Category Archives: Legal

The power of attorney is an integral aspect of long-term planning. Since all states recognise a power of attorney, the rules and regulations vary by state. A power of attorney authorises one or more individuals to serve as your lawyer on your behalf. The power may be restricted to a specific task, such as completing the selling of your property, or it may be applied broadly. The authority may be temporary or permanent. Giving others power of attorney (POA) gives them the authority to manage common financial issues on your behalf. Your lawyer, on the other hand, does not have the right to change your living trust or your power of attorney cannot change a trust if the POA agreement does not contain it.

What Is a Trustee Power of Attorney?

There may be times, though, when you choose to appoint the same person as both your trustee and your attorney-in-fact. A power of attorney (POA) is a document that allows some other person to act on your behalf. A trustee, on the other hand, is in charge of managing a trust.

Rights of a Power of Attorney?

Attorneys draught financial POAs to ensure that your agent has the privileges and powers you need. The following are examples of financial POAs:

1. Power of attorney for the general public. A general or daily POA grants your financial agent the authority to carry out typical POA transactions, such as tax filing and banking management. If you become incapacitated, this sort of POA will expire.

2. A durable power of attorney is one that lasts for a long time. This POA functions similarly to a general POA, but it remains in place even if you become incapacitated.

3. A special or limited power of attorney allows you to act on behalf of another. This POA has a particular function in mind, such as the selling of a home. Your agent’s ability to do things is restricted by special or limited POAs. These POAs may also define a time limit for the POA, such as two weeks when you’re out of the country. The privileges you have under a general or durable POA are determined by how your solicitor drafted the contract and the relevant state law.

4.  The following are some of the traditional privileges that a financial POA has on behalf of the principal:

• submitting tax returns
• Participating in the banking industry
• Putting money into something
• Managing loans and paying bills
• Recruiting the best professionals, such as accountants and lawyers
• Making a claim for assistance
• Keeping track of the principal’s real and personal assets
• Bringing lawsuits on behalf of the principal

Your “agent” or “attorney-in-fact” is the person who is appointed in a power of attorney to work on your behalf. Your lawyer will act on your behalf as long as the power of attorney is accurate.

Is it Possible for Your Agent to Change Your Living Trust?

Can a power of attorney change a trust? If you want your agent to be able to make adjustments to your living trust or bank account beneficiaries, you must expressly grant these powers in your POA document. These powers can be listed in any form of the financial POA, but they must be clearly outlined or the agent would be unable to exercise them. 

Your agent might be required to have both a POA contract and a trust agreement in order to adjust a living trust in certain states. Many states, on the other hand, allow an agent to alter a living trust if the power is only in the POA text. In other situations, after the POA gives the agent the authority to alter the trust, the agent may sign a release that the trustee must sign, allowing the agent to access the trust property.

It’s also possible to make your POA the trustee if you want your agent to manage financial matters within the trust. You can first be certain that your agent is absolutely trustworthy since they aren’t tracked until a case for mismanagement is filed against them.

Agent’s Role in Changing Your Living Trust

Can a power of attorney change a trust? If your representative has the authority to adjust your living trust, they will do so under such cases, such as in the event of a divorce, the death of a recipient, or the birth of a child. The POA will make adjustments if the justification is valid, as long as they are acting in your best interests. You can make your agent change your confidence in a variety of ways, including:

1. Create a confidence amendment. An alteration form allows the agent to make a change to the trust agreement while keeping the rest of it unchanged.
2. Restate the trust. This enables the agent to re-establish trust while still implementing changes. The trust remains unchanged during restatement, but it will obey the new trust agreement once it is in place.
3. Resign your position of confidence. Since the agent must delete everything from the trust before applying the same property to the new trust, this is the least efficient choice. Since it requires more time, it causes more headaches than amending or restating the trust.

Regardless of how your agent modifies your confidence, it’s critical to enlist the assistance of an estate attorney. If you give your agent the authority to adjust your POA document’s confidence, make sure it’s done correctly by an experienced attorney.

Published by: Somya

A trust is a legal partnership in which a person. It is a legal entity entrusted with the legal title to the property. It has a fiduciary obligation to retain and use it for the benefit of another. Trusts are created to provide legal protection for the assets of the trustor.  To ensure that those assets are distributed according to the trustor’s wishes. Also to save time, prevent or decrease inheritance or estate taxes. Does the question arise that can trust be changed?

Parties involved in the formation-

1. Settlor – The person or entity who establishes trust. Also called a Trustee or a Grantor.
2. Trustee – An owner who has agreed to use his property for the benefit of another.
3. Beneficiary – The owner of the Trust property who benefits from it.

Its Making Essentials-

1. A written Trust Deed signed by the Settlor, a minimum of two Trustees, and two witnesses.
2. The Trust’s Property (Money or Other Property).
3. The Trusted Object/Purpose
4. Stamp Paper, based on the value of the property held in trust.
5. The deed must register with the Sub-office. Registrar’s Payment of registration fees for the apt.
6. Trustee’s Name
7. Trustee Address
8. Apply for the trust’s permanent account number. Also, open a bank account for it.
9. The trust may or may not be registered. Registration is required only if the trust receives an immovable property.

Several categories of trust- 

Testamentary or a Living?

A living trust, also known as an inter-vivos trust. It is a written document that places an individual’s assets in trust for his or her use. It benefits during his or her lifetime. At the moment of the individual’s death, these assets are transferred to his beneficiaries. A successor trustee is in charge of transferring the assets to the individual.

A testamentary trust, also known as a will trust. It describes how an individual’s assets will be distributed after death.

Irrevocable or revocable contracts

The trustor will amend or revoke a revocable trust at any point during his life. As the name indicates, an irrevocable trust is one that the trustor cannot alter. Until it has been founded or one that becomes irrevocable upon his death.

Revocable and irrevocable living trusts exist. Only irrevocable testamentary trusts are possible. It is generally preferable to have irrevocable confidence. The fact that it is irreversible. It comprising assets that have been permanently transferred out of the trustor’s possession. It enables estate taxes to be reduced or prevented entirely.

A revocable trust can be changed- 

1. Most of us write multiple wills over the course of our lives. The conditions change, and our estate planning needs to adapt as well. A living trust, like a will, can be changed at any time. A revocable living trust’s flexibility is one of its most appealing features. You can change its terms or terminate it at any time.

2. In the case of Spouse-

   Either, you or your spouse will rescind a shared trust you formed together. If you want to amend any trust clauses. Such as the beneficiary or successor trustee, you’ll need to agree in writing. And, in order to transfer real estate out of the living trust, both spouses will almost certainly have to sign transfer documents.

   Consumers and title insurance firms typically require both spouses’ signatures on transfer documents. After one spouse dies, the surviving spouse may alter the terms of the trust document. They deal with his or her property. But, not the portions that decide what happens to the trust property of the dead spouse.

3. Traditional method-

   When you want to make a change to your will. The traditional (and generally best) method is to rescind it completely and compose a new one. A living trust, on the other hand, presents a unique set of circumstances.

   You don’t want to cancel the trust, make a new one, and transfer the property. Because you’ve already transferred the property to it. This is both costly and inconvenient. However, making changes to an existing document can be confusing.

4. Restatement-   

The living trust document should be “restated” as a solution. To put it another way, you produce a new trust document. But you don’t cancel the old one. Instead, you restate it with some modifications. This allows you to retain the trust’s original date. It means you won’t have to do anything with the property already held in the trust.

An irrevocable trust can be changed?

Some irrevocable trusts include instructions to the trustees or beneficiaries. They enable the terms of the trust agreement. It serves as the trust’s formation document. They are changed under special and restricted situations. Some irrevocable trusts include instructions to the trustees or beneficiaries. It enables the terms of the trust agreement. It serves as the trust’s formation document, which changes under special and restricted situations.

Author’s Note –

The two main categories of trust, i.e. revocable and non-revocable or living and testamentary contradict themselves. Both are opposite of each other. They tell us whether that type of trust can be changed or not. It is easy to change a living or revocable. Whereas testamentary or non-revocable is difficult to change but some exceptions are always there.

Published by: Somya

Is it possible to change a trust after its creator has passed away? Can trust be changed after death? Unfortunately for those who stand to benefit. The answer is almost certainly “no.” Let’s take a look at how trusts work. What that means for beneficiaries after the trust creator or maker, also known as the grantor or trust maker passes away. 

There are many types of trusts, but the revocable living trust, also known as a “living trust,” is the most common and well-known. Revocable living trusts, like all trusts, have three parties: the grantor; the trustee; and the beneficiary. The beneficiary, who profits from the assets in the trustee’s care. And the trustee, to whom the trustee assigns property to hold and maintain. The trust instrument is a legal document that establishes trust. It describes the parties’ rights and obligations and specifies the trust’s terms. 

A person may play all three roles in a revocable living trust: grantor, trustee, and beneficiary. In most respects, the situation is similar to when the grantor owned the property in their own name. The grantor has full control and use of the trust’s assets can change the trust’s terms, and can even terminate the trust. The word “revocable” refers to the grantor’s ability to terminate, or revoke, the trust during his or her lifetime.

What Happens when the trustee Dies?

Can trust be changed after death? The grantor would name a successor trustee when establishing the trust. When the original grantor/trustee dies or becomes lawfully incapacitated. The successor trustee steps in to administer the trust. 

The trust becomes irrevocable and its terms are set in stone when the grantor dies. The trust terms as identified in the trust instrument at the time of the grantor’s death control. Regardless of whether the grantor expected to alter or even cancel the trust. If the grantor had a falling out with one of his adult children. And removed her as a beneficiary from the trust shortly before his death, she would be out of luck.

If a couple creates a revocable living trust in which they both serve as grantors. The trust instrument may state that after the death of the first grantor spouse, the trust will become irrevocable. In most cases, however, the trust does not become irrevocable until the second grantor spouse passes away. If the husband dies first and the wife was aware of his desire to reinstate their daughter as a beneficiary.

Why revocable trust becomes irrevocable?

Revocable trusts allow individuals who are putting together an estate plan to keep control of their assets throughout their lives. It prevents probate for those assets after they die, and retain some control over those assets after they die. For grantors concerned about what would happen if their young adult heirs received their entire inheritance at once. A trust provides a way to care for loved ones while limiting how much money they receive at once.

A revocable trust often allows beneficiaries to be rewarded for certain behaviours. For example, if Grandma wants her grandchildren to go to college, she might set up a trust to make a distribution to them each semester they make Dean’s List or when they graduate.

One of the more significant benefits of a trust is the ability to exert some control over how trust assets are distributed to beneficiaries. If beneficiaries could get around this and make changes to the trust after the grantor died, trusts would become less appealing to many individuals.

Possible to Change a Trust After the Death? 

Can trust be changed after death? The court may change a trust’s administrative or dispositive terms, or even cancel it in very limited situations. The court may adjust a trust if there are circumstances that the settlor did not or could not foresee, and altering the terms of the trust will actually further the trust’s purposes. A court adjusting the trust would do so as closely as possible to what the settlor likely expected. In addition, if continuing the trust in its current terms is impractical. Or will hinder the trust’s administration, the court may amend the trust’s administrative terms.

If a petitioner can show undue influence on the part of a beneficiary, a court may agree to adjust the dispositive terms of a trust (that is, who gets distributions, under what conditions, and how much). Such competitions, on the other hand, are uphill battles that are incredibly difficult to win. If you are a potential beneficiary or a beneficiary who does not agree with a trust’s terms, your options are likely limited.

If you’re a grantor, you can review your trust every few years when you’re still alive and competent to ensure that the terms still represent your wishes.

Author’s Note-

Upon the demise of the trust’s manufacturer or manufacturers, certain living or revocable trusts become irrevocable. This means that if the successor trustee takes over the management of the trust, it cannot be changed in any way. The main responsibility of the successor trustee is to manage the trust in accordance with the original trustee’s explicit and implied wishes.

An irrevocable trust’s beneficiaries cannot be changed, added, or removed by a successor trustee. They must never give the impression that they have the authority to do so, particularly when it comes to forcing beneficiaries to sign releases of trustee liability in exchange for distributions.

Published by: Somya

Yes, the answer to the question of whether a trust can own an LLC is yes. Many business owners undervalue the importance of estate planning in protecting their company. Nonetheless, after years of hard work, it should go without saying that you should protect what you have created, but it is frequently overlooked.

Setting up a living trust or asset protection trust is one of the most effective ways to protect your business. When the time comes, you will be able to legally transfer your membership interest to someone else.

What Exactly Is a Limited Liability Company (LLC)?

A limited liability company (LLC) is a popular type of business entity that can protect shareholders from liability while also avoiding double taxation. In a limited partnership, there is no double taxation. However, the partners’ liability is not limited. An LLC is a popular choice for real estate because it offers both limited liability and preferential tax treatment.

An LLC can have an unlimited number of members. Members can be both individuals and corporations. When it comes to taxes, a single-member LLC’s profits will be passed through to their personal tax return. Investors can place assets in revocable living trusts during estate planning. It will be distributed to trust beneficiaries without the scrutiny of a probate court.

Consider some of the popular options to determine which setup will work best for your trust.

1. As the Sole Trustee of a Living Trust –

An LLC, on the other hand, provides limited liability protection. It will not help you with your estate planning. A living trust can aid in estate planning. But it will not protect you from liability. An LLC with a single member who is a living trust gets the best of both worlds, with limited liability and probate benefits.

2. Collaboration and trust –

An LLC can operate as a sole proprietorship or partnership to obtain additional tax benefits. You will protect your business assets, such as property, bank accounts, and other personal assets, from lawsuits by forming. When you set up a living trust, the property is protected from probate in the event that one of the partners dies, and the property is transferred according to your instructions.

It is critical to spell out all of the ownership interests that are held in trust when drafting an operating agreement for an LLC.

An operating agreement should include the following provisions-

According to the language, the trustee or successor has full rights as a manager or member of the LLC.

1. A list of the managers and members of the LLC.
2. In the event of a member’s death or incapacity, a financial or banking institution may refuse to allow you interest in the business base if you do not have a well-defined operating agreement in place.

Living Trusts and Their Legal Importance-

The creation of a living trust aids in determining legal status. A trust can be defined as:

• Revocable – The grantor of a revocable trust has the option to terminate the trust at any time in order to regain ownership. As a result, the trust can be thought of as an extension of the grantor. In terms of debt, it will be counted as one of their assets.
• Irrevocable Trust – The grantor can easily terminate the irrevocable trust. However, the assets are safe from creditors pursuing the grantor’s assets.

Membership in the Trust

The trustees will have legal ownership rights to almost any asset that an individual can own under the laws of each state. A living trust can become a member of the LLC because an LLC’s ownership interest is considered an asset. An LLC is the only type of living trust that can be a member.

The Benefits of Using a Trust to Own Your LLC 

1. Avoid Probate:

When you transfer your membership interest in a limited liability company (LLC) to a trust. It is not subject to probate, making the transition after your death much easier. Another benefit of having your LLC owned by a trust is that your loved ones will save time. And money by avoiding probate.

2. Confidentiality:

The probate process is entirely open to the public. During these proceedings, confidential business information and information that could harm your company’s reputation may be made public.

3. Incapacity planning:

It’s also worth noting that putting your LLC in trust can benefit you long after you’ve died. But it also applies if you become incapacitated as a result of an injury or illness. With your wishes for LLC management spelt out in the trust. You can be confident that operations will continue even if you are temporarily unable to run the business for any reason.

Asset protection is a great benefit for business owners and real estate investors. But it can be extremely expensive. It is more advantageous for professional practices such as teachers, doctors, chartered accountants, engineers, and many others.

Published by: Somya

The executor of a will is a person, who handles the inheritance legitimately. The person who hired him to look after the distribution of his inheritance after his demise. The executor is responsible for maintaining, handling, and completing the whole process of the decedent’s property. Can the executor of a will change the will? The executor cannot sway with his own benefit there are some responsibilities he has to obey:

 

Responsibilities of the Executor of Will

• An executor plays a crucial role in implementing. He delivers the wish of the deceased as it is mentioned in the will.
• An executor, therefore, cannot behave bias on behalf of his own benefit and cannot change the will on his wish.
• The executor has the authority to dispose of the intentions of the testator as per his wish.
• He is responsible for settling and disposing of the assets as per the will of the estate owner.
• The only executor can probate the estate at its correct time and requirement, and only he has the authority to apply for the probate.
• An executor should be sound-minded. He should provide all the documents and also be there to complete the whole procedure.
• If the testator lends someone money or took any expense before his demise, this work is done through the assets left by the deceased.
• In case there is no one mentioned as an executive in a will, then the court decides who will administer the will. Then the administrator will dispose of the will on behalf of the testator.
• Even if in one of the cases where the nominee itself is an executor and the will has mentioned there will be equal distribution of the estate. Then the executor nominee has sole responsibility to distribute equal assets.
• If the executor behaves allegedly, the family of the deceased or nominees has the right to file a lawsuit against him.

Can the Executor Change the Will?

Simply no, the executor is the legally authorized person, present there for listing the deceased’s wishes as it is delineated to him in the form of will. There are strict rulings and obligations for every executor even if he/she is one of the nominees. There are certain things that the executor cannot do, according to his own will, rather than the testator.

• An executor is a fiduciary element of the system. This term is for those who lend by the responsibility of one’s will and acting on behalf of him with honesty.
• They work for the best management of assets, affairs regarding the estate, or any other duty regarded them by the testator.
• Beneficiary’s action of an executor for himself and disagreement of nominees over will.
• In case of a dispute made by an executor, the court has the right to remove the executor.
• If you could prove before the court that the executor is handling the assets incompetently and misleading them. The court will remove the executor from the case and give you a replacement. As every court has a priority list of individuals who can better take care of the assets and obey in conduct.
• The executor has great formal authority as they have a big job of managing the assets, paying debts and distributing finances, etc.
• Executors have a right to change the will. But if this is the demand of the testator only then he can do this job. Without his consent, he is not liable for making hustle and bustle in the will.
• The authority you give them isn’t limitless. But there are systems too, to keep a check on the accounting over the expenses done by the executor.
• It is better to hire an executor who is trustworthy to you and you can guarantee him with the internal affairs.

Things to Keep in Mind Before Preparing for a Will

Can the executor of the will change the will? A will is basically an estate plan. A plan of giving whom the power of attorney, also giving whom the finances, and many more. The thought of going to die, makes some people shiver.

The death of a person, without a will, triggers intestacy laws. They take the responsibility of the management of assets, paying debts, and distributing equal estate within the members of the family or among the demised person’s children.

Some people possess the least amount of assets; the distribution of such estate is an easy job. But the one who possesses a large amount of estate and doesn’t have a specific idea about managing. Always go through a piece of expert advice and not try making it by you. However, those self-prepared wills aren’t properly draft and signed. To avoid mistakes, reducing taxes, and potentially save your money, consult with your estate lawyer.

Be careful while selecting nominees, guardians, and trustees. Some people find this job of making own will act of mortality. If you have children and want to raise them with amenity then leaving to prepare a will is not a worthy option for you.

Any time you can bring a significant change in your life. The birth of a child, a death of an individual who was the only financial supporter of a family, the retirement of guardians, etc. It is a good time to review your will.

 

Published by: Somya

LLC is known as a Limited Liability Company. It is a kind of pass-through taxation of partnership and sole proprietorship with LLC. In US states certain businesses such as legal medical services cannot have limited liability licenses. But they must require a Professional Limited Liability Company (PLLC). This article is about, can you add members to an LLC?

Features of an LLC

• An LLC has a hybrid legal entity. Because it possesses both characteristics of corporation and partnership or sole proprietorship.
• It shares its characteristics of limited liability with the corporation and shares pass-through taxation with partnership or sole proprietorship.
• It is a legal entity.
• LLC is said as ‘organized’ rather than ‘incorporated’ because its documents are always said as ‘articles of organization’ instead of ‘articles of incorporation.
• LLC has a legal partnership with the arrangements that require the fulfillment of ‘articles of organization’.
• Sometimes it is difficult to veil LLC because it does not have many formalities for one to maintain.
• The regulations under limited liability vary according to the different states and their regulations.
• As liability varies from state to state, although, the requirements under the LLC vary from state to state.

Importance of an LLC

• LLC draws some additional benefits to your corporation and partnership or sole proprietorship.
• It maintains the limited liability status among legal entities.
• Having LLC benefits in certain lawsuits, such as, if your company had been caught in certain illegal activity, then the court goes through the assets of the corporation instead of the owner, for the sake of damages.
• But if the owner was involved in a certain scam then here the case changes, the court does not compensate to limited liability.
• It is not compulsory to have LLC for your business or corporation, but it is one of the several methods of organizing your entity.
• In the case of a sole proprietorship, it is not compulsory to have LLC because there would be only one person working as the main of the corporation and does not need any kind of protection from debts.
• It is helpful for, if you are not sure that your business would make that much money then you can always decide to have formed an LLC later for least debts.
• If you are willing to start a business without an LLC, then you might commingle your personal finances with your business finances.
• If you are a single member of an LLC, you are your own decision-maker and do not have to make decisions encompass from other partners.
• A corporation having multiple owners also delineated by different obligations, and not a single person would be responsible for paying debts of an LLC.

How to Apply for Adding an LLC?

• First of all, you have to choose a trading name or business name. While making sure your entity’s name does not infringe on any existing business or trade.
• Secondly, you need to file articles of organization. To create your LLC you must have to file articles of organization of your state’s office.
• Some states mention ‘articles of organization’ as a ‘certificate of organization’.
• Choose your registered agent. LLC requires a registered agent because this agent possesses a physical address in your state to request your LLC.
• Most people with small businesses choose to manage their LLCs on their own, but the request of an LLC includes the involvement of some outsiders to manage your LLC.
• Then you have to create an LLC operating agreement to establish your business with an LLC to run in harmony.
• If you want to hire employees you first need to have an EIN number that would allow you to have it taxed as a whole business of the corporation, instead of giving debt to a single person.
• LLC agents check for the business license before handling you with an LLC. So first make sure you have a proper business license ensuring what kind of business you do to make it public record.
• After handling you with an LLC, you have to file annual reports.
• You cannot use the same LLC of state for settling the same business in another state, you have to apply for a new LLC.

Can I Add Members in One LLC?

Many business holders manage to have their LLC because of its vulnerability and to provide it with the limited liability of a corporation or trade. It removes all the complexity and manages incorporation. If one has his LLC and wants to add members to his LLC then he needs to work with the consent. Every member and make an agreement passing the consent of every single member. Following are some steps to keep in mind and obligate during you add new members in on LLC:

• Before adding members figure out terms and conditions and give a clear vision of obligations members have to follow.
• Voting of members should be done over the terms of the corporation to make sure of the consent and it is compulsory to operate an agreement.
• Make these entire procedures official.
• Keep updated your articles of organization. This will amid all the paperwork when you requested an LLC.
• Then file a tax form. Now you are no more a sole proprietor if your corporation has more than one owner. Then consult your business attorney to avoid lending of taxation on a single owner.
• If you want to change the trade’s name with the whole consent of its members too. Then you have to notify IRS and register a new name.
• But the state government governs the rulings over management and formation of who can be a member of the same LLC.
• This LLC saves owners and shields them from personal liability for the corporation’s payroll of taxes and other debts.
• The operating agreement should have the content of delivering a working guide for every member of a single LLC. This agreement is for the revocation of obligations.

Understand the Consequences Before Adding Members to an LLC

Can you add members to an LLC? Yes. When you add a new member to your trade, he might overcome with growing your business. But at the same time, the profit will also get distributed among all the members. Once someone becomes a member of your corporation it becomes hard to remove him. Bringing a new member to your corporation helps to change the tax status of your profile. Before making a decision over adding a new member vote on an Amendment for adding.

Published by: Somya

Can you remove someone from a lease without their consent, is it quite a difficult job if this is unreasonable? A lease is a contract, outlining the terms and conditions under which one party rents the property which is owned by the second party. Leases are legal documents that represent the terms and conditions forthcoming for the rental agreement. These leases bind both parties with an agreement and enforceable to both of the parties.

Not all leases are the same they vary with the content of it, but there are some common features; the lessee and lessor, rent amount, due date, etc. The landlord; the person who owns the property before the tenant occupies the property.

Types of Tenancies

Tenancy for years:

These types of tenancies are for a specific fixed duration. In common law, it can occur to extend the duration, but in such case, there would be certain conditions placed, like tenancy up to some event such as; until our nephew shifts here and so on. Tenancies of years may include the rental agreement of some years, months, or even specific weeks still be called ‘’tenancy of years’’.

At will tenancy:

In case, if landlord, does not want to evict his/her tenant but wants his property for a specific duration then he can do that thing too without evicting the tenant.

Periodic tenancy:

It is a tenancy of year to year, month to month, or week to week. This is for the estate which stays out of occupation for a specific period.

Tenancy at will:

In this type of tenancy, either tenant or landlord holds the authority of terminating the tenancy at any time with proper notice. The tenancy may last for several years but can terminate at any time either by a lessor or by lease either for a proper reason or not. For terminating it proper notice is required.

Tenancy at sufferance:

In this kind of tenancy, the tenant remains in possession even after the termination of the lease, until the landlord ejects him/her from the estate. In such cases, the tenant is kind of trespasser here and possession over such property does not fit into true estate land, here the law recognizes the authority over the land and holds the tenant reliable for rent, here no one is liable to question can you remove someone from a lease without their consent.

Breach of Lease

A breach of lease occurs when either landlord or tenant breaks violates rights. Some people maintain a landlord-tenant relationship without melancholy but this happens even if both parties are great at creating problems. There are certain conditions of the breach.

• When tenants bring alterations in a property without the consent of the estate owner;
• If a tenant makes noise throughout the day;
• Allowing pets at the property without permission of landlord;
• Damages caused due to tenant’s negligence;
• Engulf all the parts of estate for personal use without sub-holding to limits of usage in property;
• Not following society’s obligations
• If the tenant does not leave even after termination of agreement over occupancy of the estate;

Removing Someone From a Lease Without Their Consent, is it Feasible?

Can you remove someone from a lease without their consent is the main problem for most of landlords. There are certain situations when removing tenant is vital:

• When it becomes mandatory to eject a bad tenant from your estate, removing him/her is the best option whether he/she like it or not.
• But keeping the rights of a tenant of occupancy of the property, someone cannot erase those rights for themselves own self.
• For landlords, there are still some situations where they can remove tenants from their estate with proper notice.
• Or if landlords do not want to eject tenant then they can introduce new terms and conditions with proper notice.
• This termination before the expiration of tenancy can only be done if the rights of the lease have been violated.
• The deadline for an eviction is at least 30 days after filing an eviction notice.
• Even if the tenant breaches the lease, landlords have remedies to go through the removal of the tenant.
• The popular remedy is, the landlord can carry out repair work of the estate and reclaim money from the tenant, in case of some equitable remedy.
• If the breach by the tenant is fixable then there is no need to remove him or her and restrain him or her from the property.
• Can you remove someone from a lease without their consent; the answer will be partial in this case, because for both parties, the statute has provided rights and remedies, you cannot challenge those rights for a personal whim.

Common Tips for Renters

• Always make sure you notify your landlord about changing living arrangements.
• A divorce settlement can leave an impact on remaining as a tenant for the same estate.
• If your roommate just moved out and you can’t afford to pay the whole rent.
• If you are about to bring a partner to live with you then make sure you notify your landlord.
• Your wise living will not create any problem in your duration of the tenancy.

Published by: Somya

EIN stands for Employer Identification Number. Similar to a social security number, it is a unique nine-digit number issued by the Internal Revenue Service (IRS). The number helps to give the business a separate identity. This enables the law to differentiate it from other practices and also help the business out in tax procedures. Its format is as follows- XX-XXXXXXX. But the major question that arises is- Can I have two EIN Numbers?

Akin to how the social security number aims to uniquely identify individuals of the state, Employer Identification Number (EIN) performs the same function. It enables the government to uniquely identify a business entity.

Another similarity that stands out between a social security number and an Employer Identification Number (EIN) is the fact that it never expires and is completely unassignable to another business entity. It will solely belong to one particular business for as long as it continues to exist and operate. 

The requirements for getting an Employer Identification Number

There are no restrictions related to the type of business venture as to which can apply for an Employer Identification Number (EIN). LLCs, corporations, government agencies, partnership and even sole proprietorship business ventures with only the owner as the sole member can apply for an Employer Identification Number (EIN) as long as certain requirements are fulfilled-

• The location of the operation must be in the United States of America or within the territories of the United States of America.
• The one applying for it should be a taxpaying citizen.
• The one applying for it should have crucial identification documents like the social security number.

The number of employees in the business is also not a point of concern regarding applying for an Employer Identification Number (EIN) since LLCs, corporations, partnerships and sole proprietorships alike can apply for an Employer Identification Number (EIN).

Now, a common question might naturally arise in the mind regarding the need for an Employer Identification Number (EIN). The business entities pay their federal taxes online and to facilitate that, they need to make an Employer Identification Number (EIN). Furthermore, every taxpaying and functioning entity should necessarily have an Employers Identification Number (EIN). This enables them to perform basic functions like banking. The application process is also streamlined due to the ongoing digital sweep of literacy. One can simply apply for it without any hassle or tedious paperwork and fill out the easy to compile form on the website.

Tax Identification Numbers

A common point of misconception that often occurs while diving into the subject of Employer Identification Number (EIN) is the concept of Tax ID numbers. Contrary to popular beliefs, Tax ID numbers can most definitely be considered to be a synonymous term for the Employer Identification Numbers.

Although, if it comes to minute details, a tax Id number is a generic term that is used for identifying taxpaying individuals in the US. On the other hand EIN identifies taxing business entities.  This is the main subtle point of difference between them.

Being a generic term, TIN carries four names other than EIN under its umbrella-

• Social Security Number (SSN)-  A SSN or the Social Security Administration is provided to every citizen of the USA. Only, if one meets the determined prerequisites.
• Individual Taxpayer Identification Number (ITIN)- An ITIN is issued by the Internal Revenue Service (IRS). It is issued specifically to those taxpayers who for some reasons do not meet the requisites of the SSN and cannot file for it.
• Adoption Taxpayer Identification Number (ATIN) – An ATIN is issued by the Internal Revenue Service (IRS). It is issued for a limited time for someone who is currently adopting a child but for some reason cannot get an SSN for the child.
• Preparer Tax Identification Number (PTIN) – Internal Revenue Service (IRS) issues a PTIN to tax preparers who file taxes for others. As early as a few years back, tax preparers having an Employer’s Identification Number (EIN) was not necessary, but as of now, it has been made compulsory.

Can I have two EIN numbers?

To answer this frequently asked question, the main focus is on the basic functions of an EIN. This includes uniquely identifying a business entity to facilitate tax functions and other essential functions like banking and brokerage.

The number of EINs one can have depends upon the number of businesses one own. The EIN helps the government to recognize the business as a taxpaying entity. Thus, it will be essential to create different EINs for different businesses.

This rule does not apply if you change the name of your business or the core location of the business. One can easily change the name of the business or the location without having to file for a new EIN. Although, if the employer wants to expand the business or change its basic structure; it needs to file for a new EIN.

Conclusion

In a nutshell, filing for an EIN is necessary. It helps to get recognized as a legitimate taxpayer entity operating under the USA domicile. Tax Identification Number, although synonymous with an EIN is slightly different as it is a kind of broad spectrum of which EIN is a part. So, the question remains that can I have two EIN Numbers?

An Employer Identification Number, to put mildly is like the Social Security Number for a business. So, if the entity pays tax then it needs to have one. If there are multiple business entities under the tutelage of the same employer,  they should have different EINs.  These are not only for tax purposes, but also for banking and brokerage functions. The system remains the same if for example; a sole proprietorship business is leaning towards becoming a corporation. Running multiple businesses under the same LLC is also a possible option. This is because the employer won’t have to file for different EINs in that case.

 

Published by: Somya

An annuity is a contract between an individual and an insurance company. In which one has to make lump-sum payments or a series of payments. This insurance company invests the funds of an individual. Annuities are contracts issued and sold by a specific insurance company. Primarily, an annuity is a financial product that pays a fixed amount to an individual as an income to retirees. The period, when an annuity is funded and the period when an annuity begins to payout is referred to as the accumulation phase. But many of the people ask; can you put an annuity in a trust?

Annuity and trusts

• As a financial asset, an annuity overall is a part of the financial estate plan of its purchaser.
• A trust is a fiduciary system. In which one person holds the property of another for the benefit of another. Then the grantor creates trust and transfer the document and transfers the trust.
• The grantor may create this trust for a lifetime or specific period until the shares are there.
• An annuity trust allows a person to set his property or estate to be managed through third party especially by the grantor. For the benefit purpose.
• The person who is creating the trust is referred to as a settler and the one who manages the trust is known as a trustee.

Types of annuity trusts

There are mainly three types of annuities:

• Fixed annuity
• Variable annuity
• Indexed annuity

 

Fixed annuity:

This option is granted as the least risk and the most predictable. Fixed annuities come with a guarantee, interest rate which does not vary beyond the terms of a contract. While other investments are unsteady while fixed annuity drives steady. However, the interest rate resets year to year but they do not fluctuate so frequently.

Variable annuity:

A variable annuity comes with greater risks and low predictability. As the risk is high, the reward will be high. Payments from variable annuities can increase if the shares portfolio does well. But if the portfolio does not work then it will create a great loss of money.

Indexed annuity:

Indexed annuities are also known as equity-indexed annuities. An indexed annuity has both the characteristics of fixed and variable annuities. It is a way to balance the risks and rewards which also carries lower risks and contain higher potential annuities. But the rate of its index can fluctuate according to the stock shares. The tradeoff is that this kind of annuity has higher costs and fees than a fixed annuity rate.

Other annuity choices

Can you put an annuity in a trust? There are numerous ways to design annuity for an individual. To include provisions for the owner and of the annuity and the beneficiaries. There are qualified and non-qualified annuities that refer to whether the annuity is regarding the qualified retirement accounts or taxation and withdrawal requirements. These options include:

• Life-only annuities:

This is the annuity that pays through the length of annuitants and no longer. You can provide additional provisions to an annuity which can provide for your spouse or even a refund.

• Life annuities with period certain:

It pays a certain number before the annuitant dies before the end of the period.

• Joint and survivor annuities:

It provides payments over the lifetime of both the annuitant and the beneficiary.

How to put an annuity into a trust?

People create a trust for many reasons. Like trust can help pass assets to future generations after annuitants death. Conduct business activities and charitable giving. When you put trust into an asset, it changes the whole treatment you receive. Ownership of the annuity, we can put it into a trust. Only with consent of the annuitant. While an annuity is a contract between an insurance company and a living annuitant.

Assign ownership to trust

If you own an annuity and now you want to put an annuity into a trust, then simply assign the ownership into a trust. But the only annuitant can do this. The policy has a  duration equivalent to the life of the annuitant, who is often the owner of the policy. If your intentions with putting an annuity into a trust are for profit, then you should put the beneficiary in an annuity too. The owner can specify a beneficiary to inherit proceeds after the death of an annuitant.

Beneficiary designations

Annuities are designed as a financial payment contract. Which continues proceeding after the death of an annuitant too. The beneficiaries, consider it as a lifetime investment. Your deposits will grow until you tell the company to start paying you back. If you die without getting payment back, the money will pass to your listed beneficiary. Putting an annuity in a trust will not involve the beneficiary designations into the contract. Before assigning ownership into the trust, make sure you listed beneficiary designations into the contract.

Summary

• Annuities are financial products, which offer guaranteed income streams, used mostly for retirees.
• Existence of an annuity firstly as an accumulation phase. Where investors fund the product with either lump-sum payment or periodic payments.
• The company begins paying out, once the annuitization period is reched. To the annuitant either  in a fixed period or for the lifetime of an annuitant.
• Annuities are flexible for the annuitant. Structured into different kinds- variable, fixed, and indexed annuities

 

 

Published by: Somya

In many cases, the marriage does not go well. Many couples do not want to go through the whole divorce situation. But still want the full custody of a child. Then many came across the question, can you file for custody while still married?

If you are married and both husband and wife do not want to go through the whole hectic process of divorce, they can just file a legal separation case. The reasons behind not getting divorced can be many. Some people couldn’t afford the fees of a lawyer. Spending on the lawyer will be worth it or not. And especially they don’t want to suffer whole proceedings of the court. Don’t want to put whole money into seeking custody.

Can I get child custody without divorce?

Yes. An action under 767, you can file custody without divorce. Or another thing, you can child custody until the divorce is pending. But this would be temporary. Married parents often have more rights over child custody. Both parents have equal rights to their children.

Divorce change the whole landscape. Parent separation can be stressful for children. Particularly because, realizing my parents will not be together anymore, can be breaking. There is no need to get a divorce for custody of the child. You simply can file a separation case. Present the grounds, on which basis you are filing for separation. Whatever happened to you in the course of your marriage. Present, in front of the court.

Joint custody

Some parents, who are compatible with each other, share equal custody. Those parents who understand the need of each other about their child go for equal custody. Another cause of the separation, which will be because of the dispute between parents. No unjust behavior with the child. Such a couple can share equal custody.

This equal custody is beneficial. It does not keep any negative impact on children. Parents can raise their children with equal paternal and maternal love. A child does not undergo stress and depression of losing either parent. Otherwise, the tug-of-war between parents can make children sick of the situation.

Can you file for custody while still married? Yes. But if you want your child to be raised with both equal love of parents, then try for equal custody. If the case isn’t worse in any aspect of your children. Don’t let your children suffer disputes between you and your partner.

The procedure of getting a child custody

• First of all, speak with your lawyer. Consulting a lawyer is highly given advice. Update your knowledge about Child Custody Laws in your State.
•  You can make research on your own. Many law firms update such kind of information online and provide the essential forms to be filled up. Take your own time to complete firsthand research.
•  Make sure you have completed all the essential forms. Rushing out in the case of documents and providing insufficient documents won’t help you.
• File those documents in your local courthouse.
• After filing, you will get your date. Prepare for the courtroom date. Think carefully about what you wanted to say. Make your priorities.
•  Attending the child custody hearing will improve your appearance in front of the court. Make it through that way too.
• Present your case calmly. Don’t allow yourself rattled by any claims made by your partner. Don’t rush out with emotions.
• Strictly abide by the court’s decision. If you want some time, then you can appeal to the court.

Rights of custody

• Who gets the custody of a child is a decision of the court.
• However, the decision over custody tilts to the welfare of the child. The one who is more responsible and sensible towards his/her child will get custody.
• Above age 14 child, come under an adult age group. Here the court delineates the decision up to the child.
• Where the child wants to go, he/she is free to move either to the mother or father.
• In most cases, the court gives custody to the mother. Because the minor can be healthy under the care of his/her mother only.
• If you don’t want your ex in your and your children’s lives, then provide the court with the right proof of it.

Things to know

Before taking legal actions, keep in mind you can’t seek that where you never give priorities. Before stretching things to the court, think about it real good. A couple can go for counselling sessions to resolve their problems. This would benefit in several ways. It will save your married life from separation. And it would save your children too.

Be patient

Can you file for custody while still married? And win it? Yes. You can. The court proceedings take a lot of time. The one thing you should keep in mind, you have to take things so patiently. You cannot let your case lose. This is important for you and your children too. One step inrush will make your case fuss. Your calm nature would create a good impact on the court. Resulting in making your case healthy.

 

Published by: Somya