Now is a great time for home improvement. Instead of selling a home, many are modernizing their existing interiors with dream kitchens and bathrooms. The goal should be to protect and improve your investment. Be carful! If you don't protect yourself financially you can be paying in more ways than initially anticipated, and the process can turn into a nightmare.
Here are some things to consider when you get work done at your home or business: Price shouldn't be the main concern, because too often you get what you pay for and maybe even less. Always get references. Most good contractors won't request payment in full prior to completing the job. An experienced contractor knows that if he delivers what is expected he will be paid; and if the property owner does not pay, the contractor can lien the property and collect. A property owner should get Lien Waivers signed when making payments to contractors. A lien waiver is a "receipt" for payment. By having a signed lien waiver, a property owner precludes the contractor and his subcontractors from being able to lien the property. Unfortunately, there are "contractors" that will require money up front, not complete the job, and not pay his subs. This is a very small number, however, in the worst situations, if the owner does not have a signed lien waiver, the result is that the owner paid the contractor, the work did not get completed, and the owner is required to pay additional money to the subs and suppliers for unfinished work, thereby paying twice for a job that was not completed. Make sure you deal with reputable contractors. Contractors who are honest and good at what they do expect to sign lien waivers. if you need lien waiver forms for your next project or further information, I am happy to assist. Home renovation is a more pleasant experience for all involved if these matters are dealt with up front rather than through litigation.
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I want to take this opportunity to wish my friends and clients HAPPY HOLIDAYS and all the best for the years to come. As most businesses wind down this time of year, so does the legal world, or at least my world, so I am able to take this time to reflect a little on the past year.
What a great experience it has been to start my own firm. Thank you all for your enthusiasm, support, cheering, etc. Without you I would have never been able to take this giant step, which has been extremely rewarding. For the past 18 years I have helped others start their own businesses. I sit with clients for hours sometimes, making plans for how they can create their own destiny, follow their dreams, control their futures and become truly satisfied with their chosen path. Finally, I took some of my own advice (and some advice from others; thank you!) and dove in head first to the second phase of my legal career. So as 2011 comes to a close, I can share the following with you: It is rewarding to create your own future. If you work hard and love what you do the rest comes easy, and you will be successful. If you help others at the same time; the rewards are exponential. Thank you for the opportunity to allow me to be a part of your life and you a part of mine, and may 2012 be even better for all of us! I simply want to thank all of my friends and clients; past, present and future, for your support. Your trust and confidence in me is always appreciated. Even though I may not send you an email every day to tell you, I want you to know that I am truly thankful that you allow me to serve your legal needs and assist with your business and personal matters.
I hope you and your loved ones have a safe and Happy Thanksgiving! All my best, Lisa As we near the end of 2012 and think about our estate plans, the main question that arises is "What will happen to the Estate Tax Exemption in 2013?" If only I had a crystal ball I could tell you the answer to the $1,000,000 question. However, since I do not, here is some information to help you plan properly.
In 2013 the Estate Tax Exemption will decrease from $5,000,000 to $1,000,000 per person. There is a chance congress will vote to change the exemption amount, but for now this is the plan. Yes life insurance, in most cases, is included in your estate. For many of you reading this newsletter.... Congratulations! In nine weeks you will have a taxable estate. Depending upon your individual circumstances there are ways to lessen the potential tax issue (55% tax), some of which are listed below: 1. Wills including Credit Shelter Trusts. This process should also include asset splitting between spouses, thereby taking advantage of each person's maximum exemption. 2. Life Insurance Trust. This is to hold life insurance policies outside of an individual's estate. 3. Gifting during 2012. The lifetime gift tax exclusion in 2012 is $5,120,000 . Gifting reduces your estate and this exclusion is substantially lowered next year. 4. Gifting to a Charity. Gifts to charity are not included in your taxable estate. Charitable gifts during life reduce your estate and can qualify for other tax savings. This information is simply an overview of the issue. Every person's estate plan is unique and should be drafted to suit the individual needs and requirements of the client, If you have questions about your current plan or about the impending changes, do not hesitate to call me to discuss. As an attorney, I don't try and alarm; I provide you with basic information in these newsletters, so that you may make an educated decision that is best for you. |