Daniel E. DeKoter

Image source: manulife.com.ph Estate planning is most often equated to writing a will. Given the nature of the document, many people think that estate planning is simply for people who are nearing their death. This is a very common misconception. Although estate planning is certainly suitable for people who are dying due to old age or sickness, candidates for estate planning are not limited to those persons alone. In fact, any major lifestyle change should always be followed by estate planning. These lifestyle changes include having children, getting married, or inheriting. Image source: thebalance.com Another misconception regarding estate planning is that the only legal document involved is a will. EBut estate planning also includes preparing a power of attorney wherein a person authorizes another to make legal and financial decisions on their behalf in the event he or she becomes unable to make the decisions. In addition, your estate planning should includ...

Image source: huffingtonpost.com Even though many people already understand the importance of estate planning, only half of the general population have written a will or a trust, two of the most basic documents in estate planning.   People delay creating one for varying reasons, such as indecision, dreading death, being stuck looking to make the perfect plan, and being overwhelmed, among others. It is important to set estate plans in motion as early as possible, after all.   The documents can always be reviewed and revised, if necessary.   Procrastination can result in undesirable consequences, such as the following: Image source: juridipedia.com Laws of intestacy:   If an individual passes on without an estate document, there are default laws, called laws of intestacy, that would determine who the beneficiaries of the departed would be.   Essentially, that individual waives the opportunity of naming the people who will receive the asse...

New business legwork is steeped in legalese and bureaucratic procedures requiring legal assistance.   Knowing beforehand what to do can save a business owner thousands of dollars in representation as lawsuits and other forms of legal infringement or violation can be prevented. If you’re planning to start your own business and have booked an appointment with an attorney, come prepared with all of your questions.   Here are some you can put to your lawyer: Image source: creditcards.lovetoknow.com What is the best business structure for me? How you set up your business affects its future operations.   Depending on your choice, elements like personal liabilities, tax obligations, setup fees, and business applications will vary.   Choices for these include sole proprietorship, a partnership, an LLC, or a corporation.   Talk to your lawyer about these structures and determine what’s best for you and your business. What are my obligations as an e...

Social media a powerful communication tool. It has also become a part of the average person's routine. However, in professional settings, the use of social networks might need to be restrained to maintain the integrity of not just of the business but of the people involved in it. Here are three reasons why social media policies are important in the workplace:  Image source: Pixabay.com To create professional boundaries for employees   It's common to see tweets or status updates from people while they are at work. There are also some people who post about what's happening in their workplace during office hours. While one post can be made in less than a minute, the temptation to wait for reactions or to keep browsing social networks while at work may keep a person from attending to more important tasks. Setting up social media breaks or restricting use can help employees prioritize their work over their feed.  To keep work-related disputes confide...

Image source: dontpanicfoundation.org Thousands of injuries are caused by defective products annually. As protection for consumers, there is a set of rules under the umbrella term, “product liability law,” which makes it less difficult for the affected party to recover damages and serves as a reminder for companies to ensure the quality of the goods they manufacture or distribute. Product liability cases can fall under three types: Design defect In design defect cases, there is something inherently dangerous or wrong with the product due to errors in design. For example, if a customer buys a household fan whose protective guards have unreasonably wide openings wide enough to fit a finger, an injury caused by the product can be the basis of a product liability suit. Manufacturing defect A defect in manufacturing is described by the Third Restatement of Torts as the creation of a product that “departs from its intended design even though all possible...

Being a landlord comes with a lot of risks because of the possibility of delinquent tenants who intentionally or unintentionally fall short in meeting what is required of them. Conversely, some landlords fail to effectively carry out their responsibilities, such as maintenance and repairs, making life difficult for tenants. Image source: flcrelitblog.shutts.com Because of this, disputes may arise between landlord and tenants. Some of these conflicts escalate to the point that mediation, or even litigation, is needed to settle arguments. There are ways to minimize the possibility of disputes, such as the following:   Have a written lease agreement, and gain a full understanding of it . Before signing, both parties must ensure that they know everything they are agreeing to. For landlords, they must make sure that no stones are unturned in the contract clauses and that the tenants understand everything they are complying with. Tenants, on the other hand, ne...

It’s not just the billionaires who have an estate. In fact, almost everyone has an estate. An estate is made up of everything a person owns. This includes the car, home, bank accounts, life insurance, and other personal possessions. This is why estate planning is important for everyone. Image source: 3age.com.my Everyone has an estate plan—one given them by the state of residence, or one that is selected by the person. Those who die without selecting their own estate plan will have their assets distributed according to the probate laws of the state where they lived. This means that one’s family members (e.g., spouse and children) might only receive a fraction of the estate. The court will also be the one to control the inheritance of minor children. In the case when both parents die, the court will appoint a guardian to handle the living heirs’ inheritance. By creating your own estate plan, you are in charge of where your property goes when you die; who manages...

Based on figures from the U.S. Small Business Administration, approximately half of small business owners, which equals to around 28 million people, are at least 50 years old. This means that they may be at the point in their lives when they are deciding on what to do with their business. Image source: engracefinancial.com Owners have choices as to what to do with their business when they eventually retire, when they decide to change careers, or move away from their present location. A little less than 80 percent of small business owners, according to a study by CNBC and the Financial Planning Association, intend to sell their business, which they would subsequently use as retirement funds.  There are some, though, who would rather pass down the business to someone they trust that can continue the legacy they have built. And for this, a succession plan should be created.  It involves more than just choosing a successor from the family or within the orga...

Just as much as one devote so much time on investing and securing one’s finances, it makes sense to take time deciding who will inherit one’s estate. All good estate plans cover key life decisions, whether it’s about what will happen to one’s properties or who will manage one’s finances and health care choices when one is unable to do so for themselves.  Image source: Pixabay.com A proper estate plan is not as difficult or costly to create. In creating it, one needs to ask a number of questions, including “What are my assets and what is their approximate value? Whom do I want to receive those assets and when? Who should manage those assets if I cannot while I live and after I die? Who should make decisions on my behalf or take care of my minor children if I am unable to?” Once one has the answers to these questions, it’s time to seek the services of a qualified lawyer who can advise on matters such as taxes, title to assets, as well as estate management.  ...

Personal injury law is an area of civil law that protects victims of accidents through seeking of monetary compensation to cover for damages due to the injury.  Image source: piratelaws.com There are two sides involved, with the injured person or victim being the “plaintiff,” and the individual, entity, or multiple parties responsible named as the “defendant.” In most cases, the objective of the plaintiff is to receive the monetary compensation they allege they deserve, instead of having the defendant be punished.  The defendant, on the other hand, attempts to prove that the damage was consciously or inadvertently caused by the victim.  Personal injury law applies to various situations, including the following:   Accidents: When someone acts negligently and it results in harm to another individual, the latter can file a personal injury lawsuit. Examples of this type are vehicular accidents, medical malpractice, and hazards in the work...

Letting go of any employee is difficult for management. But such a decision is often necessary to business growth and staff productivity. Management should therefore do it as gracefully as possible. Here’s how: Be direct and firm   Avoid being longwinded with your statements. Be forthright and clear.Iif you are letting an employee go, the news should be delivered at the beginning of the meeting. Then patiently answer any administrative questions, such as the issuance of the final check or payment and other insurance claims and benefits. Image source : thebalance.com Make sure that a witness is present Have someone from the Human Resources division or a trusted employee present. This will help you in any possible lawsuit or claims of illegal or unethical conduct..  Never embarrass the employee Never let go of the employee in front of everyone else in the office. Do this in private, with only a trusted witness on hand. Understand that...

There are privacy rights governing an employee’s personal information as well as activities in the workplace. Here are some of them:  Image source: Pixabay.com Use of personal information   The law protects private information held by government agencies, and not private firms. In the private sector, it is up to the employers to act in good faith in handling employee information. It is widely known, however, that employee details should only be released to those needing it for legitimate as well as legal reasons.  Electronic monitoring   Companies are allowed to monitor phone, computer, and email use among employees, and it is generally recommended that these policies be transparently defined and communicated to them. They usually state that employees have no expectation of privacy while on company property or using company resources.  Drug and alcohol testing   This is permitted within private firms, although records ...

Pre-planning lies at the heart of hassle-free estate administration. Prior estate planning can assure individuals that their survivors would not have to fight uphill legal battles to claim what is rightfully theirs.  Image source: thebalance.com The many tasks at this point include drafting a will, collecting and updating the pertinent documents, and assigning an executor. With the advent of the digital age comes the need to store passwords and other online accounts where they could be found by survivors.  In the absence of a will, state law would determine and decide how one’s estate would be divided. Because state law does not always line up to the wishes of an individual, it is recommended that a will be drafted. Wills would need to be updated at key points in a person’s life.  At times, a will would need to be administered in more than one state. Although most probate cases are held at the state where the death has occurred, individual state la...