![]() Decades prior, courts disapproved of prenuptial agreements, trusting that they transformed a holy and individual bond into a money related course of action. Throughout the years, be that as it may, courts understood that marriage and divorce have monetary ramifications for every spouse, and started enabling couples to decide their own budgetary future by going into agreements that decided how their accounts would be settled in case of a divorce. If you or your future spouse are considering a prenuptial agreement, you should understand how they work in your state. This article explains how prenuptial agreements work in Utah, and how to ensure your agreement is enforceable. A prenuptial agreement, also called a “matrimonial agreement” in Utah, is a contract a couple makes to determine how their assets and debts will be divided if they divorce or one spouse dies. The agreement becomes effective when the couple gets married. Should You Get a Prenuptial Agreement?There are various reasons a couple might need to go into a prenuptial agreement. While prenuptial agreements are regularly viewed as “unromantic,” studies have demonstrated that they really increment marital bliss by giving the two spouses sureness about their budgetary future, enabling them to concentrate more on their present relationship. A married couple is automatically part of the “legal matrimonial regime,” which means that if the couple divorces, their property is distributed according to Utah law. Couples can opt out of the legal regime by signing a prenuptial agreement, which places them in the “contractual regime.” This means the couple’s own agreement will determine who gets what, even if the law would require a different division absent a prenuptial agreement. Couples may also choose the “separate property regime,” which means that each spouse uses, enjoys and disposes of his or her own property without the consent of the other spouse. Spouses may enter into a prenuptial agreement regarding any issues that are not covered by law, but usually the agreement covers the following: (1) each spouse’s rights to property owned by each of them, and jointly as a couple; (2) how assets and debts are divided if the couple divorces or one spouse dies; (3) whether one spouse will pay the other alimony, and if so, the amount and duration; (4) whether a spouse must reimburse the other for certain amounts spent during the marriage; (5) how the spouses will pay expenses during the marriage; (6) whether the terms of the agreement take effect upon divorce, death, or some other event. Prenuptial agreements may not include (a) an agreement about temporary alimony (spousal support paid while the divorce is still pending); (b) an agreement about sexual activity between spouses; (c) a requirement that alimony be paid regardless of fault, including adultery, or (d) an allowance for one spouse to dispose of community property, or property belonging to the other spouse, to a third person. What About Child Support?Prenuptial agreements can never determine child custody or child support. The couple must put its prenuptial agreement in writing and both spouses must sign the contract. The document must outline all of the assets and liabilities of each of the parties (or spouses to get married). This means you list out all of your money and wealth as well as your debts and obligations. The spouses are required to sign the agreement before a notary, and each must be represented by a different lawyer from a different law firm and each of the prenup lawyers must sign it. All signatures should be completed before the marriage. The longer before the marriage the better. Your lawyer should keep a copy on file. Call us to talk about this if you have questions. Utah courts typically enforce prenuptial agreements. The court will invalidate (throw out) the agreement if it has not been signed by both spouses, a notary, and two witnesses before the marriage. Prenuptial Agreement Attorney Free ConsultationWhen you need legal help with a prenuptial agreement, 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
via Michael Anderson https://www.ascentlawfirm.com/prenuptial-agreements/
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![]() Former Miami Dolphins, Utah Giants, and New England Patriots player William D. Allen and his co-conspirator Susan C. Daub entered into a deal with the Securities and Exchange Commission (SEC) to settle claims that Allen and Daub operated a $31.7 million Ponzi scheme. The alleged fraud involved convincing investors that they were providing short-term loans to professional athletes. From 2012 through 2015, Allen and Daub, through companies they controlled, used false documents to mislead investors into believing that they were providing short term loans to professional athletes. They also promised investors returns as high as 18 percent on these investments. Many of these short-term loans, however, did not exist and, as is typical in Ponzi schemes, Allen and Daub used funds from newer investors to pay earlier investors returns on their “investments.” Both the U.S. Department of Justice and the SEC charged Allen and Daub with violations of federal laws and each were sentenced to six years in prison. In addition, Allen and Daub agreed to pay $15.7 million in disgorgement and $1.3 million in penalties to settle their case with the SEC. Edge TradingThe New Jersey Bureau of Securities (the Bureau) ordered Edge Trading, LLC and its president Mark Moskowitz to pay a $1 million civil penalty for selling unregistered securities through a Ponzi scheme. In the Final Order, the Bureau found that from March 2012 through April 2016, Moskowitz raised at least $800,000 from investors, promising that the money would be invested in limited partnerships that offered investors great benefits and returns. In reality, however, the funds were primarily used to fund Moskowitz’s personal expenses and to pay off other investors in a classic Ponzi scheme. The remaining funds were lost through highly speculative options trading. In order to keep his scheme hidden from investors, Moskowitz provided his investors fake account statements that falsely represented purported net gains when, in fact, there were only losses. Then, in March 2015, when certain investors began requesting disbursements promised to them, Moskowitz became evasive and falsely claimed that their money was “tied up” in other accounts or unavailable due to administrative errors. Ultimately, Moskowitz’s scheme was revealed when he spent all of the investor’s funds on himself or lost it trading options. FINRA LawyerIn a recent decision, the Financial Industry Regulatory Authority (FINRA) barred broker Hank Mark Werner of Northport, Utah for fraudulently churning and excessively trading the accounts of a blind, elderly widow. According to the FINRA decision, Werner had been the elderly widow’s broker since 1995. After her husband passed away in 2012, Werner robbed the widow’s account by churning it at such a level that “it was impossible for the customer to make money.” Churning occurs when a broker buys a security in a customer’s account and then immediately sells it in order to charge his client potentially exorbitant commissions. In total, from October 2012 through December 2015, Werner engaged in more than 700 trades in order to generate approximately $210,000 in commissions. Unfortunately for his elderly customer, Werner’s reckless trading strategy cost her more than $175,000 in losses as a result of his misconduct. Shareholder LitigationShareholders, minority owners, and partners in a company or business enterprise have legal options when contracts and agreements are broken. Breach of Contract LawShareholder contracts tend to be very detailed, but disputes can still arise. If you feel that the business in which you have a share, stake, or partial ownership has failed to uphold its end of your contract, you may be able to pursue a lawsuit. In many cases, shareholders file a claim when the business in question has denied them their due returns, prevented them from participating in company benefits to which they are entitled, or misappropriated company funds. Some of these behaviors are also called shareholder oppression. Shareholder rights differ by state, and when filing a claim it is important to inquire about the access you are entitled to have to the company’s financial information. This information can be very helpful in demonstrating that a company misused funds or breached shareholder contracts on a financial level. Partnership DisputesThere are many things that can go wrong with a partnership agreement, including management conflicts, compensation disputes, contract breaches, and asset division disputes. Partnership disputes are often high-stakes situations that can take a financial and emotional toll on those involved. Minority shareholder oppression is primarily an issue in closely held corporations. A minority shareholder in a close corporation may be unable to divest. This puts him or her in a vulnerable position if the majority shareholders make decisions that marginalize the minority’s interests. Ponzi Scheme law Free ConsultationWhen you need legal help with a ponzi scheme, 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/ponzi-scheme-law/ ![]() Depending on a number of factors, primarily location, your property taxes represent a significant chunk of your overall tax payments. However, it’s important to remember that this revenue is used locally for such vital resources and services as public schools, fire and police protection, roads, parks, streets, sewer and/or water treatment systems, garbage removal, and public libraries. In turn, a vital community with these important amenities will help maintain the value of your property; thus, property taxes and property values have symbiotic relationship (at least in theory). It’s a good idea to get up to speed on property tax basics if you are a homeowner or planning to become one. There are many types of property subject to property tax although the tax is most commonly based on the value of real property (i.e. land). Municipal governments use property taxes to collect revenue probably more than any other taxing authority. Municipalities gain their authority to levy property taxes from state law. Property taxes are used to help finance local government, funding shared resources that individual property owners couldn’t reasonably procure on their own (such as police or fire protection). Taxing land and buildings is one of the oldest forms of taxation in the United States, and actually has its roots in ancient Egypt, Persia, and China. Before income and sales taxes, local governments used property-based taxes to finance most of their activities. Property taxes remain a major source of revenue for local governments. Most local governments collect taxes on both real and personal property, but they have been moving away from taxing intangible property such as bank accounts and corporate stocks and bonds. There are three main methods of determining how your property tax obligation is assessed (and it’s important to note that an appraisal and an assessment may result in different property value determinations): cost approach, sales comparison approach, and income approach. (1) Cost – Value of just the land itself is added to the value of any structures (homes, etc.) and amenities (pool, etc.), minus the depreciation of the home and amenities. (2) Sales Comparison – Based on the average of comparable homes in the area. (3) Income – For income properties (such as rentals), the process of “capitalization” is used to assess its income potential. Some taxes are based on a proportion of the value of the property being taxed. These are known as “ad valorem” taxes. To arrive at an accurate amount of tax, an appraisal of the taxable subject matter’s value needs to be done periodically. When the property owner’s property value changes, so does their assessed or appraised value. Most property taxes are this ad valorem variety. Ad valorem property taxes are based on ownership of the property. Property owners must pay these taxes whether they actually use the property or not or whether it generates income for them or not. Generally, responsibility for the three phases of property tax — levy, appraisal, and collection — rests almost exclusively on the taxing authorities within local governments. A taxing authority like a county, city, town, hospital, refuse collection, school, or other special district, is a legal entity of the government with elected or appointed officers who serve a distinct geographic area. Both state and local government agencies are authorized to levy taxes, but the way they conduct assessments, collection, and compliance can differ widely. In some states, a single state agency has primary responsibility for obtaining all appraisals, making assessments, and collecting taxes. In most states, certain agencies assess some or all railroads and utilities properties. Keep in mind that there may be opportunities to challenge the way your property is valued in some instances. Property Tax Attorney Free ConsultationWhen you need legal help with property taxes, 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/property-tax-attorney/ ![]() An IRS wage garnishment is a means to collect money directly from your paycheck before you are paid. If you’re facing a wage garnishment, it’s likely you were having problems paying a creditor. Now there’s a judgment against you, and your employer must take money from your paycheck to pay this creditor. Garnishments can leave you struggling to pay the essential living expenses. Fortunately, you still have options to stop wage garnishment. If you’re facing wage garnishment, there are steps you can take to stop the process. How Much of Your Wage Is at Risk?Under federal law, creditors can garnish up to 25 percent of your disposable wage. Your “disposable wage” is the amount left after legally required deductions for taxes and Social Security are made. Garnishments for child support or back taxes may be withheld at a higher rate, up to 50 percent of your net pay. Under Title III of the Consumer Credit Protection Act, extremely low earners are not subject to wage garnishments. In some states, the limits of wage garnishment are more consumer-friendly than federal protections. Many states have exemption laws designed to keep creditors from pushing debtors into poverty. You should check your state’s Consumer Affairs Department to know what protections are available to you. Stopping an IRS Wage GarnishmentThere are steps you can take to stop a wage garnishment. The type of garnishment and your personal financial situation will determine what action is best. When in doubt, contact an experienced attorney or accountant since some of these options will impact your ability to get future credit. The best time to stop a wage garnishment is before it happens. Try to negotiate a payment plan before a judgment is entered against you. A creditor may still work with you after the garnishment is in place, so it doesn’t hurt to ask. In some states, if you can show that the money being garnished is needed for the essentials of life, then you may be able to stop the garnishment. An experienced attorney can help you negotiate a settlement with your creditor or stop a wage garnishment by fighting a judgment or filing a bankruptcy action. Select attorney who understands wage garnishments and has experience in consumer credit issues. If you do not receive a paycheck, then your wages can’t be garnished. This is an extreme step, but it may give you an opportunity for renewed negotiations with your creditor. This is only a short-term fix because the creditor will eventually find your next employer. Once you file for a Chapter 7 bankruptcy (or if you don’t qualify for a chapter 7, you might qualify for a chapter 13, 12 or 11), an automatic stay will end your wage garnishment, although you may have to alert the clerk of court and the creditor of the bankruptcy filing. You should not rush into this option because it has lasting impact on your credit, and may not discharge all your debts. Bankruptcy will suspend a garnishment for back taxes temporarily. Child support garnishments are unaffected by filing a bankruptcy. IRS Garnishment Lawyer Free ConsultationWhen you need legal help to stop an IRS wage garnishment, 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/stop-irs-garnishment/ ![]() Trees are a common dispute among neighbors. Tree disputes can take many forms, such as trees that fall on a neighbor’s property and cause damage or circumstances where a neighbor’s tree blocks what would be a scenic or otherwise pleasant view. In some cases a neighbor’s tree may actually block a view of something unpleasant — such as a garbage collection site or freeway — and the cutting down of trees may also cause friction. This section contains information and resources relating to trees and neighbors, including laws and information on what you can do to protect the enjoyment of your land. Trees and Property LinesThere is often some confusion about the rights and responsibilities of neighbors with respect to trees on property lines or whose branches extend into another’s property. As a rule of thumb, the owner of the property where the trunk is located owns the tree. Neighbors are free to trim branches that extend into their property but may be held liable for any trimming beyond the property line. And if a neighbor harms your tree, even unintentionally, they may be held liable for up to three times the replacement value. However, neighbors are not free to pick fruit from neighbors’ trees even if it hangs over their property. Some property lines are actually defined by a tree or row of trees that sits right on the boundary. In these instances, the owners of the properties on which the tree trunk resides all own the tree and are responsible for its upkeep. These are referred to as “boundary trees” and may be removed only with the consent of all parties involved. Tree Damage Caused by Natural EventsStorms often cause heavy tree limbs, or sometimes entire trees, to fall onto a neighbor’s property and cause major damage or even injuries. If it’s your tree that totals your neighbor’s car, for example, you certainly aren’t to blame for something beyond your control but you still may be held liable. These types of incidents usually are referred to as “acts of God,” but only if it is determined that the owner of the tree took reasonable steps to maintain it. In other words, you very likely would be held liable for any damage caused by a poorly maintained tree with dead branches that falls on your neighbor’s car. Trees and View Easements or OrdinancesA property’s value is often substantially derived from its views, whether it’s an ocean view, a tree-lined valley, or a city skyline. Regions and neighborhoods boasting exceptional views, from coastal California to Central Park in New York City, typically have view ordinances in place to protect those views from obstruction. In Utah, there simply are no ordiances that we are aware of regarding trees. Whenever you see these types of ordinances, they are usually very limited to trees or other landscape elements and require the person whose view was blocked to ask the property owner to remove or trim the tree first. But if the neighbor either refuses to trim the tree or ignores your request, you may file a formal complaint with local authorities. But if the tree was planted before the ordinance was enacted, you may have to pay for the removal yourself. Other limitations to some view ordinances include that certain tree species may be exempt; trees a certain distance away from your property line may be exempt; and trees that are owned by the city may be exempt. Tree Boundary Lawyer Free ConsultationWhen you need legal help with a boundary or tree issue, 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/tree-boundary-law/ ![]() Every year, many people abuse a child or another person, including the elderly, within their own homes. Child abuse, domestic violence, and elder abuse are extremely rampant throughout the entire United States. Over a thousand children are harmed and many more adults every year in the state of Utah. Sometimes people just get angry and lash out at each other. For others things can escalate very quickly or slowly over time. Domestic violence can take forms in many areas. It can be a child abused by a parent or another relative. It can be an elderly person abused by their own family members or their caregivers. A child and elderly are usually too weak to fight for their own rights and don’t understand what is going on and have no way to defend themselves. Oftentimes women are victims of domestic violence because men are typically the aggressors. This is not always the case that tends to be true most of the time. It’s terribly frustrating to know that there are so many people today who can hurt others as well as be hurt. At the law offices Ascent law we represent people who have been charged or accused of domestic violence. We can help people in criminal cases as well as civil cases get divorced and prevent future abuse. Elders are physically weak or frail. They cannot even stand on their own sometimes. They only depend on the care provided to them by their family or their caregivers. The same is true with a child. Children can only cry when a person abuses them. A child in an elderly person should be treated fairly. Many people take advantage of their weaknesses. Reports show that thousands of children and elder abuse happen everyday. child abuse may happen at home. This means the parents, their brothers and sisters, or other relatives are usually responsible for the beus. Sometimes it’s a trusted friend from school or church or in the neighborhood. Parents must be constantly Vigilant to make sure that abuse does not happen. Child abuse can lead to trauma, psychological, and mental problems now and in the future. There are so many cases where in the child ends up dead or severely beaten. Some people are simply becoming so evil that they cannot control themselves because so much is tolerated in our current Society. Now that I think about it, what makes others feel that they can inflict severe punishments such as beating a child? It is hard to imagine how it can happen but it probably happens over time or that person themselves were abused when they were a child. Psychologists have many reasons and opinions as to why people do what they do. It is impossible for us to go inside another person’s mind and truly know what makes people do what they do. Children however are usually still Place full and enjoy life to playing and doing other things that irritate parents. Running around and making a lot of noise can frustrate older parents. Even though this is the case this is still not a reason to inflict physical harm Upon a Child. Whatever act of violence or abuse should be reported immediately in order to prevent further further and future abuse. Domestic violence attorney can help anyone who is subject to such a buse. Domestic violence attorneys can help both the victims and the perpetrators. At our offices we primarily work with the accused in order to help them reconcile and remedy any damage they may have done or to alleviate any legal repercussions through the court system. Typically anyone who inflicts abuse on another needs to get treatment rather than jail time. We hope to make that happen in most cases so that people don’t get worse but simply get better. Domestic violence law is very large in the state of Utah and there are many codes and sections that we could cover semicolon however, if you need legal help, keep in mind that a defense attorney can help you and you should call our office right away for an initial free consultation. Domestic Violence Lawyer Free ConsultationWhen you need legal help with a domestic violence charge, please call Ascent Law at (801) 676-5506 for your free consultation. 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/domestic-violence-laws/ ![]() Nothing is as exciting to a new parent as having the first child. You plan their life before they are even brought into the world and the messes and spills that come along with that young life become merely the unimportant background noise to their laughter and fascination to the new world around them. Many parents wishfully look for the distinctive nose, handsome smirk and ringlets of curls that distinguish them as their own. However, for many parents the possibility of having their own child is simply not possible and while in the past this may have been a write off to a fulfilled life, it is now an opportunity to meet an entirely new individual. That’s right, adoption, especially in Utah, as many an attorney Utah bound can attest, has become the new normal in family expansion, which has kept many an attorney in Utah busy, in the past few years. Chances are that someone you know, in the Salt Lake City area, or surrounding areas as well, has adopted a child, whether a newborn or older adolescent and brought them into their home and employed the skills and expertise of a Utah lawyer. While they may only exhibit the joys and fulfillment of getting to know their new bundle of joy, whether they are wrapped in a blanket on the way through the door or sporting a pair of size ten sneakers, nothing is as exciting as adding to your growing family. What an adoptive parent may not tell you, however, is that the paperwork and confusion that comes with the adoption process can be as laborious as contractions and late night ice cream runs. That’s correct. What an adoptive mother gives up in labor pains and c-section scars, she makes up for in printer paper and ink cartridges. That is to say that adoption brings about an increased amount of time focusing on paper work and adoption fees that only an attorney Utah needs to count on, can handle. While any prospective adoptive parent will tell you it is entirely worth it, they will also tell you that an experienced family law attorney in Salt Lake City can make the entire process much easier. Utah recently made the news in regards to adoption. An attorney in Salt Lake City was called to attention when a peculiar case regarding adoption popped up in recent headlines. A Utah couple adopted a twenty-one month old child under the understanding that the mother had given her up after the father had abandoned them. The Utah couple was ecstatic to bring the new baby into their life until a while later when the father, unaware that the child had been given up for adoption, resurfaced to take back custody of the child. Needless to say, legal action was taken on both sides and an attorney Utah licensed, was employed until the adoptive parents opted to returned the little girl to her biological father to resist further legal proceedings in the Utah courts. The couple regarded the decision as best for the child’s emotional well-being. These two compelling stories express two things; first, adoption can be a sticky subject that should promote even the most well prepared adoptive parent to retain an experienced family law attorney Utah couples can trust, if that is where your adoption process will begin. Secondly, these stories show that adoption is an emotional journey. After all, a child is involved at the center of this life altering, legally accented quest. It’s up to the adopter to make sure an appropriately prepared and experienced Salt Lake City Utah law firm handles this delicate and life changing situation. Another popular form of adoption, though much more discreet, is an independent adoption. An independent adoption occurs between the adopter and the birth parents or responsible guardian and can greatly be eased, burden wise, with the counsel of an attorney Utah adopters can retain for a reasonable amount of money. Through the adoption process and birth, the two parties are in constant contact and following the birth of the child, the biological parents are given a regulated window into the child’s life throughout its growth. Many states regulate these types of adoptions to an extent, which can be overwhelming for a couple looking to adopt. While an independent adoption may create a more intimate approach to the welcoming of a child, it also lends an adopter to new information and precautions. An attorney in Salt Lake City with a Utah firm with experience can make this process more comfortable for both parties involved. It is an emotional decision and an empathetic Utah lawyer should understand that. Finally, adoptions can occur under a combined veil of both of the previously mentioned adoptions. Both parties can leave the decisions and paperwork to an agency, while consulting with an appropriate attorney in Utah over legal matters and how to protect themselves and the child in unforeseen circumstances, which unfortunately may happen and should require the eyes and ears of Utah law firm that can handle the ups and downs of each case. While adoption is no doubt a welcome venue for parents wishing to expand their family and open their home to a child they have simply realized they can’t live without, it has also become a way for hard working individuals to lose their time and money. Do not be surprised to hear horror stories, even in the state of Utah, about adoption agencies or agreements that have gone wrong due to misunderstandings, or the manipulation of a couple’s naivety of the adoption process by an attorney Utah residents believed they could trust, both financially and fundamentally. In addition, individuals have found ways to use a couple’s eagerness to adopt as a way to make money. Be careful when researching adoption agencies, if that is the way you wish to proceed. Those who seek and attorney Utah residents can rely on, will find that the stress is lessened with good counsel. When researching adoption agencies make sure you request references from other couples or individuals who have adopted or agencies that require an upfront adoption fee. Keep in mind legitimate agencies will only expect an application fee up front, not a full adoption fee. These tips along with the recommended representation of a family matter adept Utah lawyer, can make your Utah state adoption a hassle free process. The United States has certain regulations regarding the process of adoption, and a Utah lawyer can help you in regards to those processes. With all legal matters, one must be careful about who one deals with. With the onset of a new family member and the excitement that comes with taking those first few steps, mistakes can be made and prospective parents can find that they cannot easily understand the jargon and legal leaps it takes to proceed with the process. They may find themselves in a situation that has left them financially and emotionally debilitated because they did not seek the counsel of an experience family law attorney. Each state has certain regulations regarding adoption. It is important to seek a Salt Lake City attorney, or in the surrounding cities in the state of Utah, who can help you determine the right steps to take. Family Lawyer Free ConsultationWhen you need legal help from a trusted family lawyer, please call Ascent Law at (801) 676-5506 for your free consulation. We will 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/trusted-family-lawyer/ ![]() Partnerships are the simplest type of legal structure to form for businesses with two or more principles; but while partnerships have no formal paperwork requirements, they usually don’t protect partners from liability. Partners can also clash over numerous matters relating to the business, including conflicting work ethics and financial goals, and even roles in the business and leadership styles. We want to help you with the start-up process. Things to Know About Partnership TaxesYou may be surprised to learn that business partnerships do not have corporate tax status. What this means is that the Internal Revenue Service (IRS) doesn’t have the power to tax them directly. Conversely, the government simply taxes the profits that flow to individual partners as personal income. When a business partner files his or her personal income tax return, he or she will need to declare their operating losses and profits to the IRS in Form 1065. You Really Need a Buy Sell AgreementAlso referred to as “business continuation agreements” or “buyout agreements,” a buy-sell agreement is a contract that provides for the possible future sale of your business interest or purchasing your co-owner’s interest. One reason partners tend to enter into a buy-sell agreement is due to concerns about the health of one partner. If a co-partner dies, it will affect the operation of the business. A fully-funded buy-sell agreement can help eliminate any doubts about the future of your company. What About a Limited Partnership?There are three types of partnerships that businesses can choose from when forming a partnership: general, limited or joint venture. While there are benefits and disadvantages to all three, in a limited partnership at least one owner is a general partner and at least one owner is a limited partner. The general partner(s) makes everyday business decisions and becomes personally liable for any debts the business incurs. The limited partner, however, doesn’t handle daily operations, but simply invests and reaps the benefits of any profits. Basically, a limited partner enjoys a protected investment. In a normal business arrangement, income, gains, losses, deductions, and credits are distributed according to each partner’s or member’s ownership percentage. However, when the partners set up a “special allocation,” income and expenses are redistributed according to the allocation or agreement. Keep in mind, IRS rules must be followed if you want to divide profits and losses in a way that’s disproportionate to the owners’ interests in the business. Partnership rules and regulations can be extremely complicated. If you want to set up a special allocation, you’ll need expert help to make sure that your allocation will comply with IRS rules. A business lawyer can draft special language for your partnership agreement or operating agreement to ensure that the IRS will accept your special allocation. An attorney specializing in partnerships can help you formulate your buy sell agreement and even help reduce your tax liability for the future. Partnership Attorney Free ConsultationWhen you need legal help with a partnership, 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
What Happens If You Don’t Pay Taxes? via Michael Anderson https://www.ascentlawfirm.com/partnership-lawyer/ ![]() However, over the years, I have found that many people fail to fully appreciate that divorce involves the division of debt, as well. Ironically, debt is typically cited as one of the top reasons couples split up. But, getting divorced doesn’t make those troublesome debt problems “magically” disappear. In fact, it’s exactly the opposite. Just as debt can often play a major role in the failure of a marriage, it can also play a major role in adding stress and contention to divorce proceedings. In addition, here are a few tips to help you better understand how to handle dividing debt in your divorce: 1. Where you live impacts how debt will be divided. Divorce laws differ from state to state, and how your debt will be divided depends largely on where you live and whether you live in a Community Property State or an Equitable Distribution State. There are nine Community Property States: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Couples living in Alaska can “opt in” for community property, and Puerto Rico is a community property jurisdiction. The remaining 41 states are known as Equitable Distribution States (or Common Law States). In general terms, if you live in an Equitable Distribution State, debt that’s incurred during a marriage is the joint responsibility of both parties, provided both parties are co-signers on the account (mortgage, credit card, etc.). In other words, if your husband opened a credit card account in his name only, then only he is responsible for that debt. Of course, once you and your husband have separated, the rules change. Any debt incurred after you separate is the sole responsibility of the person who made the charges. The wrinkle here is that “the moment of separation” varies from state to state. In some states, you need to legally declare a separation. In others, a legal separation is not required; you’re separated once you start living apart. 2. It’s often best to eliminate shared debt. Our firm usually advises women to eliminate shared debt before the divorce is final. Naturally, that may mean you need to use marital assets to jointly pay off what you owe –but, usually that’s a worthwhile step, if it means you can begin your single life with a fresh start. Alternatively, some couples decide to divide and transfer their debts, so that each person is individually responsible only for his or her portion. Either way, the goal is to separate your finances (and any remaining debt) from your husband’s finances (and any of his remaining debt). As a result, you’ll remove your liability for what he owes. If possible, you’ll also want to close joint credit cards and eliminate your husband as an authorized used on any credit cards in your name. Remember: Credit card companies and other third party agents are not bound by divorce agreements. It may sound harsh, but if your names are both on a credit card account, the credit card company can hold you responsible if your ex rings up a balance and then decides not to pay. One word of caution here: New federal regulations are making it harder than ever for women with little or no income to establish credit on their own. You’ll need to proceed with caution as you set out to establish credit in your own name . . . Which brings up my third point . . . 3. Protect your credit. Once you have: a) established control of your own debt and b) separated your liability from your husband’s debt, it’s time to turn the page and begin a new chapter. You’ll need to establish credit in your own name –and then, once that credit is established, you’ll need to work hard to protect it. Start slowly and proceed with caution, keeping a careful watch on credit card balances, debit and ATM cards, etc. Divorce Debt Lawyer Free ConsultationWhen you need legal help with divorce debt, please call Ascent Law at (801) 676-5506 for your free consultation. 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
Copyrighted Material at School via Michael Anderson https://www.ascentlawfirm.com/divorce-debt-law/ ![]() There are several laws you need to know about if you run a business and have employees. Almost every employer has certain obligations to its employees under federal employment and anti-discrimination laws, while state laws often provide additional protections for workers. Following is an employer-friendly primer on important federal employment and anti-discrimination laws, including the Age Discrimination in Employment Act and Title VII of the Civil Rights Act of 1964. Americans with Disabilities Act “the ADA”The ADA protects those individuals who have a long-term physical or mental impairment that substantially limits a life activity. A “disability” under the ADA can include confinement to a wheelchair, vision and hearing problems, reliance on a cane or “walker,” certain mental illnesses, and disorders of the muscular system. Under the ADA, an employer (with more than 15 employees) must provide reasonable accommodations for disabled individuals protected under the act, and may not – Make employment decisions based on generalizations about the disability; Adopt detrimentally different pay scales, benefit programs or promotion opportunities for a protected individual or group; Negotiate and enter into contracts with other companies that would have the effect of discriminating against individuals or groups on the basis of disability; Discriminate against any employee with regard to terms of employment because a family member or friend is protected under the ADA; or Discriminate against protected individuals or groups through the use of pre-employment medical examinations, pre-employment inquiries about physical abilities, job descriptions and qualifications, absenteeism, and work safety. Age Discrimination in Employment Act “the ADEA”The ADEA is designed to protect individuals over the age of forty from discrimination based upon their age in hiring, promotion, and firing decisions. The ADEA does not prohibit an employer from following a bona fide seniority system that may have the unintended effect of favoring certain employees, and the Act does allow age to play a factor in the rare circumstances where it is a bona fide occupational qualification. The ADEA applies to employers with 20 or more employees. Consolidated Omnibus Reconciliation Act of 1985 “COBRA”COBRA protects employees who have ended their employment (whether fired, resigned, or laid off) from losing coverage under a group health plan. The Act requires employers (with at least 20 employees) to offer such employees the right to a continuation of coverage The Equal Pay Act “the EPA”The Equal Pay Act requires that employers pay male and female employees the same wage for performing the same job. In short, the Act mandates “equal pay for equal work.” It does not address pay equities with respect to other characteristics, such as race or religion, but applies only to gender. Employee Retirement Income Security Act “ERISA”ERISA is a federal law that contains detailed requirements for certain employers who offer their employees a welfare benefit plan or retirement plan. An example of a welfare benefit plan is one providing health insurance to employees. For liability purposes, employers may have a rather inactive involvement in ERISA compliance; particularly where a “plan administrator” is utilized to ensure that reporting, disclosure, and payment obligations are complied with. Family Medical Leave Act “FMLA”Under the FMLA, employers must provide their employees with family leave. The Act allows for employees to take the equivalent of 12 weeks of unpaid leave each year due to the birth or adoption of a child, to attend to the “serious health condition” of an immediate family member, or to attend to their own “serious health condition.” Under the FMLA, a “serious health condition” is defined as an illness, injury, impairment, or physical or mental condition which involves an overnight stay in a hospital, hospice, or residential medical care facility, including any period of incapacity or any subsequent treatment in connection with that care. Fair Labor Standards Act – the “FLSA”The FLSA requires employers to comply with minimum-wage requirements. In addition, the FLSA contains provisions on overtime pay and child labor. Not every employer is required to comply with the FLSA, just employers who are engaged in interstate or foreign commerce and whose gross yearly sales total or exceed $500,000. The Civil Rights Act of 1964Title VII prohibits employers (with 15 or more employees) from discriminating against employees on the basis of race, color, national origin, religion, or gender in all aspects of employment — from recruitment through termination. In order to comply with Title VII, an employer must make employment decisions on the basis of business necessity, rather than based upon a particular individual’s membership in a protected class. However, there is a rarely (successfully) used exception to complying with Title VII, when there is a bona fide occupational qualification that requires an employee to possess a certain characteristic. Employment Anti-Discrimination Lawyer Free ConsultationWhen you need legal help with employment anti-discrimination, 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/employment-anti-discrimination-laws/ |
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
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