Duffy NorthDuffy North2023-07-18T07:23:12Zhttps://www.duffynorth.com/feed/atom/WordPress/wp-content/uploads/sites/1603903/2021/06/cropped-favicon-1-32x32.pngOn Behalf of Duffy Northhttps://www.duffynorth.com/?p=477542023-04-25T16:28:00Z2023-04-24T21:02:17ZCONGRATULATIONS YOUR CHILD IS ABOUT TO GRADUATE! You may still be the parent and paying bills, but your 18-year-old is now legally an adult. You’ve spent 18 years preparing financially and emotionally for this time. You’ve equipped your child with all the tools to help them succeed.
Previously, as their parent, you could easily access medical, financial and educational information regarding your child and act on their behalf — but now that they are 18, your ability to do so now is severely restricted.
In addition to all of the comforts of home, send them off with the promise that you will still be there when they need it most. The following key documents will allow you to get information and intervene on your child’s behalf while away at school:
DURABLE POWER OF ATTORNEY: gives you the ability to act on behalf of your child as their agent, allowing you to make financial decisions, including managing bank accounts, paying bills, signing tax returns, signing a lease and conducting other similar financial and legal transactions.
HEALTHCARE POWER OF ATTORNEY: gives you the ability to view your child’s medical records and make informed medical decisions as a “medical agent.” Without this document, healthcare decisions regarding your child’s treatment are solely in the hands of healthcare providers. This document also includes a “living will,” which lets people state their wishes for end-of-life medical care, in case they become unable to communicate their decisions.
Does my college student need a will?
The primary function of a will is to dispose of your property when you pass away. Because most college students have minimal assets, designating beneficiaries on their bank accounts may be sufficient. However, your college-aged child may have tangible personal property (such as jewelry, coin collections or even pets.) that they want to leave to specific people, like parents, siblings, friends, cousins, etc.
Does my student need a HIPPA form?
Parents should have their adult child pre-sign a HIPAA form at their Doctor's Office to ensure they can immediately communicate with physicians and access important medical records.
WE'RE HERE TO HELP YOU!Contact the attorneys at Duffy North to make an appointment to prepare these important documents. These documents can be completed very quickly! A quick appointment in our office with one of our attorneys and our notary is all it takes.]]>On Behalf of Duffy Northhttps://www.duffynorth.com/?p=473512021-12-17T15:53:12Z2021-11-21T15:52:47ZA variety of documents can address your healthcare needs.
If you cannot make decisions about your own care, who would you want to make those decisions on your behalf? Establishing a health care power of attorney gives someone you trust the legal right to choose which medical procedures you undergo, which healthcare providers you will see and a variety of other decisions.
Do you have specific wishes regarding life-support and other end-of-life care? Outlining your wishes in an advance health care directive, a do-not-resuscitate order and other documents can provide your loved ones with guidance.
A power of attorney can protect your assets.
Establishing a financial power of attorney allows your agent or co-agents to address a variety of different financial tasks on your behalf. These can include managing your investment portfolio, making banking or financial transactions, opening your safe deposit box, taking legal action on your behalf, operating a business or paying taxes. By choosing someone you trust to act on your behalf, you can ensure that these important matters have the attention they need even if you cannot manage your finances on your own.
Creating a plan can decrease conflict.
Your loved ones may disagree about the best approach to take when caring for your health and your possessions, and these disagreements can easily lead to conflict during a difficult time. By choosing people you trust to make decisions, detailing your wishes and discussing your plan with your family, you can help decrease their stress if you become incapacitated.
An estate plan that outlines your wishes for incapacity can provide you with peace of mind today and the confidence that your needs will be cared for if illness or injury should change your life in the future.]]>On Behalf of Duffy Northhttps://www.duffynorth.com/?p=473472021-12-17T15:33:11Z2021-11-17T15:32:47Zat-will employment state, employees and employers alike can end the employment arrangement for any reason. However, there is an exception to this rule: wrongful termination. What makes termination illegal?
What actions might constitute wrongful termination?
While an employer ending an employee’s time at the company may feel unfair under any circumstances, wrongful termination involves an illegal termination based on discrimination or retaliation. Some examples of discriminatory or retaliatory termination include:
Disproportionately terminating the employment of older employees during layoffs
Firing an employee because they filed for medical leave
Ending an employee’s time at a company because they acted as a whistleblower, as in a 2019 case regarding a Pennsylvania business.
Firing an employee because they refused advances from a supervisor
Making decisions about termination based on an employee’s race or ethnicity
If you have concerns about the reasons your employer ended your time at the company, legal options may be available. When an employee can show that their employer terminated their position based on “willful misconduct,” they may be eligible for the wages lost due to the termination of their employment. They may also receive additional funds to offset the emotional impact of the termination and the extension of health benefits during their unemployment.]]>On Behalf of Duffy Northhttps://www.duffynorth.com/?p=473492021-12-17T15:50:05Z2021-11-07T14:49:28Z1. Calculating value based on your business’s assets
If you were to sell your business’s assets — including its equipment, its intellectual property and any existing inventory — and paid off its debts, how much would remain? The remaining value would be your business’s liquidation value. You may also turn to your business’s balance sheet to determine its book value based on current going concerns. These methods are sometimes called asset-based valuation, and it is generally beneficial if your business has made significant investments in products, equipment or other holdings.
2. Estimating value based on your business’s earnings
Estimating your business’s value based on its earning potential could be a useful measure for companies with consistent past profits or those in emerging markets. As the United States Chamber of Commerce points out, this can be done either by examining past earnings or by estimating future earnings.
3. Comparing your business to others that have recently sold
The market-based approach to business valuation estimates your company’s value based the price paid for other, similar businesses that have recently sold. While this can give you a fairly clear picture of what your business could sell for, this valuation method also depends on comparable sales and may not offer clarity if no similar businesses have sold recently.
Identifying the right valuation method can be an important part of your sales strategy when selling your business. You may also want to explore your legal options to create a legal and financial strategy that supports your goals throughout the sale process.]]>On Behalf of Duffy Northhttps://www.duffynorth.com/?p=473412021-12-17T15:39:10Z2021-10-15T13:38:34Zestate tax. The current tax only applies to estates valued at more than $11.7 million for unmarried individuals and more than $23.4 million for married couples. From 2011 to 2016, the estate tax applied to just 0.2 percent of estates. In 2019, the executors of just 6,409 estates filed estate tax returns, and the IRS found that 2,570 of them owed tax on the transfer of their wealth to the deceased's heirs.
Could the estate tax change?
That might change soon. A budget plan being considered in Congress would lower the qualifying threshold for the estate tax to $5 million per individual, which is how the tax worked in 2010. While trimming the cutoff by more than half would seem to increase significantly the pool of estates subject to the tax, one observer told CNBC that just 0.3 to 0.4 percent of estates would have to pay.
Options for protection against the estate tax
Still, if you have built up substantial wealth, your estate might potentially trigger the estate tax after you pass away. But as the tiny number of estates that actually get taxes suggests, there are things wealthy Americans can do as part of their estate planning to avoid or minimize an estate tax bill. For example, you can establish trusts that allow your property to avoid probate. Or you can give gifts to loved ones or favorite charities.]]>On Behalf of Duffy Northhttps://www.duffynorth.com/?p=473392021-12-17T15:46:55Z2021-10-09T14:42:48ZDoes your loved one's will meet the requirements for their state?
Wills must meet many requirements, and those requirements vary slightly by state. These documents, for example, must contain the signature of the person writing the will.
Here is just one example of how a move to another state may cause a person's will to become invalid. Suppose a person wrote their will to reflect state laws that do not require witness signatures. In that case, that will may be invalid after moving to a state requiring those signatures.
Does your loved one have a more recent will?
People's wishes can change significantly over time. It is vital to use their most recent estate plan when going through the probate process. While people often destroy old documents to prevent confusion, that is not always the case. The court begins the probate process using an old will, the existence of a newer will could render that old document invalid.
Was your loved one able to understand the estate planning process?
Another legal requirement that wills must meet is that the writer must have had testamentary capacity or understanding of the will-writing process. Conditions like dementia, severe mental illness or addiction can impact a person's cognitive abilities, and a will written while impaired by that condition might be invalid.
Did someone coerce or mislead your loved one?
When someone manipulates a person into signing a will that they would not otherwise have signed, this can invalidate the will. Manipulation can include someone exerting undue influence over your loved one to coerce them into creating or updating a will to benefit the influencer. Someone may also create a fraudulent will by tricking the deceased into sighing the document or by forging the will.
What can you do if you suspect your loved one's will is invalid?
Thankfully, people with concerns about the validity of their loved one's will can take legal action to contest that will. Challenging a will can ensure that they receive their fair share of the estate and that the executor carries out their loved one's wishes.]]>On Behalf of Duffy Northhttps://www.duffynorth.com/?p=473362021-12-17T15:30:21Z2021-09-23T20:50:36ZWhat type of intellectual property does each protect?
Copyright registration protects various creative works, including books, plays, music, art, architecture and other intellectual works. The copyright holder has the right to determine how the public interacts with the work, including distributing copies of the copyrighted work, displaying it and reproducing it.
On the other hand, Trademark protection protects the words, images, colors, and other details surrounding a company's brand. These branding elements might include the business's name, the logo and colors used for its branded images and packaging, and its slogan. Trademark protection protects your right to use those elements of the brand. It prevents others from damaging your brand through unauthorized use of your trademark.
When is each form of intellectual property established?
When a business or individual creates a work, their copyright is automatically established at that time. However, creators must register that copyright to protect their ownership of the work in court.
Trademarks, on the other hand, must undergo a registration process. Companies must also make ongoing use of their trademarks and be consistent to maintain this protection.
When do these protections expire?
Copyright protection in the United States lasts for 70 years after the death of the original creator. The copyright holder cannot renew this protection.
Trademark protection does not expire provided the trademark is under continuous use and the company periodically renews its registration. A trademark does not expire, provided the business continues to use the trademark.
By examining the details of the work you want to protect, you can determine the type of intellectual property protection that best fits your need.]]>On Behalf of Duffy Northhttps://www.duffynorth.com/?p=472902021-09-21T20:00:26Z2021-09-21T19:47:05Zusing two documents: advance healthcare directives and powers of attorney.
Powers of attorney: help when you need it
There are two types of powers of attorney: financial and medical. In the latter you designate an agent to handle medical decisions on your behalf, based on the terms of your advance healthcare directive. In the former, you designate an agent to take care of your financial matters. You can choose one person for both roles or divide them among two or more people.
Keeping control over your healthcare
Commonly known as a living will, an advance healthcare directive is a legal document in which you lay out the extent of treatment you would want during a medical crisis if you are unable to communicate at the time. For example, you can say that you would (or would not) want to be put on life support if you go into a vegetative state. We can help you prepare your advance directive so that it is comprehensive and explains your wishes should you experience any serious medical event.
A well drafted estate plan benefits you and your family during your lifetime as well as after you have passed away.
]]>On Behalf of Duffy Northhttps://www.duffynorth.com/?p=473062021-09-21T20:00:52Z2021-09-21T15:07:34ZWhat are some common title defects?
A wide variety of different issues related to a property's title can impact the transfer of ownership. Some of the issues that may interrupt the transaction include:
Unpaid debts—When there are unpaid taxes or other debts, creditors may put a lien on the property.
Document errors—Because of the number of documents that may be filed about the property over time, there are many different clerical errors that could cause concern. Misfiled paperwork, inaccurate descriptions, missing holder names or signatures, inconsistent wording and other errors can all lead to a defective title.
Forgery and fraud—While some title defects are the result of mistakes, fraudulent documents intentionally misrepresent the state of the property or the people who have ownership rights. In these cases, the person selling the property might not have the legal right to make that sale.
What can real estate buyers do about title defects?
While title defects delay or prevent the sale of a property, buyers can resolve them in many cases. Some minor errors might be fixable by correcting a document. Other, more serious issues may require legal action.
Despite the challenges it can cause, a title defect is not necessarily the end of a real estate transaction. Give us a call so we can help with your real estate title needs.]]>On Behalf of Duffy Northhttps://www.duffynorth.com/?p=473082021-09-21T20:01:29Z2021-09-14T21:28:41ZHow might a third party interfere with your contract?
A person or business can interfere with a contract in a wide variety of ways. Some of the many forms that wrongful interference can take include:
Charging an unreasonably low price to undercut another business’s contractually agreed-upon price for business supplies and cause the buyer to breach that contract
Threatening to discontinue business with one party in the contract if they don’t breach the contract
Intentionally undermining the ability of one party in the contract to deliver what they promised
Spreading misinformation in an effort to damage negotiations on a prospective contract
When does contract interference justify legal action?
No matter what form of interference damaged your business and its operations, your legal options depend on the specifics of your situation. To prove that a person or business wrongfully interfered with your contract, you must prove:
The existence of a prospective contractual relationship
Knowledge of the part of the third party about the contract
Actions taken to intentionally interfere with the contract
An absence of legal justification for the breach of contract
Harm caused by the breach of contract
If someone wrongfully interfered with an important contract and damaged your business as a result, there are legal remedies available to you. Pursuing litigation may allow you to offset the impact of the breach of contract and protect your business or your career.]]>