Things to Update After Divorce
March 25, 2016 | William F. HuefnerThe divorce has been finalized. You’ve paid your divorce attorney. Now what? Aside from moving on with your life, there are several things that you’ll need to update after the divorce. [maxbutton id=”1″ ] While each case is unique, there are some common steps that nearly every couple will take after they’re officially divorced. These include: Dividing up all the property as per the divorce decree. Change your motor vehicle titles to reflect appropriate ownership as per your divorce decree. Change your name with Social Security and on your passport. Change the name on your driver’s license. The requirements for this will vary from state to state, but in most cases, you will need to change your Social Security card before you can change your driver’s license. Contact your auto insurer to notify them of changes in vehicle ownership, drivers on the policy and address changes. Ensure that your name has been removed from loans or debts that you are no longer responsible for. If you change your name after the divorce, make sure that you notify all of your creditors of this change. Remove your name from the joint bank account and the mortgage, if applicable. Open a new credit card in your own name, and use it to make purchases. Don’t…
Read MoreBusiness Law Information: New Ruling Allowing an LLC to adopt an ESOP
January 27, 2016 | Barna, Guzy & Steffen, Ltd.The IRS released a recent Private Letter Ruling (PLR 201538021) that surprisingly allows a Limited Liability Company (“LLC”) to adopt an ESOP. This is a new development that should be considered with caution since a PLR only applies to the taxpayer that asked for the ruling and there are some pre-requirements that may continue to create a tax problem if implemented. Here’s the story: Background The rules under the Internal Revenue Code have so far limited the use of ESOPs to C- or S-Corporations. One of the requirements for an ESOP is that it invests predominantly in qualifying employer securities. LLCs were not permitted to have ESOPs because the membership units were not considered qualifying employer securities. As a result, an LLC had to be converted to a corporation in order to utilize an ESOP. Although the process may not be all that complicated, it sometimes created adverse tax consequences for a converting owner. New developments In a the recent Private Letter Ruling mentioned above, the IRS ruled that the membership units of an LLC will be considered as qualified employer securities under the Internal Revenue Code. This means that an LLC could establish an ESOP and have it hold LLC units. The ruling is conditioned on the LLC and its units having…
Read MoreBest Ways to Prevent a Car Accident
December 31, 2015 | Adriel B. VillarrealYou can’t control anyone else’s actions behind the wheel, but you can control your own. Prevention is the key. What should you do to prevent an accident? 1. Be Cautious of Blind Spots Your side mirrors and rearview mirror can be adjusted to provide a panoramic view behind you, but there is always a chance a vehicle can enter your blind spot. This is the space where your side mirror and rearview mirror fail, leaving you with the inability to see the vehicle right next to you. Other drivers will have these blind spots, especially when you’re driving right next to them or are coming up to pass them. Looking over your shoulder before switching lanes will help you to avoid blind spot accidents. 2. Continually Scan the Road The road in front of you extends well beyond the vehicle you’re behind. Scanning the road in front of you will allow you to have enough time to react to sudden vehicle stops, accidents, animals in the road, or other road dangers that could result in an accident. 3. Avoid Fast Lanes There is a reason the fast lane is only meant for passing – there is nowhere to escape. Practicing defensive driving requires you to drive in the middle or right lane. When…
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