Especially for New Members; Small Business Q&A; Three Things to Remember When in An Auto Accident;
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11-Jun-2006
| Tuesday, May 19, 2009 |
VOLUME 2 ISSUE 5 |
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Why Wonder "What If?"
Call 1 (800) 435-5081 for the Answer
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| Letters from Members |
Family law matter:
In the year we've had our membership, we've used our legal service plan several times, for big issues and much smaller issues. My husband and I have also used the will benefits. We thank you for that section of the plan, it is a value in itself. We find the service empowering and an absolute necessity. We will never be without our membership.
I want to share with you a bad situation that recently was resolved in court with the assistance of Mr. Alongi from the Davis Miles office in Mesa, Arizona. I worked with Mr. Alongi in preparing for my hearing for an eight month period. I was very nervous when the court date finally arrived, but I was so confident in Mr. Alongi, that I was as much at ease as I possibly could be.
After the hearing, I was most impressed with the judge's comments to my attorney. The judge complimented my attorney for his professionalism in my defense and said he looked forward to seeing Mr. Alongi in his courtroom again. The judge also complimented the partners at Davis Miles, saying that he had the pleasure of having both gentlemen in his courtroom numerous times.
My membership saved me thousands of dollars over the eight month period and yet I feel I had the best legal representation that money can buy! Thank you!
Questions about FACTA (Fair and Accurate Credit Transactions Act):
My husband and I want to thank you for all that you and your firm do for its Pre-Paid Legal Services, Inc. members. Your personal attention to our questions about FACTA really left an impression on us. We would also like to take this time to thank Mr. Crenshaw who successfully helped us with a legal matter that saved us about $20,000. We cannot say enough about Davis Miles!
Valuable service:
I am kind of tight on deadlines today but I wanted to take a minute and tell you how happy I am with Pre-Paid Legal Services, Inc. I never thought I could use it enough to warrant the monthly fee but I have spoken to the attorneys at Pre-Paid Legal twice already and since I am on the verge of finishing my first book, I will be seeking their advice on copyright law as well as preparing my will. I told my friend in California about Pre-Paid Legal and she was interested also. Thanks again for providing such a valuable service.
Additional comments:
Thank you very much. You saved me from a big headache. I have all good comments, you are very professional.
[PRINTER FRIENDLY VERSION] |
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UPCOMING SEMINAR
In September we will be offering a FREE seminar with further discussion and a question and answer session for small businesses. Look for more details in our August newsletter!
[PRINTER FRIENDLY VERSION] |
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ESTATE PLANNING SEMINAR (Q’s and A’s)
Law Office of Davis Miles, PLLC
560 W. Brown – Third Floor
Mesa, Arizona
RSVP to PPL_newsletter@davismiles.com by August 3, 2006
Since seating is limited, a small fee of $10 will be required to register.
The fee will be refunded at the door!
Seminar date: August 10, 2006 7 pm to 8 pm
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Especially for New Members
by Charles E. Davis, Partner
We have heard from many sources that once people use Pre-Paid Legal Services, Inc., they stay with the program. That is one of the reasons we love to see new members get their Wills done. They begin to realize immediately the value the membership brings.
But beyond that, many people are bashful about contacting a law firm for the first time. They have never dealt with lawyers before; they sometimes feel intimidated because of the way lawyers are portrayed on television and in the movies. New members should realize, however, that the lawyers at Davis Miles are there to help you with not only your immediate legal problems, but with questions about legal matters, too.
Based on suggestions of the Pre-Paid Legal Services, Inc. leadership in Arizona, we’ve prepared a list of questions you can use to try the services immediately. If you are an associate, print out this list, have it with you when you sign up new members and help them make that first call to Davis Miles. If you are a new member, please call us. We look forward to serving you.
Questions:
1. Why do I need a Will?
2. What is probate and is there a way to avoid it?
3. What should I do if I'm in an auto accident?
4. If my spouse and I decide to divorce, and we're in agreement on everything, is there an inexpensive way to handle this?
5. If a loved one dies, what legal things need to be addressed?
6. What's the difference between holding my home (or other property) with my spouse in joint tenancy with right of survivorship or as community property with right of survivorship?
7. What's the first thing I should do if law enforcement officers show up at my home with a warrant for my arrest or to question me about a crime?
8. What should I do if an insurance agent contacts me after I've been injured?
9. What is a living trust? Do I need one?
10. Should I incorporate my business? What are some of the advantages or disadvantages?
You will soon realize that your monthly membership fee is one of the best bargains you have ever received. It truly is insurance against the complexities of our legal system and the unforeseen problems of life.
May God Bless You,
Charlie Davis
PS: Davis Miles is only obligated under its contract with Pre-Paid Legal Services, Inc. to provide a Will. But we know that the Will is only part of what families need. So, at no charge, we also give new Pre-Paid Legal members a Durable Power of Attorney, a Health Care Power of Attorney and a Living Will. We charge our non Pre-Paid clients $300-$500 for similar services. And if you need a living trust, or other estate planning documents, we provide special attractive discounts available only to Pre-Paid Legal Services, Inc. members.
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Estate Planning Secrets Exposed
by Daniel J. Marco, Managing Attorney
 I hope you enjoyed your 4th of July holiday. I certainly enjoyed mine. The fireworks at Tempe Town Lake are truly amazing. There simply is nothing better in this world than sitting on a lawn chair with your daughter on your lap, “ooohing and aaahing” at a huge fireworks display. Days like the 4th of July remind me how lucky I am to live in a country with our justice system. It is, by far, the greatest system in the world. Through participation in that system, I get to celebrate America’s greatness every single day! And, for mere pennies a day, through Pre-Paid Legal Services, Inc. you belong to the greatest justice system in the world. Sure, it has its issues. Overall, our justice system would make Benjamin Franklin and Thomas Jefferson proud. In addition, a company like Pre-Paid Legal Services, Inc. fits nicely into the “philosophy of the every man” espoused by our great founders. We had our first seminar and it was a smashing success! So good, that we have decided to do it again. My career has consisted, mostly of criminal defense, product liability and personal injury litigation. The topics of estate planning, trusts and taxes do not strike me as overly interesting. But, since I was one of the event organizers, I thought it best that I should show my face for the seminar. Actually, I am glad that I went. I know next to nothing about estate planning and the difference between wills and trusts and estate tax rates and so forth. Sure, I took those subjects in law school so maybe I know a little more than the average Joe but not all that much. I came away knowing a lot more. And it was so simple. With a PowerPoint Demonstration, I was never bored. First were the basics. For example, the seminar answered the question, who needs and estate plan and why? Well, it ends up almost everyone needs some type of plan and those plans range from the simple will provided as a benefit of your Pre-Paid Legal Services, Inc. all the way to trusts that are funded both during lifetime and after death. The program moved into the area of taxes. It seems that many of us work a entire lifetime accumulating assets to make our life easier and the lives of our spouses and children easier. Failure to plan means that those same people we loved and cared for in life, get to sit down and watch the government take those assets and, well, waste them on those crazy government pork barrel programs. Do you really want your life’s work to go to building a bridge in Alaska? I do not. I would rather my children or grandchildren used the assets I have worked to accumulate to help them become better educated or simply to live a less stressful life. I learned a lot and you will too. I came away with the sense that most people plan for their next vacation more than their own passing. Given our complicated estate and tax laws, that makes little sense. Therefore, we invite you to attend our next FREE seminar. Come check it out. The only thing you have to invest is time: and the payoff? Peace of mind!
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Small Business Q&A
by Kevin G. Wick, Attorney
1. I currently own or am starting up a small business. Do I need a separate entity for my business?
Yes, for a variety of reasons, perhaps the most important being protection from personal liability. There may be varying degrees of liability protection based on your choice of entity, but generally speaking when you form an entity, it is a separate legal entity, a legal “person” separate from you individually. Thus, your business property and assets are separate from your personal property/assets. Recognizing the need to protect personal assets from business debts and liabilities is one of the most important business decisions you can make.
2. What types of entities are available to choose from?
General partnerships, limited partnerships, “C” corporations, “S” corporations, and limited liability companies (LLCs) are the major forms of business entities. However, each has its advantages and disadvantages. Ultimately, the choice of entity depends upon prioritizing the needs of your business, and comparing how each entity satisfies those needs.
3. Are partnerships an appropriate small business entity?
Given the other options available, in most circumstances, no. A general partnership offers no liability protection, as the general partners are each personally liable for the debts and liabilities of the partnership. A limited partnership offers some protection for the limited partners, unless a limited partner participates in the control of the partnership business, and again, the general partners are given no liability protection whatsoever. Although Arizona is one of the states that has allowed partnerships to become limited liability partnerships (LLPs), which do give the general partners liability protection, it is not well known or understood and therefore, for liability protection, one should generally look to using either a corporation or an LLC.
4. What are the advantages of a corporation?
Typically, shareholders, directors, and officers of a corporation are not responsible for the debts and liabilities of the corporation. As a legal entity separate from its owner(s), if the corporation suffers losses, the corporation itself must bear those losses to the extent of its own resources. Such losses would not affect the personal assets of the individual shareholders, provided that the corporation has maintained certain formalities of existence, explained further below. Thus, the corporation can protect the owner of a business against personal liability. Corporations also have beneficial tax options available, including setting up pension, profit sharing, and stock option plans.
5. What is the difference between a “C” corporation and an “S” corporation?
The difference lies in how the corporation elects to be taxed. C corporations are taxed as separate legal entities. One disadvantage to a C corporation is that its earnings can be taxed twice – once when earned at the corporate level and again when distributed to the shareholders. This double taxation often can be minimized in the context of closely held corporations if the entity pays out most or all of its earnings as deductible salary (the amount must be reasonable) or rent. S corporations (along with partnerships and limited liability companies) provide pass-through tax treatment. In general, there is no entity-level tax so the earnings are only taxed once to the shareholders. Pass-through entities are often good choices for businesses that are expected to generate losses in the early years because the active owners ordinarily can apply those losses against income from other sources.
6. What are the disadvantages of a corporation?
Of the major forms of business, C and S corporations have the most burdensome requirements regarding formalities of existence. After filing its organizational documents, a corporation must also adopt bylaws, elect a board of directors, hold organizational meetings, and keep written minutes thereof signed by the appropriate people. Corporations must file an annual report and pay annual filing fees. If the annual report is not filed timely, the appropriate state agency assesses a penalty and will eventually revoke the charter of a corporation that does not file its annual report.
7. What is the structure of a limited liability company (LLC)?
An LLC is a separate legal entity that offers an alternative to partnerships and corporations by combining the corporate advantages of limited liability with the partnership/S corporation advantage of pass-through taxation. An LLC is owned by its members, managed by a manager (who is often one or more of the members) and the member’s ownership in the LLC is represented by his/her respective “membership interest”, in the same manner as a partner has an interest in a partnership or a shareholder has stock in corporation.
8. What are the advantages of a limited liability company (LLC)?
Liability protection combined with pass-through taxation. In addition, after filing its organizational documents, there are no additional formalities of existence, allowing its members to concentrate on their business and not the legalities of entity “upkeep”. An LLC has an added advantage in that it can be set up as a “single member LLC” that eliminates the need to prepare and file a separate tax return for the LLC.
9. What are the disadvantages of a limited liability company (LLC)?
Unless your business is set to become a publicly traded company in the very near future, there are no real disadvantages to the use of an LLC. There are, however, some tax reasons to set up a corporation in lieu of an LLC.
10. Do I need an attorney to set up my new business entity?
While an attorney is not necessarily required, it simply makes good business sense to seek professional advice from both an attorney and an accountant when deciding upon the appropriate entity for your small business. Consider that entity as the foundation of any successful business venture. A qualified attorney can take into account and offer advice based upon the needs and priorities of you and your business, and then make certain that entity setup is done correctly the first time around.
[PRINTER FRIENDLY VERSION] |
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Three More Things to Remember When in an Automobile Accident
by Lauri Reijonen, Attorney
 When you have an accident you believe was not your fault, Pre-Paid Legal Services, Inc.’s membership benefits can save you not only time and money but also reduce stress and anxiety by providing you a referral to an experienced personal injury attorney who will deal with the insurance adjusters for you. 1) Insurance adjusters often discourage you from retaining an attorney because legal representation generally means more money for you, and subsequently, smaller bonuses for the adjusters. Let Pre-Paid Legal Services, Inc. refer you to an attorney immediately after your accident and increase your recovery. If you have a personal injury case, Davis Miles, PLLC will provide you an attorney who will meet with you for an initial consultation and answer your questions – free of charge. 2) If you are seriously injured and unable to travel, Davis Miles, PLLC can send an attorney to your location for your free initial consultation. 3) Some health insurance plans must be reimbursed from your personal injury settlement before you get any money. Your attorney at Davis Miles, PLLC will examine these claims and where reimbursement is required by law, your attorney is often able to negotiate reductions up to the pro rata share of the attorney’s fees. This free service and your Pre-Paid Legal Services, Inc. special discounted fee will put significantly more money in your pocket. When you are involved in an accident, wherever you are, call our Personal Injury Hotline at (480) 254-2251 for assistance! We will advise you, protect your rights and can even provide you a list of medical providers who are willing to wait for their fees until your case settles.
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Published by DAVIS MILES, PLLC
This newsletter is for informational purposes only and readers must consult with a lawyer to determine a) whether any information is specifically applicable to you, b) whether you understand the information correctly, c) whether there are any other laws or changes in the laws that would affect you.
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The information on this page is provided for educational purposes only, and should not be relied on in any specific case. Furthermore, the information applies generally to matters of Arizona law and not any other jurisdiction. Full site disclaimer.
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