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Estate Planning: Know Your Deeds

For many Americans, their home is the largest and most valuable asset they own. Understandably, there is concern about what will happen to their real estate upon their death. To avoid leaving it up to family members or probate to decide, this should be outlined in an estate plan.

There are two legal instruments used to transfer real estate in the event of the property owner’s death: Survivorship Deed and Transfer-On-Death Designation Affidavit.

A Survivorship Deed is used to assign the real estate title to one or more persons with right of survivorship. The property, upon the owner’s death, passes to the surviving owner(s). This instrument is commonly used to transfer the property to the surviving spouse. In order to complete the transfer of ownership, the surviving spouse must administer an Affidavit of Survivorship. This affidavit, along with the death certificate of the deceased, is then recorded at the County Recorder’s Office to make the document transfer official.

The Transfer-On-Death Designation Affidavit allows the real estate owner to appoint one or more beneficiaries of the property while avoiding probate administration. The designated beneficiaries do not have legal rights to the property while the owner is living. Additionally, the owner may transfer, amend, or revoke the affidavit without the consent of the beneficiaries. When the owner passes away, the property is then transferred to the designated beneficiaries. The beneficiaries only need to execute an Affidavit of Confirmation. To finalize the property transfer, the affidavit and the deceased’s death certificate is recorded with the County Recorder’s Office.

Prior to drafting a survivorship deed or assigning beneficiaries under a transfer on death affidavit, weigh the pros and cons of sharing your largest asset with one or more persons. If you have questions or are involved in a complex situation, contact an attorney.

Skinner & Associates prides itself on providing exemplary customer services in estate planning and other legal areas. We take every measure to ensure you are satisfied with all your legal needs. To learn more about how we can serve you visit our website or call us at (614) 664-0200 today. Like us on Facebook to stay up-to-date on current tips and information.

The information at the Skinner & Associates, LLC website is intended for general informational purposes only and not as specific legal advice. Use of this site is not intended to and does not in any way establish an attorney-client relationship. Visitors to this site should seek professional legal counsel regarding their specific matters. Attorneys at Skinner & Associates, LLC would be pleased to speak with interested parties, but we can only represent clients where we are licensed to practice, and where no other bar to representation exists. If the information provided by this website does not comply with the legal or ethical requirements of a particular user’s state or country, we may be unable to represent you. Although we are a general practice law firm, we may be considered a debt relief agency because we help people file for bankruptcy relief under the Bankruptcy Code.

Sources

https://fclawlib.libguides.com/deeds/tod

https://fclawlib.libguides.com/deeds/survivorship

Can a Trust Actually Help Control Your Wealth?

Many of us avoid thinking about what will happen to our worldly possessions once we are gone. However, a trust can be a simple tool for people from all walks of life (from the average person to the very wealthy) to help manage their funds and other assets while they’re alive, and to avoid things like unnecessary taxes, family feuds, or probate after their death. Below is an overview of the types of trusts and their benefits.

What is a Trust?

Trusts are fiduciary arrangements used in estate planning that allow the asset holder (grantor) to control how, when, and to whom distributions of their wealth may be made. Trusts offer a number of benefits, which include allowing a 3rd party (trustee) to hold assets on behalf of beneficiaries, helping beneficiaries avoid probate, minimizing estate taxes, and more.

What is Probate?

Probate is a legal process where courts verify the value of an estate and determine the validity of a will and named beneficiaries. Probate also becomes necessary in cases where no will or trust exists to determine who will legally inherit the assets. The process differs by state and can take months, tying up property and other assets. It also involves attorney and court fees.

Revocable Trusts are also known as “living trusts.” They allow grantors to retain control over their assets while they are alive. Revocable refers to the grantor’s ability to revoke, or dissolve, the trust at any time regardless of the reason. The grantor’s situation or intentions may change, resulting in a desire to remove or to add a designated beneficiary, or to otherwise change the terms. Revocable trusts help beneficiaries avoid probate; however, they may be subject to estate taxes. Typically such trusts become irrevocable upon the grantor’s death.

Irrevocable Trusts

An irrevocable trust transfers a grantor’s assets out of his/her estate prior to the grantor’s death. Once the trust has been executed, the grantor loses control of the assets and can no longer alter or dissolve the trust. Generally, people choose to go with an irrevocable trust if the goal is to reduce the amount subject to estate taxes.

How to set up a Trust

Under the broader categories of revocable and irrevocable trusts, many types of trusts exist that meet a variety of specific goals or needs. Marital, charitable lead or remainder, or generation-skipping trusts are just a few examples. In addition, trust laws vary by state, so choosing and setting up the right one for you can be a complex process. It is highly recommended that you seek the guidance of an estate planning expert.

Skinner & Associates, LLC work with clients from all walks of life to protect their assets. In addition to estate planning, Skinner & Associates, LLC works with clients in domestic, criminal, civil, personal injury, real estate, business, employment, and many other areas of law. Contact Skinner & Associates, LLC by phone (614-664-0200) or online for a no obligation consultation with a trustworthy, knowledgeable legal team. You can also follow us on Facebook.

Sources:
https://www.fidelity.com/life-events/estate-planning/trusts
https://www.barrons.com/articles/trust-estate-planning-51550696439
https://www.cnbc.com/2014/10/22/trust-bust-steer-clear-of-the-8-biggest-estate-planning-mistakes.html

Guardian ad litem in Divorce

Every divorce process is a difficult one. Once-close bonds are broken, and families and possessions are divided. Spouses negotiate property rights and monies owed to one another. And if you have children, the process becomes all the more difficult with deciding parenting plans. These situations are where it may be appropriate to obtain a guardian ad litem.

A guardian ad litem (GAL) can be requested by either party in a family law case, but a GAL will not assist in a case until the court has ordered one to do so. The GAL’s duties are to represent the best interest of the child. GAL’s do not necessarily represent the child’s desires, other advocates may be appointed for that, GAL’s are only concerned with what is the best possible situation for the child.

Some of the tasks a GAL fulfills are to investigate the child’s life while they are in the care of either party. They do this by collecting medical and school records, and speak to witnesses from both parties. Although it is not their main function, they can help facilitate negotiations between parties. The GAL’s goal is to make sure that the child’s needs are met by all parties involved as both the case progresses and as it concludes. GAL’s do not make the final decision as the care of the child, however they do make recommendations to the court based on findings of their investigation.

If you find yourself in the midst of a divorce where custody issues are arising, trust your experts at Skinner & Associates to guide you through the process with a gentle hand. Skinner & Associates prides itself on providing exemplary customer services in this and other areas of our country’s legal system. We take every measure to ensure you are satisfied in all your legal needs. To learn more about how we can serve your needs please visit our website or call us at (614) 664-0200 today. Like us on Facebook to stay up-to-date on current tips and information.

Sources: https://ptla.org/what-guardian-ad-litem

What is a Personal Injury

Personal injuries can happen to anyone at any time. Personal injury laws allow an injured person to go to civil court to seek financial compensation for damages received as a result of an accident and other incidents. The injured person can be financially compensated if he or she has been harmed due to the negligence or intentional conduct of an individual or entity.

Some of the most common personal injury cases involve:

Vehicle accidents: injuries from a fender-bender, head-on collision, pedestrian and bicycle accidents, or any other vehicle related incident.
Slip and fall accidents: injuries related to unsafe conditions at a place of business, public area, or other private property such as a mall or parking lot.
Medical negligence: injuries caused by negligence or mistakes from medical professionals such as giving the wrong medication, following incorrect procedures, or even leaving an instrument inside a patient following surgery.
Dog bites: dog owners can be held liable for injuries received from a dog or other animal.

If you or a loved one have suffered a personal injury, the Attorneys at Skinner & Associates pride themselves on professionalism and reliability. Visit our website or call us at (614) 664-0200 today for a free consultation. Like us on Facebook to stay up-to-date on current tips and information.

Business Law Basics

If you currently own or hope to own a business one day, understanding the basics of business law should be the first thing on your list. Business laws dictate the way your business is formed and run and they involve the rules and regulations of each different type of business. Business laws often intertwine with other practices too, such as real estate, property, contract, employment and others. Considering the many different components, it’s important to work with an experienced Attorney to make sure your business is setup correctly.

Types of Businesses

There are many ways to structure and define your business. Each type of business comes with different rules and regulations, as well as benefits and liabilities. The different types of business structures include:

Sole Proprietorship: A sole proprietorship is when a business is opened by a single individual or married couple. This method is good for small businesses that are starting up as they are easy to form and offer a lot of flexibility. Income is considered to be the owner’s personal income, so it’s only taxed once. However, the owner is solely liable for all debts.
Partnership: Partnerships operate very similarly to a Sole Proprietorship. However, instead of one person or a married couple, Partnerships are usually between two individuals that are not married but agree to form a business together. The income is only taxed once, and both parties are equally liable for any debts incurred.
Limited Liability Corporation (LLC): An LLC contains many of the aspects of a Partnership and a Corporation. The owners are able to be flexible in structuring their business and deciding between different tax treatments.
Corporations: A Corporation is the most complicated business structure, as it carries special rights that a person does not. Corporations are formed and directed by shareholders. Individuals are not personally liable for any company debts. Tax benefits and incentives are larger and more complex.

If you have any questions about any business laws, it is important to speak with an Attorney. Business law is very complex and intertwines with many other areas of law. The professionals at Skinner & Associates have served businesses all over Central Ohio and would be happy to help yours. For more information, visit our website or call us at 614-664-0200.

When is the Best Time to Begin Estate Planning?

More than 50% of American adults do not have an Estate Plan or Will in place for themselves. Many people think that they do not need one if they don’t have a family, enough assets, or maybe that there will be time to do it later. If these thoughts have crossed your mind, you really should reconsider! The best time to prepare for tomorrow is today.

Everyone everywhere should have their Estate Plan in place. Keeping your Estate up to date is one of the most important things anyone can do for their loved ones. Even if you don’t have any assets to your name, Powers of Attorney (part of your Estate Plan) allow you to determine who will make medical and financial decisions on your behalf if you are unable to do so for yourself. In those difficult circumstances, having an Estate Plan set up will expedite the decisions being made and greatly reduce the pain and stress of the situation on your loved ones.

If you already have an Estate Plan in place, it might be a good idea to review your documents annually to make sure they are still up to date. There are some specific times when checking your documents is particularly important, though. Some such times may include an unexpected death or disability, change in marital or economic status, and changes in your primary residence or state or federal laws, to name a few.

If you’ve never had an Estate Plan, or need to review your old documents, the professionals at Skinner & Associates serve clients all over Central Ohio. We cover several areas of law including estate planning and pride ourselves on our compassionate and effective legal services. Contact Skinner & Associates Attorneys at Law for a no-obligation, free consultation at (614) 664-0200 or visit our website for more information.

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Real Estate Law. What is it and what do I need to know?

Real estate is defined as, “property in buildings and land,” by Merriam-Webster, and real estate law address buying, selling, leasing, and renting both commercial and residential spaces. It can also address issues with property and boundary lines, disputes between landlords and tenants, zoning, and land use issues. Additionally, real estate law deals with financial aspects, such as liens and mortgages.

Terms to Know

When talking about real estate law, there are a few terms you’ll often hear. Here are a few you’ll want to know and what they mean.

Broker: Brokers are the people that will assist you in the buying and selling process, and is another name for a real estate agent. They can help you find property, whether it be commercial or residential, sell property, and will help you understand and complete all required paperwork.
Title: a title is a legal document that tells who officially owns the land.
Mortgage: a mortgage is a loan that will cover the price of the property.
Foreclosure: foreclosure happens when the owner can no longer pay the mortgage, and the lender takes control of the property.
Buyer’s Duties: buyer’s duties refer to the obligations a potential buyer of property must fulfill and can include inspections to reveal zoning or structural defects, or to see if there are any liens on the property.

If you’re looking for help with these or another type of real estate law, the experienced professionals at Skinner & Associates can help. Give us a call today at 614-664-0200 to set up an appointment, or visit our website to learn more about our services and how we can help you.

What is Employment Law

Every person in their place of business deserves to have their rights protected in every way possible. While this is more often the case than not when it comes to company dealings in the United States, however, there are still some instances where the best interest of the employees are not looked after. This is where employment law comes into play.

Employment law is the area of law that governs the employer-employee relationship. It is made up of both state and federal laws and includes many different subjects with the common goal to protect workers’ rights. For employees, these laws work to prevent discrimination, promote health and safety, establish a minimum required level for economic support, and prevent work disruption due to disputes between labor and management.

If you have concerns about how you are being treated in the workplace, and have gotten nowhere with your company’s Human Resource department; or if you have questions as to whether your termination or layoff was legal, about your employer’s conduct, and negotiating your severance pay, you may want to speak with an attorney.

Skinner & Associates prides itself on providing exemplary customer services in the area of employment law and other areas of our country’s legal system. We take every measure to ensure you are satisfied in all your legal needs. Our attorneys pride themselves on professionalism and reliability. To learn more about how we can serve your needs please visit our website or call us at (614) 664-0200 today. Like us on Facebook to stay up-to-date on current tips and information.

What to Know About OVI and DUI Citations

There is no excuse for driving while under the influence of alcohol or any other controlled substance. However, if you do find yourself in a situation where you have been caught doing so, it is important to remember that you still have rights and you will want to discuss them with an attorney. These types of cases are known as Operating a Vehicle under the Influence (OVI) in Ohio, in other states they may be called Driving Under the Influence (DUI) or Driving While Impaired/Intoxicated (DWI) and others. Whatever the name, there are some important things to know.

Know the Legal Limit

According to the Department of Motor Vehicles, most states have now set .08% blood alcohol concentration (BAC) as the legal limit for receiving an OVI. For those under the legal drinking age of 21 years old, the legal limit for driving is…zero! Even just one casual sip of beer or wine could get those individuals an OVI arrest.

Know What Comes Next in order to Avoid It

Because of the constant risk it poses to those on the road, driving while drunk is an offense that every court, rightfully so, takes with the utmost seriousness. Therefore, the stakes of an OVI case are quite high. According to FindLaw.com, Those convicted of an DUI (or OVI) usually lose their license for a certain period of time, pay a hefty fine, and sometimes serve time in jail (especially if it is a repeat offense). It may even impact your current employment status.

If you’re in a DUI (OVI) situation, Skinner & Associates prides itself on providing exemplary customer services in this and other areas of our country’s legal system. We take every measure to ensure you are satisfied in all your legal needs. Our attorneys pride themselves on professionalism and reliability. To learn more about how we can serve your needs please visit our website or call us at (614) 664-0200 today. Like us on Facebook to stay up-to-date on current tips and information.
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What Is Civil Litigation

According to Duhaime’s Law Dictionary. Civil litigation is a term of art which distinguishes lawyer Court work in the non-criminal stream of actions in law. Did even reading that sentence cause some confusion? Let’s try to rephrase that in a clearer way. Basically, civil litigation encompasses not just the representations made in Court but also the pre-trial procedures including interlocutory hearings, and the post-trial procedures such as costs and enforcement of a judgment.

The three most common forms of civil litigation for people in the United States are family law claims, tort claims and claims in which a breach of contract is alleged. In other words, when two or more parties become embroiled in a legal dispute seeking money or another specific performance rather than criminal sanctions, civil litigation is the result. The next step for both parties is to head to the courtroom for trial so a judge or jury can decide the matter. This is often the case when it comes to disputes with landlords and tenants, personal injury claims, medical malpractice claims, real estate lawsuits, and construction liability lawsuits.

If you are experiencing any of these issues, Skinner & Associates prides itself on providing exemplary customer services in the area of employment law and other areas of our country’s legal system. We take every measure to ensure you are satisfied in all your legal needs. Our attorneys pride themselves on professionalism and reliability. To learn more about how we can serve your needs please visit our website or call us at (614) 664-0200 today. Like us on Facebook to stay up-to-date on current tips and information.