You never thought that your small business idea would have turned into such a success, but the reality is that just 18 months after opening your small gift shop that includes two to three lessons a week in making jewelry and home decorations you find yourself preparing to meet with a legal services team to get help forming a corporation. Although you only have three employees at the time and your income is still not what you would call huge, you understand that getting help forming a corporation and getting some other legal documentation in place is in your best interest. In fact, your husband insists that this is something that you might have considered at the very beginning.
Whether you are a small business owner who is making it a little bigger than you or your friends and family expected, ot you are simply in the process of writing a will for the very first time, getting legal advice is often in your best interest. Relying on internet sites to walk you through the step by step process can be tempting, but few individuals have the experience or knowledge to simply use a website as a legal resource. By finding a lawyer that specializes in the exact area where you need help, you can save yourself a lot of trouble by seeking the advice of a legal professional from the very beginning. From an estate planning attorney to getting reliable information about federal income tax law, many individuals and small business owners would benefit from getting the legal advice they need sooner rather than later.
Consider some of these statistics about the times and situation when meeting with a lawyer might be in your best interest:
- Getting some legal advice is especially important to the 51% of Americans between the ages of 55 and 64 who do not have wills.
- Estimates indicate that 64% of the public does not have a will.
- The percentage of seniors with living wills, also known as advance directives, increased from 47% in the year 2000 to 72% in the year 2010.
- Assets of six figures or higher are an strong indicator that you probably ought to have a trust in addition to a will. These two legal preparations will help minimize estate taxes and avoid probate.
- Legal experts recommend that if you are under 40 years of age and do not yet have a will, now is the time to do it.
- A knowledgeable lawyer can help forming a corporation, help filing the papers for a will, and help make sure that you are getting the medicare and other help that you need.
- Wills, advance directives, and other legal documents can make end of life decisions easier for your family.
- You can leave bequests, defined as gifts to other individuals upon your death, that are worth as much as $5.43 million free of any federal estate tax. This is the estate-tax exemption limit that was in place in the year 2015. a legal representative can help you understand the current limitations.
- Every time that you make a major change in your life, you might want to consider updating your will.
- Research indicates that there are 7.4 million mortgage borrowers in the U.S. with home loan rates of 4.5% or higher. Many of these borrowers could qualify for, and possibly benefit from, refinancing their mortgages, a process that could involve legal advice.