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Types of Power of Attorney

Types of Power of Attorney published on

Power of Attorney is a written document in which one person, the principal, appoints another person or people, the agent or attorney-in-fact, to legally act on his or her behalf. Most POA’s are “durable”, which means they remain active after you become incapacitated. All POA’s are revocable at any time, unless stated otherwise. All expire upon your death. Power of Attorney requirements vary by state.

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  • Limited Power of Attorney. Someone acts for you in specific situations. You can limit the time frame or scope of that responsibility, say, signing documents while you are out of the country or only trading stocks. This type of POA expires when the stated event occurs, you revoke it, or when you die. You can’t grant power of attorney for certain matters, including to create or make a will, to serve jail time or to vote.
  • General Power of Attorney. This grants broad authority to your agent. If you draft it to be durable, or if your state presumes it to be durable, it continues even after doctors deem you to be mentally incapacitated. It usually relates to financial matters. Your agent can sign transactions for you and make decisions about your affairs, including those related to banking and investing; managing, buying and selling property; filing income taxes; giving monetary gifts; changing your living situation; and hiring people to care for you.

 That POA is intended to be used only if you no longer want to manage your affairs or can no longer do so. You might feel safer drafting your POA to trigger, or spring, your incapacity, but your agent is more likely to get cooperation from banks and brokerages if it’s drafted to be made effective immediately.

  • Health Care Power of Attorney. Some states permit you to grant a power of attorney for medical decisions on your behalf. Others instead allow you to designate an agent or “health care proxy” for that purpose.

Our goal is to provide each of our clients with as much information as possible about types of Power of Attorney. Many legal aspects may be complex and confusing. We want you to know we are available to speak with you. If your affairs are complicated or if you are unsure, a consultation with Spiegel & Utrera, P.A. is recommended. We have taken the time to develop easy to understand kits which enable you to obtain these important legal documents for a fraction of what a visit to a lawyer’s office would cost for the same services.

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7 Tips On How To Fund Your Business

7 Tips On How To Fund Your Business published on

Whether you are a new business seeking initial capital or already up and running and looking for money to grow your business, remember to stay flexible and remain vigilant.

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A majority of businesses receive their funding from many different sources phased out overtime. There is no such thing as funding that is easier to come by than another. Here are several options to fund your business:

 

  1. Friends and Family. Obtaining funding from friends and family is the most popular way to get seed money for your business. This type of funding is structured best as a one-year loan with high, low, or no interest. Remember that all parties are encouraged to get legal advice with regard to the lenders documents.
  2. Product Presales. Selling your products can be a highly effective way to raise money for your business. Keep in mind foreseeable issues such as coordinating inventory delivery, having enough products for pre-sale and anticipating back orders.
  3. Small Business Administration Loan. The Small Business Administration (“SBA”) offers two types of loans to entrepreneurs who need capital for their business: the 7(a) guarantee small business loan and the 504 fixed-asset small business finance program. Prospective borrowers can inquire about these loans at banks affiliated with the SBA.
  4. Angel Investors. Angel investors have helped with several big companies including Google and Costco. This form of investment typically occurs in a business’s early stages where investors expect a 20 to 25%return on their investment.
  5. Selling Assets. Many entrepreneurs are in possession of items such as cars, jewelry, antiques, etc. that can bring in a large amount of money if sold. Consider selling your possessions as an alternative financing method for your business.
  6. Renting your Residence – There are many websites that allow you to rent your home or apartment for days at a time or months. Potential issues that can arise would be making sure you have a place to stay during the rental time and a place to work if you usually use a home office.
  7. Lending from high-net-worth individuals. Lending from these individuals can be done through convertible debt or terms of credit. Convertible debts is a blend between debt and equity. It is secured through a convertible note and carries a per annum interest rate until some point in the future when it converts into equity. The conversion usually occurs during the next round of financing and is given warranty coverage or discounted based on the company’s valuation. Terms of credit are only usually given to companies with a solid track record. They come in the form of a senior secured loan with a high liquidation preference, meaning they must be repaid before all other debt or equity holders.

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Visit our website for more information and to make sure your interests are protected.

 

Protect Your Business With An Employment Agreement

Protect Your Business With An Employment Agreement published on

A recent state court decision continues to allow employers to include a waiver of class action lawsuits by employees within the employment arbitration agreement. The court reaffirmed the idea that class action lawsuits are procedural, the purpose being to ease the burden on the court when a large groups seeks to sue another party, and not a substantive right, such as life and liberty as protected by the Constitution.

The court also rejected the idea that this waiver violates employee rights to engage in collective bargaining. In whole, the court’s decision makes for greater enforceability of arbitration clauses within employment agreement between your business and your employees and greater protection for the investment you have made into your business through the protection of an employment agreement.

Allow Spiegel & Utrera, P.A. to prepare an Employment Agreement that will woman filling employment offer documenthelp you protect your business. Visit our website           today for more information and to make sure your  interests are protected. 

Make Sure Online Customers Are Safe

Make Sure Online Customers Are Safe published on

Small businesses are more vulnerable to attack; sell your customers on the idea that your site is safe.

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Getting a secure badge is one way to reassure newcomers that your website is “trusted.” For example, a seal from McAfee Secure or Google Trusted Store will show that your site meets certain safety criteria. Also, let your clients know about ongoing measures you are taking to improve security such as training staff to guard against vulnerabilities.

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Looking polished will give your customers a broader sense of security. The key to having a professional website is a proper privacy in place. The goal of a privacy policy is to disclose all the ways your website will respect the dignity of the user’s privacy. It will also maintain a high level of community trust.

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To better understand how your website will benefit from a privacy policy visit Amerilawyer.com for more information and to make sure your interests are protected.

“Understanding Your Business Is Our Business”

The Home Office Deduction

The Home Office Deduction published on

Avoiding unnecessary tax liability involves understanding many of the business-related deductions the IRS offers entrepreneurs. If you run your business from your home, you may be entitled to a home office deduction on the square footage of your home being used exclusively for your business. The

image1“exclusivity” test is taken very seriously by IRS auditors. The section of your   home that you claim is used for business must be partitioned in some way and personal-use either by you or other members of your family must be nominal (according to IRS, allowing your son to do his homework in your home office is enough to disqualify the deduction).

The second requirement is that the home office must be used as a principal place of business. The office must be used regularly (and exclusively for business) or it must be an area that is used primarily for meeting with clients. This does not mean, however that if you use an outside office from time-to-time you are disqualified from the home office deduction. So long as the office is used to complete substantial administrative or managerial tasks for the business, the second requirement will be met.

The ultimate payoff is that a number of direct and indirect expenses that would otherwise be personal, nondeductible expenses can be converted to business write-offs and consequently lower your overall tax bill (this includes the cost of phones or internet service, the cost of repairing the office, a certain percentage of utilities, insurance, taxes and much more). A well-drafted Home Office Lease between your corporation or LLC and yourself would be a great place to start.

Visit our website for more information and to make sure your interests are protected.

 

Legally Get Out Of A Commercial Lease

Legally Get Out Of A Commercial Lease published on

You are tied up in a commercial lease. For some reason (good or bad) you need to terminate the lease. You may be growing so fast that you have outgrown the current facility or you may unfortunately not be as profitable as you planned. How can you legally get out of your lease?

Make sure you know what you are signing up for BEFORE you sign on the dotted line. Read the lease agreement and be sure you understand what all the provisions mean. Try to think about all possible scenarios that may happen during the tenure of your lease; address any concerns you have with the landlord at this time.

There are provisions that can be written into the agreement that will allow you to cancel the lease, i.e.

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Break Clause – A break clause gives you or the landlord an option to terminate a lease when the condition of the break clause is met. For example, it may be included in the lease hat the tenant or landlord can break the least at a specific date.

Assignment – Writing in a provision that allows for assignment, meaning you have the right to sell your lease right to a new tenant.

Breach of lease agreement – A lease may be terminated by you or the landlord when the other party significantly breaks the terms of the lease agreement.

In addition there are many other provisions that you want to think about before you sign a lease. What about if the lease calls for a personal guarantee? How about cost for leasehold improvements?

A lease is a complex and important obligation for any new business owner. If you enter into a lease agreement blindly, you are taking a big risk.

Visit our website for more information and to make sure your interests are protected before signing any commercial lease.

 

Email: info@Amerilawyer.com

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Things You Need To Know When Preparing A Will

Things You Need To Know When Preparing A Will published on

Do-It-Yourself (“DIY”) Estate Planning seems great, because why pay a professional for a job you could do yourself? Open the computer and a few clicks later you have a Will for what seems like a deal. However, when it comes to your Estate Planning do you really want to risk it to save a few dollars only to leave your family entangled with court costs and litigation? Creating a Will online creates risks in an area that will have lasting consequences. Mistakes in a Will can alter family relationships, leave family confused, disappointment, embittered, or locked in hostile litigation.

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Things to consider before delving into the DIY project: who will be the guardian of your child and is that person capable; will you provide for a special needs child, what about divorce, marriage or death, or incapacity of a beneficiary or yourself; are property and accounts held separately, jointly, or in different states; who will be in charge of your estate; and what about tax-savings strategies.

Say you made your own Will, was it properly executed? Did you use dispositive (“I convey”) or precatory (“I would like”) language? Is your intent clear? The answers matter because if the answer is no, then the Will is void, and now your family is left without a Will.

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There are many things to evaluate before drafting your own Estate Planning documents that perhaps may be best left to the professionals. Different States have different rules for all of the above-mentioned issues and the person drafting the documents should know those rules.

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Who will be in charge of your Estate? Was your Will properly executed? Call AmeriLawyer today at (800) 603-3900 for answers to your Estate Planning questions.

Here at AmeriLawyer, our goal is to provide each of our clients with as much information as possible about Asset Protection, Trusts and Wills. We want you to know we are available to speak with you about any legal aspects of Asset Protection, Trusts and Wills at your convenience either over the telephone or in person at the Spiegel and Utrera, P.A., office nearest you.

AmeriLawyer.com

Phone: (800) 603-3900

Email: info@Amerilawyer.com

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