assessee obtains assets on lease then he can claim the lease rental as a deduction, but if he purchases that assets than he can claim depreciation on those assets. • Purchase by Installment v. Hire: if assets purchased by installment then the deduction can be claimed. If assets are hired then the deduction can be claimed on hire charges. • Renewal or Renovation: Before claiming a deduction for renewal, renovation, repair or replace, one should keep in mind whether the deduction for these considerations is available. If the deduction for revenue expenditure is allowed then tax liability can be reduced.

Tax Law

Tax attorneys represent clients before federal, state, and local taxing authorities, as well as individuals and businesses that are under audit by the Internal Revenue Service. Other roles of a tax attorney include structuring, negotiating, and documenting business entities, and advising clients regarding the tax implications of certain financing, joint ventures, tax-exempt organizations, taxation of compensation, estates, and gifts, and the U.S. taxation of international transactions.

Duties

Tax attorneys advise corporations and high net worth individuals with respect to all areas of tax law on a day-to-day basis. They monitor legislative developments and advise clients with respect to the potential impact of pending legislation on their businesses and their personal finances. They often work hand-in-hand with corporate in-house counsel. Some tax attorneys work exclusively in estate law. That might sound like a reach, but consider the significant federal estate tax rate, although only very valuable estates are subject to it. A firm understanding of tax law is required to navigate the labyrinth of various trusts, charitable foundations, and other estate-planning tools to avoid or mitigate an estate tax bill that could effectively derail a family business or otherwise leave very little for heirs to inherit. Tax attorneys might appear before federal, state, or local taxing authorities. At the federal level, the IRS is somewhat particular about who can represent a taxpayer should a problem or audit arises. Attorneys make the list of approved counsel, as do certified public accountants and enrolled agents. Enrolled agents are licensed at the federal level and must complete a very strenuous testing and application process. Attorneys are considered to have rights to “unlimited” representation of clients, meaning that they do not necessarily have to prepare the tax return that’s at issue in order to appear before the IRS or in a federal court on someone’s behalf.

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Utah Boating Accident Attorneys

How Long Does It Take To rebuild Credit After Chapter 7?

Utah Revocable Living Trust

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Tax Planning Considerations appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/tax-planning-considerations/

0 notes

divorcelawyergunnisonutah · 10 months

Text

Utah Revocable Living Trusts

A trust is a legal entity that holds title to and manages assets for an intended beneficiary. A Living trust is distinguishable from other trusts in that you, as the grantor, can make changes to the trust or revoke it entirely during your lifetime. You can also act as the initial trustee of your living trust. Living trusts are most often used to avoid the probate process that comes along with passing property through a will. Because assets are owned by the trust, and not by you, they pass by the terms of the trust upon your death, making probate unnecessary. Trusts are complicated documents and estate planning attorneys can help you navigate through the legal nuances. In order to pass through the trust and avoid probate, assets must be re-titled into the name of the trust. For instance, if you want to place your home in the trust, you must change the deed so that the trust is named as owner. Once the deed is changed, it should be recorded with the registrar of deeds, and is subject to the same fees as any real estate transaction. These fees vary by state. You can check with your local registrar of deeds for your state’s fees associated with a deed transfer. Whether or not you choose to hire an attorney to draft your living trust, you will be responsible for the expense of titling assets to the trust. A living trust is an estate planning document created during one’s lifetime. A revocable living trust goes into effect during one’s lifetime and provides a way to manage one’s assets during his/her lifetime and to dispose of assets after they pass away. There are many reasons a living trust is preferable to a last will and testament. For example, when you create a living trust, you can avoid the time and expense associated with probate. While the estate’s assets are in probate, they may be frozen – a living trust avoids this as well. Individuals also choose to make a living trust to minimize tax consequences and for privacy concerns.

Types of Trusts In Utah

A trust is a legal document that can be created during a person’s lifetime and survive the person’s death. A trust can also be created by a will and formed after death. Common types of trusts are outlined in this article. Once assets are put into the trust they belong to the trust itself (such as a bank account), not the trustee (person). They remain subject to the rules and instructions of the trust contract. In essence, a trust is a right to money or property, which is held in a “fiduciary” relationship by one person or bank for the benefit of another. The trustee is the one who holds title to the trust property, and the beneficiary is the person who receives the benefits of the trust. While there are a number of different types of trusts, the basic types are revocable and irrevocable.

Revocable Trusts

Irrevocable Trust

Asset Protection Trust

Charitable Trust

Constructive Trust

Special Needs Trust

Spendthrift Trust

Tax By-Pass Trust

Totten Trust

A Totten trust is one that is created during the lifetime of the grantor by depositing money into an account at a financial institution in his or her name as the trustee for another. This is a type of revocable trust in which the gift is not completed until the grantor’s death or an unequivocal act reflecting the gift during the grantor’s lifetime. An individual or an entity can be named as the beneficiary. Upon death, Totten trust assets avoid probate. A Totten trust is used primarily with accounts and securities in financial institutions such as savings accounts, bank accounts, and certificates of deposit. A Totten trust cannot be used with real property. It provides a safer method to pass assets on to family than using joint ownership. To create a Totten trust, the title on the account should include identifying language, such as “In Trust For,” “Payable on Death To,” “As Trustee For,” or the identifying initials for each, “IFF,” “POD,” “ATF.” If this language is not included, the beneficiary may not be identifiable. A Totten trust has been called a “poor man’s” trust because a written trust document is typically not involved and it often costs the trust maker nothing to establish.

Drawbacks of a Living Trust

A living trust does have unique problems and complications. Most people think the benefits outweigh the drawbacks, but before you make a living trust, you should be aware of them. Setting up a living trust isn’t difficult or expensive, but it requires some paperwork. The first step is to create and print out a trust document, which you should sign in front of a notary public. That’s no harder than making a will. There is, however, one more essential step to making a living trust effective: You must make sure that ownership of all the property you listed in the trust document is legally transferred to you as trustee of the trust. If an item of property doesn’t have a title (ownership) document, you can simply list it on a document called an Assignment of Property. Most books, furniture, electronics, jewelry, appliances, musical instruments and many other kinds of property can be handled this way. But if an item has a title document; real estate, stocks, mutual funds, bonds, money market accounts or vehicles, for example; you must change the title document to show that the property is held in trust. For example, if you want to put your house into your living trust, you must prepare and sign a new deed, transferring ownership to you as trustee of the trust.

Record Keeping

After a revocable living trust is created, little day-to-day record keeping is required. No separate income tax records or returns are necessary as long as you are both the grantor and the trustee. Income from property held in the living trust is reported on your personal income tax return. You must keep written records whenever you transfer property to or from the trust, which isn’t difficult unless you transfer a lot of property in and out of the trust.

Transfer Taxes

In most states, transfers of real estate to revocable living trusts are exempt from transfer taxes that are usually imposed on real estate transfers. But in a few states, transferring real estate to your living trust could trigger a tax.

Difficulty Refinancing Trust Property

Because legal title to trust real estate is held in the name of the trustee, a few banks and title companies may balk if you want to refinance it. They should be sufficiently reassured if you show them a copy of your trust document, which specifically gives you, as trustee, the power to borrow against trust property. In the unlikely event you can’t convince an uncooperative lender to deal with you in your capacity as trustee, you’ll have to find another lender (which shouldn’t be hard) or transfer the property out of the trust and back into your name. Later, after you refinance, you can transfer it back into the living trust. Most people don’t worry that after their death, creditors will try to collect large debts from property in the estate. In most situations, the surviving relatives simply pay the valid debts, such as outstanding bills, taxes and last illness and funeral expenses. But if you are concerned about the possibility of large claims, you may want to let your property go through probate instead of a living trust. If your property goes through probate, creditors have only a certain amount of time to file claims against your estate. A creditor who was properly notified of the probate court proceeding cannot file a claim after the period — about six months, in most states expires.

Benefits of a Revocable Living Trust

A living revocable trust serves as far more than just where assets are to go upon your death and it does that in an efficient way. Here are some of the reasons a revocable trust should be part of your estate plan. 1. Revocable trusts are changeable and flexible: Revocable living trusts allow you to make amendments at your own discretion. That can prove invaluable if your circumstances change or if you just aren’t sure who you want to name as your beneficiaries. That flexibility also makes these trusts a popular option if you are starting your estate planning young. 2. Revocable trusts cover your assets before your death: As outlined above, a living trust covers grantors during three phases of life. If you become incapacitated, your trustee can take over and manage your affairs. (Don’t worry: This person has a fiduciary duty to act in your best interest.) This happens automatically. You do not need to go through court proceedings or appointed conservators. Revocable living trusts also account for guardianship. You can stipulate living situations and spending habits for minor children in the terms of your trust. 3. Revocable trusts avoid probate: If you have a will when you die, your assets will go through probate. That is a court proceeding where your assets are distributed per your stipulations. Probate is a relatively slow process that that can take up to several months. If you own property in more than one state, your beneficiaries may have to go through multiple probates. The costs of going through probate can also cut down what your beneficiaries inherit. With revocable living trusts, probate is not necessary. Your successor trustee will be able to pass your assets on to your beneficiaries without the need to wait for a court order. That usually means a quicker and more affordable process for your beneficiaries. 4. Revocable trusts incur less cost and hassle down the line: Drafting a living trust usually requires more funds and effort up front because it’s a more complex legal document than a regular trust or will. So that means you will need to spend some time and money to properly set up and maintain your trust. However, that work can save you the headache and higher expenses associated with probate. Living trusts also tend to hold up better if someone contests a provision, potentially saving more money and time. 5. Revocable trusts provide privacy: After your death, wills and their requisite transactions enter into public record. Anyone can see what stipulations are in your will, who your beneficiaries are and what each beneficiary is inheriting. Estates in a living trust are distributed in private. No one can search the public records to see where your assets went. This protects the privacy of your assets as well as your beneficiaries. 6. Assets in revocable trusts receive FDIC protection: The FDIC (Federal Deposit Insurance Corporation) typically protects money in a bank account up to $250,000. However, that coverage amount goes up with revocable living trusts. According to the FDIC, the owner of a revocable trust account receives insurance of up to $250,000 per each beneficiary. The maximum insured amount you can have is $1,250,000, equal to $250,000 for the owner and each of four beneficiaries.

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Utah Adult Protective Services Lawyer

Utah Boating Accident Attorneys

How Long Does It Take To Rebuild Credit After Chapter 7?

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Utah Revocable Living Trusts appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/utah-revocable-living-trusts/

0 notes

divorcelawyergunnisonutah · 10 months

Text

How Long Does It Take To Rebuild Credit After Chapter 7?

Chapter 7 is also called straight bankruptcy or liquidation bankruptcy. It’s the type most people think about when the word “bankruptcy” comes to mind. In a nutshell, the court appoints a trustee to oversee your case. Part of the trustee’s job is to take your assets, sell them and distribute the money to the creditors who file proper claims. The trustee doesn’t take all your property. You’re allowed to keep enough “exempt” property to get a “fresh start.”

Advantages of Chapter 7 Bankruptcy

Chapter 7 bankruptcy is an efficient way to get out of debt quickly, and most people would prefer to file this chapter, if possible. Here’s how it works: • It’s relatively quick. A typical Chapter 7 bankruptcy case takes three to six months to complete. • No payment plan. Unlike Chapter 13 bankruptcy, a filer doesn’t pay into a three- to five-year repayment plan. • Many, but not all debts get wiped out. The person filing emerges debt-free except for particular types of debts, such as student loans, recent taxes, and unpaid child support. You can protect property. Although you can lose property in Chapter 7 bankruptcy, many filers can keep everything that they own. Bankruptcy lets you keep most necessities, and, if you don’t have much in the way of luxury goods, the chances are that you’ll be able to exempt (protect) all or most of your property. • You can keep a house or car in some situations. You can also keep your house or car as long as you’re current on the payments, can continue making payments after the bankruptcy case, and can exempt the amount of equity you have in the property.

Who Should File for Chapter 7 Bankruptcy

Chapter 7 works very well for many people, especially those who: • own little property • have credit card balances, medical bills, and personal loans (these debts get wiped out in bankruptcy), and • whose family income doesn’t exceed the state median for the same family size.

You’ll take the means test to see if your income qualifies for this chapter. If your income is below the average income for a family of the same size in your state, you’ll automatically qualify. If your income is higher than the median, you’ll have another opportunity to pass. However, if after subtracting allowed expenses, including payments for child support, tax debts, secured debts such as a mortgage or car loan, you have income left over to make a significant payment to your creditors, you won’t qualify to file for Chapter 7 bankruptcy.

Chapter 7 Bankruptcy Requirements

Some debtors cannot file for Chapter 7 bankruptcy leaving Chapter 13 bankruptcy as the only option. You cannot file for Chapter 7 bankruptcy if both of the following are true: • Your current monthly income over the six months before your filing date is more than the median income for a household of your size in your state. • Your disposable income, after subtracting certain expenses and monthly payments for debts you would have to repay in Chapter 13 bankruptcy, exceeds certain limits set by law. These calculations are referred to as the “means test.” They determine whether you have the means to repay a certain amount of your debt through a Chapter 13 repayment plan. If you do, you flunk the test and are ineligible for Chapter 7 bankruptcy. The means test can get fairly complex, and, to make matters worse, uses unique definitions of “disposable income,” “current monthly income,” “expenses,” and other important terms, which sometimes operate to make your income seem higher, and your living expenses lower, than they are.

Bankruptcy laws were enacted to provide you with relief from your creditors by giving you a fresh start. This fresh start usually comes with a high price, namely, a major hit to your credit. But there are ways that bankruptcy can actually help your credit in the short and long term. This will depend on your credit score, financial circumstances, and other factors. A credit score is a number that supposedly summarizes your credit history and predicts the likelihood that you’ll default on a debt. Lenders use credit scores to decide whether to grant a loan and at what interest rate.

FICO scores—the most common type of credit score—range from 300 to 850. A FICO score is based on the information in your credit report, including: • your debt payment history • how much debt you currently have (including your debt-to-credit ratio) • your different types of credit • how long you’ve had credit, and • whether you have new credit.

A high FICO score generally means that you’re good at managing your finances, while a low FICO score usually means that you have been delinquent with credit payments, have high unpaid debt balances, gone through a foreclosure, filed for bankruptcy, or experienced other problems repaying debt.

How Bankruptcy Affects Your Credit Score

When you file bankruptcy, your credit score can be negatively impacted almost right away. In fact, many consider bankruptcy as the worst impact to your credit score, compared to foreclosure and other debt collection actions. But no one knows exactly how much damage certain events, like bankruptcy, foreclosure, a short sale, or deed in lieu of foreclosure will do to your credit. This is due to many factors, such as: • Credit scoring systems change over time. • Credit scoring agencies do not make their formulas public, and your score will vary based on your prior and future credit practices and those of others with whom you are compared. • Creditors use different criteria in evaluating consumers for credit, and these also change over time. If you have a good credit score, but file bankruptcy anyway, you will probably suffer the most. That is because the higher your pre-bankruptcy score, the bigger the drop in your score after you file bankruptcy. On the other hand, if you already have a low credit score, bankruptcy won’t hurt your score that badly. According to FICO, a person who has a credit score of 680 prior to a bankruptcy loses 130 to 150 points following a foreclosure. But a person who has a credit score of 780 prior to a bankruptcy loses 220 to 240 points. So, if you already have a low score and file for bankruptcy, this could potentially make it easier for you to improve your score post-bankruptcy.

How Bankruptcy Can Help You Anyway

If you find yourself in a position where you must file bankruptcy, then your credit score is not as important as the reasons for having to file bankruptcy. Getting a new loan or credit card is not as pressing as, for instance, a pending wage garnishment or mortgage foreclosure. Nevertheless, after you have obtained bankruptcy relief, you may find that the bankruptcy may actually help your credit. This is so even though the bankruptcy will remain on your credit report for up to ten years.

Short-Term Positive Effects

In some cases, you might see immediate results on your credit after bankruptcy. Getting rid of “delinquent” account reports. If your credit report contained late payments and high credit balances, this is where a bankruptcy discharge can serve the greatest good. A bankruptcy will essentially wipe those debts clean. This is because debts that are discharged in bankruptcy must no longer be reported as “delinquent.” Instead, they will typically be reported as discharged or included in your bankruptcy. In some instances, this could even boost an already low credit score. Improving your debt-to-credit ratio; the amounts you owe on accounts makes up roughly 30% of your FICO credit score.

An important factor in this analysis is the percentage of your available credit that you’re using. Bankruptcy might help improve your debt-to-credit ratio. This ratio is a comparison of your outstanding debt to your available credit balance. The lower your debt compared to your available credit, the higher your potential FICO score. If you have credit accounts with high credit limits, they are normally closed or frozen when you file bankruptcy. But if you reaffirm debts with low balances and good credit limits, or obtain new credit accounts after your discharge, this can potentially boost your FICO score. That is because you have little to no outstanding debt compared to available credit limits, which results in a favorable debt-to-credit ratio.

Long-Term Positive Effects

By wiping your debt history clean, bankruptcy gives you the opportunity to start over. You have another chance to get your finances right. If you budget properly and are disciplined with your money, you can lay the foundation for building good credit history. Following the bankruptcy, it’s a good idea to start re-establishing your credit as soon as possible. By not being burdened with the outstanding debt that you discharged in the bankruptcy, you should have more disposable income to make credit payments on time. If you establish a good track record of paying your new, post-bankruptcy debts on time, you can increase your credit score over time. This might happen as early as six months to a year after bankruptcy.

Budgeting After Chapter 7 Bankruptcy

Many people file for bankruptcy due to no fault of their own after experiencing an unexpected event, such as an illness, job loss, or divorce. Even so, everyone can benefit from cutting unnecessary costs and building a nest egg to fall back on; not just those who filed for bankruptcy to wipe out credit card balances. Reviewing your spending habits and making a comfortable budget is a commonsense place to start. Avoid buying items on credit that you can’t afford to pay for in cash. If you take out new credit cards, pay off most, if not all, of your account balance each month so that you don’t accrue interest.

Credit Scores After Chapter 7 Bankruptcy

Filing for bankruptcy comes with a downside; it can hurt your credit initially. Although a Chapter 7 bankruptcy will usually stay on your credit report for ten years, the impact goes down with time. Your bankruptcy won’t prohibit you from obtaining new credit and moving on with your life. If you’re like most, your case will move through the process in about four months, and you’ll be able to begin rebuilding your credit after receiving your bankruptcy discharge. In fact, most debtors start receiving new credit card offers shortly after they receive their discharge. Credit card companies realize that your discharge will free up money for other bills, so you’re more likely to pay back your debts after bankruptcy. Plus, you won’t be able to wipe out debt again using the bankruptcy process for several years.

Rebuilding Credit After Chapter 7 Bankruptcy

Keeping your available credit high is a factor that drives up your credit score, along with maintaining a mix of credit types, such as a home loan, car loan, and credit card accounts. So when you begin using credit again, you’ll want to keep balances below 30%. You will typically begin to receive new offers for credit after bankruptcy. However, be aware that many new credit card offers will have low limits, high-interest rates, and high annual fees. Reviewing the offer terms carefully before signing up for a new credit card after bankruptcy is essential. The goal is to accept a credit card with the highest possible limit because credit reporting agencies rate you based on your total available credit. Not only can lower limits can harm your score, but you’ll want to pay off the majority of your balance each month. If you don’t qualify for a typical, unsecured credit card, you might want to start rebuilding your credit by getting a secured credit card from your bank. You’ll deposit a certain amount of money in the bank as collateral for the card. In exchange, you have a line of credit equal to the amount in the account. A secured credit card rebuilds credit because the creditor typically reports payments on your credit report—you’ll want to be sure that will happen.

Also, it’s essential to examine your credit report for mistakes after your discharge. If you notice an error, correct it promptly so that it doesn’t derail your efforts to rebuild your credit. You can check your credit report for free using annualcreditreport.com (use the official site, not a lookalike). You’re entitled to one free copy per year from each of the three reporting agencies. Requesting a report from one of the three agencies every four months is an excellent way to keep track of changes. Also, all of the three reporting agencies allow you to file a dispute online. Your payment history, on-time payments, and recent credit reporting can all affect how lenders work with you. Once you file bankruptcy and businesses see your credit report’s negative information, you may have concerns about: • Getting a car loan • Buying a house or renting an apartment • High-interest rates on financing • Low credit limits on unsecured credit cards • Student loan repayment schedules • Penalties for late payments • Credit utilization for anything but necessities • Getting large cash deposits • Getting loans without a qualified co-signer • Adding authorized users to some credit cards • Security deposits and returns of safety deposits

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Sporting Goods Lawyer

Utah Adult Protective Services Lawyer

Utah Boating Accident Attorneys

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post How Long Does It Take To Rebuild Credit After Chapter 7? appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/how-long-does-it-take-to-rebuild-credit-after-chapter-7/

0 notes

divorcelawyergunnisonutah · 10 months

Text

Utah Boating Accident Attorneys

Millions of people every year enjoy boating, jet skiing, and other forms of watercraft. Unfortunately, one wrong move can lead to a motor boat accident. Depending on the conditions and severity of the accident, a motor boat injury could be sustained as a result. Boating accidents result from inexperience, intoxication, equipment failure, poor weather conditions, and simple driver error. The law requires boat operators to exercise a great deal of care and caution when out on the water. When failure to do so leads to injury or wrongful death, they can be held responsible for the aftermath.

Some of the most common types of Utah boating accidents include: • Drug and alcohol accidents • Wakeboarding, tubing, or waterskiing accidents • Parasailing accidents • Boat collisions • Commercial fishing boat accidents

Boat accident lawyers can help with all these cases. If you’ve been injured as the result of a boating accident, you may deserve compensation for your compromised health. Almost any Utah boat accident lawyer will tell a client that it is far better to aim for a settlement than a trial. Trials are expensive, lengthy, and have uncertain outcomes.

While you may not get as high of compensation through a settlement as you would have in a trial, the money will come quicker, and the risk will be removed. Because every boating accident is unique, it’s difficult to pinpoint how much money you can settle for. There are two ways to go about arriving at a settlement. The first is to negotiate directly with the person at fault or their insurance company. If the circumstances of the accident are fairly straightforward and show the driver was in neglect, the insurance company will be eager to settle the case. The wiser choice is to seek the advice of a boat accident attorney before moving forward with settlement negotiations. A Utah motor boat injury attorney with experience and expertise in the field will be able to evaluate the case and determine if the potential is there for greater compensation. The boat accident lawyer will be able to argue on your behalf and likely raise the settlement amount.

Legal Fees

Most boat accident attorneys structure their fees on a contingency basis. In other words, their fee comes from the eventual settlement or award. It costs nothing out of pocket for the client. Many of these attorneys will also waive their initial consultation fee, meaning it costs nothing for you to bring your case to them. Seek the advice of at least two or three lawyers before you decide to seek your settlement directly. If you have a strong connection with an attorney during your meeting, hire them. Let them deal with the stressful process.

Compensation

Should your case prove successful, the opposing party may be required to compensate you in several arenas. Here are the most common areas of compensation: • Medical Bills: Getting treatment after a boating accident can be expensive. Even if you’re properly insured, deductibles and coverage limits could force you to spend much of your own money. Every year, thousands of people are forced to declare bankruptcy from hospital bills alone. Compensation can be used to cover these medical bills, rehabilitation costs, and other expenses related to treatment. If you’ve been injured in a boat accident, these costs may be exorbitant. • Lost Income: If the boating accident has left you unable to perform your job duties or forced you to take time off from work, the opposing party may have to compensate you for lost income. If a doctor can attest that your injuries are directly responsible for the missed work, it may be incumbent upon the defendant to pay for the lost time. If the accident left you permanently disabled, the compensation may have to be great enough to cover future lost wages as well. This takes away the financial stress of having to miss work. • Pain and Suffering: Many states have done away with punitive damages in these personal injury cases, but pain and suffering can still be a factor when a jury considers their verdict. A traumatic boating accident could lead not just too physical pain but to emotional anguish as well. Professional therapy is sometimes needed to find ways to cope with this mental pain. Compensation can be used to pay for this treatment.

Claim Process

To successfully bring a boating accident case to fruition, there are some steps you should follow. The first step is to file a boating accident report with the correct law enforcement body. The faster you can get a legal record of the incident in the system; the better off you’ll be when it comes time to talk compensation. Next, gather as many names and phone numbers of witnesses that you can. Take photographs of the accident, your injuries, and any property damage that occurred as the result of the boat crash. Seek medical attention for your injuries. This may be the first step if your injuries are severe. Always worry about your health first. Lastly, take copious notes about what you remember. Memories are unreliable and can change over time. If you have notes to look back on, it will prevent you from misremembering later. Boat accidents come in all stripes, sizes, and types. Whether you’ve been injured at sea or simply want to keep yourself abreast of the hazards, it can be instructive to know something about common forms of boat injury.

The three primary boat accident categories are those that occur due to: • An error on the driver’s part • Equipment failure • Environmental factors

Of the three, operator error accounts for the biggest slice of the pie. Boating injuries can result from incompetence, inexperience, alcohol and drugs, rule violations, and other forms of negligence. It is also worth noting that not all accidents have a single point of blame. In many cases, two or more factors may come into play. If this is the case in your accident, don’t let that stop you from seeking compensation. A good boat accident attorney can make a case for you even if you share in some of the blame. Leave it to a judge, jury, or impartial panel to decide who most at fault in the accident was.

Prevent Boat Accidents: Follow Boating Safety Guidelines

Boating should be a fun and safe experience for everyone. Here are some standard guidelines to further prevent boating accidents: • Remain Sober: By consuming drugs or alcohol while boating, you significantly increase your chances of being involved in a boat accident. Statistically 35% of boating accidents that resulted in a fatality involved drugs and/or alcohol, and 20% of all boating accidents have reported to involve drugs or alcohol. • Regularly maintain and safety equipment: Standard boating safety equipment includes life jackets, fire extinguishers, first aid kits, lights, flotation devices, an anchor, and emergency supplies. • Learn standard boating safety: Regularly check exhaust. Carbon monoxide exposure is deadly and can lead to a boating accident. Maintain and test carbon monoxide detectors on each voyage. Regularly inspect your boat for damage, cracks, or leaks. • Make necessary safety preparations: Always tell someone where you are going if you are leaving on a boat trip. Do not overload your boat because excessive weight can affect the boats performance and potentially cause a boating accident. Follow proper boat launching etiquette to ensure your safety and the safety of others. • Wear a life jacket: In almost all fatal boating accidents, the victim was not wearing their life jacket. If you become injured and are unable to swim a life jacket can save your life. • Follow standard navigation and boating rules: This can help avoid accidents with other boats or boating accidents involving stationary objects such as buoys, rocks, ramps, etc. • Stay Observant: Keeping a watchful eye can help avoid boat accidents and keep you and your passengers safe from injury. Weather and water conditions and the locations of other boats must be paid attention to at all time, negligence of these things are often responsible for boat accidents.

Boat Accidents and Injuries: Laws

Boating laws vary from Utah to the east coast, but there are some general rules regarding negligence that tend to stay somewhat uniform. Before you purchase or rent any watercraft, know the law for your safety and the safety of others. If you’ve been injured as the result of someone else’s negligence, the law states that you have the right to seek reasonable compensation. In a case like this, evidence should point to carelessness or malicious intent on the part of the driver at fault. In order to reach an agreeable settlement, the plaintiff must show that monetary damages occurred as the result of the accident. With the assistance of a good boating accident lawyer, you can fight for your rightful compensation.

Reporting and Documenting

Federal law requires that if you have been involved in a boating accident which resulted in an injury or damage exceeding 2,000 dollars that you must file a report with your state boating authority and local law enforcement. Here are the precise requirements to report a boating accident within 48 hrs:

If a person dies due to the boat accident

• Any person needs medical attention outside of standard first aid • A person has disappeared as a result of the boat accident If no one was harmed during your boat accident, you are required to file a boating accident report within 10 days if there is damage to the involved boats or someone’s property.

Common Types of Boating Accidents

• Commercial Boating Accidents: When you make your living on the water, every day presents unique dangers. Careless operations, equipment failures, and deck fires are just a few of the ways in which seamen can suffer life-changing injuries. Whether you work on a tanker, barge, tugboat, or any other commercial vessel, a serious injury can keep you laid up and out of work for a long time. • Jet Ski Accidents: Jet skis and other personal watercraft can be fun and exhilarating. But a combination of speed, water conditions, and a lack of experience or instruction can lead to tragic consequences. So too can operating such craft under the influence of alcohol or drugs or while disregarding basic safety rules. Being so close to the surface and fully exposed with minimal if any protective gear, Jet Ski operators are particularly vulnerable to serious injuries or death. • Yacht Accidents: Money may be able to buy you a beautiful yacht, but it doesn’t necessarily buy owners or operators of yachts the proper training and experience to safely operate such large and hard to maneuver vessels. This, along with many other factors such as speeding, ignoring safety rules, failing to maintain the vessel, and failing to follow navigational rules, can lead to injuries to passengers as well as those on other boats. No matter the cause or nature of injuries caused in a yacht accident, a good lawyer can help victims of boater negligence get compensation for their injuries. • Shrimping and Fishing Boat Accidents: Boat owners owe their crewmen a duty to provide a safe working environment, which includes maintaining and operating the boat properly. If fishing or shrimping boat crewman is injured through negligence, he may claim damages for lost wages, lost earning capacity, pain and suffering, disability, disfigurement, and medical expenses. • Pontoon Boat Accidents: Among the types of boating accidents to consider, one type relates to pontoon boats. Pontoon boats are perfect for a relaxing afternoon on the water, but the fact that they aren’t built for speed like other types of boats doesn’t mean they are free from danger. In fact, passengers on pontoon boats may be even more at risk for injuries. More people die in pontoon boat accidents every year than in Jet Ski accidents, for example. That can be due to conduct such as “bow riding,” or sitting outside railings on the edge of the boat, dangling feet over the side. This can lead to drowning, propeller accidents, and run-over accidents. Poor training, alcohol use, and failure to follow safety rules can all contribute to pontoon boat injuries or deaths. Operators of the boat as well as concessionaires who rent pontoon boats can be held accountable for their negligence. • Marina and Dock Accidents: Not all boating accidents happen away from shore. Dockworkers, longshoremen, and others who work or are present on marinas or docks can be injured when boats or other equipment are operated or maintained negligently. Workers may have remedies under the Jones Act and other federal law, and we have the experience and knowledge of dock operations to effectively obtain compensation for our injured clients. • Party Boat Accidents: It’s no surprise that alcohol can be the culprit in many party boat accidents, whether it is an intoxicated operator who causes a collision, or a drunk passenger who falls overboard. But other factors may lead to serious injuries as well, and when those injuries are the result of negligence on the part of the owner, operator, or others responsible for the boat, we fight to hold those parties responsible. • Waterskiing and Towing Accidents: Being pulled behind a boat at high speed can result in horrific injuries when vulnerable and unprotected individuals crash into the water, other boats, or other objects such as docks and wharfs. If the driver of the boat acts recklessly or in violation of safety rules, they can be held accountable for the injuries they inflict on those who put their trust in them.

Types of Boating Injuries

This includes obtaining compensation for those injured in: • Propeller Accidents – serious lacerations, dismemberment, and internal injuries are just a few of the impacts that the sharp, rapidly spinning blades of a propeller can inflict on those in the water as well as those on the boat. • Run-over Accidents: Swimmers or passengers who fall overboard can suffer traumatic brain injuries, spinal injuries, disfigurement, and death when run-over by a boat. • Overboard Accidents: When passengers or workers fall overboard, the impact can not only seriously injure them but can also render them unconscious. This, along with rough water conditions or an inability to swim, can lead to drowning. • Drowning Accidents: Any time spent on a boat can lead to time spent in the water unexpectedly. Dangerous conditions, lack of life jackets or ability to swim, and injuries which interfere with a person’s ability to stay above water can cause drowning accidents. • Slip and Falls on a Vessel: As do owners of property on land, boat owners and operators must keep their decks and other surfaces free from slip and fall dangers which can lead to serious injury. • Crew Member Accidents: The nature of the work and equipment used on commercial vessels present constant dangers to crew members.

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Renewable Resource Lawyer

Sporting Goods Lawyer

Utah Adult Protective Services Lawyer

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Utah Boating Accident Attorneys appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/utah-boating-accident-attorneys/

0 notes

divorcelawyergunnisonutah · 10 months

Text

Utah Adult Protective Services Lawyer

In Utah, United States, Adult Protective Services (APS) are agencies that provide protective social services to elderly adults (typically those age 60 or 65 and older) as well as vulnerable adults (typically those with serious disabilities). Adult Protective Service agencies are the adult equivalent to Child Protective Services and play a critical role in combating elder abuse or the abuse of other vulnerable adults. Such abuse can include neglect, physical abuse, sexual abuse, emotional or psychological abuse, abandonment, or financial abuse. According to the National Adult Protective Services Association (NAPSA), over the past several decades, Adult Protective Service agencies have developed from the ground up. They first emerged at the state and local levels and only recently received greater support from the federal government. Thus, the development of most Adult Protective Service agencies occurred before the benefit of federal coordination and also before the benefit of comprehensive research in the field of elder or vulnerable adult abuse, a more recent phenomenon. As of today, Adult Protective Services agencies exist in every state and are normally administered at the local or county level. Two-thirds of states place their Adult Protective Service agencies within their Department of Social Services. For the remaining states, Adult Protective Service agencies are placed within a state department on aging or health. In addition, while a few states, such as Ohio, limit Adult Protective Services only to the elderly, most states (90%) provide Adult Protective Service to vulnerable or dependent adults as well as the elderly.

What Services Do Adult Protective Service Agencies Provide?

Upon receiving a report of abuse involving an elderly or vulnerable adult, APS agencies typically provide the following services: • Investigations • Evaluations of client risk and mental capacity • Development and implementation of a case plan tailored to the victim • Counseling for the client • Assistance in connecting the client with additional services and benefits • Ongoing monitoring of the delivery of services In conducting investigations, APS agencies also work closely with law enforcement in the event that criminal abuse against elderly or vulnerable adults is uncovered.

Principles Guiding APS Agencies

According to the National Adult Protective Services Association (NAPSA, below are the main principles that guide APS agencies in the delivery of services to elder or vulnerable adults: • The client has a right to self-determination. • The least restrictive alternative should be used. • The family unit should be maintained wherever possible. • The use of community-based services should be preferred over institutions. • Blaming the victim should be avoided. • Failure to provide adequate or appropriate services is worse than providing no services.

Filing a Report with Adult Protective Services

If you file a report with Adult Protective Services, the details of the report will first be screened by a trained professional to determine whether Adult Protective Service has jurisdiction to move forward. If so, you can expect an APS caseworker to be assigned to investigate the case and establish a relationship with the potential victim. In some states, a caseworker is required, by law, to contact the potential victim in person within a certain number of days. Utah, for example, requires a caseworker to make such “in-person” contact immediately in cases of imminent danger or, for all other cases, within ten days.

During the investigation, the caseworker will investigate the facts and, where appropriate, report any criminal activity to law enforcement. However, unlike a traditional law enforcement investigation, APS caseworkers are also specifically trained to develop a relationship of trust with the potential victim and to provide a case plan specifically tailored to the potential victim’s needs. While laws vary from state to state, some states allow for APS reports being submitted anonymously. Some states also protect the person making the report from civil and criminal liability, as long as the report was made in good faith. Such laws also protect those initiating reports from any professional disciplinary action. This is to encourage doctors or other medical professionals to report suspicions of abuse without fear of breaching any professional obligations of confidentiality or any privacy laws relating to medical records. To initiate a report of elder abuse or abuse of a vulnerable adult, contact your local Adult Protective Services office. the National Adult Protective Services Association (NAPSA) provides an APS locator on its webpage to assist in locating an office near you.

You also have a right to: • Be treated with courtesy and respect. • A caseworker who works with you and listens to your needs and concerns. • Participate in the development of a Service Plan. A Service Plan identifies the services recommended and who will be responsible for providing those services. • Clear, honest answers to your questions. • Be told about other organizations that can help you and your family if APS cannot help. • Written notification of the case resolution. • Be served without discrimination on the basis of age, race, national origin; creed; gender; sexual orientation; lifestyle; or physical, mental or developmental disability. • File a complaint or grievance if you have a problem or concern that cannot be resolved by your caseworker or the supervisor. • Ask that services be terminated. You have a responsibility to: • Provide accurate information. • Cooperate with your caseworker and others trying to help you. • Tell your caseworker or your caseworker’s supervisor if you have a problem so they can serve you better. Services rendered by APS APS can provide short-term (normally less than 30 days) case management services. In addition, APS can make service referrals to community agencies that can provide long-term support. Examples of these services are listed below. • Meals on Wheels • Medical Treatment • Money Management • Long term homemaker services • Chore Services • Mental Health Counseling and treatment • Drug or Alcohol assessment and treatment Immediately you contact APS what happens is that APS will take the report and investigate if APS has jurisdiction and the adult is considered a vulnerable adult. An APS investigator will: • conduct a home visit, usually unannounced; • interview other individuals who may have information about the situation; and • offer protective services if the investigator determines abuse has occurred.

Depending upon the situation, law enforcement may also be called upon to investigate. If abuse is confirmed, APS works closely with others in the community to ensure the health and safety of the vulnerable adult. This may include such things as having a case manager work with the vulnerable adult to determine what care services are needed and helping him/her get those services, emergency shelter, food, medical care, counseling, help moving if it is necessary and follow up to ensure the adult is safe. On the legal front, APS may report the alleged abuser to law enforcement; help get an emergency protective order, an injunction to allow access to an alleged victim or referral for legal assistance. In extreme cases, APS may work with the Attorney General’s office to appoint a guardian. It is important to understand the vulnerable adult has the right to make his/her choices. A vulnerable adult who has been abused has the right to refuse any or all interventions or change his/her mind and withdraw consent to any assistance from APS at any time.

Types of Abuse

• Physical: e.g. Hitting, kicking, burning, dragging, over or under medicating • Sexual Abuse: e.g. Unwanted sexual contact, sexual exploitation, forced viewing of pornography • Abandonment: e.g. Desertion or willful forsaking by anyone having responsibility for care • Isolation: e.g. Preventing the individual from receiving mail, telephone calls, visitor • Financial: e.g. Theft, misuse of funds or property, extortion, duress, fraud • Neglect: e.g. Failure to provide food, clothing, shelter, or health care for an individual under one’s care when the means to do so are available. • Self-neglect: e.g. Failure to provide food, clothing, shelter, or health care for oneself. • Mental suffering: e.g. Verbal assaults, threats, causing fear.

Warning Signs

These are some possible warning signs that abuse might be occurring to an older or disabled adult or that the individual is at increased risk for abuse. If you observe some of these occurring with an older or disabled adult you know, consider alerting County Adult Protective Services. • Explanation for an injury is inconsistent with its possible cause • Recent changes in the elder or dependent adult’ s thinking; seems confused or disoriented • The caregiver is angry, indifferent, or aggressive toward the elder or dependent adult • Personal belongings, papers, or credit cards are missing • The elder appears hesitant to talk openly • Lack of necessities, such as food, water, utilities, medications and medical care • The caregiver has a history of substance abuse, mental illness, criminal behavior or family violence • Another person’s name added to the client’s bank account or important documents, or frequent checks made out to cash

When a report of abuse, neglect or exploitation is received, APS’s goal is to create a stable environment where the individual can safely function without requiring on-going intervention from the APS program. Services provided by APS include responding to reports of known or suspected abuse or neglect, conducting an investigation, and arranging for the delivery of services from available community agencies. APS is not intended to interfere with the life style choices of elders or dependent adults, nor to protect those individuals from the consequences of their choices. For this reason, an elder or dependent adult who has been abused may refuse or withdraw consent at any time to preventive and remedial services offered by an APS agency. However, APS is required to conduct an investigation when there is an allegation that a crime has been committed, regardless of whether the elder or dependent adult wants the investigation to go forward or not.

Benefits to Reporting Abuse

• The elder or dependent adult will be given options to keep him/her safe from harm • The APS worker can link the client, family to needed community resources • Unaware family members and friends can be alerted to step in to help • The APS worker can find ways to help the caregiver handle stress • In some cases, the abuse perpetrator can be prosecuted, lessening the harm to others • The individual making the report feels relief that a professional is assessing the situation

Failing to Recognize Signs of Abuse

Many family members, friends, or even nursing facility staffs don’t know how to identify the signs of possible abuse or what they should do if they have reason to believe that an elderly adult is being abused. Red flags that may indicate abuse include: • Unusual changes in behavior, mood, or sleep habits. • Fear, anxiety, depression, or isolation. • Broken bones, bruises, welts, cuts or sores. • Untreated bedsores. • Torn or bloody underclothing.\ • Unexplained sexually transmitted diseases. • Dirtiness, poor nutrition, or dehydration. • A caretaker’s refusal to allow the elder to spend time alone with family or friends. • A caregiver who exhibits negative behavior toward the elder, including threatening, bullying, or belittling the elder. • Unsanitary living conditions. • Lack of medical aids the resident needs, such as glasses, a walker, hearing aids, or dentures. • Unusual changes in bank account or money management, wills, or other financial documents. • Forged signatures on financial documents. • Unpaid bills.

Fear of Retribution

While declining cognitive abilities may leave many elders unable to report abuse, another reason elders may be reluctant to talk about what is happening to them is fear of retribution. This is true for abuse in home settings as well as in skilled nursing facilities. This may be particularly true if the abuser is the elder’s primary caretaker. In institutional settings, fear of retribution may also cause residents to feel uncomfortable about reporting abuse that they witness other residents experiencing. It is hard to report abuse by someone upon whom you are completely dependent. Some of the questions an elder may be asking themselves include: • Who is going to take care of me if I report this behavior? • Will my caretaker be angry? • If I report abuse, will it be investigated? Will my abuser be told that I filed the report? • If I report my abuser, will they still be responsible for my care? Will I be subjected to worse treatment or other punishment for reporting? • If I report the abuse of another resident, will the caretaker be disappointed in me? Will they lose their job? Will I be subjected to the same abuse? • If I report that my family member or caretaker is abusing me at home, will this cause me to have to move to an institution for care?

One of the most prevalent forms of elder abuse is emotional abuse, which may include threats or intimidation. One of the red flag behaviors that may indicate elder abuse is a caretaker who is reluctant to allow the elder to spend time alone with visiting family or friends. Fear of retribution may also be a factor in the failure of staff to report suspected abuse by other staff members. Facility employees may worry that reporting a coworker will cause a time-consuming investigation that supervisors won’t believe the allegations or those supervisors will take the abuser’s side and that making the report could impact the reporting employee’s status at the facility.

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Religious Ministries Attorney

Renewable Resource Lawyer

Sproting Goods Lawyer

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Utah Adult Protective Services Lawyer appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/utah-adult-protective-services-lawyer/

1 note · View note

divorcelawyergunnisonutah · 10 months

Text

Sporting Goods Lawyer

Sports lawyers represent the legal interests of their clients, which can include individual players, athletes, coaching staff, and even entire teams. It’s their job to take care of the stuff that happens off the pitch, ensuring their clients can remain 100% focused on their performances. After all, top-level sport is a high-pressure environment where the smallest margins can make a huge difference. Keeping your eyes on the prize is a crucial part of sporting success. That’s why sporting lawyers help secure and negotiate contracts, facilitate sponsorship deals, resolve labor disputes, and fight their client’s corners when it comes to any internal issues with their clubs. They will even defend their clients in court against criminal charges, as well as in lawsuits for breach of contract, harassment, or any other issues. Moreover, they often act as a spokesperson, shielding sports stars from the relentless gaze of the modern media machine. Sports lawyers are also instrumental in setting up any business ventures or charities in the client’s name. Just like any other type of lawyer, sports lawyers need an undergraduate degree followed by a few years at law school. (Sports agents work a little differently and don’t need any formal qualifications in law. However, this means they are not permitted to give any legal advice on contracts, sponsorship deals, or any other matters relating to jurisprudence. In other words, they can negotiate the best deals, but the ultimate responsibility remains with the client.)

Law school usually lasts around three years. And while online learning offers flexibility in some cases, the majority of courses need to be completed in the allotted timeframe. You don’t need any particular undergraduate degree to get into law school, although a law degree or a related program (such as political science, history, or philosophy) will definitely help you find your feet a bit quicker. Law school is taxing and competitive, especially if you’re talented enough to land a place at the top institutes. So get ready for lots of reading, some rigorous exams, and plenty of interesting debates with your fellow classmates and lecturers. So once you’ve got your law degree, how do you become a sports lawyer? The first thing you will need is some experience, and it doesn’t have to be in sports law. A short tenure working in litigation, employment law, or commercial law will look great on your CV, and you will start to learn how law functions. Moreover, you can start building up a reputation and a valuable network of contacts. You can then put out the word that you’re interested in sports law. Do it right, and it won’t be long before an opportunity presents itself. Alternatively, you can go right to the source by writing emails and letters to sport law firms, clubs, or agents. You will need to strike the right balance between enthusiasm and professionalism. For example, you want them to know you love sports, but not at the expense of illustrating your professional expertise. Internships, work experience placements, and secondments are also great ways to get a foot in the door.

Different Types Of Sports Law

Sports are a global industry worth billions of dollars. With that much money at stake, contract law is essential. Contracts ensure players are treated fairly, and that they understand their responsibilities to the sport, especially if they are a global superstar. For example, many clubs insert morality clauses into contacts, which give them the right to withhold wages or even terminate the deal if the player’s actions are seen to bring the organization into disrepute. But contracts also make sure big-name players are protected and rewarded. This could include extra financial incentives for points scored, assists created, or appearances made. Stars can make colossal money lending their names to products. Moreover, companies can boost sales or brand awareness through association with well-known clubs or athletes. Intellectual property rights are there to facilitate fair deals between players and sponsors, as well as litigating against anybody who uses a star’s name without permission or misrepresents them in a negative manner. An injury can sideline an athlete for weeks or maybe even months. A nasty injury can also end a professional’s sporting dreams forever. Sports lawyers can represent their client in compensation claims, helping players land a big settlement to bridge the gap between the end of one career and the start of another. Sports lawyers may file a suit against the player’s current employer or a third party responsible for a career-ending tackle. Sports lawyers help teams find new owners, source funds to prevent winding down orders, or assist in setting up new clubs or franchises. Three years at law school can be expensive. Thankfully, once you’ve qualified, it should not be too long before you start seeing a return on your investment. Sports Lawyers typically make around $65,084 a year, while top earners can take home as much as $147,000. Location, experience, and skillset are the major factors which push up one’s earnings in this field. Becoming a sports lawyer takes much hard work, dedication, and focus. But the rewards are well worth it! Not only will you earn a decent salary, but you will also be part of a global phenomenon that brings joy to billions around the world…

Things You Need to Know to Become a Sports Agent or Sports Attorney

Sports Agents vs. Sports Attorneys

Sports agents and sports attorneys do not typically follow the same career paths, and there is a marked difference in what they do. Sports attorneys practice sports law. Lawyers in the US must attend law school for three years, pass a bar exam, pass a moral character and background check, pass the Multistate Professional Responsibility Exam (MPRE), earn continuing legal education credits (MCLE), and possibly maintain malpractice insurance. A sports attorney is a licensed attorney who happens to practice in the areas of law that surround sports, specifically contracts, intellectual property, negotiations, litigation, and the like. Your clientele and the matters you work on for them determine whether you are a sports lawyer or an attorney specializing in other areas. Lawyers are bound by strict ethical and professional conduct, and risk disbarment or discipline for violating such rules and responsibilities.

Sports agents represent athletes’ careers

Sports agents, on the other hand, do not necessarily need a formal education. They must, however, be registered and post a bond with the state and/or college where they wish to recruit and represent professional athletes and be registered with the players association(s) in team sports (specifically the MLBPA, MLSPA, NBPA, NHLPA, and NFLPA). Each of these players associations has specific requirements for sports agents. Some groups, like the NFLPA, require agents to have earned a master’s degree, and others require agents to pass an exam about the collectively bargained agreement. As a rule, agents must pay a fee to apply for certification with an association and pay annual dues. There are other requirements, but checking the union website of the sport a prospective agent wants to focus on is the best first step. Regardless of whether someone is a lawyer, he or she must register and be a certified agent with the players association to negotiate contracts.

The Role of Relationships

Good relationships are critical to success in life, and the sports industry is no exception. Relationships personal friendships or referrals are likely to land you your first clients or your first job. Relationships will get you in the door and keep you connected with your clients. Genuine relationships will jump-start your career representing athletes. From there, consistency, ethical practices, and hard work will make you great at your job as a sports agent or sports attorney, whichever path you choose.

The Necessary Skills

Perhaps this should be the first point, but you need to know how to become a lawyer or sports agent before you can be one. What this means is that the skills you develop in law school and in the practice of law are those needed to best represent professional athletes. Negotiations, knowledge of the law, and an understanding of professional ethics all come from law school and experience practicing law. Street smarts and relationships are important and the best sports agents and lawyers use both, but you need to be a lawyer before you can specialize be considered an expert in a particular area. Remember, relationships may get you in the door and possibly help keep you there, but it is the knowledge you acquire that will secure your position among the greats.

Choose a Sport

Focus your practice. Pick one unionized team sport and stick with it. It is recommended that you know your sport and know your union before becoming a sports agent or sports attorney. Countless stories describe agents who got into trouble ethically and financially by picking too many sports and trying to become a jack-of-all-trades. Becoming a lawyer is hard enough, being an agent is hard enough, getting clients is hard enough, why make it harder on yourself by failing to focus your practice? The best career advice I ever received was to focus on one area and become an expert in that area. Your clientele will trust you more and you will receive more referrals from your colleagues by honing in on one sport. Moreover, you’re bound to succeed if you work in an area that you are passionate about (and happen to be an expert in). Simply put, you will care and you will know too much to fail at it.

Client Confidence

Get to know your client through the interview process. Assuming you’ve completed all of the above steps, the most important part begins. Through the four “R’s” of recruiting, relationships, referrals, the fourth “R” is most important, retention. You as the lawyer or agent determine who you work with and why. Remember, your clientele reflects your personal ethics, as you serve as their spokesperson and their public representative. Therefore, interview your clients thoroughly, and get to know them personally and professionally before you agree to represent them. Your prospective clients should be doing the same with you before deciding to use you as their representative. In the end, relationships and referrals are so important in this business because it begins a foundation on which to work towards and maintain the retention of professional athletes as clients.

The career outlook for a sports lawyer today is very good. Sports are very big in the world today, whether it’s the MLB, NFL, NHL or college sports. The high wages received by many professional athletes demand the services of a qualified sports lawyer to represent them in salary negotiations, contracts and litigations. Becoming a sports attorney or lawyer can be the start of an exciting and fulfilling career. A sports attorney does many of the same things a regular lawyer does throughout his or her day. The difference is that the sports attorney is dealing with sports professionals or organizations. A sports attorney may represent an athlete, a coach, a team or an entire organization. This can also have an impact on the sports lawyer’s career outlook. Athletes spend their time participating in their chosen sports and rely on their sports lawyer to handle financial and legal transactions.

They help the athlete understand the terms of their contracts, endorsements, bonuses and basic legal terminology. With the exception of taking some slightly different college courses, sports attorneys have a lot of the same educational requirements as any other lawyer. They need to go to law school and they must have a four-year bachelor’s degree before they can attend law school. Prior to entering law school, the law student must pass the Law School Admissions Test. This test is to help the college determine the student’s readiness for law school and their skill at analytical reasoning, reading comprehension and logical reasoning. Aspiring sports lawyers take many legal courses but must also take business courses like finance, marketing, associated ethical concerns, legal procedures and sports law. Sports law students should possess good writing skills because this will be an important part of their job as a sports lawyer. They’ll also need to take courses in contract law, sports management, negotiations, entertainment law, copyright laws and infringement. Before the candidate can work as a lawyer, he or she must pass the state bar exam to be eligible for licensure. Gaining work as a sports lawyer is crucial for success in the sporting business. Sports lawyers often start off representing one or two athletes and obtain additional clientele through references or word of mouth.

Tips On How To Become A Sports Lawyer

1. Be A Good Lawyer: Your career will be dependent on your knowledge and application of the law. You do not necessarily need to be a specialist in sports law to become a sports lawyer. But you do need to be a good lawyer in whatever field you choose (i.e. commercial, litigation, regulation etc) to become sports lawyer. 2. Network: Network as much and as often as you can. Sports Law is a niche sector and it is important that sure you are known in the sector (for the right reasons!). The events run provide an invaluable opportunity to build relationships with some of the most influential people in the sector and meet other aspiring sports lawyers that you can share experiences. Sports law associations also provide discounts for student, and some for junior lawyers, and of course members. Academic institutions and law firms also hold seminars, breakfast talks and conferences throughout the year that are either free or low cost. 3. Build Relationships, Not Contacts: When you meet a new contact find out what they are interested in, what their opinions are on current sports law issues and their background. Don’t try to meet everyone at an event you attend, as you will end up having a lot of meaningless conversations and few, if any, lasting relationships. Also, make the effort to stay in contact with the people you meet. 4. Ask For Advice And Assistance: Some sports lawyers did something that some people can find very difficult, they asked for advice. It is beneficial to find out what others have done well at, and what they would change if they could do it all again. This background information will prove useful when you are looking for an internship, training contract or job opportunity. When you do ask for assistance, be mindful that the person you have approached probably receives a lot of these types of requests, so make sure your request is made at the right time and in the appropriate manner and is not generic. 5. Send Personalized Formal Emails/Letters: First impressions count and this applies equally to the first time you meet someone in person, on the phone or over email. Therefore, do not send generic emails or be informal in your first email to a new contact. Put simply it looks lazy. If you send a generic email you are at risk of losing the confidence and respect of the recipient. Worse still, you risk causing offense that can leave you with a lot of work to do to restore confidence and gain their respect. 6. Gain Experience: The most obvious way to gain experience is to secure an internship. However, there are alternatives such doing pro-bono work for athletes, clubs, governing bodies or representative associations. Volunteering with your local or regional sports law association to help them organize events, contributing to their publications, for example, can also provide great experience. 7. Share Your Views: This can bolster your creditability, however, you should be aware that it is not always possible to get your work published, as it may not be a suitable topic, of good enough quality or in the right form to be published. Writing is a great way to improve knowledge through research and analysis. Once you have started publishing your own work you can use this as a way to increase your network by asking experts for their opinion on your work. This will help develop relationships and refine your arguments and understanding before you submit your work to a high profile publisher with a large readership.

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Real Estate Workouts And Dispute Resolution

Religious Ministries Attorney

Renewable Resource Lawyer

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Sporting Goods Lawyer appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/sporting-goods-lawyer/

0 notes

divorcelawyergunnisonutah · 11 months

Text

Renewable Resource Lawyer

Energy law covers all aspects of renewable and non-renewable energy, from sales to regulation. Lawyers often find themselves dealing with extraction, taxation, distribution and siting for forms of energy like oil and coal, as well as for newer varieties such as wind and nuclear power. There is a big transactional element to this area of law you could be helping clients to buy or sell gas, or assisting them in sourcing fuel to sell. Energy lawyers also operate within a national and international framework of legislation many laws have been passed to keep energy safe and, in recent years, to lower carbon emissions. Responsibilities include deciding if it is legal or illegal to pursue a specific energy source within these legal boundaries. Energy lawyers also deal with the regulation and taxation of existing energy sources, such as oil and coal. There’s a lot to be aware of in terms of how the US policy influences the energy sector, and the subsidies and research grants available to renewable energy sources.

Energy law is often a global area of practice you will be dealing with clients with assets all over the world, so those who work in this area must have a strong awareness of international affairs. Energy policies differ from government to government and depend on geographical variables, and many countries rely on imported energy. So if you’re considering this area, make sure you’re aware of international developments! You will encounter a lot of contracts as an energy lawyer, as clients are often looking to buy or sell assets within the sector. Make sure that you are a confident writer with clear expression. You’ll also be working at the forefront of current events; from nuclear power to franking, the likelihood is that you’ve heard of some aspects of energy policy already. You will need to apply your innovative legal perspective to these major issues and that can only come with a strong understanding of how the sector functions.

The Role of the Sector Regulator is specified in the enabling legislation. For example, regulatory oversight of feed-in tariff programs is essential, whether the price is based on a predetermined number (and with some maximum capacity), an auction/bidding process, or avoided cost. In each case, the regulator monitors activities to ensure abuses do not arise. How external (environmental and health) costs are factored into program evaluation is partly dependent on the enabling legislation (or executive order). If the law establishes Renewable Portfolio Standards, the energy regulator will need to oversee the system and evaluate its effectiveness in meeting RE objectives. Generally, some other agency is responsible for certifying the generators and handling the certification system.

The sector regulator has a number of roles and responsibilities for operationalizing and implementing RE. The policy instruments include those oriented towards prices and quantities. The former (such as Feed-in Tariffs) provide the supplier with certainty regarding price, but the volume depends on whether that price is high or relatively low. The latter includes renewable portfolio standards that require distribution companies to purchase specific quantities of electricity generated by renewable technologies.

In addition, the sector regulator is in a position to give advice to the government regarding the full implications of focusing on climate change or energy security. Policymakers, however, may choose to delegate these decisions, or a subset of them, to regulators; on the other hand, they may choose to remain silent on such issues. In the former case, of course, regulators have the power to exercise their discretion. In the latter case, the scope of regulatory discretion depends on what the legal system provides. In either case, the internal practices followed by the regulator need to provide legitimacy for regulatory rulings related to RE. Such practices include transparency and evidence-based decision-making. Essentially, a renewable resource, such as solar energy, wind energy, and geothermal pressure, has an endless supply . Other resources are considered renewable even though some time or effort must go into their renewal (e.g., wood, oxygen, leather, and fish). Most precious metals are renewable also.

Although precious metals are not naturally replaced, they can be recycled because they are not destroyed during their extraction and use. A renewable resource is different from a nonrenewable resource in that a nonrenewable resource is depleted and cannot be recovered once it is used. As the human population continues to grow, the demand for renewable resources increases. Natural resources are a form of equity, and they are known as natural capital.

Biofuel, or energy made from renewable organic products, has gained prevalence in recent years as an alternative energy source to nonrenewable resources such as coal, oil, and natural gas. Although prices are still higher for biofuel, some experts project that increasing scarcity and the forces of supply and demand will result in higher prices for fossil fuels, which will make the price of biofuel more competitive. Types of biofuel include biodiesel, an alternative to oil, and green diesel, which is made from algae and other plants. Other renewable resources include oxygen and solar energy. Wind and water are also used to create renewable energy. For example, windmills harness the wind’s natural power and turn it into energy. Renewable resources have become a focal point of the environmental movement, both politically and economically. Energy obtained from renewable resources puts much less strain on the limited supply of fossil fuels, which are nonrenewable resources. The problem with using renewable resources on a large scale is that they are costly and, in most cases, more research is needed for their use to be cost-effective. Adopting sustainable energy is often referred to as “going green” due to the positive impact on the environment. Energy sources such as fossil fuels damage the environment when burned and contribute to global warming. The first major international accord to curb carbon dioxide emissions and global warming was the Kyoto Protocol, signed in 1997.2 Also, global powers met in Paris in 2015 to pledge emissions reductions and focus on higher reliance on renewable resources for energy.

Energy has wide-ranging impacts on Utah’s prosperity and quality of life. Energy expenses contribute to Utahans’ cost of living and their ability to save money or spend it on other needs. Air quality and environmental health are affected by energy production and consumption. If energy supplies are not reliable, energy disruptions are more likely to occur and have detrimental effects on Utahans’ businesses and lives. In addition, energy development and production can provide Utah with more jobs and tax revenue. When it comes to energy, Utahans want to balance diversity in supply, cleaner sources, higher efficiency, and lower costs. Currently, Utah uses natural gas for home and water heating, while the majority of the electricity generation comes from coal. However, as electricity generation moves away from coal due to environmental regulations, use of natural gas will increase. Utahans would like to draw from a diverse supply of energy sources, including more renewable forms of energy, while still using natural gas to provide the base load. In addition to diversifying Utah’s energy supply, Utahans want to meet future energy needs, improve air quality, and save money through more conservation and energy efficiency in homes and buildings. Utah is an energy-rich state. The state has reserves of natural gas and coal, as well as the potential to generate renewable energy supplies from solar, wind, and geothermal sources. Because Utah produces more energy than it consumes, surplus energy is exported. In 2011, 31% of all energy produced in Utah was exported, including 27% of the state’s generated electricity. The Utah Office of Energy Development estimates that in 2013, the market value of Utah’s energy sources and renewable electricity was $5.3 billion. Most Utah communities are customers of Rocky Mountain Power and receive their electricity from power generation facilities in several states. Currently, the price of residential electricity in Utah is among the lowest in the nation at about 10.72 cents per kilowatt hour (kWh). In comparison, the price for electricity is 17.05 cents/kWh in California and 19.46 cents/kWh in New York. Our comparatively low energy costs keep household costs low and make the state attractive to businesses and industries. As Utah’s population doubles, its energy needs will increase. Utah will likely use significantly more natural gas for electricity, for space and water heating in homes and commercial buildings, and for industrial uses. How much we diversify our energy mix and develop alternative resources will affect energy reliability, household costs, economic development, and, of course, the environment. Today, most of Utah’s electricity is generated from coal-fired power plants, but Rocky Mountain Power is increasing the use of other energy sources like natural gas and renewable such as wind and solar. No coal-fired power plant has been built in Utah in the last quarter century. There are no plans to build any new coal plants, and those that exist are planned to be retired or renovated to operate on natural gas. Power plants fired by fossil fuels are currently the largest source of carbon-dioxide (CO2) emissions in the U.S., accounting for 38% of the U.S.’s total greenhouse gas emissions in 2013.

Natural gas plants produce substantially less CO2 emissions than do coal plants. The natural gas industry in Utah is growing, partly because the electric power sector is transitioning away from coal. Utah ranked tenth in the nation in natural gas production in 2012. Of the natural gas consumed in Utah in 2013, the residential sector used 35%, electric power generation used 25%, the commercial sector used 21%, and the industrial sector used 19%. The price of natural gas in Utah remains low compared to the rest of the nation, with residential natural gas costing an average of $8.55 per thousand cubic feet in 2013. Utah has excellent potential to develop energy from a variety of renewable sources, many of which are concentrated in the southern part of the state. Renewable energy sources currently provide a small percentage of the state’s total net electricity generation less than 4% but Utah has a voluntary Renewable Portfolio Standard, which says that by 2025, 20% of retail electricity sales should come from cost-effective, renewable sources. Utah has great solar resources, particularly in the southern part of the state. Today, solar energy is primarily produced through distributed generation (meaning it is made at the same site it is used) in the form of solar panels on homes and other buildings. Though solar power currently represents a small fraction of Utah’s electricity generation, there is significant potential for larger, utility-scale projects. The Bureau of Land Management has identified three solar energy zones suitable for energy production in Beaver and Iron Counties.

• Utah has several utility-scale wind projects. The best wind resources are concentrated in the southwest, but other locations scattered throughout the state have good, though limited, potential to produce wind energy. • Utah is one of just six states with developable, utility-scale geothermal resources. Utah currently has about 70 megawatts of geothermal capacity installed. Drilling to confirm that the resources can be developed into energy could be expensive; however, so future development may be modest. • While hydroelectric facilities currently generate the largest percentage of renewable energy used in Utah, new hydro projects are unlikely to be developed further because of environmental concerns. However, there is some potential for small “micro-hydro” projects to generate power in canals, water lines, or other water sources. The Utah Office of Energy Development is evaluating the state’s potential to produce nuclear energy, while considering factors such as safety, water needs, waste disposal, size of the plant, rail access, transportation of spent nuclear fuel, and public perception.

Firstly, renewable energy sources are sustainable as can never be depleted. The primary renewable source of energy in the world today is the sun, whose solar energy can be harnessed and stored for multiple industrial and home-based uses. Secondly, renewable energy sources and facilities used to harness the energy are considerably less expensive to maintain as compared to traditional non-renewable energy sources and utilities. Most utilities and resources used to harness renewable energy, once installed, can last for up to 10 years without the need for repairs. Thirdly, renewable sources of energy are largely advantageous for being environmentally friendly. This is beneficial today even as the world is reeling from the effects of climate change mediated by increased usage of non-renewable sources of energy.

What are the disadvantages of renewable sources of energy?

a) Some renewable sources of energy are prone to accidents Some of the most common renewable sources of energy can be quite safe to utilize. However, renewable energy sources such as nuclear generation plants are highly prone to accidents which, when happen, release toxic radioactive material that can kill or wipe up out an entire population while rendering the environment inhabitable. b) Low reliability The reliability of most renewable sources of energy such as the sun and wind is not so high. Weather changes such as cloudiness can significantly impair the amount of energy harnessed from the sun. Calm days, on the other hand, can also significantly reduce energy generation from wind-powered generators. c) Expensive to install Energy generated from renewable sources of energy such as the sun and the wind often costs higher than that generated from non-renewable sources. Solar energy is the most preferred renewable source of energy. d) Limited distribution of energy sources Another of the disadvantages of renewable energy includes the fact that most sources are not equally distributed across the globe. In places such as Africa where solar radiation is in sufficient quantities, the landscape is so rugged and adverse that companies seeking to harness solar energy are unable to do so. Tidal energy also requires massive investments and is not equally distributed in strategic positions around the globe to encourage large-scale harnessing. e) Immature technology Limited technology as far as the harnessing of renewable sources of energy around the globe is also among the key disadvantages of renewable energy. Lack of sufficient knowledge on how to effectively harness these forms of energy makes the cost of installation and maintenance for such facilities quite high. It also implies a limitation regarding the extent to which utilization of such energy sources can be done.

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Real Estate Agreements

Real Estate Workouts And Dispute Resolution

Religious Ministries Attorney

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Renewable Resource Lawyer appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/renewable-resource-lawyer/

0 notes

divorcelawyergunnisonutah · 11 months

Text

Religious Ministries Attorney

The issue of establishing definitions for a church has big implications. Institutions considered churches are granted tax-exempt status under Section 501(c)(3) of the Tax Code. Common definitions of the word “church” refer to the religious entity or organization, not just the building itself. The definition becomes more complicated when considering each religious group’s own definition of what constitutes a church. To clarify the federal government’s definitions of a church and other religious institutions, the Internal Revenue Service uses clearly-defined guidelines.

To define churches and other religious entities, some of the IRS guidelines consider whether or not an institution has: • a distinct legal existence and religious history, • a recognized creed and form of worship, • established places of worship • a regular congregation and regular religious services, and • an organization of ordained ministers

Most mainstream religions such as Catholicism, Judaism, and common Protestant sects fit easily within the IRS guidelines. However, less traditional churches sometimes face difficulty in meeting the federal government’s definition. Some of the confusion over churches arises when the IRS differentiates between religious institutions like churches and religious organizations. The IRS offers the following concerning religious organizations, “Religious organizations that are not churches typically include nondenominational ministries, interdenominational and ecumenical organizations, and other entities whose principal purpose is the study or advancement of religion.” However, in some cases, a religious organization may qualify as a church even if it does not appear to be a church in the traditional sense. IRS has created specific guidelines on churches and other religious entities to determine their tax status. However, it is not a requirement that a church meets all the criteria. Instead, the IRS offers flexibility, allowing various religious institutions to qualify for the highly coveted tax-exempt status.

Religious discrimination refers to a type of employment discrimination, which occurs when an employee is treated less favorably than similar employees due to certain characteristics. These certain characteristics are typically known as protected classes. The Civil Rights Act of 1964 in one anti-discrimination law stipulating that a person may not be discriminated against based on the following characteristics: • Age; • Race; • National origin; • Religious beliefs; • Gender; • Disability; • Pregnancy; and • Veteran status.

Employment discrimination may also occur when one group of employees are treated better than another group of employees, although employees from both groups meet the same work standards and employment criteria. An example of this would be one group of workers clearly receiving benefits that are denied to others on the basis of their sex. Religious belief discrimination specifically occurs when an employee is treated differently or less favorably based on their religious preferences. Title VII of the Civil Rights Act of 1964 specifically addresses religious discrimination, and applies to employers in the private sector as well as local, state, and federal government.

Counts as Religious Discrimination

In very simple terms, the following are considered to be religious discrimination: • Treating certain employees either more or less favorably based on their religion; • Forcing employees to engage in practices that go against their religious beliefs; and • Allowing employees to be harassed by either other employees or management/supervision based on the employee’s religious beliefs.

Religious discrimination also includes neutral rules which have an adverse affect on those who hold certain religious beliefs. Thus, although the rule might not directly discriminate against a certain religion, those who practice that religion will be negatively affected and therefore discriminated against because of their religion. Harassment based on religious beliefs may include creating or maintaining a hostile work environment against specific or all religious beliefs. The Bona Fide Occupational Qualification defense, or “BFOQ,” allows employers to fill certain jobs with people of a certain religion in a way that is not considered discriminatory. The best example of this would be a church, as they have the right to prefer Christians to fill their ministry positions. Another example is a Catholic school having the right to only hire Catholic teachers. If you are facing discrimination in your workplace due to your belief system, there are several legal protections and options available to you. It is in your best interest to consult with a skilled and knowledgeable discrimination lawyers. An experienced law attorney can inform you of your legal rights and options. Additionally, an attorney can file a lawsuit on your behalf against your employer and guide you in any settlement negotiations. Finally, an attorney can represent you in court as necessary. Although churches and other religious ministries share many similar issues as other nonprofits, they also have many unique needs given their protected First Amendment status. Failing to take the proper precautions, follow government regulations, or establish transparent procedures can result in potential lawsuits against your church or even the loss of your church’s tax-exempt status. Though disputes within churches can be often resolved internally, other matters may require you to consult with an attorney. When such matters arise, it’s best to consult with attorneys who are people of faith and are sensitive to the special needs and moral concerns of churches and church groups. We want to help you protect the church you worked so hard to build.

Church Governance And Property Disputes

Property and governance issues are often at the forefront in a church dispute: • Governance issues: These often occur when there are struggles for control within a congregation or a church body. In nonhierarchical church bodies, disputes often arise between different factions who rival for control of the church. • Control of church property: Disputes over property are usually a key issue when a church body splits. When a local church congregation breaks off from a larger church structure that is hierarchical in nature, disputes often arise over which body has rights in the church property.

All of these situations must be handled with the utmost care and sensitivity. Governance issues may result in religious employment litigation. When a church splits from a denomination, it is more than a matter of conflicting belief systems or leadership squabbles. Ownership of church buildings must be settled between a denomination and a congregation that is leaving that denomination. Possession and management of endowment funds may also be in question. It is often in the best interests of both sides to resolve the property or governance question without resorting to costly litigation. However, a desire to settle church building ownership or other questions of congregational control may not be enough to avoid a major lawsuit. It is critical to find a well-qualified attorney with experience handling church disputes, both to contain legal fees and to move forward with confidence toward a satisfactory resolution.

Why does a church need a lawyer?

• Every new church planter should talk to a lawyer familiar with churches, and ask about forming a corporation or similar entity. The legal risks are too high and the solution is relatively easy. • If you are updating a corporate charter, constitution, bylaws, or similar governing document, talk to an attorney. • If you haven’t updated your main governing documents in awhile, the church should touch base with an attorney. Hopefully, you have a relationship with a trusted legal advisor that you meet with every year. But if it’s been more than five years, please set aside an hour or two for a review. • If you are updating your policy manual, it’s wise to have them reviewed by an attorney. If you don’t yet have a policy manual, you should’ve talked to a lawyer a long time ago. • If the church is granting housing allowance to ministers, an experienced lawyer will help your decisions be supportable and defensible. • If you’re making a major change in compensation or benefits to key staff, a quick review by a lawyer may save headaches down the road. • If you are purchasing real estate, the church should use an attorney to make sure the deal doesn’t result in surprises (environmental contamination, zoning issues, etc.) • If your church is going to terminate the employment of anyone, it is a good time to talk to an attorney. Non-ministerial employees are often subject to the same laws and regulations affecting other businesses. And while the Constitution gives churches broad leeway over “ministerial” employees, those decisions also have legal and political implications. • New ministry areas often raise new legal concerns that can be handled efficiently by an attorney– if they’re reviewed early enough. • A new or unusual fundraising method should be run by a lawyer who understands the charitable solicitation laws in the relevant areas. An improperly designed used-car donation program, eBay ministry, or commission-based solicitor can risk the church’s tax exemption. • Any significant investment agreement should be reviewed by an attorney. Is the church issuing bonds? Engaging in creative financing? Offering interest? Expecting to receive a return on an investment? Developing real estate? Engage legal counsel. • If the church is contacted by the IRS or the State or local equivalents, you should talk to an attorney, and have them respond. • If your church receives communication about a zoning issue, it will be helpful to talk to an attorney familiar with RLUIPA before you make any response. • If the church is contacted by an attorney representing someone else, you should respond through an attorney. • If your church is engaged in church discipline, or removing members, talk to an attorney about your process. If you are contacted by an attorney representing a member, please have a church attorney respond. • If your church becomes aware of allegations of sexual misconduct by any employee, contractor, volunteer or associate, contact an attorney immediately. • If the sexual misconduct includes any person under 18 or over 65, contact an attorney immediately. In many states, ministers and other authorities are required to take very specific steps in a short timeframe. • If any staff, contractor, or volunteer is alleged to have taken unfair advantage of an elderly, infirm, or disabled person, talk to an attorney immediately. Some states have implemented “elder abuse” laws similar to child abuse laws, with similar reporting requirements. • If there is a potential conflict of interest transaction, it is helpful to involve an attorney before it is proposed and approved. Does it benefit staff, insiders, or key members in an unusual way? An attorney can make sure the discussion and record support the decision of the church. • Does your church still have Trustees? It’s past time to talk to an attorney.

Your Rights Against Religious Discrimination

Federal law (Title VII of the Civil Rights Act) and the laws of most states prohibit employers from engaging in religious discrimination: making job decisions based on an employee’s or applicant’s religion or lack of religious beliefs. Title VII also prohibits workplace harassment on the basis of religion and requires employers to accommodate an employee’s religious beliefs or practices, as long as it doesn’t create an undue hardship. Title VII applies to all government employers, whether federal, state, or local. It also covers private employers with at least 15 employees. Private and public employment agencies, labor organizations, and joint labor/management committees are all subject to Title VII, as well. If you work or apply to work for a covered employer, Title VII protects your right to work free of discrimination based on religion. Many states have their own laws prohibiting religious discrimination at work, which may apply to smaller employers. To find out whether your state is among them, select it from the list on our Workplace Discrimination and Harassment page.

When Does A Church Need An Attorney?

When someone is starting or joining leadership in a religious institution, legal considerations are often towards the bottom of the priority list. However, religious institutions of all faiths need to be aware of areas where they may need advice from a licensed attorney in order to best serve their membership and carry out their faith. Here are some of the most common areas where a church or other religious organization should consult an attorney.

1. Governing Documents: The majority of religious organizations operate under the direction of one or more governing documents. It is absolutely vital that these documents be kept up to date and reviewed on a regular basis. An attorney will be able to provide valuable advice and suggestions about what to include in these documents to give the maximum protection to the organization. 2. Real Estate and Land Use: If your religious institution needs to move locations or expand its current location, an attorney will often be necessary. In this case, an attorney can help with reviewing your real estate transaction documents, determining whether your land use is permitted in the proposed location, or securing a variance or special use permit from the municipality if necessary. 3. Employment: When hiring and firing lay employees, religious institutions must consider state and federal employment law. Discussing particular employment situations with an attorney before acting can save an organization thousands of dollars and an immeasurable amount of negative public perception. Further, an attorney can help prevent difficult situations in the first place by providing your organization with a clear and comprehensive employee handbook. 4. Litigation: This is the obvious scenario where an attorney is needed. If a religious institution is presented with a lawsuit, it should immediately seek out an attorney with experience representing religious institutions, as the unique culture and issues in these types of lawsuits often call for a specialist. An attorney specializing in representing religious institutions will be able to better understand issues that are important to the organization, and will be familiar with the special challenges and opportunities presented. 5. Denominational Relations: In today’s changing culture, many of the traditional denominations in America are changing also. It is inevitable that some congregations will feel called away from their past denominational affiliations for one or more reasons. When separation is being considered, it is vital to consult an attorney who is familiar with the process of leaving a denomination. Various legal issues will need to be considered before undertaking a separation and an understanding and knowledgeable counselor will ease the transition for all involved. 6. Organizational Discipline. Many faiths have unique practices for disciplining individual members when necessary. However, there can be potential for some inter-organizational discipline practices to create legal issues. Having an attorney review organizational policy and provide advice on a particular issue can prevent unintended legal consequences. 7. Advice on Current Legal Issues. As the culture changes rapidly, new legal issues arise frequently. Religious organizations must be prepared to operate in the light of these new realities. In these cases, an attorney will be an invaluable resource as a counselor who understands both the law and the client, and will be able to shed light on an otherwise confusing situation.

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Negotiating An Bridge Loan

Real Estate Agreements

Real Estate Workouts Dispute Resolution

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Religious Ministries Attorney appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/religious-ministries-attorney/

0 notes

divorcelawyergunnisonutah · 11 months

Text

Real Estate Workouts And Dispute Resolution

Traditionally, real estate industry disputes rely on negotiation for solutions. If negotiation fails, litigation is often initiated. Mediation involves the skillful intervention of a third-party professional to help resolve disputes that arise between two or more parties.

Arbitration, a form of alternative dispute resolution (ADR), is a legal technique for the resolution of disputes outside the courts. The parties to a dispute refer it to one or more persons (the “arbitrators”, “arbiters,” or “arbitral tribunal”), whose decision (the “award”) they agree to be bound. It is a settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides.

A workout agreement is a contract mutually agreed to between a lender and borrower to renegotiate the terms on a loan that is in default, often in the case of a mortgage that is in arrears. Generally, the workout includes waiving any existing defaults and restructuring the loan’s terms and covenants. A workout agreement is only possible if it serves the interests of both the borrower and the lender.

A mortgage workout agreement is intended to help a borrower avoid foreclosure, the process by which the lender assumes control of a property from the homeowner due to a lack of payment as stipulated in the mortgage agreement.

At the same time, it helps the lender recoup some of their funds that would otherwise be lost in the process. The renegotiated terms will generally provide some measure of relief to the borrower by reducing the debt-servicing burden through accommodative measures provided by the lender. Examples of relief can include extending the term of the loan or rescheduling payments. While the benefits to the borrower of a workout agreement are obvious, the advantage to the lender is that it avoids the expense and trouble of payment recovery efforts, such as foreclosure for workouts in real estate or a collection lawsuit. Other types of workout agreements can involve different kinds of loans and even involve liquidation scenarios. A business that becomes insolvent and cannot meet its debt obligations may seek an arrangement to appease creditors and shareholders.

For borrowers, general best practices to consider when negotiating, or thinking about negotiating, a workout agreement with a lender includes the following: • Providing ample notification: Giving the lender advance notice of an inability to meet any and all debt obligations is a good courtesy to extend. Most lenders will likely be more accommodating when borrowers seek a workout agreement if they are aware that default could be an issue. Providing notice engenders confidence that the borrower is on top of their loan management and interested in being a reliable business partner whom the lender can trust. • Being honest and flexible. A lender is not under any obligation to restructure the terms of a loan, so it is incumbent on the borrower to be honest, direct, and flexible. However, the lender will likely want to limit its losses and maximize recovery of the loan, so it is likely in the lender’s best interest to help the borrower to the extent that it can. • Considering the credit score and tax implications. Any type of adjustment to the terms of a loan in a workout scenario could negatively affect the borrower’s credit score, though likely not as badly as a foreclosure would. With regard to taxes, the Internal Revenue Service (IRS) typically treats any loan reduction or cancellation as taxable income, which means the borrower could end up owing a larger tax amount in the year that the workout agreement goes into effect.

Real estate disputes are legal conflicts that involve real property (i.e. property that is affixed to the land or a piece of land itself, as opposed to personal property). These types of disputes can involve properties that are worth large amounts of money. Many of these disputes can take a long time to resolve, and may involve many financial/court resources. Thus, it is often common for people involved in a real estate dispute to seek alternative forms of dispute resolution. For instance, many real estate disputes involve a breach of contract when it comes to the sale of property. In such case, both real estate laws and contract remedies may apply, thus making the situation more complex.

How to Resolve Real Estate Disputes

In most cases, a damages award will resolve a real estate dispute. In a legal case, a damages award serves to compensate the non-liable party for losses. Other forms of resolving real estate disputes include: • Injunctions (for instance, to cease additional construction efforts, etc.) • Mediation or arbitration (this involves a neutral party to help facilitate discussions between the parties) • Various fines or fees (these are common for city or state zoning/land use violations) • Specific performance (i.e., requiring one party to perform their contract duties) • Various other remedies, such as a judicial lien on the property Whether you can take advantage of dispute resolution depends on the type of conflict involved. For instance, in a breach of real estate contract claim, the party may need to choose between a monetary damages award and specific performance. With mediation, the parties might be able to reach a conclusion based on their negotiations during mediation meetings. Also, state laws might influence which types of remedies are available. Real estate disputes might involve a number of possible legal remedies. You may need to hire an experienced real estate attorney if you need help with any type of real estate conflict. Your attorney can research the laws in your area and can help determine your course of action. Also, your attorney will be able to represent you during court meetings and hearings if needed.

Mediation and Arbitration

Mediation and Arbitration are forms of alternative dispute resolution (ADR) that are intended to avoid the high cost and unpredictable outcome that could result from a lawsuit. Both mediation and arbitration are private forms of dispute resolution. This means that, unlike a court case, they are not a matter of public record. This confidentiality may be an extremely important feature to one or both of the parties involved in the dispute.

Mediation and arbitration can also allow the parties to establish their own ground rules for settling their dispute, including what types of evidence can be presented, what kinds of experts can be consulted, and the concepts on which the final agreement or decision will be based. Of the two, mediation is a more informal process for resolving a dispute. The mediator is a neutral third party who helps the parties negotiates a resolution to their dispute. In mediation the parties are responsible for coming to an agreement; it is not the mediator’s job to make or impose any decisions on the parties. The mediator listens to both sides and offers suggestions that are supposed to help the parties come to a resolution. The advantage to mediation is that, since both parties participate in resolving the dispute, they are more likely to carry out the settlement agreed upon. A disadvantage to mediation is that the parties may not be able to come together on an agreement and will end up in court anyway.

Arbitration is a more formal process for resolving disputes. Arbitration often follows formal rules of procedure and the arbitrator may have legal training that a mediator does not. The arbitrator is a neutral third party, but should have some expertise in the area that is the subject of the dispute. The parties should agree on who the arbitrator will be or on how he or she will be selected. Unlike a mediator, the arbitrator has the authority to make determinations and decisions that are binding on the parties. The arbitrator’s job is to listen to both sides and then make a decision that is mutually binding on both parties. Arbitration avoids the risk that the parties won’t agree and will end up in court anyway because the arbitrator makes the decisions and they are legally binding. However, the disadvantage of this is that one or both parties may be more dissatisfied with the result.

Both processes have their advantages and disadvantages. The main advantages they both have over a trial are the savings of cost and time, and a greater degree of predictability in the outcome. For a small business owner these could be extremely important considerations. There are also potential disadvantages to using mediation and arbitration. Since these alternative procedures are not bound to follow legal precedent in coming to a decision, parties cannot count on legal precedent to be determinative of the result. The parties may also have difficulty choosing a mediator or arbitrator that they are truly satisfied will be neutral or impartial. Pursuing a lawsuit can be costly. Using mediation, two or more people can resolve a dispute informally with the help of a neutral third person, called the mediator, and avoid expensive litigation. Most mediators have training in conflict resolution, although the extent of a mediator’s training and experience can vary considerably and so can the cost. For instance, hiring a retired judge as a private mediator could cost you a hefty hourly rate. By contrast, a volunteer attorney might be available through a court-sponsored settlement conference program or the local small claims court for free.

The Role of the Mediator

Unlike a judge or an arbitrator, the mediator won’t decide the outcome of the case. The mediator’s job is to help the disputants resolve the problem through a process that encourages each side to: • air disputes • identify the strengths and weaknesses of their case • understand that accepting less than expected is the hallmark of a fair settlement, and • agree on a satisfactory solution.

The primary goal is for all parties to work out a solution they can live with and trust. Because the mediator has no authority to impose a decision, nothing will be decided unless both parties agree to it. The process focuses on solving problems in an economical manner for instance, taking into account the cost of litigation rather than uncovering the truth or imposing legal rules. That’s not to say that the merits of the case aren’t factored into the analysis—they are. The mediator will assess the case and highlight the weaknesses of each side, the point being to hit home the risks of faring far worse in front of a judge or jury, and that the penalty or award imposed will be out of the control of the litigants.

Types of Problems Solved With Mediation

Anyone can suggest solving a problem through mediation. Neighbor-to-neighbor disputes or other personal issues can be resolved in a few hours without the need to initiate a lawsuit. When litigation has commenced, it’s common for courts to require some form of informal dispute resolution, such as mediation or arbitration, and for a good reason—it works. Examples of cases ripe for mediation include a: • personal injury matter • small business dispute • family law issue • real estate dispute, and • breach of contract

The length of time it will take to solve the problem will depend on the complexity of the case. Somewhat straightforward cases will resolve in a half day. More complicated cases will require a full day of mediation, with the negotiations continuing after the mediation ends. If the mediation doesn’t settle, either side can file a lawsuit or continue pursuing the current case.

Stages of Mediation

Many people think that mediation is an informal process in which a friendly mediator chats with the disputants until they suddenly drop their hostilities and work together for the common good. It doesn’t work this way. Mediation is a multi-stage process designed to get results. It is less formal than a trial or arbitration, but there are distinct stages to the mediation process that account for the system’s high rate of success.

Stage 1: Mediator’s opening statement. After the disputants are seated at a table, the mediator introduces everyone, explains the goals and rules of the mediation, and encourages each side to work cooperatively toward a settlement.

Stage 2: Disputants’ opening statements. Each party is invited to describe the dispute and its consequences, financial and otherwise. The mediator might entertain general ideas about resolution, as well. While one person is speaking, the other is not allowed to interrupt.

Stage 3: Joint discussion. The mediator might encourage the parties to respond directly to the opening statements, depending on the participants’ receptivity, in an attempt to further define the issues.

Stage 4: Private caucuses. The private caucus is a chance for each party to meet privately with the mediator. Each side will be placed in a separate room. The mediator will go between the two rooms to discuss the strengths and weaknesses of each position and to exchange offers. The mediator continues the exchange as needed during the time allowed. These private meetings comprise the guts of mediation.

Stage 5: Joint negotiation. After caucuses, the mediator might bring the parties back together to negotiate directly, but this is unusual. The mediator usually doesn’t bring the parties back together until a settlement is reached or the time allotted for the mediation ends.

Stage 6: Closure. If the parties reach an agreement, the mediator will likely put its main provisions in writing and ask each side to sign the written summary of the agreement. If the parties didn’t reach an agreement, the mediator will help the parties determine whether it would be fruitful to meet again later or continue negotiations by phone.

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Modification Of A Bridge Loan

Negotiating An Bridge Loan

Real Estate Agreements

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Real Estate Workouts And Dispute Resolution appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/real-estate-workouts-and-dispute-resolution/

0 notes

divorcelawyergunnisonutah · 11 months

Text

Real Estate Agreements

A real estate contract is a legally binding document that outlines terms agreed upon when two or more individuals negotiated a real estate transaction. The terms outlined in a contract are put into effect upon signing. They typically include details such as real estate contingencies, what appliances are included, the deposit amount, who is responsible for paying closing costs, and the date of closing. As a real estate investor, you will find yourself negotiating and signing real estate contracts any time you strike a deal.

Building A Real Estate Contract

Simply put, a real estate contract aims to clarify the home buying process while offering protection to both the buyer and seller. It can be helpful to keep this in mind as you start to build a real estate contract. To start, a prospective buyer will submit their official offer letter. The seller can either reject or counter the offer, making changes to items like the purchase price, closing costs, or contingencies. Thus, beginning the negotiation portion of building a real estate contract. From there, the buyer can choose to modify or accept the new terms adjusting the same items listed above. Often this process occurs between the buyer and seller’s real estate agents. What they eventually decide on will then become their real estate contract.

A real estate contract becomes legally binding when the document secures a property’s status and is signed by both parties. In simpler terms: a contract only becomes legally binding when it is signed and sealed. Real estate contracts are sealed by properties and then signed by those on either end of the deal. To obtain both signatures, all parties must agree before a contract is considered valid. If one party submits a counteroffer, the original contract will not be legally binding because both individuals did not agree to the terms. There are a few steps investors can take to ensure the success of a real estate contract. First, everyone must understand what is said within the agreement. This will require using everyday language, avoiding abbreviations, and reviewing any potentially confusing areas. Investors should also be sure to include an expiration date, as real estate contracts are often time-sensitive. Include deadlines within the contract, and specify what happens if they are not met (typically, this would result in breaking the contract).

Requirements Of A Real Estate Contract

As with most contracts, requirements must be met before a real estate contract can be enforceable. Here are all the requirements needed in real estate contracts: • Offer: The first party will present an offer to the second party in the form of a real estate contract. They must write it, sign it, and then give it to the second party. The second party may then accept, reject, or make a counteroffer. • Acceptance: The second party accepts the offer by signing the real estate contract. The contact is required to have original signatures from both parties. Any changes either party makes should be initiated. In the case of a counteroffer, the original offer will be voided and not legally binding for either party. If the offer is rejected, the contract is terminated. If you receive no response, the contract will expire on the date indicated. • Consideration: Consideration indicates something of value that will be exchanged between both parties (most commonly in the form of money). Consideration could also be another property or a promise of performance. • Legal Capacity: Both parties should be eligible to enter into a real estate contract. Those who are not legally able include minors, someone who is mentally impaired, etc. • Legality of Purpose: The real estate contract cannot include any illegal actions.

What to Include In a Real Estate Contract

Contracts are used to close different types of real estate transactions, and each agreement will vary accordingly. There are, however, a few essential elements to any real estate contract that you should become familiar with. By understanding the materials needed, you can help ensure each agreement you enter is comprehensive and precise. The following list outlines items to include in various real estate agreements and contracts: • Price and Timing: The two most basic elements necessary to every real estate contract are the final purchase price of the property and the transaction timeline. This portion of the contract should specify when contingencies will be completed and when the title will be transferred. Both parties need to clearly understand this information for the purchase to be successful, and it is commonly what the real estate contract will open with. • Contingencies: Contingencies refer to any items that must be completed for the transaction to go through. Each type of contingency will specify how and when it is to be done. For example, the seller may need to make certain repairs to the property before the closing period. If contingencies are not met, both parties have the right to walk away from the deal. • Inspection Details: The most common type of contingencies are those associated with the home inspection. Every real estate contract should include a contingency that allows buyers to walk away if the property inspection does not go to plan. They should specify which, if any, repairs the sellers are required to make before closing. Inspection details (and contingencies) will clarify expectations for both parties and protect buyers from being forced into a transaction they did not sign up for. • Financing Clause: It is important to also include a contingency that allows buyers to back out of the transaction should their financing fall through. In some cases, it is also a good idea to add a clause protecting the buyer if their previous home does not sell. • Closing Costs: Always specify who is responsible for closing costs, and always keep an eye out for this information. In many cases, sellers may be in charge of covering these costs, but it could be buried within the contract. Make sure closing cost information is clear in any real estate contract to avoid confusion. • Warranty: Some sellers will include a home warranty when advertising a property. This is meant to cover certain repair costs, though it all depends on the sellers. If there is a warranty for the property, it needs to be listed out in the contract, so both parties understand who is responsible for what. • Contract Default: It is very common for real estate contracts to state what happens if one or more parties default. This not only sets clear expectations for buyers and sellers but also helps avoid court proceedings if someone fails to live up to their end of the bargain. By including the ramifications of default, there will be no “what if” questions at the time of the agreement. • Riders and Addendums: This portion of the contract will specify any additional information necessary to the transaction. The most common example of a rider or addendum is information about an HOA, if applicable. The real estate contract should clearly state the rules and requirements, making the potential buyer fully aware.

Types Of Real Estate Transactions

Several types of real estate transactions will demand the use of a contract agreement. Before getting into the dissection of different real estate contracts, it will be helpful to review the following types of real estate transactions: • Buying a home: As an investor, you will come across many properties that you’ll want to purchase throughout your career. • Selling a home: You will also find yourself selling some of the properties you had purchased, and hopefully at an increased value through improvements and appreciation. Your selling agent can help market your investment property to prospective buyers. • Buying a property to rent: If you are interested in becoming a landlord and earning rental income, then you will, of course, purchase rental properties. This can range from single-family homes to multi-unit apartment buildings. • Fix and flip: A fix and flip property is the type of investment in which you will typically acquire a property that is being sold under market value, such as a foreclosure or distressed home, and put in an investment to renovate it. Investors will typically then re-list the property on the market as soon as they can for an increased value. • Wholesaling a property: A wholesaler plays an integral role of finding off-market properties and assigning the purchase contract to an end buyer, such as a rehabber. • Prehabbing a property: Prehabbing is a type of exit strategy through which an investor makes minimal improvements to a property, just enough to make it appealing to another end buyer such as a rehabber. Some might argue that prehabbing is a step between wholesaling and rehabbing. • Serving as a lender: At some point in your investing career, you may build enough cash flow to the point at which you can serve as a private money lender to other investors. In this case, you will need to strike up an agreement with your borrowers, such as the loan term and interest rate.

Types Of Real Estate Contracts

As a real estate investor, it is necessary to be well-versed in the various real estate agreements and contracts you will use throughout your career. These contracts are designed to serve your best interests, such as protecting your investments and minimizing your liability and risk. It is also helpful to have an understanding of how these contracts work to protect the other party.

Purchase Agreement

A purchase agreement, or sales contract, is the most common type of real estate contract. As the name suggests, this is a real estate contract that lays out an agreement between the buyer and seller of a specific property. This type of real estate contract includes all the typical elements of a contract: • Identification of both parties • Property description • Condition of the property • Purchase price of the property • Contingencies • Included and excluded appliances and fixtures • Type of deed • Earnest money deposit • Closing costs • Party responsible for each cost • Date of closing • Terms of possession • Signatures of both parties • State/Association Purchase Agreement: Many states, and the realtor associations that serve local markets, have standardized purchase agreements they use to guide their transactions. • General Purchase Agreement: This is a stripped-down, usually much shorter, version of the state/association purchase agreement. This real estate contract is a great option when working directly with sellers and not buying a property through a real estate agent. If you prefer to use a general purchase agreement with an attorney or real estate agent, be sure to point why you want to use the agreement, and emphasize how it can save time for all parties. • Property-Specific Purchase Agreement: If you’re buying a property outside the traditional single-family paradigm, such as a mobile home or piece of vacant land, you may need to use property-specific purchase agreements (this will depend on the market). Though there is quite a bit of similarity with these types of purchase agreements, these types of real estate contracts have certain clauses about the type of property being transacted.

Real Estate Assignment Contract

A real estate assignment contract is primarily used in a wholesaling investment strategy. You find a distressed property, secure it under contract, and assign that contract over to a second buyer (usually at a small profit to you). The meat of real estate assignment contracts is very similar to a regular purchase agreement. Oftentimes, an assignment contract has the addition of a few extra words. The assigns part allows you to lock up a property with a purchase contract and pass along that property to someone else if you so desire. Though the extra words may not take up much ink, they provide a tremendous amount of flexibility to you as an investor.

Lease Agreements

Even if you’ve never purchased property before, chances are you’re familiar with lease agreements or have signed one in the past. As one might surmise, these real estate contracts outline an agreement between the lessor (the property owner or landlord) and a lessee (the tenant). In this real estate contract, the landlord agrees to offer the property to the tenant at a specific monthly rate. Agreements of this kind specify important considerations such as the rent amount, security deposit, how utilities are handled. It should go without saying lease agreements that are intended to avoid future issues between lessor and lessee and protect both parties if something unforeseen happens.

Power of Attorney

Though not used exclusively in a real estate setting, power of attorney documents are a form of real estate contract and can be exceedingly useful in certain situations. This is because if you’re not able to sign a real estate contract, whether because you’re out of the country or because of some mental incapacity, this document gives another party the power to sign on your behalf. This type of real estate contract can be quite helpful if you’re the owner of rental properties or you are caring for an elderly parent, or relative, who may encounter a situation when they can’t sign their own real estate contract. The principal or party who has given permission to act on their behalf can have someone sign in their stead. The principal maybe someone who is: • Hospitalized or has any illness restricting them from being present to sign the real estate contract • Not physically present in the area • The owner of several different investment properties • Mentally disabled • Elderly and may not be able to sign the contract themselves

Null and Void Contract

A null and void contract is a formal agreement that is illegitimate and, thus, unenforceable from the moment it was created. Such a contract never comes into effect because it misses essential elements of a properly designed legal contract or violates contract laws altogether.

Elements of a Valid Contract

To be legally binding and enforceable under state and federal laws, a contract must include the following elements: • Offer and acceptance: The terms of the offer made by one party must be described in details. The other party must accept those terms freely. • Legal object and capacity of parties: The agreement’s subject matter must be legal, and both parties must consent to the terms willingly, be over the age of consent, and be in sound mind at the time of signing the agreement. • Consideration: A price or value exchanged must be clearly stated in the contract and describe how both parties benefit from the agreement.

Difference Between “Void” and “Voidable” Contracts

A void contract is illegitimate and unenforceable from the start because of the way it was drafted. Such a contract typically states impossible or illegal terms, consideration, or object; involves a party that was not of sound mind or was under the age of consent when signing the documents; or violates the rights of a party. A contract can be void if it is not enforceable as it was originally written due to changes in laws and regulations that took place after the contract was signed but before it was fulfilled. While agreements made with a minor are void, the consent of the parent or guardian makes it enforceable. A fulfilled contract can be deemed void because all the obligations and terms are satisfied and nothing is left to enforce.

A voidable contract, on the other hand, is valid and may be enforceable when both parties agree to proceed. In such case, the agreement is actionable, but the circumstances of the agreement are questionable. While one party is bound to the terms of the contract, the other party may oppose the contract for legal reasons. A contract may be voidable in the following situations: • A party was forced or threatened to sign the contract. • A party was under the influence. • A party was not mentally competent. • The terms of the contract were violated. • Mistakes were made by both parties. • The contract is illegal. • The information and facts were misrepresented or withheld. Tips for Executing a Contract Correctly • Take your time to read through the whole document. • Make sure that the terms of the offer are clearly stated. • Make sure you understand all parts of the contract. Clarify any details that you don’t comprehend fully. • Put your contract in writing to have proof of the agreement in case of any future disputes. • Pay attention to the acceptance details, such as specific dates and deadlines. • Confirm the other party’s identity before entering into an agreement.

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Lawyer For Hard Money Lenders

Modification Of A Bridge Loan

Negotiating An Bridge Loan

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Real Estate Agreements appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/real-estate-agreements/

0 notes

divorcelawyergunnisonutah · 11 months

Text

Negotiating An Bridge Loan

Many homeowners who are moving rely on money they’ll get from the sale of their current home to fund the purchase of a new one. But closing dates don’t always align, and when that happens, you can find yourself in a precarious financial balancing act. A bridge loan can help provide funding for the purchase of a new home if you were relying on the funds from sale of your existing home to purchase the new one. But there are drawbacks to this kind of short-term borrowing aimed at bridging a financial gap. A bridge loan is a type of short-term loan that may be used in real estate transactions when the buyer lacks the funds to finance the purchase of the new property without the prior sale of the first property. A bridge loan is temporary financing to provide a way figuratively, a ‘bridge’ — to purchase an additional home without first selling a home.” The maximum amount you can borrow with a bridge loan is usually 80% of the combined value of your current home and the home you want to buy, though each lender may have a different standard. For example, if your current home is worth $250,000 and the home you want to buy is worth $330,000, your maximum bridge loan amount would be calculated this way: ($250,000 + $330,000) x .80 = $464,000. A bridge loan in real estate can be used to buy another home before you sell your current one. A bridge loan essentially helps fund your new home purchase. For example, you might use it to cover closing costs for a new mortgage. You can also use a bridge loan to present an offer without a financing contingency when you make an offer to purchase a home. A financing contingency is a contract clause that allows a buyer to get back money put down without penalty in the case the buyer cannot secure financing. Sellers tend to prefer offers with fewer contingencies, but it’s important to have protections in place in case you can’t secure funding. A bridge loan can also help you get a leg up over other buyers in a hot housing market. For example, if a seller is interested in a quick sale (and many are), the seller may be more willing to make a good deal for a buyer who has the money to close quickly.

Bridge loans typically must be repaid within 12 months or less. Most people pay off their bridge loan with money from the sale of their current home, but there are other repayment options. Bridges loans may be structured in a number of different ways but commonly have a balloon payment at the end where the full amount is due by a certain date. You may be able to wait a few months after the close of the bridge loan before you have to start making payments, though this will depend on the particular loan you have been approved for.

Pros And Cons Of Bridge Loans

As with any loan product, bridge loans have potential advantages and potential disadvantages for borrowers. Before applying for any kind of loan, it’s important to understand and weigh the pros and cons.

Pros of bridge loans

• Faster financing: The application process and closing on a bridge loan typically takes less time than other types of loans. • Purchasing flexibility: Getting approved for a bridge loan can give you the funds you need to close on a new home before you sell your current one. That means if you find a home you love, you might be able to buy it without waiting for your old home to sell. • Remove contingencies from your offer: Sellers may look more favorably on purchase offers that aren’t contingent upon the sale of another home. • Less housing hassle: You can use a bridge loan to help buy a new house before selling an existing home. Cons of bridge loans • High interest rates: Since lenders have less time to make money on a bridge loan because of their shorter terms, they tend to charge higher interest rates for this type of short-term financing than for conventional loans. • Origination fees: Lenders typically charge fees to “originate” a loan. Origination fees for bridge loans can be high as much as 3% of the loan value. • Equity required: Because a bridge loan uses your current home as collateral for a loan on a new home, lenders often require a certain amount of equity in your existing home to qualify, for example 20%. • Sound finances: To be approved for a bridge loan typically requires strong credit and stable finances. Lenders may set minimum credit scores and debt-to-income ratios. Generally speaking, if your financial situation is shaky, it could be difficult to get a bridge loan.

Perhaps the biggest risk of a bridge loan is that if your home doesn’t sell by the time you need to begin repaying your bridge loan, you’re still responsible for the debt. Until your old home sells, you’ll essentially be paying three loans: the two mortgages on the houses and then also the bridge loan. And because the bridge loan is secured by your first home as collateral, if you default on your bridge loan, the lender may even be able to foreclose on the home that you are trying to sell.

Equity Bridge Financing

Bridge loans imply a very high interest rate, and it is not acceptable for every company. Instead, companies are ready to exchange capital for an equity portion of the company. In such a case, venture capital firms will be approached instead of banks and offered equity ownership. Venture capital firms will go for a deal in case they assume the company will succeed and become profitable. If the company becomes profitable, it means that the value goes up, and thus the venture cap’s stake increases in value. Bridge financing is used before a company goes public, offering its shares on a stock exchange to investors. Such a type of financing is originated to account for IPO expenses the company needs to incur, such as underwriting fees and payment to the stock exchange. Once the company’s raised money during the IPO, it will immediately pay off the loan. The bridge funds are typically provided by an investment bank that will underwrite the new stock issue. The company will initiate a number of shares to the bank at a discount on the original price offered to the investors during the IPO. It is a so-called “offsetting effect.” Financial managers responsible for negotiating term loans from commercial banks often feel confronted by a stone wall—the banker’s restrictions (restrictive covenants) on the company to ensure repayment. While the ultimate objectives are easily understood (getting the least expensive funds under the fewest restrictions), achieving them is not. Since the first caveman loaned a spear to a friend only to have it returned the next day broken into little pieces, lenders have been cautious in dealing with borrowers. Moreover, lenders know they have a certain power over borrowers and have turned it into a mystique. Unlike the case in other contract negotiations, many borrowers feel they have few, if any, cards to play; that is, they have to take most of what the banker decides to dish out.

Inside the Banker’s Head

First, let’s look at the two sides in this contest. At the outset the bank’s perspective is built on an objective and subjective analysis of the borrowing company’s financial position. The analysis rests on that well established tenet permanent asset needs should be financed with permanent capital. When permanent capital takes the form of long-term debt, the lender wants to find out how healthy the borrower’s long-term earning power is. So the bank asks for financial information as start historical financial statements (typically five years) as well as a forecast of your company’s income statement, balance sheet, and the sources and uses of funds statements for each year. The bank’s principal and interest will be returned from the future stream of earnings before interest and taxes (EBIT).

(Normally, a bank calculates EBIT as sales less cost of sales less selling, general, and administrative expenses.) Consequently, the bank wants to learn the extent of business risk—in other words, how much the future EBIT stream could vary. Another important element is understanding the borrower’s industry both the company’s strengths and weaknesses and its overall strategy. (While EBIT is available to cover interest expense, principal payments, not being tax deductible, must be paid out of the net income stream. Moreover, annual principal payments cannot be made out of “cash flow” [net income + depreciation] unless the borrower can forgo replacing depreciated fixed assets.) Banks consider some lines of business inherently risky and this will influence the analysis, but the financial forecast becomes the primary basis on which the banker quizzes the manager to determine the degree of business risk.

The banker also uses the forecast to establish how restrictive the loan will be. Bankers also put considerable emphasis on the company’s historical earnings record as an indicator of business risk. Wide fluctuations in profits or net losses or consistently thin profit margins usually lead to an assessment of high business risk. After the EBIT stream, the company’s balance sheet is the most important financial indicator because the assets are the bank’s secondary source of repayment if earnings are not adequate to repay the loan. Therefore, the assessment of balance sheet strength or weakness hinges on the extent to which the banker thinks the loan is recoverable if assets must be sold. Judgment is largely based on a few key ratios. For example, the current ratio or net working capital position represents the amount of liquid assets the company has available to repay debts. The banker also investigates fixed asset liquidity, important in the event of financial distress or bankruptcy.

The Making of Restrictions

Bankers use these simple financial indicators to determine the scope and severity of the restrictions placed on a potential borrower. The five possible types of restrictions include cash flow control, strategy control, the default “trigger,” balance sheet maintenance, and asset preservation.

Cash Flow Control

The first source of restrictions comes directly from an analysis of cash flow. A company may want to build its assets so rapidly or pay such excessive dividends that the banker questions whether the EBIT stream will be sufficient to service the loan. In this case, repayment must come from a refinancing by another creditor or an equity sale. If the bank is confident that the company’s earnings record and balance sheet will be strong enough to permit refinancing, it will not seek to control the company’s cash flow. However, even when refinancing appears possible, bankers will usually limit excessive dividends and stock repurchases to preserve the company’s equity base.

Strategy Control

The lender may try to control future strategy if he or she believes that the company’s resources are ill-matched with the opportunities and risks present in the environment or when a particular strategy requires an imprudent degree of leverage of illiquidity. Resulting covenants either prohibit managers from implementing the strategy or force them to modify it. In such cases, bankers usually want to reduce the total amount of money invested in a particular product market or spread the investment out over a longer time period, either by limiting capital expenditures and acquisitions or by writing in a debt-to-equity test.

The Infamous Trigger

One of the most feared aspects of restrictions is the bank’s right to call the loan, or trigger a default. The readiness of the trigger depends on the strength of the balance sheet and the degree of business risk that is, the potential variability in EBIT. Losses erode company assets by reducing the net working capital and the equity base.

In that event (or possibly if profitability declines), the banker wants the right to call the entire loan for repayment before deterioration advances. If the company cannot repay the loan, the bank has legal recourse on the assets. Banks, however, seldom pull the dreaded trigger. Such action usually means bankruptcy for the company, adverse publicity for the bank, and a time-consuming, costly legal proceeding for both parties. In most cases, if the restrictions trigger a default the loan is not called; instead, this imminent possibility forces the borrower to return to the bargaining table. The banker then wants a proposal for corrective action. In return for continuing the loan, the bank can boost the interest-rate demand collateral as compensation for the risk or else rewrite the covenants.

Balance Sheet Maintenance

A company can harm its balance sheet by excessive leveraging or by financing fixed assets with short-term loans, both of which reduce its net working-capital position and liquidity. To keep the borrower from wantonly employing short-term credit, lenders impose a current ratio and/or net working-capital minimum. Also included is a debt-to-equity limit or even a prohibition on additional borrowings.

Asset Preservation

Because bankers regard assets as the ultimate source of repayment, they do not want to see a significant portion sold or pledged to other creditors. So, unless the loan is secured, lenders will write in a limit on the extent to which companies can pledge assets (a “negative pledge clause”). Even if the company can put up sufficient collateral, the bank will restrict the sale of assets to forestall disposal for less than their value or for securities that could prove worthless. The bank will place limits on asset sales or require that any sale be made at fair market value in cash and that the proceeds be used to reduce the loan or to acquire replacement assets.

Principal Rules Of Loan Negotiation Hold

• Consider your earnings history over the past five years. Losses, consistently low profit margins, or very volatile earnings usually indicate a great degree of business risk. • Ask yourself whether the variables that determine EBIT (e.g., raw material costs, sales volume, product price, foreign exchange rates) will change over the life of the loan and cause severe declines in earnings. • After taking into account the loan, look at the existing and forecast balance sheet ratios such as the debt-to-equity ratio and the current ratio. Do they indicate an illiquid or highly leveraged condition? (If a company’s forecast is based on assumptions that are overgenerous in view of historical results, a banker will frequently draw up a forecast with more conservative assumptions. Try it yourself. In that case, can the debt be serviced? What happens to the leverage and liquidity ratios?) • Considering the types of assets the company owns, the net working capital level, and the margin of safety for creditors (leverage), could the bank get repayment if the company’s assets were liquidated? If the answer is yes, then yours is a strong-balance-sheet company. If the answer is no or maybe, then yours is a weak-balance-sheet company.

Eliminate Duplication

The smart manager will insist that the banker can achieve many objectives through a single covenant. For example, the debt-equity ratio restriction can control management’s use of leverage and also serve as the yardstick for a trigger if the company incurs losses. If the banker proposes a net worth minimum as a trigger and a debt-equity ratio as a brake on leverage, the manager can argue for elimination of the trigger because the debt-equity ratio is a sufficient control. The banker may counter by maintaining that he wants to safeguard loss control directly, but the borrower may at least get the restrictions relaxed somewhat.

Dealing with Strategy Control

A strategy restriction often leads corporate executives to seek a more “enlightened” bank. Unfortunately, if one bank thinks this kind of control necessary, usually most others will agree. Rather than shopping around, find out why the banker objects to a strategy; then point out your thinking behind it and the importance of flexibility. After all, success here should guarantee future earnings power. Then agree to other restrictions—for example, a tight trigger that allows the bank to put a stop to the strategy if it results in losses. If, after considerable discussion, the bank officer continues to regard the plan as inappropriate, consider financing from a source less averse to risk than a commercial bank.

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

IT Lawyer

Lawyer For Hard Money Lenders

Modification Of A Bridge Loan

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Negotiating An Bridge Loan appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/negotiating-an-bridge-loan/

0 notes

divorcelawyergunnisonutah · 11 months

Text

Modification Of A Bridge Loan

A bridge loan is a short-term loan that is used to provide financing to a person or company during a period of transition. In other words, a bridge loan is there to help you “bridge” the financial gap for a short period of time (usually up to one year). Bridge loans are commonly used in real estate and allow you to use the current equity (value of home minus remaining mortgage) of your home to borrow money.

As an example, let’s say you land an awesome new job, but in order to take it, you have to relocate. So, you put your home up for sale and, while you’re anxiously waiting for a buyer, you find the perfect home in your new city. You want to buy a new house but you won’t have enough money for a down payment until your current home sells.

A bridge loan can provide you with the money you need now so that you can buy a new home before you sell your current one. Companies can also use bridge loans to help cover certain costs while they wait for more long-term funding.

Once you find a lender that offers bridge loans (more on that below), you will then need to see if you qualify for a bridge loan. You will need to satisfy the following criteria: • How’s your credit? Lenders will want to see a good-to-excellent credit rating. • Do you have enough equity in your home? You need to have at least 20% equity in your current home. • What’s the housing market like where you live? Lenders will look at the housing market in your area to try and assess if your current house is likely to sell quickly or sit for an extended period. If the market is stale, a bridge loan might not be the right solution. • Can you afford it? Lenders will use different financial metrics to decide if you can afford to take on a bridge loan. Like I talked about before, they will look at things like your debt-to-income ratio. There are definitely benefits and downsides to bridge loans (more on that later). However, a bridge loan might be an option for you if you meet some of these criteria:

You need money fast

If you’re in a situation where you’ve found your dream home and put in an offer but the seller won’t accept a contingent offer (the contingency being that you have to sell your home before you can purchase theirs), then you might consider a bridge loan. You can use the money you obtain with a bridge loan to make a down payment on your dream home and secure the sale, while you wait for your current house to sell.

You expect your current home to sell quickly

If you’re in an area where homes sell quickly then you might be well-positioned for a bridge loan. This is because bridge loans are meant for the short term. So, the quicker your house sells, the sooner you’ll have the money you need to pay back your loan.

You don’t want to sell your home until you’ve purchased a new one

Maybe you’re afraid that your home will sell super fast – before you’ve found a new place to live. This could result in you having to find temporary housing, and that can get expensive. If you want to secure the purchase of a new home before you sell your current home, then a bridge loan is a financial tool that can help you to achieve this.

You can financially handle it

Are you even eligible for a bridge loan? There are certain metrics that you will generally have to meet like having a low debt-to-income ratio. What is a low income to debt ratio? It’s a comparison of how much of your income is going to debt repay off each month for things like your mortgage, car payments, or credit card payments. You’ll be more eligible for a loan if you have a low debt-to-income ratio this signifies to lenders that you can manage your money.

They can see that you have enough money to pay your bills (or pay back loans), and that makes you an attractive borrower. While some people are well-positioned to take on a bridge loan, there are others who are not. This can be based on a number of scenarios including some of the following.

Bridge loans are short term loans. Usually, you have to pay them back within the term of a year. If you think it’s going to take months or years to sell your home, then this is not a good choice for you. There is nothing more adult than having a mortgage. And, honestly, having to pay a mortgage kind of sucks. Having to pay two mortgages would suck even more. If you’re not interested in managing two mortgages at once, then maybe no bridge loan for you!

How Do You Get A Bridge Loan?

Not every lender will offer a bridge loan on their menu of financial items as they are somewhat of a specialty item. Below are some of the places that are likely to offer a bridge loan option.

Your bank

You can start by reaching out to your current local bank or credit union to see if they offer bridge loans. Your local bank is a good option because you have history with them and, because they are local, they will be aware of what is going on with your local real estate market.

Hard money lenders

Hard money lenders are private mortgage lenders (meaning an individual or company not a bank) who lend their money to those who need it. Be aware of hard money lenders as they tend to charge some of the highest interest rates. Loans from a hard money lender have been referred to as “last resort loans” due in part to the high rates.

Mortgage broker

If you need help finding a bridge loan you can also reach out to a mortgage broker to see if they can assist you in your search. They should also be able to answer any questions that you might have in regards to whether a bridge loan is right for you.

Benefits Of Bridge Loans

• Quick application, approval, and funding process – The process of getting a bridge loan is often faster than securing other types of loans. • No home sale contingency – Your offer might be more appealing to a seller if there is no home sale contingency. Many people include this contingency which basically means that they will only go through with the purchase of the home if they can sell their own home within a certain period of time. • No expensive, intermediate accommodations – A bridge loan means you don’t have to shack up in a rental or a hotel if your home sells before you find a new place to live.

Downsides Of Bridge Loans

• You pay a high fee for convenience – Because bridge loans are generally short-term (to be paid back within a year or less), lenders charge more for interest to ensure that it’s worth it for them. There are also origination fees associated with closing costs so make sure you know the cost of everything involved before you commit. • Having to pay for multiple mortgages – When you take out a bridge loan to purchase a new home prior to the sale of your current home, you will be paying two mortgages. This isn’t an ideal situation. • Require a strong financial situation – In order to be eligible for a bridge loan, you have to be in a pretty secure financial position. If you have a ton of debt or a terrible credit score, then you might not even qualify for a bridge loan. You also need to have considerable equity in your home (min of 20% equity).

Pros and Cons of Bridge Loans

Bridge loans are short-term loans in which a property owner borrowers against the equity in their existing real estate. The intention is that the borrower will purchase new real estate. After the new real estate has been secured, the previous property will be sold in order to pay off the bridge loan. Bridge loans are useful financing tools for homeowners and real estate investors with sufficient equity within their property. Prior to applying for bridge loans, it is necessary to understand the pros and cons of bridge loans.

Bridge Loan Pros

• Avoid Moving Twice: If the homeowner obtained a residential bridge loan they would only need to move one time. Once the bridge loan is funded, the homeowner would have the needed funds to purchase the new home. After the new home is purchased, the homeowner moves and sells their previous home. If the homeowner decides to first sell their current home to access the equity in the property there would be additional steps. The homeowner must move somewhere temporarily and sell their home. When their home sells, they would use the proceeds to purchase their new home. Once they have completed the purchase of new home the homeowner would then move from the temporary housing to the new home. • Access equity quickly without selling: The purpose of a bridge loan is to borrow against the equity in an existing property in order to purchase a new property. Hard money bridge loans can be approved and funded very quickly. Bridge loans for investment property can be funded in as few as 3-5 days if needed. Owner-occupied bridge loans take 2-3 weeks as there are additional federal regulations that all lenders must follow. Hard money bridge loan lenders typically provide approval and funding much faster than conventional lenders who offer bridge loan financing. • Present a stronger purchase offer: Homebuyers will occasionally present a purchase offer that is contingent on their current residence selling before closing the new home. Buyers must submit this type of offer when they don’t have cash on hand for a sufficient down payment or all-cash offer and need the equity in their current home to complete the purchase of the new home. This type of offer may work in some situations, but from the seller’s point of view this type of offer is weak due to the inherent risk. There is no guarantee the buyer’s property will sell quickly and at the estimated price. Any other comparable offer without a contingency to sell an existing property would likely be accepted instead. During a rising real estate market, purchase offers with contingencies to sell are not likely to be accepted or even responded to. A buyer who chooses to obtain a bridge loan against their current home and present an offer with an all-cash offer or sizable down payment has a much better chance of their offer being accepted. Bridge loans can help a buyer completely change their situation and take a purchase offer from very weak (contingent on sale of current home) to very strong (all-cash offer). • Receive bridge loan approval after being denied by banks: Hard money bridge loan lenders are asset-based lenders and are most concerned with the value of the real estate as well as the equity the borrower has in the property. Hard money bridge lenders are able to lend to borrowers with bad credit and issues including foreclosures, discharged bankruptcies, loan modifications and short sales if the borrower has significant equity within their real estate. Institutional lenders like banks are much more concerned with a borrower’s income history and credit scores. Banks will see any issues on a borrower’s record as a red flag and probably deny the bridge loan request. • Attain a bridge loan against currently listed real estate: Hard money bridge loan lenders are in the business of providing short-term loans and will provide bridge loan mortgages for real estate that is currently listed for sale. Most institutional lenders will not consider a loan against a property that is currently listed for sale. These types of lenders do not want to go through the process of approving, underwriting and funding a loan only to have the loan be paid off within 2-3 months. • Income documentation not required: The current federal regulations require the borrower to provide income documentation for owner-occupied loan. The lender is required to calculate the borrower’s debt to income ratio and make sure it remains in a reasonable range. Borrowers without sufficient income documentation cannot qualify for an owner-occupied loan because of the Ability to Repay Rule. Both conventional lenders such as banks and credit unions and private hard money lenders must comply with this rule. The Ability to Repay Rule does not apply to bridge loans as there is special exception. The sale of the existing property that will be sold once the new property acquired serves as the repayment for the loan. Bridge loans may be the only type of owner-occupied financing available for self-employed individuals, seniors, retirees, and those without income (but have equity in their home).

Cons of Bridge Loans

• Higher interest rates: Hard money bridge loan lenders have higher interest rates than conventional lenders. The fast approvals and funding provided by a hard money bridge loan lender generally justify the higher rates for the borrower. Hard money bridge loan rates are higher compared with conventional loans, but the borrower will only have the bridge loan for a very short term (12 months or less). The borrower may only make a few monthly payments before the bridge loan is paid off. The overall interest paid on the bridge loan is not likely to be substantial. • Higher transaction costs: Origination fees for hard money bridge loans are typically in the form of points, which are likely to be in the range of 1.5-3 depending on the lender and other factors of the loan scenario. Borrowers also will have to pay for standard real estate transaction fees including title insurance, escrow, notary and recording fees.

Loan Modification

• Explain your hardship. Why are you behind? Was it a result of unemployment, or excess medical bills, or family emergencies that are making it difficult to make your mortgage payments? You’ll need to be able to explain your circumstances to your counselor and your mortgage company. Start by writing a hardship letter to illustrate to your lender exactly why you fell or why you are falling behind. • Document your income. Now is the time to gather your paystubs, bank deposits etc. whatever documentation you can provide that will make up your total income. If you’re self employed, you’ll need to provide a profit and loss statement for the last 3 months or more. • Outline your expenses. In order to determine your mortgage payment’s affordability, the lender will evaluate your income vs. your expenses. As accurately as possible, write a list of your 3 monthly payments for groceries, utilities, child care, medical expenses, loans and credit cards, car payments, insurance, student loans, etc. Note: Current affordability guidelines require that your mortgage payment be no more than 31% of your total gross monthly income. • Gather your Federal Tax Returns. You’ll need to provide federal tax returns for the past two years as part of your financial picture. • Provide proof of insurance. You’ll want to have proof of insurance on hand to provide to the lender/counselor, as well. • Be prepared to interview with a counselor. As part of the process, you may need to meet with a counselor. At that meeting, the Counselor will explain how the program works, determine the best options for your situation and explain what happens next. • Stay connected. Follow up with all appointments, meetings, phone calls etc. and stay in contact with your counselor. Provide current contact information so that you can be reached quickly during the process. • Deliver documents as requested. Be sure to provide all documentation and information the lender and counselor requests as quickly as possible. Failure to follow up with any requests for information may delay the processing of your loan modification. • Keep careful records. Be diligent and document your conversations, the names of the people and organizations you spoke with, their phone numbers, when you spoke with them and what was discussed. Keep copies of all communications letters, faxes, emails etc. exchanged throughout the process. • Protect Yourself. Check out our pointers on Traps to Avoid When Modifying Your Mortgage and learn simple guidelines to avoid Foreclosure and Loan Modification Scams.

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Is It Better To File Bankruptcy Or Pay Off Debt?

IT Lawyer

Lawyer For Hard Money Lenders

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Modification Of A Bridge Loan appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/modification-of-a-bridge-loan/

0 notes

divorcelawyergunnisonutah · 11 months

Text

Lawyer For Hard Money Lenders

Hard money lenders provide borrowers with loans that are backed by some form of real estate. Here, the borrower may put up their property interest in a home or commercial property as collateral for the loan. These loans are often called “bridge loans.”

Loans obtained from a hard money lender often have the following characteristics: • They may be easier to obtain, as the hard money lender often does not follow traditional credit check and loan approval guidelines. • The loan may be subject to higher interest rates, since borrower approval is somewhat “loose”, and there is often the risk of borrower default. To counteract this, hard money lenders often lend at higher interest rates. • The loan term is typically shorter than a traditional loan, often less than 10 years. This means higher monthly payments in some cases.

While hard money lenders may not always require an exhaustive check for approval, they are required by law to verify “ability to repay.” That is, they will usually be required to verify income documentation from the borrower.

Hard money lending can often be associated with specific legal issues. These include: • Licensing: Hard money lenders need to obtain the proper licenses and certification in order to lend the money. For instance, they will need special licensing if the property to be used as collateral is residential property. Without proper licensing, the loan will not be considered valid. • Fraud: Some hard money loans may be subject to various loan fraud and misrepresentation issues on both the lender and the borrower’s side. • Pre-paid interest: Lenders generally cannot require more than two months of pre-paid interest for loans backed by residential property. This may be different for loans backed by commercial property.

Legal disputes over a hard money lending contract can often require a lawsuit. These may be remedied through a damages award that will help the non-breaching party be compensated for losses. In some serious cases, criminal charges may sometimes be involved, especially for cases involving fraud, deception of a government official, or other criminal issues. Hard money loans can often help a person obtain funds in a short amount of time, with less verification requirements. However, they are also associated with certain risks and penalties. You may need to hire a qualified bankruptcy attorney if you need help with a hard money loan. Your lawyer can help you research your financing options, and can also represent you if you need to file a lawsuit with the court. When it comes to private loans or hard money loans, it’s essential to involve an attorney for the borrower’s protection. Private loans are very individualized and complicated, so a lawyer is needed to review all aspects of the contract. It’s necessary to work with an attorney that has experience with hard money loans, not just a general counsel. Many real estate attorneys have past experience dealing with private loans and can save the borrower money as they understand the typical issues that come up. The private money lender (PML) may be able to recommend an attorney that their clients use.

Usury Caps

The lawyer should have a working knowledge of the state’s usury caps. Usury laws are regulations on the maximum interest rate that can be charged on a loan. Most often, loans will be set with an average interest rate, with a clause that if the borrower defaults, the interest rate can increase. A real estate attorney should review the usury caps to ensure they are fair and in your favor as much as possible.

Upfront Fees

Upfront fees should be a clear and open discussion between the private money lender and the borrower. A specialized attorney can review the contract to ensure the upfront fees are aligned with what was agreed on, and advise if the upfront fees are standard for the typical loan of the borrower’s size. This is yet another reason an experienced lawyer is essential. They will be able to identify if any of the fees associated with the loan seem significantly higher than ones they have come across in the past.

Repayment Term of the Loan

An attorney should review the repayment term of the loan, including the penalty fees. As a borrower, it’s essential to understand when penalty fees may occur, so they can be avoided as much as possible.

Default, Foreclosure, and Bankruptcy

Depending on the state the loan is being acquired, the private money lender may or may not have to adhere to banking laws. For example, private money lenders in the state of Texas must adhere to banking laws and regulations.

Ultimately, this can make a significant difference in how a default or foreclosure is handled by the lender. A specialized attorney can review the contract to understand and explain when the lender would be allowed to begin the foreclosure process. Ensure that the agreements outlined for default and foreclosure are fair, and seem within reasonable limits, so this situation is avoided at all costs. The hard money lending business is a hard asset (real estate) based business. You will need to consider several factors while structuring your company. One factor is whether you will be using your money or seeking investors. A second factor is whether you will be making loans locally, nationally or internationally. Third, you will need to determine what you are investing in real estate, start-up companies or early stage businesses. The fourth factor is the type of businesses that you will lend money to, such as technology, real estate development, and construction, residential or commercial.

Use Your Money

1. Start by naming your company and obtaining a corporate address, phone and fax number. These are essential regardless of how you legally structure your business because your legal documents will need a corporate address. Contact the secretary of state’s office, on your state’s website, to reserve your company name. 2. Meet with a lawyer to determine the legal structure of you hard money lending business. The most likely legal structure will be a limited liability company. Your attorney needs to be an expert in business and real estate. Discuss with your attorney the appropriate state of incorporation, tax issues, licensing and the different legal issues concerning residential and commercial lending. Have your attorney set up your employer identification number with the IRS. 3. Research your particular investment focus. Perhaps you have an expertise in small apartment buildings or tech companies. You will want to focus on what you know and learn what the markets are doing in your space. For instance, if you are investing in apartment buildings, you need to know the rents in the area, property values, comps (values of similar properties nearby), business environment and other factors that affect the current and future value of the property and the ability of the borrower to repay. 4. Purchase business planning software and draft your business plan and underwriting criteria based on the types of loans you will be making. Develop such items as your loan to value parameters, minimum and maximum investment amounts, interest rates charged property types such as manufacturing plants, office buildings, strip malls or apartment buildings, and payback periods. Think of your business plan as your road map that keeps you on track. 5. Put together your financial projections. Regardless of the fact that you are investing your own money, you need to know the break-even points, projected monthly and annual income based on various interest rates charged, monthly expenses, legal costs and other expenses. You will need to develop a balance sheet, income and cash flow statements, and a profit and loss statement. 6. Buy your domain name, set up your website and launch your business. Have the website professionally done and put an intake form on the site so you can pre-qualify projects online. Make certain to request information such as project type, loan requested, length of loan, value of property, location, and other important factors based on your lending criteria.

Launching a Hard Money Lending Business Using Investors

Complete all the above steps, coupled with a discussion with legal on the documents required to raise capital for your business. You need to determine in what states you will be seeking investors. Your attorney will need to be versed in “blue sky law,” which are state laws to protect investors from fraud. Direct your attorney to draft the stock subscription, stock purchase and shareholder rights agreements.

1. Hire an experienced management team. You will need a team that has been successful in the past and knows the real estate and banking sector. Team experience adds credibility and makes raising investment capital easier. 2. Draft a two-page executive summary and 20-page investor focused PowerPoint presentation. The executive summary needs to make clear the amount of capital you are seeking and clearly captures the essence of the business model. The PowerPoint needs to include use of funds and the returns that investors can expect. Edit and review your PowerPoint at least five times. 3. Develop your risk management and underwriting program. This protects you and your investors. You have a responsibility to investors to manage risk appropriately in order to protect them and to protect you from litigation should loans go bad or the business fails. 4. Begin raising money and looking for projects to fund. Having a network of commercial real estate brokers will bring you a great deal of business. By having projects that are undergoing the pre-funding due diligence process, while seeking capital, provides you a portfolio of projects that will attract investors.

Pros and Cons of Bridge Loans

Bridge Loan Pros

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Is Debt Relief Better Than Bankruptcy?

Is It Better To File Bankruptcy Or Pay Off Debt?

IT Lawyer

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Lawyer For Hard Money Lenders appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/lawyer-for-hard-money-lenders/

0 notes

divorcelawyergunnisonutah · 11 months

Text

IT Lawyer

Technology has impacted the legal field in a variety of ways. Firms are implementing technology solutions to help them run their practices. Another way technology has impacted the industry is through the emergence of a new specialization: a tech lawyer. At the most basic level, a tech lawyer is an attorney that deals with clients who produce or manage technology products and services. This definition means that there is a broad range of tech lawyers spanning across a wide range of industries.

Tech lawyers are charged with reviewing the legal implications of technology solutions, whether they’re for internal use or for public sale. The challenge for most attorneys is that technology moves much faster than the law. The legislation has been revised a few times since then, but one area that remains a legal mystery is whether or not websites are considered to be public spaces. More of these cases are turning into lawsuits and case law has been inconsistent.

How to Become a Tech Lawyer

The one thing that makes being a tech lawyer exciting and challenging is that the field is continuously evolving and changing. You need to stay on your toes if you go this route in your legal career.

Understand Your Strengths as an Attorney

You don’t need to be a computer scientist to be a tech lawyer. However, there are certain skills that are better in some situations than others. You want to honestly assess your strengths and then find the specialization that best fits your skills.

Choose a Specialization Within the Specialization

Yes, there are specializations within the specializations of technology law. Technology is broad, and you want to narrow down to an area of law that plays to your strengths. Here are a few areas to explore.

Legal Engineers

A legal engineer is another way to refer to tech lawyers. Legal engineers are experts in data governance. They take the complexities around data privacy laws and regulations and work with the IT team to make sure that the company is compliant. This is a critical function because noncompliance can result in massive fines for companies.

IP Law

Intellectual property is a big area for tech companies. Companies want to have an attorney that will protect their intellectual property from theft and knockoffs drowning the market. Canon just won a lawsuit against counterfeiters selling knockoff batteries on eBay. IP law also entails licensing matters. Some companies license their technologies for sale and use. These agreements need to be negotiated.

International Tech Law

Data governance is much more complex at an international level. As governments are becoming more aware of data privacy issues, The General Data Protection Regulation that was passed by the European Union requires that companies that target a European audience comply with the regulation. In the U.S., states are beginning to pass their own data privacy laws and regulations. This will make compliance for any firm incredibly frustrating and complex. Your job as an international tech lawyer is to stay up to date with tech laws around the world and understand how they impact your client.

Employment and Contracts Law

Tech companies are under a great amount of scrutiny over their hiring practices. These companies often rely on contractors to operate. State governments are contending that many of these contractors are actually employees. California’s new law just went into effect and we’re just beginning to see the implications of that law. You’ll need to advise companies whether or not their staff should be classified as employees or how they should work with contractors.

As a tech lawyer, you’re likely to represent large organizations that have extensive knowledge of emerging tech issues. In a sense, there are high expectations from your clients to make sure that your own IT infrastructure is efficient and secure. It’s part of the process to build trust and to show that you understand technology issues well. As your practice and reputation grow as a tech lawyer, you may become a target yourself for cyberattacks. You have to be on guard and make sure that your practice is protected. A data breach of any kind could be damaging and difficult to recover from.

Why do people need an IT lawyer?

If you have a website with a simple design which hardly processes any personal data, you may just as well write your own data protection notice or have it prepared by an online generator. But some websites involve very intensive personal data processing mechanisms. In this case, the IT lawyer must, first of all, understand the technology behind the website, i.e. an attorney must know, in detail, which data is being processed, how and where. So sometimes, they need to conduct intensive research and ask many people besides the owner of the website, including the website programmer, the designer, the administrator or the programmer of the webshop software used on the website, etc.

Types of Lawyers

Whatever your legal problem, there’s likely an attorney who specializes in dealing specifically with your particular legal issue. If you’ve been trying to find a lawyer to help you solve your specific legal problem, you’ve probably realized there are many different types of lawyers. The legal field is vast and complex and you’ll find that many lawyers specialize in a particular area of law. If you find yourself in need of a lawyer, make sure they have the expertise to handle your unique situation. Because there are so many different types of lawyers, you’ll want to match your legal concern with the appropriate attorney.

Personal Injury Lawyer

If you’ve suffered injuries in an accident, for example, a car accident; the type of lawyer you’ll want to see is a personal injury lawyer. These types of attorneys specialize in obtaining compensation in the form of damages for injuries caused by other parties.

Estate Planning Lawyer

The estate planning lawyer specializes in wills and trusts, and can help you to draw up a will to pass on your assets. Among other estate planning legal services, this type of lawyer can help you set up a trust which will help take care of your children’s financial needs.

Bankruptcy Lawyer

If you’re having financial difficulties and are contemplating bankruptcy proceedings, you’ll want to consult with a bankruptcy attorney. This type of lawyer can advise you on your eligibility for bankruptcy, the types of bankruptcy you’ll want to consider and which type would be best for your particular circumstances, as well as any potential alternatives to bankruptcy which you may want to explore.

Intellectual Property Lawyer

Also known as an IP attorney, an intellectual property lawyer can advise you with regard to issues relating to intellectual property, such as copyrights, trademarks, patents, industrial design and trade secrets.

Employment Lawyer

Whether you’re a company that’s having a problem with an employee, or an individual who’s having problems with the company you work for, an employment lawyer can generally provide advice about legal issues which arise from an employment contract or within an employment relationship.

Corporate Lawyer

If you own a corporation, you’ll likely find yourself consulting with a corporate attorney on many different occasions. A corporate lawyer will be able to help you with issues related to the formation of your corporation, general corporate governance issues and corporate compliance issues.

Immigration Lawyer

When you’re dealing with immigration issues, you’ll want to consult with an immigration lawyer. This type of lawyer should be well versed in dealing with immigration issues such as visas, citizenship, refugee or asylum and green cards.

Criminal Lawyer

If you or a loved one has been charged with a crime, a criminal lawyer is the type of lawyer you should turn to. A criminal lawyer will be knowledgeable in areas related to criminal law, including issues related to bail, arraignment, arrest, pleas and any issues relating to the criminal trial itself.

Medical Malpractice Lawyer

Doctors do occasionally make mistakes, and if you’re facing the consequences of a medical mistake such as a medical misdiagnosis or inaccurate treatment, a lawyer who specializes in medical malpractice issues can be particular helpful.

Tax Lawyer

Getting into trouble with the IRS is no fun. A tax attorney specializes in the many intricacies of federal, state and local tax laws, and should be able to provide advice on the particular tax issue you face.

Family Lawyer

Whether you’re in need of a prenuptial agreement, engaged in divorce proceedings or involved in a child custody or spousal support battle, a family lawyer is the type of lawyer who’ll be best equipped to guide you through the process which lies before you.

Worker’s Compensation Lawyer

If you’ve been injured while on the job, or have had to face the death of a loved one as a result of a workplace accident or occupational disease, a lawyer who specializes in workers compensation law can help you navigate the issues you face, such as the extent of the employer’s fault and the amount of benefits to which you are entitled.

Contract Lawyer

A contract lawyer specializes in the handling of issues arising from contracts, and can be consulted for a wide range of contract-related issues. Whether you’re unsure if you should sign a particular contract, or if something has gone wrong with a contract you’ve already signed, an attorney who specializes in contracts is the type of lawyer who should have the experience and expertise required to help you resolve your contractual issues.

Social Security Disability Lawyer

The Social Security Disability system can be a particularly complex system in which to navigate. An attorney who specializes in Social Security Disability issues can help you with any step in the Social Security Disability process, including assisting you with eligibility issues, launching an appeal of a decision to deny you benefits and dealing with the reduction or termination of your benefits.

Civil Litigation Lawyer

Suing someone, or responding to someone’s lawsuit against you? An attorney who specializes in civil litigation will be your best legal option. You may also find that different attorneys will specialize in different litigation areas as well. For example, a corporate litigation lawyer should have the expertise to help you with commercial litigation issues.

General Practice Lawyer

Unlike lawyers who specialize in a particular area of law, a general practice lawyer has a practice that handles a wide range of legal issues. Different general practice attorneys will have different areas of law with which they are most comfortable, so if you consult with a general practice lawyer, it’s always prudent to discuss his or her experience in handling the type of legal issue you’re facing.

There are many different types of lawyers available in the legal marketplace today. When you’re looking for legal help to deal with an issue you’re facing, it’s a good idea to find a lawyer who is experienced in the specific area of law with which you’re dealing.

IT law, ICT law or Cyber law

There are many terms that describe the area of law an attorney specializes in: • ICT law, IT law, information technology law, technology law, tech law, computer law, • electronic law (or elaw), • social or new media law, digital media law, • Internet law, cyber law, and web law.

In many parts of the world, ICT law is referred to as information technology law or IT law. Sometimes it is referred to as technology law. There is no single body of law which can be called ICT law. It is a distinct field of law that comprises elements of various branches of the law, originating under various acts or statutes of Parliament and the common law, like: • contract law • consumer protection law • criminal law • patent law • copyright law • trade mark law • intellectual property law • banking law • privacy and data protection law • freedom of expression law • tax law • telecommunications law • work or labour law • the law of evidence

Technology law is the body of law that governs the use of technology. It is an area of law that oversees both public and private use of technology. The practice of technology law can mean a lot of different things depending on whether the attorney works for the government or works in private industry. Technology law covers all of the ways that modern devices and methods of communication impact society.

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

How Much Estate Planning Cost?

Is Debt Relief Better Than Bankruptcy?

Is It Better To File Bankruptcy Or Pay Off Debt?

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post IT Lawyer appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/it-lawyer/

0 notes