Bradley Legal Form Express Legal Form Preparation Services - Bradley Paralegal and Legal Form Preparation Services FAQ

Recently viewed

		Frequently Asked Questions

What are the costs involved for filing a divorce?
Marital Settlement Agreement... What is it?
How is child custody decided?
Must I go to court?
What are the Residency requirements for filing for divorce?
What is no-fault divorce?
Can I change my child's name upon divorce?
What's a Power of Attorney?
How many copies of a Power of Attorney should I sign?
What is a Premarital or Prenuptial Agreement?
Why is a prenuptial agreement a good idea?
What is a living trust?
Do I need a living trust?
How does a living trust avoid probate?
Is it expensive to create a living trust?
Who is included in a living trust?
What steps are taken after drafting the living trust?
Is it complicated to hold property in a trust?
Is a living trust document ever made public, like a will?
Does a living trust protect property from creditors?
If I make a living trust, do I still need a will?
What is a Sole Proprietor?
What is a General Partnership?
What is a Limited Partnership?
What is a Limited Liability Partnership?
What is a Family Limited Partnership?
What defines a Corporation?
Why are Nevada Corporations most attractive?
How does incorporating in Nevada while doing business elsewhere work?
What are the different types of corporations?
What is a Limited Liability Company (LLC) ?

What are the costs involved for filing a divorce?
The filing fee is approximately $100-$200 in most places. If a response is filed, add another $100-$200. These fees are collected by the government and are in addition to any service or legal fees or those charged by this website.
Back to top
Marital Settlement Agreement... What is it?
A marital settlement agreement spells out the terms of the divorce and the relationship between the two spouses after the divorce. Parties to a divorce are encouraged to enter into a written property settlement agreement containing provisions for the maintenance of either spouse, the disposition of any property owned by either spouse, the allocation of debts, and the support and custody of any minor children. The agreement of the parties is then presented to the court for its approval and a decree of dissolution is entered. Filing a marital settlement agreement is not required but it has many advantages. First, it prevents ambiguities. Second, it avoids court because the judge will most likely honor the written agreement if written correctly and if it covers all material aspects of the divorce. Third, it shows the court that the issues were considered carefully, and the case will move more quickly though the system. Marital settlement agreements can be entered into at any time before the final judgment. They are typically filed with the final judgment.
Back to top
How is child custody decided?
The parents must decide on the custody of minor children. Custody includes physical custody, i.e., where will the children live. It also includes legal custody, or who will make the important decisions regarding the children's health, education, etc. Both physical and legal custody can be either joint or sole. Note that joint custody means the sharing of parental rights and duties and not just necessarily equal time.
Back to top
Must I go to court?
If your divorce is uncontested and if a marital settlement agreement is filed, then in most cases, no. In that case, all of the legal documents can be filed with the court, and the judgment can be sent to you. The court could request a formal or informal hearing. At an informal hearing, the judge may ask questions about certain facts presented in the papers. At a formal hearing, the divorce case must be presented from the beginning. In most uncontested cases, however, all questions relating to the divorce are settled prior to the actual hearing (or trial). Thus the hearing (or trial) often lasts only minutes.
Back to top
What are the Residency requirements for filing for divorce?
The requirements for establishing residency vary from state to state. Someone who files for divorce must offer proof that he has resided there for the required length of time. If one spouse meets the residency requirement of a state or country, a divorce obtained there is valid, even if the other spouse lives somewhere else. The courts of all states will recognize the divorce. Any decisions the court makes regarding property division, alimony, custody and child support, however, may not be valid unless the non-resident spouse consented to the jurisdiction of the court or later acts as if the foreign divorce was valid -- for example, by paying court-ordered child support.
Back to top
What is no-fault divorce?
No-fault divorce eliminates the need to prove one party is at fault for causing the breakdown of the marriage. No-fault divorce is divorce granted on the basis of a showing by either spouse that a marriage is "irretrievably broken." One spouse must simply state a reason recognized by the state and, in some states, the couple must also live apart for a period of time. Marital misconduct does not need to be proven. The most common grounds for no-fault divorce are separation, irreconcilable differences, and irretrievable breakdown, i.e., you no longer live together or you are no longer compatible and have very different goals, needs and desires for your life, or your marriage has deteriorated beyond the point of repair
Back to top
Can I change my child's name upon divorce?
A child's name may be changed by court petition when it is in the best interest of the child to do so. The court will consider the length of time the father's name has been used, the strength of the mother-child relationship, and the need of the child to identify with a new family unit (if the change involves remarriage) and balance these factors against the strength and importance of the father-child relationship.
Back to top
What's a Power of Attorney?
A Power of Attorney is a legal instrument that is used to delegate legal authority to another. The person who signs a Power of Attorney is called the Principal. The Power of Attorney gives legal authority to another person (called an Agent or Attorney-in-Fact) to make property, financial and other legal decisions for the Principal. The word "attorney" here means anyone authorized to act on another's behalf. It's not restricted to lawyers. A Principal can give an Agent broad legal authority, or very limited authority. The Power of Attorney is frequently used to help in the event of a Principal's illness or disability, or in legal transactions where the Principal cannot be present to sign necessary legal documents.
Back to top
How many copies of a Power of Attorney should I sign?
You are required to sign (execute) only one copy. However, it is not unusual for a Principal to sign several original copies. Some banks and brokerage companies have their own durable power of attorney forms. If you want your attorney-in-fact to have an easy time with these institutions, you may need to prepare two (or more) durable powers of attorney: your own form and forms provided by the institutions with which you do business.
Back to top
What is a Premarital or Prenuptial Agreement?
A Premarital Agreement, also known as a Prenuptial or Ante-Nuptial Agreement, is a contract that two people sign prior to getting married. Its purpose is to define their rights and benefits and to settle questions of property division, alimony, and/or inheritance if the marriage ends because of death, separation, or divorce. It allows the signers to protect assets that they had acquired prior to the marriage. Without such an agreement, current state law requirements will determine these matters. An agreement simply allows the couple to follow their own rules, in as much detail as they wish.
Back to top
Why is a prenuptial agreement a good idea?
One in three of all first marriages end in divorce, as well as 50 percent of second or third ones. A prenup is smart financial planning, since marriage is not just an emotional and physical union - it's also a financial union. A prenup and the discussions that go with it can help ensure the financial well-being of the marriage. It is like an insurance policy - you hope you won't need it, but in a divorce it may help eliminate some of the emotion that's naturally involved. A fairly negotiated prenuptial agreement can provide some reassurance to the wealthier spouse as to the extent of the financial impact of a divorce; at the same time it gives the less wealthy spouse some guarantee of his or her entitlement to a property distribution and/or maintenance upon a divorce. Couples without a prenuptial agreement will have their assets distributed for them by the state if the marriage ends and they disagree about who should get what. Without a prenup, assets could end up in the hands of your spouse's children from a previous marriage instead of your own kids, or they could go to a lazy mate who did nothing while you worked hard at a business or profession that eventually became a big success.
Back to top
What is a living trust?
A living trust is a legal entity but not quite the same as corporations. You can think of a living trust much like a will. It is a document you place instructions in to pass along your assets after you die. You can also mention certain instructions you wish to happen if you were to become comatose or living solely on life support. A trust can own things just as a corporation can. It can own real estate, cars, jewelry, clothing, etc. Individuals with a lot of assets and/or equity typically look to form living trusts as an added layer of asset protection. Unlike a corporation though, trusts do not pay taxes (in your lifetime). Any profits or losses are passed through to the individual's personal income tax. Living Trusts have one huge advantage over a will. Because a living trust is privatized, it remains out of the courts and thus avoids the possibility of going to probate court if there are any issues that arise when the owner of the trust passes on. A trust consists of the following: * Grantor - owner of the trust * Trustee - the person who executes the instructions in the trust after the Grantor dies * Beneficiaries - the one(s) who receive items/equity from the trust If you own a business or want to set up a business structure for asset protection, Bradley Paralegal and Legal Form Preparation Services can do this for you. We provide incorporation legal form preparation services and state trademark legal form preparation services. Simply use the "Contact Us" tab at the top of this page to get in touch with us or visit our business formations website and we'll be happy to help. Our rates are low and our work is second to none.
Back to top
Do I need a living trust?
The big advantage to making a living trust is a monetary one, since property left through the trust doesn't have to detour through probate court before it reaches the people you want to inherit it. Probate, which may drag on for months, is the court-supervised process of paying your debts and distributing your property to the people who inherit it. By the time the inheritors get anything, a percentage of the property has been used for lawyer and court fees.
Back to top
How does a living trust avoid probate?
How does a living trust avoid probate? The person you appoint to handle the trust after your death - the successor trustee - simply transfers ownership to the beneficiaries you named in the trust. Much of the time, this can be accomplished in a few weeks. When all of the property has been transferred to the beneficiaries, the living trust ceases to exist.
Back to top
Is it expensive to create a living trust?
No, because a basic living trust isn't much more complicated than a will and you probably won't need to hire a lawyer. It is possible to create a valid Declaration of Trust (the document that creates a trust) yourself. If you have questions that we or a self-help publication can't answer, you may need to consult a lawyer. Still, you probably won't need to turn the whole job over to him. Lawyers commonly charge upwards of $1,500 to draw up a simple trust, which may be as much as your heirs would have to pay for probate upon your death and would wipe out your net savings.
Back to top
Who is included in a living trust?
The name of the person creating the trust (the "trustor"). If it's your trust, that's you. The name of the person who will manage the trust (the "trustee"). Again, if it's your trust, this is you. The name of the person who will take over as trustee and distribute property in the trust when the trustor dies or becomes incompetent (the "successor trustee"). This will usually be your spouse, child or close friend. The names of the people who will receive the property in the trust (your "beneficiaries," just as with a will). The name of a person to manage any property left to minor beneficiaries.
Back to top
What steps are taken after drafting the living trust?
Once the trust is drawn, you sign it in front of a notary. Then, all property to be distributed under its terms must be transferred into the name of the trust using a deed or other standard transfer document.
Back to top
Is it complicated to hold property in a trust?
Making a living trust work for you does require some important paperwork. For example, if you want to leave your house through the trust, you must sign a new deed, showing that you now own the house as trustee of your living trust. And in a few states, you may need to use special language in your trust document to avoid problems in your state's income tax laws. This paperwork can be tedious, but the hassles are fewer these days because living trusts have become quite common.
Back to top
Is a living trust document ever made public, like a will?
No. The terms of a living trust need not be made public. A will, however, becomes a matter of public record when it is submitted to a probate court, as do all the other documents associated with probate -- inventories of the deceased person's assets and debts, for example.
Back to top
Does a living trust protect property from creditors?
Yes and no. Since property in a living trust can be quickly and quietly given to the beneficiaries, your creditors may not know what you owned or find out about it until it's already given out. Holding assets in a revocable trust doesn't shelter them from a creditor who wins a lawsuit against you, since he can go after the trust property just as if you still owned it in your own name. It may not be worth the creditor's time and effort to try to track down the property and demand that the new owners use it to pay your debts. On the other hand, probate can offer a kind of protection from creditors. During probate, known creditors must be notified of the death and given a chance to file claims. If they miss the deadline to file, they're out of luck forever.
Back to top
If I make a living trust, do I still need a will?
Yes. because a will is an essential back-up device for property that you don't transfer to yourself as trustee. For example, if you acquire property shortly before you die, you may not remember to transfer ownership of it to your trust, which means that it won't pass under the terms of the trust document. But in your back-up will, you can include a clause that names someone to get any property that you haven't left to a particular person or entity. If you don't have a will, any property that isn't transferred by your living trust or other probate-avoidance device (such as joint tenancy) will go to your closest relatives in an order determined by state law.
Back to top
What is a Sole Proprietor?
This is the most basic business structure form as is not considered a business entity. It entails you getting a business license in your state, getting a bank account, and starting your business. One person described best as you against the world. It provides you with no legal protection from others, limited financial options, and the least tax savings strategies. So why do people not incorporate? Usually two reasons: * They have no money and this is a cheap method to start a business * They don't know anything about business structures
Back to top
What is a General Partnership?
General partners assume all responsibilities as owners and managers whereas the limited partners are limited in their liability to the amount he or she invested in the business. Like a sole proprietor, a partnership structured business is viewed as being one and the same as its owners.
Back to top
What is a Limited Partnership?
This form of partnership consists of a general partner(s) and a limited partner(s). The general partner operates much the same as in general partnerships and basically "runs" the business. The limited partner is limited only to what they invested in the business and typically do not "run" the business. In other words, they are only responsible for those debts they contributed to the business.
Back to top
What is a Limited Liability Partnership?
It is much the same as a LP but is organized so that all partners have some degree of liability in the company.
Back to top
What is a Family Limited Partnership?
A FLP is a partnership composing of both general and limited partners and is a great business structure for protecting family assets (especially when used in conjunction with other business structures and set up properly) and transfer of property. As the name suggests, it works well when dealing with family, however, in reality it's just a simple LP. The name really is only given to it to refer that the partnership deals with family assets. When we file FLPs, we are really filing a LP. Typically the general partners would be parents or grandparents who want to pass down assets to their heirs when they pass away. The children would be the limited partners.
Back to top
What defines a Corporation?
It is a legal entity all on it's own, separate from the business owner, and are formed and licensed in the state they operate in. You can think of a corporation kind of like a person all on their own. They have to file taxes, can own property and assets, buy and sell assets, raise money, buy a benefits package for its family (the employees), etc. Because of this separation of owner and business, a corporation provides what is called a corporate veil. This means you and your personal assets, money, etc. are all protected from law suits and are separate from your business. You may hear the term "Pierce the corporate veil." This refers to the scenario when someone may want to sue you, for example, and not just your company. But since you're incorporated and were acting as an employee of your business, however, you have that layer of protection since this person technically can only sue your business and whatever assets it holds. State laws vary as to how well the corporate veil is protected. This is one big reason why the two most popular states to incorporate in are Delaware and Nevada. Of the two, Nevada is the best. Nevada provides the best layer of protection for business. Basically, the only way for someone to pierce your company's corporate veil is if you commit fraud.
Back to top
Why are Nevada Corporations most attractive?
* Nevada has no franchise tax * No corporate income tax * No personal income tax * Does not have information sharing agreements with the Internal Revenue Service Nevada strongly protects the business owner If you are starting or have started a business that doesn't deal much in other states, make a lot of money, and your liability is relatively low, then you may simply just want to incorporate in your own state. If, however, you plan to do business country-wide or world-wide and protecting your assets is essential, consider incorporating in the State of Nevada.
Back to top
How does incorporating in Nevada while doing business elsewhere work?
First you would incorporate your business in the State of Nevada. Nevada now becomes your domicile (your business' residence). Then register your new corporation in your state of business (called foreign filling).
Back to top
What are the different types of corporations?
* C Corporations * S Corporations * Professional Corporations * Non-Profit Corporations C CORPORATIONS A C Corp is completely separate from the business owner. It pays its own taxes, pays you your salary, and then you pay your taxes. In other words, the business' income does not pass through to your personal income tax reporting's. This can lead to what is referred to as double taxation (your company pays taxes and so do you on some or all of your company's taxable income). While this may seem unfavorable, C Corps provide the widest range of tools to expand your business. S CORPORATIONS S Corporations are basically corporations that have elected to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. The two main points you should know about when it comes to the difference between a C Corp and S Corp is how they are taxed and how many shareholders you can have. There are, of course, other differences; but this article is about giving you the condensed necessary information needed to approach and speak with a professional. As far as taxes go, S Corps don't pay their own taxes like C Corps do (thus eliminating the double taxation problem). Instead, the taxable income is passed through to the shareholders (the owners). In other words, if your company made $100,000 taxable income, you would show that income on your personal tax return (whereas a C Corp would first pay taxes on that $100,000 and then pay you your income and you would pay taxes on that income as well). This form of pass-through taxation is especially favorable if you expect your company to make a loss for the taxable year. In this way, if your company paid more money out than what it made, those losses would pass through to your personal income taxes and can be written off as deductions (whereas if a C Corp had a loss, those losses would not pass through to your personal income tax). PROFESSIONAL CORPORATIONS Businesses that require a license to practice must be formed as a professional corporation. For example, the following professionals would have to form a professional corporation: dentists, veterinarians, CPAs, lawyers, doctors, chiropractors, etc. By forming a professional corporation, professionals can limit their personal liability for the malpractice of their associates. One downside to a professional corporation is that they are taxed a little differently than regular corporations . . . and not necessarily in a good way. NON-PROFIT CORPORATIONS Non-profit corporations are exempt from income tax. Such businesses may include: charitable, educational, religious, scientific, or literary organizations. If you wish to form a non-profit corporation, you may want to briefly review Section 501(c) (3) of the Internal Revenue Service Code. These kind of corporations also need to be owned by more than one person and any excess funds (funds remaining after donations have paid for all expenses) must go toward the growth and expansion of business and services.
Back to top
What is a Limited Liability Company (LLC) ?
The LLC business structure has become one of the most favorable business structures around, especially in real estate. It combines most of the advantages of other business structures while limiting their disadvantages. They work much like S Corps; pass-through taxation, provide liability protection and asset protection for owners, require board meetings, business debts do not show up on personal credit, etc. There is one big difference between the S Corporation and a LLC which makes the LLC structure advantageous.
Back to top

Disclaimer: The information provided in this site is not legal advice, but general information on legal issues commonly encountered. Bradley Paralegal and Legal Document Preparation Services is not a law firm and is not a substitute for an attorney or law firm. Bradley Paralegal and Legal Document Preparation Services cannot provide legal advice and can only provide self-help services at your specific direction.