BERYS LAW | Business, Real Estate, Wills/Trusts

Estate planning is an aspect of financial preparedness that ensures your assets are distributed based on your wishes after your passing. However, there are several misconceptions and myths surrounding estate planning that can hinder individuals from taking the necessary steps to protect their legacy. 

We'll debunk some of the most common myths about estate planning in this guide.

Myth 1: "Estate Planning is Only for the Wealthy"

One of the most pervasive myths is that estate planning is exclusively for the wealthy. In reality, individuals of all income levels can benefit from estate planning. It involves much more than distributing assets—it encompasses decisions about guardianship for minor children, healthcare preferences, and financial management in case of incapacity.

Myth 2: "I'm Too Young to Start Estate Planning"

Age should not be a determining factor in initiating estate planning. Accidents and unexpected illnesses can occur at any age, making it necessary to have a plan i...

Many people associate estate planning with the wealthy or older individuals, assuming it's something they can address later in life. However, the truth is that everyone can benefit from having an estate plan in place, regardless of age or financial status. 

To Ensure Your Wishes are Honored

An estate plan allows you to dictate how your assets and possessions will be distributed after your passing. Without a clear plan in place, state laws will dictate the distribution, which may not align with your preferences.

You’ll need to consider the following:

• Last Will and Testament
• Financial Power of Attorney
• Guardianship Designations (if you have young children)
• Healthcare Directives
• Beneficiary Designations
• Funeral and Burial Instructions

To Protect Your Loved Ones

If you have dependents, an estate plan provides a means to ensure their financial security and well-being. You can designate guardians for minor children and establish trusts to provide for their education, healthcar...

Selecting the appropriate legal structure is one of the most important things you need to consider when starting a business. It shapes how the business operates, how it is taxed, and how its owners are protected from liabilities. 

While there are various options available, understanding the nuances of each will help you make an informed choice. In this guide, we’ll discuss some key considerations to help you decide. 

Sole Proprietorship

This is the simplest and most common form of business structure. In a sole proprietorship, the business is owned and operated by a single individual. It offers full control and easy decision-making but also means that the owner is personally liable for all business debts and liabilities. This structure is well-suited for small, low-risk ventures.

Partnership

A partnership involves two or more individuals who share ownership and responsibilities in the business. Partnerships can be general (where all partners have equal responsibility and liability)...

Being wrongfully evicted from a rental property can be a distressing and challenging experience for tenants. As a tenant, it's important to know that you have rights and legal protections in place to prevent unlawful eviction. If you find yourself in this situation, here’s a guide to help you navigate through it.

1. Stay Calm and Gather Evidence

If you believe you're facing a wrongful eviction, remain calm and collected. Start by documenting everything related to the eviction. This includes any notices you received, communication with your landlord, and photographic evidence of the property's condition.

2. Review Your Lease Agreement

Carefully review your lease agreement to understand the terms and conditions that govern your tenancy. Pay special attention to clauses related to eviction procedures, notice periods, and any circumstances under which eviction is allowed.

3. Check Local Laws and Regulations

Familiarize yourself with the tenant rights and landlord-tenant laws in your ...

One common concern for landlords is potential damage to their rental property. Understanding your rights as a landlord in such situations is the first step towards protecting your investment. Here’s what you need to know!

Security Deposits and Normal Wear and Tear

Most rental agreements include a security deposit collected at the start of the lease. This deposit acts as a financial cushion for landlords in case of property damage beyond normal wear and tear. It’s essential to distinguish between the two:

• Normal Wear and Tear: This includes the gradual deterioration of the property due to aging and normal use. Faded paint, minor scuffs on floors, and worn-out carpets are examples of normal wear and tear.
• Property Damage: This involves any excessive or intentional harm caused by tenants or their guests. This may include things like holes in the walls, broken appliances, or extensive stains on the carpet.

Inspecting the Property

Regular inspections of the property can help ident...

Estate planning is a critical aspect of managing your assets and ensuring that they are passed on to your loved ones in the most efficient and effective way possible. When you are a business owner, this process becomes complex due to the added dimension of business succession. 

Planning for the transition of your business after your passing is needed to secure its continuity and prosperity. Here's what you need to know about estate planning for business succession.

Start Early and Communicate

Don’t make the mistake of waiting too long to begin the succession planning process. Early planning allows for careful consideration of options, potential tax implications, and the identification of suitable successors. It also provides time to groom and prepare the next generation of leaders within your organization.

Maintain open communication with family members, business partners, and potential successors. When you discuss your intentions and involve key stakeholders in the planning proces...

A Power of Attorney (POA) is a legal document that grants an individual or entity the authority to act on behalf of another person, known as the principal, in various legal, financial, or personal matters. 

POAs are crucial tools for managing affairs when the principal is unable to do so due to illness, disability, or other circumstances. There are different types of POAs, each serving specific purposes and granting varying levels of authority. We will explore the different types of Power of Attorney below.

General Power of Attorney (GPOA)

A General Power of Attorney is a broad and comprehensive document that authorizes an agent (the person or entity receiving the power) to act on behalf of the principal in nearly all legal and financial matters. 

This type of POA is commonly used when the principal anticipates being unavailable for an extended period or when they want to delegate authority for specific financial transactions. However, note that a General Power of Attorney typicall...

Investing in commercial real estate can be a lucrative endeavor, but it often comes with tax implications that can eat into your profits. To mitigate some of these taxes and potentially grow your real estate portfolio more efficiently, you can utilize a 1031 exchange. 

In this article, we'll explore what 1031 exchanges are, how they work, and the benefits and requirements associated with them in the realm of commercial real estate.

What is a 1031 Exchange?

A 1031 exchange, named after Section 1031 of the Internal Revenue Code, is a tax-deferred transaction that allows real estate investors to sell one property and acquire another of "like-kind" while deferring capital gains taxes. 

This means that if you meet the IRS requirements for a 1031 exchange, you can reinvest the proceeds from the sale of your property into another property without paying immediate capital gains taxes.

How Does a 1031 Exchange Work?

• Identification of Replacement Property: After selling your original pro...

Negotiating a commercial real estate lease can be a complex and intimidating process, but it's a needed step for businesses looking to secure the right space for their operations. This is because a well-negotiated lease can save you money, provide favorable terms, and establish a solid foundation for your business's success. 

To help you navigate this process effectively, here are some key steps and strategies to keep in mind when negotiating a commercial real estate lease.

Understand Your Needs

Before you even start searching for commercial space, have a clear understanding of your business's needs. Consider location, size, layout, parking, and any specific requirements unique to your industry. Knowing what you need will help you narrow down your options and negotiate more effectively.

Work with a Tenant Representative

Consider hiring a tenant representative or a commercial real estate broker who specializes in tenant representation. These professionals have a deep understanding ...

A residential real estate lawyer is a legal professional who specializes in property law, particularly in residential real estate transactions. Their primary role is to provide legal guidance and support to buyers, sellers, and lenders involved in these transactions. 

In this guide, we’ll discuss the key responsibilities and tasks of a residential real estate lawyer and whether you need one to look out for your best interests. 

Contract Review and Drafting

Residential real estate lawyers review and, if necessary, draft purchase agreements, sales contracts, lease agreements, and other legal documents related to the transaction. They ensure that these documents accurately reflect the parties' intentions and protect their legal rights.

Title Examination

One of the most critical tasks of a real estate lawyer is conducting a title search to verify the property's legal ownership and confirm that there are no outstanding liens, encumbrances, or title defects. This helps prevent potential...