Although renting a property does not subject a tenant to the same liability as that of a property owner, tenants can still benefit from obtaining separate renter’s insurance policies. Renters’ insurance policies are similar to homeowners’ insurance policies but have no coverage for buildings or structures. Renter’s insurance typically covers the cost of replacing personal items that are stolen, damaged, or destroyed. Some renters’ policies cover legal liability in the event that anyone suffers an injury while on the insured property. Certain actions of the policyholder which occur away from the insured property may also be covered. The landlord’s insurance will probably not cover tenant property losses unless the tenant can specifically demonstrate that the landlord was negligent in some manner. Although renter’s insurance is not usually required, by the terms of some leases, tenants may be required to have insurance to cover their liability exposure if someone is injured on the premises, or if damages occur from items owned by the renter, such as waterbeds. And, the landlord can, in fact, require the renter to have liability insurance. When signing a new lease, or after proper legal notice for a month-to-month rental agreement, the landlord can even lawfully change the terms of the agreement to require renter’s insurance. This may be particularly important if the renter has animals, or if the property contains a pool. Render’s Insurance Company DutiesWhen a renter purchases liability insurance, part of the insurance company’s obligation is to provide a defense in the event of a lawsuit. Even though the insurance company selects the lawyer and must approve the payment of all legal fees and other expenses of the lawsuit, the lawyer represents the policyholder. Under most types of liability insurance, the insurance company has the contractual right to settle or defend the case as it sees fit. The policy owner has an opportunity to provide input, but the company typically has no obligation to obtain the policyholder’s consent or approval. If you fail to make your home mortgage payments, foreclosure may occur. Foreclosure is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued. If that happens, you not only lose your home, you also would owe your lender an additional amount. Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. Below are some tips on avoiding foreclosure. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house. Contact your lender as soon as you realize that you have a problem. The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court. Find your loan documents and read them so you know what your lender may do if you can’t make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office. Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure/index.cfm. The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339. After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other “unsecured” debt until you have paid your mortgage. Do you have assets — a second car, jewelry, a whole life insurance policy — that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don’t significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home. You don’t need to pay fees for foreclosure prevention help — use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month’s mortgage payment) for information and services your lender or a HUD-approved housing counselor will provide free if you contact them. If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD-approved housing counselor. Real Estate Attorney Free ConsultationWhen you need legal help with a real estate matter, please 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
How to Probate an Estate in Utah via Michael Anderson https://www.ascentlawfirm.com/renters-insurance/
0 Comments
It is helpful to understand the basics of contract drafting even if you rarely draft your own contracts. A basic understanding can add to your confidence in all types of business writing, and will also aid when reviewing and interpreting the contracts in which you are a party. Remember these things when you draft a contract: (a) An effective contract should always be clear, specific, and focused. (b) Sentences should be short to avoid unnecessary complexity and ambiguity. (c) You may want to look at sample agreements prior to drafting your own. (d) Make sure all party names are accurate. Include their business titles if applicable. (e) A contract should be consistent in its tone, grammar, word usage, and abbreviations. (f) Outlining the contract can aid clarity and allow for quick reference to certain clauses. (g) Make sure you define important terms. (h) Anticipate litigation by including sections regarding venue, choice of law, and attorney fees. (i) All parties should sign the contract, including business titles if applicable. (j) Pages should be numbered. Avoid the appearance that pages could have been added after the agreement was signed. (k) As with any business writing, proofread very carefully. Trade RestrictionsAt the most basic level, “restraint of trade” is any activity that prevents another party from conducting business as they normally would without such a restraint. For instance, two businesses agreeing to fix prices in order to put another competitor out of business is an illegal restraint of trade. Other examples include creating a monopoly, coercing another party to stop competing with your business, or unlawfully interfering with a business deal (think: Tortious Interference). However, not all restraints of trade are unlawful, including non-competition agreements with employees in states where such agreements — if considered reasonable — are enforceable. Some restraints of trade are, in fact, legitimate and upheld by the courts if they are considered “reasonable.” In order to be considered reasonable, and thus valid, a restraint of trade must serve a legitimate interest, be limited to that particular interest, and not contrary to the public interest. For example, manufacturers often work out agreements with distributors to serve specifically defined territories. While it technically is a restraint of trade, it serves a legitimate interest and is not contrary to the public interest. Contract Lawyer Free ConsultationWhen you need legal help from a contract attorney, please 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 via Michael Anderson https://www.ascentlawfirm.com/contract-drafting-law/ If you do not pay in full when you file, you will receive a bill from the Internal Revenue Service (IRS). This bill begins the collection process, which continues through alternative payment options and ends when your account is satisfied. As an international tax attorney, I try to provide not only good information on this website, but I also help my clients resolve tax problems that they may have with the IRS or Utah State Tax Commission. The first bill you receive will explain the reason for your balance due and require payment in full. It will include the tax due plus penalties and interest that are added to your unpaid balance from the due date. You can pay this bill over the phone or by sending the IRS a check or money order payable to United States Treasury. If you cannot pay the balance in full, you should pay as much as you can with the notice. The unpaid balance is subject to interest which is compounded daily and a monthly late payment penalty. Therefore, it’s in your best interest to pay your tax liability in full as soon as you can. You might also want to consider a cash advance on your credit card or a bank loan. The interest rate your credit card issuer or bank charges may be lower than the combination of interest and penalties imposed by the Internal Revenue Code. It may also keep your tax debt from negatively affecting your credit rating. If you’re unable to pay your balance in full, the IRS may be able to offer an individual payment plan with monthly installments. However, if all payment options have been considered and it’s determined that you don’t qualify for an installment agreement, you can also file an offer in compromise. This is an agreement between a taxpayer and the IRS that resolves the taxpayer’s tax liability. The IRS has the authority to settle, or compromise, federal tax liabilities by accepting less than full payment under certain circumstances. When you contact the IRS, you should be prepared to discuss your basic income and expense information. To prepare, gather together all of your information about your income, assets and necessary living expenses, such as your most recent pay stubs, rent or mortgage payment amounts, transportation expenses, etc. This will allow the IRS to assist you most effectively. It’s important to contact IRS and make arrangements to pay the tax due voluntarily. If you do not take some action to pay your tax bill or contact the IRS to make arrangements to settle the account, the IRS may take collection actions to secure payment. They can file a Notice of Federal Tax Lien; they can serve a Notice of Levy (which means take your money or property without further notice); and they can offset a refund. By filing a Notice of Federal Tax Lien, the government establishes its interest in your property as a creditor. The lien is a claim against your property, including property that you acquire after a lien is filed. The lien is required by law to establish priority as a creditor in competition with other creditors in certain situations, such as bankruptcy proceedings or sales of real estate. Once a lien is filed, it may appear on your credit report and harm your credit rating. Once a lien is filed, the IRS generally cannot issue a “Certificate of Release of Federal Tax Lien” until the taxes, penalties, interest, and recording fees are paid in full. A Notice of Levy is another collection method in which the IRS can, by legal authority, confiscate (take) and sell property to satisfy a tax debt. This could include your wages, bank accounts, Social Security benefits, and retirement income. If your tax liability remains unpaid, the IRS can also levy assets such as your car, boat, or real estate. In addition, when you have an outstanding tax liability, any future federal tax refunds that you are due will be offset by the amount you owe. Any state income tax refunds you are due may also be levied, and the proceeds applied to your liability. IRS Collection Lawyer Free ConsultationWhen you need legal help because the IRS is coming to collect from you, please 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
Civil Attorney in Salt Lake City Utah via Michael Anderson https://www.ascentlawfirm.com/irs-collection-process/ Many Americans face eviction every year. While dealing with the prospect of losing your home is never easy, you aren’t alone. Local laws provide protections for tenants such as a notice requirement, the possibility of paying partial rent, and more. Below you will find key information about possible defenses to an eviction action and where you can go to find more legal information. Remember, if you are having a landlord tenant issue, time is always of the essence. Improper NoticeEach state has its own requirements for the notice of eviction and the method in which the tenant receives the notice. If the landlord did not provide sufficient notice prior to filing a court action, or did not correctly deliver or serve the notice to the tenant, the tenant may have a defense to the eviction (even if the tenant has not paid the required rent). If this argument is successful, the landlord will usually be forced to redo the procedure from the beginning. Acceptance of Partial RentIf the landlord accepts partial rent from the tenant, knowing that the tenant is in noncompliance with the lease agreement — either because of nonpayment of rent or due to some other reason — the right to evict the tenant during that rent period is usually waived. The landlord could have the tenant sign a paper indicating that partial acceptance on the part of the landlord waives any rights the tenant would otherwise have to claim partial payment. Such waivers are valid in many jurisdictions. Failure of the Landlord to Maintain the PremisesA tenant seeking to use this theory as a defense to eviction should provide written notice to the landlord that there is a defect in the property. The notice to the landlord typically must provide the landlord with a reasonable amount of time to accomplish the repairs. If the landlord is nonresponsive, the tenant may then hire and pay for a professional to make the necessary repairs, then deduct the cost of the repairs from the rent paid to the landlord. Some states restrict this repair-and-deduct tactic and provide that the cost of the repair must not be more than one month’s rent. Retaliatory EvictionThis type of eviction happens when the landlord takes an action against a tenant for acting as a tenant activist. If the landlord seeks to evict the tenant for informing government agencies of code violations, or for requesting that the landlord make repairs and maintain the rental property in fit and habitable condition, a retaliatory eviction claim may be a valid defense to an eviction action. Constructive EvictionConstructive eviction occurs when residential rental property is in an uninhabitable condition. When rental property is uninhabitable, it is said to create circumstances under which the tenant has been deprived of the full use and possession of the rental property, and has therefore been “evicted.” The theory of constructive eviction is that since the tenant did not receive what was contracted for, the tenant is not obligated to continue paying rent to the landlord. In order for such a claim to be effective, the tenant should give the landlord written notice of reasons for the constructive eviction and provide the landlord with a reasonable amount of time to correct the problems. If the landlord does not fix the problems within a reasonable amount of time, the tenant may leave the rental property and not be responsible for payment of rent which would have otherwise been due. Fair HousingIn 1968 the federal government passed the Fair Housing Act, which has since been modified and adopted by states and various localities. The Fair Housing Act as amended prohibits discrimination in housing and related transactions on the basis of race, color, national origin, sex, religion, disability, and familial status (the presence or anticipated presence of children under 18 in a home). The Act covers discrimination in all types of housing-related transactions, including rentals and leases. Free Consultation Eviction LawyerWhen you need legal help with an eviction, please 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
via Michael Anderson https://www.ascentlawfirm.com/defenses-to-eviction/ Many new business owners make the mistake of taking out too many loans too quickly instead of exploring other means of structuring their business or securing financing. While loans can be used at any point during a business’s life, it’s always better if you can minimize the amount of loans you have to take out until your business’s cash flow and customer base is well established. If payments on the loan start coming due before the business begins producing sufficient revenue to cover them, it can put serious pressure on the business’ cash flow. Before you start signing loan documents, consider a few alternatives: You’d be surprised how willing friends and family might be to support you. While still technically loans, you can generally get much more favorable terms from friends and family than you can from a financial institution. Even if their loans are small, enough small loans from friends and family can really help make the difference, especially in the beginning. Make sure you adequately document loans from friends and family to avoid any confusion and misunderstandings with them down the road. Commercial loans are a little different than personal loans in terms of where you can get them. Of course all of the same financial institutions that would give you a personal loan will probably be able to help you with a business loan as well. These include banks, credit unions, and savings and loans. In addition to the usual suspects, government entities like the Small Business Association (SBA) may be able to offer you loans as well. Many states and larger cities also have local organizations that are designed to stimulate business investment, so before you run to the nearest bank, check to see what other options may be available to you. These specialized business organizations can often offer discounted rates on loans because they are subsidized by governments and other organizations. Once you’ve decided who your lender will be, the basic financial instrument behind most loans is the promissory note. As its name suggests, it is a document in which you promise to pay back a certain amount of money, the principal, at a certain interest rate over a set period of time. It’s equally important to have it in writing in case you get audited by the Internal Revenue Service (IRS) at some point. Money from friends and family without an agreement may seem more like a gift to the IRS. Even if your friends and family tell you they don’t need you to put it in writing, explain to them that it’s important for financial record-keeping and to protect you from the IRS. Always shop around to get the best rate because higher interest rates can really impair a business’s ability to keep current on its loans. In addition to finding the best rate possible, there are two other aspects of interest rates to watch as a business owner. First, interest rates that are too high may violate state usury laws that limit the maximum interest rates allowed. Usury laws vary greatly from state to state, so check your state’s laws to make sure that you’re not taking out an illegal loan if the interest rate seems quite high. Many lenders will require that you put up some sort of collateral for the loan. As a business owner, you may be able to use business assets as collateral (such as office equipment and property). Chances are good, however, that your business assets won’t cover the loan. In that case, you may have to put up personal collateral, such as taking out a second mortgage or deed of trust on your house. Depending on how you’ve set up your business, the lender may also be able to sue you personally and take your personal assets to satisfy the loan. A lender may require a cosigner or guarantor on the loan. If you have a business partner cosign the loan, he or she should already be aware of the risks, but if you are going to have friends or family cosign the loan, make it very clear exactly what the risks are: If you are married, there’s a good chance that a lender may require that your spouse cosign the loan. Make sure you and your spouse understand that it’s not just your jointly owned property that may be at risk. Your spouse’s separate property can also be reached to satisfy the debt, so be very clear with your spouse and make sure that he or she is really comfortable with that possibility. Although limited liability companies generally shield business owners from personal liability, if your or other business owners cosign the loan, you are effectively stepping outside of the protection of a limited liability company. All of your jointly held and separate property could be seized to satisfy the debt. Small Business Loan Attorney Free ConsultationWhen you need legal help with a small business loan, please 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
Medical Malpractice Insurance Law Child Support Garnishment in Bankruptcy via Michael Anderson https://www.ascentlawfirm.com/loans-for-small-businesses/ The laws surrounding grandparent’s visitation rights is currently in a state of flux in Utah. A specific court decision has come down over the past few years, but the Utah Code allows for grandparents’ rights. Its best to speak with a family lawyer to discuss these issues than to rely on information here. Courts grant visitation or custody to grandparents only when certain conditions provided in state statutes are met. Conditions for a grandparent to attain custody differ from those conditions required for visitation rights. A grandparent should be familiar with the conditions for either custody or visitation before determining whether to file a petition to request either from a court of law. The Best Interests of the Child StandardCourts in every jurisdiction must consider the “best interests of the child” when granting custody or visitation rights to a grandparent. In some states, the relevant statute provides a list of factors the court should considered when determining a child’s best interests. Other states do not provide factors in the statute, but courts in those states typically identify factors in custody and visitation cases interpreting the state statutes. The following are some of the factors in determining the best interest of the child are among those included in state statutes and case law: What About Abuse?If a grandparent can show that a parent is abusive, unfit, or incompetent, courts are far more willing to grant permissive (and in some cases permanent) rights to grandparents if it is in the best interest of the child. In addition, courts have been very willing to grant visitation rights during the divorce period. It is usually best to try to resolve grand parenting time problems amicably, as opposed to through the courts. It may be that the parent who is refusing access will be amenable to having the dispute mediated by a qualified professional. It is usually best to make litigation a last resort — to be used only when all else has failed. Child custody and visitation laws surrounding grandparents’ rights are constantly changing. If you’re trying to determine the visitation and custody rights of grandparents, you should consider consulting a family law attorney for advice. A lawyer can assist you in understanding the laws in your state, determining the right approach to child custody and visitation, and, if needed, making your case to the court. Reach out to an experienced family law attorney near you today. Grandparent’s Rights Lawyer Free ConsultationWhen you need legal help with grandparent’s custody rights, please call Ascent Law at (801) 676-5506. We will 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
Medical Malpractice Insurance Law What is an undisputed divorce in Utah? via Michael Anderson https://www.ascentlawfirm.com/grandparent-custody-law/ When you owe the IRS money and have tried everything to pay it off with no luck, consider making the IRS an “offer in compromise” or “OIC” for short – to settle your tax bill. An offer in compromise allows taxpayers to wipe out their tax debt by paying the IRS less than what they owe in back taxes. The IRS is generally reluctant to agree to offers in compromise, but will do so when the OIC represents the agency’s best shot at getting the largest amount of debt possible from the taxpayer within a reasonable amount of time. You may need a tax lawyer to help you if you find yourself here. When considering a taxpayer’s OIC, the IRS will look at these factors (a) your ability to pay; (b) your income; (c) your expenses and debts; and (d) the value of your assets. You must also be current with their filing and payment requirements, and cannot be in an open bankruptcy proceeding. When you submit your application for an OIC, you will also have to include a $150 filing fee and an initial payment on the settlement amount (unless you meet the Low Income Certification guidelines.) This payment is non-refundable, but the amount will vary based on the payment option that you select. There are two payment options to choose from: (1) a Lump Sum: in this option, you pay your settlement amount very quickly. If you select this option, you must submit 20% of the settlement amount as an initial payment, then pay the remaining balance in five payments or less.; and (2) some periodic payments – with this option, you will submit an initial payment of your choosing, then continue to pay off the balance of the debt in monthly installments. If you comply with all the filing requirements and the IRS still rejects your offer, you can file an appeal of the decision within 30 days using Form 13711, Request for Appeal of Offer in Compromise. What Is a Tax Lien?You may have heard of the contractor’s (or mechanic’s) lien, but what is a tax lien? Generally, it is a legal claim against an asset or assets in order to guarantee the payment of a debt or the performance of some obligation. Liens make it difficult to sell the assets or secure lines of credit, so they offer a powerful incentive for the property owner to pay the bill or perform the action necessary to remove the lien. For example, if you hire a contractor to remodel your kitchen but refuse to pay the bill, the contractor can take out a workman’s lien on your property to force you to pay the bill. Until you do, you won’t be able to sell your property or take out a second mortgage on it. A tax lien is exactly what it sounds like: a lien placed on an asset based on a taxpayer’s refusal or inability to pay their tax bill. And since this is the IRS we’re talking about, the tax lien will take priority over almost any other debt or obligation that is secured with that asset. Also, an IRS tax lien isn’t tied to any particular asset. Instead, it attaches to all of the taxpayer’s assets, which can shut down an individual’s financial life until they settle up with the IRS. There are three steps the IRS goes through before it imposes a tax lien: first, the IRS will asses a taxpayer’s debt. Next, the IRS sends a “Notice and Demand for Payment” that explains the tax debt and informs the taxpayer that they must pay it. Finally, the IRS files a “Notice of Federal Tax Lien” that alerts the taxpayer and their creditors that the government has a legal interest in the taxpayer’s assets. How to Avoid a Tax LienThe easiest way to avoid a lien is to pay your tax bill on time. If that isn’t possible, however, there are still a few options available that could lessen the impact of a tax lien. The IRS will allow taxpayers to utilize these options if it fits with the agency’s interest in getting the most money possible from the taxpayer. Taxpayers can (a) File for a discharge of property. This allows a taxpayer to sell property free of the lien (most likely to pay off their tax bill). (b) apply for a Certificate of Subordination. The lien stays in place, but the IRS takes a backseat to other creditors. This can make it easier for the taxpayer to secure lines of credit; or (c) apply to have the lien notice withdrawn. This erases the lien and makes it as if the lien had never been there in the first place. Lien Withdrawal vs. Lien ReleaseA lien withdrawal differs from a lien release in two important ways: first, a lien release occurs automatically when a taxpayer pays off their debt to the IRS, while a taxpayer must apply for a lien withdrawal. Second, a taxpayer doesn’t necessarily have to pay off their debt to obtain a lien withdrawal. A tax adviser may be able to secure a withdrawal if the lien was filed incorrectly or if the taxpayer’s situation warrants it. Offer in Compromise Lawyer Free ConsultationWhen you need help with a tax problem, please 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 via Michael Anderson https://www.ascentlawfirm.com/offer-in-compromise-law/ I’ve heard it estimated that medical malpractice is an estimated $21-billion industry. Malpractice costs have become so expensive that more and more physicians are seeking alternatives wherever they can find them. Some are so angry and frustrated by soaring insurance premiums that they are going “bare,” foregoing costly insurance – relying instead, in some cases, on the threat of bankruptcy to bail them out of any hefty patient claims. This is a risky choice. Going without insurance, especially when it comes to medical malpractice insurance, has never seemed advisable. In fact, the lawyers I’ve spoken with say it’s crazy not to have insurance and I agree. Certainly, insurance has played an important part in our healthcare system since the courts began assessing blame for patient complaints and providing recourse for damages. On the one hand, managed care has drastically reduced the earning power of most medical professionals. What physicians face is a very real threat of out-of-control lawsuits and ridiculously high jury awards. Meanwhile, squeezing the economic equation from the other side are the insurance carriers that once (but no longer) relied upon stock market advances to cushion their losses. The net effect of all these economic factors has been skyrocketing insurance premiums, which seemingly defy justification. In some states, general practice physicians, with no surgery and no claims, have seen increases on the order of 300-500 percent in one year alone – a drop in the bucket compared to what some physicians with riskier specialties have seen in recent years. There are two distinct malpractice insurance coverages: indemnity and defense. “Indemnity” refers to policy limits. A policy limit of $1,000,000/$3,000,000 means that the insurance company is obligated to pay out in a settlement or award $1,000,000 per incident and $3,000,000 in the aggregate. “Defense,” on the other hand, is the cost of defending the claim from inception through trial and appeal, if necessary. Together these costs can be staggering, which is why an insurance company always considers both factors when deciding whether to settle or fight a claim. Therefore, before opting to self-insure, physicians should carefully weigh the cost of current and future malpractice coverage against the cost of fighting a lawsuit alone. There are other factors to consider. For example, many hospitals require that physicians maintain a certain level of insurance to receive staff privileges. Physicians also should be concerned with state requirements regarding indemnification, when considering self-insurance. The state of Utah, for example, requires doctors to post a $250,000 bond and must be available to satisfy a claim – that isn’t much considering the annual cost of malpractice insurance alone can be upwards of $100,000 or more for certain medical specialties. If there were a loss in Utah, then the $250,000 posted bond would be used to satisfy the judgment. But what happens if the judgment is $2,000,000, and there is no insurance coverage? The physician would have to pay the excess out of personal assets – $1,750,000 – assuming the physician had no other alternative available. But there is an available alternative. According to the Wall Street Journal, “Many of the doctors dropping malpractice insurance are sheltering assets in sophisticated trusts or partnerships, safely out of reach from legal judgments down the road.” With a properly structured asset protection plan, the excess amount of any judgment would likely not come from the physician’s personal assets. In fact, with an asset protection plan in place, assuming there are no other defendants or insurance companies involved, there may be no award or judgment at all. The presence of an asset protection plan in and of itself may be sufficient to deter litigation in the first place. But even before worrying about paying a judgment, the uninsured MD still has to put up a defense against a claim. Costs just to answer a claim and begin the legal defense process could easily start with a retainer of $10,000-$20,000 – and could be much more, depending on the type of case. Another insurance option is available in some states that can offset potential defense costs. It’s called a “defense only” policy. At least one company in Utah is writing a policy that provides $100,000 in defense insurance costs. The premium is $5,000 a year. Such a policy, when combined with a solid asset protection plan, could give a physician a great deal of comfort knowing that the vast majority of his or her assets would likely be safe from litigation. So what should a physician do? In states where insurance costs are still manageable and claims remain under control, malpractice insurance – expensive though it may be – is still the best first line of defense against potential litigation. In those states where malpractice costs are soaring beyond reach and bonding is permissible, “going bare” is certainly an option for careful consideration, assuming there are no ethical concerns involved. Having said that, like everyone else in America, physicians are vulnerable to a great many other types of lawsuits besides those involving malpractice. One can be sued for discrimination, sexual harassment, wrongful termination and a myriad of other complaints. In fact, doctors are twice more likely to be hit with a sexual discrimination award than a judgment for medical malpractice! Therefore, it is our opinion that no individual should go without some level of liability coverage – nor should anyone be lulled into believing that such coverage will provide enough protection to do the whole job. This is why an asset protection plan – which deters all kinds of litigation – is so important. Medical Malpractice Insurance Lawyer Free ConsultationWhen you need legal help with a medical malpractice insurance matter, please 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
via Michael Anderson https://www.ascentlawfirm.com/medical-malpractice-insurance-law/ Owning a home can be a challenge. There are both personal and financial benefits to owning a home, regardless of the type of home you purchase. These benefits include tax deductions, appreciation value, and the ability to enjoy your home in just about any manner you choose. However, all of these activities have a legal component to them as well. This section contains articles and resources covering a variety of legal issues related to owning a home, such as homeowners insurance, property taxes and deduction, homeowner safety, and home improvement. Homeowners typically learn how to do minor repairs, maintenance, and improvements on their own. Painting a bedroom, for example, is not difficult to learn but may take a while to master. However, rewiring your house or installing a new gas line usually requires specialized training and tools. In other words, you may need to hire contractors for certain jobs. As the word “contractor” implies, the legal relationship hinges on the terms of the contract. Some states require the existence of a valid home improvement contract. But even if your state is not one of them, a contract will help you protect your interests. At the most basic level, the contract outlines the details of the work to be done, when it will be started and completed (approximately), and what it will cost. When you have work done on your home, make sure to keep all receipts and contracts on file in case you need to return any materials or take legal action against a contractor. Also, it’s important to thoroughly inspect the work after it is completed before signing off. Unlike renters, property owners are responsible for paying property taxes to their county government. This tax is based primarily on the value of the land, rather than the actual house or structure, and is used for local services such as schools, parks, libraries, and fire departments. Homeowners are generally liable for injuries that occur to visitors, even trespassers. This is called premises liability. For instance, a visitor who slips on an icy walkway and breaks her hip may be able to sue for damages (alleging negligence of the homeowner). A “reasonable” homeowner in this situation would either remove the ice or place a warning sign at the beginning of the walkway. One way to protect yourself from property lawsuits is to purchase a homeowner’s insurance policy, which gives the insurer the right to settle or defend lawsuits involving the insured property. Not all claims involving the property are covered, though, such as intentional acts by the homeowner. Homeowner’s insurance also covers the physical home itself, including its contents. The extent of what is covered is determined by the terms of the contract, as regulated by state insurance laws. A home owners’ association, or HOA, is a governing body that creates and enforces certain rules related to a “common interest” development such as a condominium complex. HOAs are intended to maintain the integrity and value of the individual units by ensuring the maintenance of common areas and a certain uniformity among each individual unit. For instance, an HOA may require homes to be a certain color scheme. Monthly HOA dues help pay for their operations, but also go toward shared landscapers and other services. Homeowner Lawyer Free ConsultationWhen you need legal help, and you own a home, please 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
via Michael Anderson https://www.ascentlawfirm.com/law-for-homeowners/ The annual arrival of the 1040 Booklet in the mail always marks the beginning of yet another tax season. And yet, in spite of this constant ritual, there persist a number of myths about ways to avoid taxes. You Can Write-Off Your Home Office“I have a computer and a desk in my home, therefore I can take a home office deduction.” Not necessarily. One commonly misunderstood tax write-off is the home office deduction. Many believe that they can simply deduct the cost of their home computers by claiming a home office. However, just because you have a desk and a computer in your home does not mean you qualify for the home office deduction. In fact, the IRS has very specific guidelines for the home office exemption. To qualify for this deduction, you need to be self-employed. According to the IRS, you’re able to claim this deduction for the business use of a part of your home only if you use that area regularly and exclusively. As your principal place of business for any trade or business; or as a place to meet or deal with your patients, clients or customers in the normal course of your trade or business. According to some tax professionals, this deduction is so frequently misused that the IRS views taking the home office deduction as one factor that may contribute to receiving an audit. Restaurant Tips Aren’t Taxable“There’s no record of my tips, so I don’t have to report them as income.” If in any month you earn more than $20 in tips, federal tax laws require you to report that amount to your employer by the 10th of the following month. This includes tips you receive directly from the customer, as well as amounts you receive from “tip-outs” or tip pooling arrangements. You Can Write Off Gambling Losses“I just lost a bundle in Vegas, but it’s OK – I’m writing off the loss!” The IRS has a simple rule for gambling losses: Taxpayers can only claim deduction on losses equal to or less than their winnings. For example, in 2007 you win $500 gambling, but you lose $1,000 in gambling in the same year. Under the rule, you can only claim up to $500 (the amount of your winnings) in losses on your 2007 tax return. One highlight is that the IRS is not particular about how you lost your money, as long as it was by gambling. So, it doesn’t matter if you lost at the track, the craps table, or the roulette wheel. If you won $500 in the lottery, you can claim any $500 that you lost in fantasy football or at the casino. Just beware that gambling income and losses are red flags for the IRS and could trigger an audit. Income Taxes are Illegal and/or Voluntary – You Don’t Have To PayWRONG! “Filing a tax return violates my Fifth Amendment right against self-incrimination!” This is just plain false. There are many different theories under which tax protesters claim that the payment of taxes and the filing of tax returns are voluntary and/or illegal. Some arguments are constitutionally based, while others hinge upon semantics and word play. For example, one flawed argument states that the 16th Amendment, which authorizes collection of income taxes, was not properly enacted. Another debunked contention claims that only residents of “sovereign” jurisdictions, such as Washington D.C. and Puerto Rico, are required to pay income taxes. The truth is that U.S. courts have universally found these tax avoidance arguments to be frivolous. Furthermore, the people who make these arguments usually end up liable for taxes and are sometimes hit with additional tax penalties. Tax Lawyer Free ConsultationWhen you need legal help with a tax matter, please 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
Charitable Contributions For Taxes via Michael Anderson https://www.ascentlawfirm.com/myths-about-taxes/ |
About MeIn 2009 I was creating marketing channels for barbie dolls in Nigeria. Spent a weekend implementing dogmas in Naples, FL. Won several awards for writing about toy trucks in Mexico. Spent 2001-2007 analyzing deodorant in Pensacola, FL. Spent 2001-2004 researching heroin in Miami, FL. Enthusiastic about writing about clip-on ties in Naples, FL. Archives
June 2019
Categories |