What is an LLC?

A limited liability company, or LLC, is a comparatively new business model that shields its owners from personal responsibility for liabilities or debts. The structure combines most of the benefits of a corporation without the requirements for many corporate formalities, and thereby provides its owners with impressive operational flexibility. It is wise to to separate your business’s assets from your personal ones with an LLC.

Pros and Cons of an LLC

LLCs are simple to form. In Utah, you can easily form an LLC using a government website. The management and ownership options are flexible, as are the profit choices. LLCs also provide “pass-through taxation,” a tax benefit that prevents profits from being taxed twice and locks in the tax rate at personal income levels.

However, an LLC may not always be the best choice. It is wise to consult with both your attorney and tax professional before making the decision about which type of business entity to use.

Protecting the Business vs. Protecting You

Lawsuits are a common part of American life. In the United States alone, more than 15 million civil cases are filed every year. These include legal action involving both businesses and individuals. While the hope is to avoid the necessity of going to court in a dispute, that is not always an option. You never know when a lawsuit may arise, either personal or related to your business.

An LLC is a separate legal entity from its owner. Because of this, assets owned by the LLC are not the property of the LLC’s owner, and vice versa. This keeps personal and business assets separate and distinct.

This is important, because In the event that your business is sued, perhaps by a disgruntled employee, dissatisfied customer, or someone who has suffered a personal injury related to the business, an LLC can keep your personal assets (house, vehicles, real estate, stocks, and other investments) out of reach from those parties. Creditors of the business cannot seek redress from you personally under ordinary circumstances if the business is an LLC.

Forming an LLC is a popular strategy to secure business assets because a member’s financial exposure is usually limited only to their equity investment in the LLC, meaning that personal assets are not at risk. There are a few exceptions. For example, if an LLC member guarantees a business’s loans or obligations personally, that member can be held liable for the default. LLCs also do not protect members who personally commit negligent or wrongful acts against others.

An attorney can help you form an LLC and advise you about things like insurance and legal protection.

Forming an LLC to Protect Your Personal Assets

Setting up an LLC is a relatively straightforward business venture, but certain government regulations and formalities must be followed in order for the maintain separation between business and personal assets. Our experienced legal team understands the the important considerations in forming an LLC, and can help you do it right.

Oftentimes as individuals get older, they require more medical care and assistance going about their daily activities. Unfortunately families are not always able to provide their parents or grandparents with the care that they require. Nursing homes are a useful resource for elders and their families to ensure that individuals can be properly cared for. However, it is important to understand your rights as a nursing home resident in order to protect yourself and legitimately receive the care that you deserve. For more information about your rights as a nursing home resident, continue reading.

Your Rights as a Nursing Home Resident

In the event that your circumstances require you to live in a nursing home, it may seem as if your life is constantly being controlled by others. Despite this, you have not given up your rights by moving into a nursing home facility. There are laws in place for the protection of older populations and individuals that are living in nursing homes. These laws are designed to protect people from neglect, elder abuse, and otherwise being taken advantage of. Below we discuss just a few of the important rights that individuals have as residents of nursing homes.

The Right to be Informed

The right to be informed essentially means that the facility that you are going to be staying at has the legal duty to inform you of your rights. They should provide you both with oral and written statements outlining your rights. You also have the right to be informed of the services that are available to you at the nursing home and the prices of these services.

You are also to be informed of things such as the rules of the facility, inspection reports, the names and addresses of the facility’s owners, and a summary of the state laws about advance directives. You have the legal right to know about the state of your health as well as when someone is planning to make a change to your treatment plan. Lastly, the nursing home must notify you in advance if you are going to need to move rooms or change roommates.

The Right to Privacy

One of your rights as a nursing home resident is that you are entitled to privacy. You have the right to meet with visitors including family, doctors, lawyers, etc., in private. You also have the right to remove permission for someone to visit your room. Your mail and phone calls cannot be monitored by facility staff and you have the right to dress, bathe, and use the toilet in private, if it is physically feasible.

The Right to Confidentiality

The nursing home that you are living at has a legal responsibility to protect your confidentiality as a resident. This includes medical, personal, financial, and social information. The facility cannot share any of this information with other organizations, individuals or agencies without your permission. Lastly, you have the right to access your records and have copies made of your records at a reasonable cost.

The Right to Dignity

As a person that has acted and lived as an adult for many years, you are entitled to be treated with dignity. No matter an individual’s personal situation or attitude, they always have the right to be treated fairly and with respect. This includes the right to refuse treatment, the right to refuse to perform work for the facility, the right to be free of mental and physical abuse, chemical and physical restraints, and a variety of other rights. Medical and facility staff should always be courteous and professional.

Personal Property Rights

You are legally permitted to bring personal belongings to the nursing home, as space permits. Nursing homes are required to inform residents in writing of the manner in which residents’ personal funds will be protected. If your property is damaged or stolen while living in a nursing home, the facility may be required to replace the property. It is important to be familiar with the written admissions agreement with the facility for more information as to who is responsible for the safeguarding of personal property.

Do You Need Legal Assistance?

If you are concerned about the safety or well being of a family member that is staying in a nursing home, you may be in need of legal assistance. Your or your family member’s rights as a nursing home resident are extremely important. If you have noticed something suspicious or inappropriate happening, or if your family member has mentioned that they are not being properly cared for, it may be helpful to involve an estate planning or elder law attorney. We at Stevenson Smith Hood Knudson P.C. are experienced in these matters. We are eager to help you protect yourself or your family members. For more information, feel free to reach out to us today.

There are many reasons why you should create an estate plan. Estate plans are extremely important for the future of your inheritance. Estate planning involves appointing a person who will receive your assets and handle your responsibilities. Estate plans ensure that your inheritance is properly managed and is distributed the way that you want.

You Designate An Executor

The first reason why you should create an estate plan is that you are in charge of your affairs. If you do not designate who is responsible for representing your estate, then the court will assign someone to be the executor. This may mean that someone that you would not approve of could be in control of distributing your estate. If you are able to build an estate plan, then you can appoint your own will’s executor.

Removes The Need For Probate Law

Creating an estate plan eliminates the problem of probate. Probate proceedings are very expensive and can be problematic in that the court is in control of your assets. A solid estate plan makes it possible for you to avoid a public and time-consuming probate proceeding. Estate plans allow you to quickly, privately, and effectively leave your money to your heirs without the hassle of needing to go to court. An estate plan protects your family from needing to spend money on court proceedings and from potentially not being able to get the

Protect Your Assets

Another reason why estate planning can be useful is that it helps protect your assets from unwanted hands or makes sure that those you do want to receive your inheritance can receive it. If you went through a divorce, then you need to make sure that your children from your first marriage are able to be treated the same as the children of your second marriage, assuming you want them to have similar shares of your estate.

An estate plan also protects your assets from situations in which your children or other heirs may find themselves in. For example, consider that you have a grandchild who goes through a divorce after your passing. If you have an estate plan, then you can state clearly that you would like a certain part of your inheritance to go to your grandchildren rather than a grandchild’s ex-spouse. When you create an estate plan, it makes it much easier to protect your assets.

Imposes Discipline On Irresponsible Family Members

Having an estate plan imposes discipline on irresponsible family members. If you have found that you have a family member that you would like to inherit a percentage of your fortune is irresponsible, then it may behoove you to create an estate plan. This ensures that their inheritance is protected from mismanagement or requires them to do certain things in order to receive the inheritance.

An estate plan also ensures that if you have young children as heirs that they are able to inherit what they are supposed to inherit without the interference of their parents. Essentially if you set up a college fund for a child, then that money would only be used for college and not for anything else.

Do You Need To Create A Estate Plan?

If you decide that you should create an estate plan for your inheritance, feel free to reach out to us at Stevenson, Smith, Hood & Knudson. We offer many different options for individuals looking to make an estate plan. Our goal is to make the process of settling your estate as easy and seamless as possible. We believe that every person should create an estate plan; no matter what their financial situation is. If you are in need of an estate plan, we would be happy to help you out. Reach out today for more information.

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