Panama City Wills Attorney
Helping Clients with Wills in Panama City, Florida
A will is the most common document for a person to state how his estate should be handled after his death. A properly written will helps to ease the transition for family members after the death of a loved one by facilitating the transfer property and assets in a timely manner. It also may help avoid tax consequences if properly structured. Even so, a majority of Americans do not have valid wills. Because of the difficulty of contemplating one's death, many people may avoid the subject all together.
If you or someone you know is need of a will, please consider contacting me for a consultation. I will be happy to sit down with you and/or your family in order to help you create a will that ensures your preferences and wishes are fully understood and documented. As a Panama City estate planning attorney, I can provide the legal advice and counsel needed. I offer personalized service and attention to detail that clients expect in these matters. I will take the time to listen to your concerns and needs in order to customize a will that is unique to your wishes.
A will can vary from a simple one-page document to complex volumes, depending on the size of the estate involved and the preferences of the person creating the estate plan. In a will, the person's estate is delineated and the beneficiaries are named. A will may contain special instructions about such matters as the care of a child, gifts to charity, and the creation of trusts. All legal rules must be followed in order to make the will an effective document. A valid will remains in force until a subsequent will supersedes it. As a Panama City estate planning attorney, I will ensure that your wishes are clearly reflected in your estate planning documents.
Do you need a will? Contact Panama City estate planning attorney Max W. McCord III to get started on your will today!
What are some of the benefits of conducting business through a legal entity?
One of the most important benefits is the protection of your personal assets against the claims of creditors. Generally speaking, directors, officers, managers, members, and stockholders (the interested parties) are not held personally liable for the debts and obligations of the business entity. The interested parties should be limited in their personal liability to the amount invested in the company. Another legal benefit is the transferability of ownership, which can be done either in whole or in part. Also, some estate tax planning options are only available to business entities. Retirement funds, such as 401ks may be established more easily. Also, a business entity can acquire and establish its own credit rating.
What are some of the mistakes people make when going into business?There are always risks involved in going into business. As most people know, a majority of small businesses do not succeed in the long run. Mistakes of new business owners may include the lack of a realistic business plan, underestimating costs and tax liabilities, and unfavorable business contracts/agreements. Even more problematic is a failure to understand the business or the marketplace, underestimating the competition, and/or not being effective at managing a business. Responsibility for these latter areas ultimately falls to the owners, but sound legal advice can substantially improve the chances of success.
How can I be protected from liability claims that arise from my business?
Generally speaking, business owners doing business as limited liability companies, corporations, or limited partnerships do not have personal liability for the obligations or debts of the business. This assumes that no personal guarantees have been executed. If the business has been properly created, it is a separate legal entity. The details of formation are important, and the filing fees must be paid. If properly created and maintained, the assets owned by the business should be the only ones that are subject to debt or other liability considerations.