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The business owner of a sole proprietorship is personally responsible for any debts the business incurs However, unlike a corporation, the sole proprietorship belongs to one person and is legally a business indistinct from that one person. you have a tax ID, even if your business has a storefront, employees, and assets that are clearly not personal A sure way to make sure your heirs get your business without losing an inheritance from your personal

. #1 There are 5 Types of Power of Attorney Documents The rights and responsibilities of the person acting Their Own Decisions to Create a Power of Attorney To sign a power of attorney form, the principal—the person means they must be of sound mind and capable of making their own decisions regarding financial and personal Guardianship grants an individual rights and responsibilities over another person and their property, When the court appoints a guardian, the incapacitated person (“ward”) is stripped of their rights and

lawyer in Houston will discuss with you in creating the document are: · Naming a Guardian – This is the person who will be responsible for the physical well-being of your loved one. · Naming a Trustee – This person While it is possible to name the same person as the guardian and the trustee, it may not be the best needs trust and will likely have insight into areas you may have overlooked, including the individual’s personal

provisions that enable the guardian to tend to the ward by giving that individual legal power over the person who is a ward, it is important to know some of the basic laws that regulate this legal, as well as personal Laws That Help the Guardian Protect the Ward Because the guardian is designated as a person who can make Necessity of guardianship Extent of the ward’s incapacity and whether it is permanent Most appropriate person In cases in which there is no relative available to be the incapacitated person’s guardian, the state

Instead, LLC owners pay taxes on business profits on their personal income tax return. And like a trust, just about any type of asset can be transferred into an LLC, including personal assets like cash and bank accounts, property, and personal possessions. In fact, just about any asset can be placed in the LLC, including money and personal possessions. LLCs have the added benefit of personal liability protection, but they typically have higher ongoing

positively impact future generations or even a cause they care about can be a life-changing experience for a person Yes, despite putting so much effort, and even a sense of personal value into setting up the trust, a This person, though someone you trust, just does not have the knowledge and experience required to make To make matters worse, if this person’s efforts are not “good enough,” it can anger the other heirs.

Personality . characteristics for a guardian, and as your children get older, their needs may cause you to believe a different person In addition, you should designate a second person to serve if your first choice is unable or unwilling

“Redstone Case Spotlights Rise in Competency Litigation,” usually beneficiaries wait until after a person Many of these battles hinge on whether an aging person had the capacity to decide important personal

The first definition is a disease that a person will live with for many years. The legal definition of chronic illness states “the person is unable to perform at least two activities Without a plan that includes a HIPPA authorization and healthcare directives, the person that you choose

Even though most states don’t require it, each person should have his or her own legal representation

Probate is a legal process to distribute a deceased person’s assets to their heirs or beneficiaries. need these copies to close accounts, transfer assets, and handle other matters related to the deceased person and Income Tax Returns After probate, you must file estate and income tax returns for the deceased person This includes filing a final income tax return for the deceased person and an estate tax return (if necessary probate is over in Texas, you can ensure that everything is properly settled and that the deceased person

grandchildren, great-grandchildren, or other young descendants, who are known collectively as “skip persons It can take years or even decades before grandchildren and other skip persons become eligible to receive Along with the lifetime exemption, you can make annual exclusion gifts to skip persons without incurring