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Going over some of the advantages of trusts

When it comes to estate planning, you may have all sorts of considerations to think through. For example, you may be wondering how you should divvy out your assets to beneficiaries, or whether you should move forward with a trust or will. At Baker, Dublikar, Beck, Wiley & Mathews, our Ohio law firm knows how challenging it can be to confront these questions for people in North Canton, and across the state. However, carefully reviewing the ins and outs of each option may help. In fact, those who decide to set up a trust may enjoy numerous advantages.

With a trust, the grantor is able to determine a specific time when beneficiaries are able to receive assets. For example, if you do not want a beneficiary to receive assets until the age of 21, a trust may be ideal. Moreover, trusts allow grantors to lay out how their assets will be distributed after they pass away while avoiding probate as well as estate taxes. Clearly, trusts offer some significant benefits that should not be overlooked by those who are establishing an estate plan.

Addressing a contract dispute

In business, relationships can turn sour for any number of reasons. When they do, companies may find themselves in the courtroom over allegations of wrongdoing. Sometimes, a contract dispute is at the center of the problem and at Baker, Dublikar, Beck, Wiley & Mathews, our Ohio law firm knows how essential it is for business owners to handle these matters properly in North Canton and all across the state.

Often, contract disputes arise over allegations of a breach of contract. For example, if one party claims that the other party failed to carry out their duties according to a contract, the case may be taken to the courtroom. Whether you are accused of contract breach, or your business has suffered because of another party's failure to abide by the terms set forth in a contract, it is pivotal to take a careful approach and make sure that you know which path forward is best.

Does something seem wrong about your parents' last will?

Losing your parents is difficult, even if your parents lived full and productive lives. No matter how old your parents are when they pass, it's still hard to lose them. In addition to the pain of the loss itself, there are other factors that can make grieving even more difficult. Money is often the last thought on your mind in the wake of such a serious loss. However, when the time comes to read the last will and execute the estate, change to your inheritance can leave you feeling shocked, angry, hurt and frustrated. What could have prompted your parent(s) to reduce your portion of the estate?

It's very common for one parent to pass well before the other, with the result being a perfect storm of loneliness. Your surviving parent could become dependent on you and your siblings or could require placement in an assisted living facility. Although your parents agreed to terms for their last will, the surviving spouse could still make changes that impact the whole family. When that happens, those changes could violate the wishes of your other parent, as well as destroy the expectations of all known heirs as far as what assets they believed they would eventually inherit.

Minimizing the impact of business litigation

Whether you run a small business or are in charge of a large corporation, you may face various stressors on a daily basis. However, litigation can be incredibly difficult and your business may be targeted for any number of reasons. At Baker, Dublikar, Beck, Wiley & Mathews, our law firm knows how litigation can spell disaster for businesses across North Canton, Ohio. Whether you run a business which deals with construction, food service, finance, or any other industry, it is vital to take steps to minimize the impact of litigation.

If a lawsuit has arisen due to allegations of fraud, a contract dispute, or for any other reason, you need to take a careful approach and assess the ins and outs of the situation. By preparing for court and having a clear understanding of your rights, you may be able to position yourself better and improve the chances of an end result that is more favorable. Unfortunately, some business owners in this position have neglected to prepare their case appropriately, which can be problematic. From financial penalties to a shattered reputation, business litigation can create long-lasting challenges for businesses of all sizes. In fact, some companies are left with no option but to shut down following a lawsuit.

Working through emotional estate disputes

Estate disputes arise for all sorts of reasons. In North Canton, and in other cities around the whole state of Ohio, some of these disputes occur because beneficiaries believe that their rights have been violated and they have been denied inheritance they were supposed to receive. At Baker, Dublikar, Beck, Wiley & Mathews, our law firm is aware of the other reasons these disagreements can arise, such as allegations that an executor violated his or her fiduciary duties, undue influence, and a plethora of other matters.

Unfortunately, these disputes sometimes tear whole families apart. As if this is not challenging enough, many of these family members find themselves facing a great deal of emotional pain because they recently lost a loved one. Working through these issues can be troubling and may even seem hopeless. However, it is vital for you to take steps to minimize conflict within your family, if that is possible. By having a good understanding of your rights and the most sensible path forward, you may have a greater chance of obtaining an outcome that is in your favor.

Natural gas production up in Ohio

Recently, the Ohio Department of Natural Resources released data on oil and gas production in the state. The numbers point to strengthening natural gas production in the state.

According to the data, 372 billion cubic feet in natural gas was reported produced in the state in 2017’s first quarter. This is an increase of 13 percent, as compared to the same quarter from the prior year.

Can you make a business merger successful?

Forming, organizing and strengthening a new business requires more than your financial savvy and entrepreneurship. It also requires you to persevere, be willing to take risks and develop strategic plans. Fortunately, if you are considering a business merger in Ohio, there are steps you can take to influence a successful outcome.

According to americanexpress.com, business owners like yourself can benefit from several behaviors that set the stage for a rewarding business merger. These suggestions include the following:

  • Carefully select candidates: As you begin to consider your options for businesses to merge with, you will benefit from creating a method for screening each of your candidates. You should pay particular attention to each candidate’s core competencies, mission and brand image.
  • Write your goals: Immediately upon beginning deliberations with another company, you should make your long and short-term goals clear. Carefully articulate your vision and the path you anticipate following to achieve optimal results.
  • Maintain financial health: The financial health of your business is imperative to executing a successful merge with another company. Before finalizing important deliberations, do your part to analyze your finances and identify areas where simple improvements can create long-term wealth.
  • Use each other’s strengths: Another valuable suggestion is to create a transition team. This important group of professionals will combine experience, personal strengths and familiarity with your company, to help the organization successfully transition to its new being.

Established business: Do you have a succession plan?

Starting up a business is a daunting task. We touched on this a bit in one previous post. Getting up and running isn't just a matter of flipping a switch. A lot of preparation is required and once the doors are open, you need to work to keep customers walking through that door.

If you succeed in covering all the start-up bases and business flourishes, the time is bound to come when you'll want to make sure that your "established in" date continues to have significance. The question this raises is whether your comprehensive business planning includes legal provisions for handing things off to someone new.

Premises liability: Who is responsible?

Most things in life come with some amount of risk. We generally do a fairly good job of reducing risk and increasing safety, but accidents happen and there is no way to eliminate risk entirely. Sometimes, because of things outside of our control, even normal things like walking down a sidewalk can result in injuries.

If someone is injured while on another person's property because of some sort of hazard, they may wonder who is legally responsible for their injuries. Liability for these types of injuries can depend on a variety of factors, but there are some important things to know.

Follow these tips when starting your business

Part of the American Dream is being your own boss. After years of working for other people and building your skills, you have finally decided to make that dream a reality. It is time for you to open your own contracting company. But, are you totally ready for the phones to start ringing and to put that open sign in the door? There are several things that you should consider before and during the start-up process.

Since starting a business usually requires legal forms at the state and local level, it is important to understand all of the requirements you must meet. An experienced attorney in the North Canton area can help you prepare the documents you need to register your company and obtain the proper permits and licenses. Read further for a few tips you should follow to make your new business successful.

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