Law Offices of P. Sterling Kerr, P.C. Henderson Real Estate Law Attorney | Las Vegas NV Business & Commercial Law Lawyer | North Las Vegas City Nevada Litigation Attorney 2022-02-24T00:30:54Z http://www.sterlingkerrlaw.com/feed/atom/ WordPress On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[4 strategies that may help you avoid a business dispute]]> http://www.sterlingkerrlaw.com/?p=50422 2022-02-24T00:30:54Z 2022-02-24T00:30:54Z Know your partner, create values agreement Here is a blueprint of ideas that may help you avoid disputes and conflicts with your business partner:
  • Know your business partner: Seek a business partner who has complementary skills. Ideally, you want to work with someone who brings different strengths to the mix. As long as you understand that from the beginning, you likely will work together more effectively. Have regular and candid conversations while looking for a partner and after you have launched the company together.
  • Create a values agreement: While this may not be a legal document, it creates a foundation of expectations and accountability each partner has of the other. Such agreements recognize the ethical obligations of business partners and identify the significant differences that can be leveraged as strengths rather than weaknesses.
  • Have a plan that addresses dispute resolution: Granted, differences will arise in any business when dealing with significant amounts of money, vision and follow through. Creating a dispute resolution plan may minimize conflict, while strengthening the way partners work together.
  • Clearly define legal agreements: This includes contractual obligations that you do not want misinterpreted and potentially lead to a lawsuit.
These tenets just may help you grow your business and expand upon your relationship with your business partner.

Anticipation remains crucial

Anticipating potential problems before they surface is among the traits of an astute business owner. Finding the right partner and keeping that partnership intact may help your company see solid business success. To ensure this happens, you want to do your best in avoiding partnerships disputes.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[Including your unique assets in your estate plan]]> http://www.sterlingkerrlaw.com/?p=50420 2022-02-17T21:38:38Z 2022-02-17T21:38:38Z Choosing your personal representative One of the most important steps you can take to ensure your assets go to the appropriate people is choosing a personal representative you trust. The personal representative will be the person who oversees most of the asset distribution during probate. When you choose your personal representative, you should consider someone who tends to be uninvolved in family conflicts. Choosing someone who tends to be neutral will help their credibility with your other friends and family when it is time to distribute assets. After you choose a personal representative, you should talk to them about your estate plan and any concerns you have about the distribution of your assets. You should also speak to your personal representative about any expected conflicts that could come up between loved ones so they can prepare to diffuse the situation.

Nevada asset protection trust (NAPT)

You may also want to consider putting assets in a Nevada Asset Protection Trust. These trusts allow you to keep an asset available for a loved one while protecting it from creditors. In addition to protecting your assets from creditors, a NAPT is exempt from personal and corporate income taxes and does not require a resident agent in Nevada. As you consider your estate plan and the protections it might need, you should talk to an experienced professional who can offer suggestions for crafting an estate plan that fits your needs.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[Avoid these four estate planning mistakes]]> http://www.sterlingkerrlaw.com/?p=50417 2022-02-17T21:35:34Z 2022-02-17T21:35:34Z individuals can avoid certain common mistakes, including:
  • Failing to update the plan after a significant life event: Individuals must review and revise the estate plan after every significant life event. These events could include a change in marital status, the birth of a child, starting a business or purchasing property. No matter the event, it is wise to ensure the estate plan reflects the current situation.
  • Failing to include secondary beneficiaries: When individuals craft a will, they often simply list primary beneficiaries. If the named beneficiary dies or refuses the inheritance, the distribution automatically moves to the secondary beneficiary – if included – with no delay or dispute.
  • Failing to update the plan if you move: It is wise to discuss a move with an experienced legal professional. It is not uncommon for different states to have different rules and regulations regarding estate plans, the probate process and asset distribution.
  • Failing to understand how the documents work together: Many individuals are content with drafting a will and ending the estate planning process. Unfortunately, there are numerous other documents including trusts, powers of attorney and advance healthcare directives. Individuals can use the full range of documents to describe the entirety of their wishes.
A strong, effective estate plan provides peace of mind for the testator. Additionally, it can reduce or eliminate any unnecessary bickering and heated emotional disputes between surviving loved ones after you pass away.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[How a spendthrift trust protects an estate’s assets]]> http://www.sterlingkerrlaw.com/?p=50415 2022-02-11T00:56:02Z 2022-02-11T00:56:02Z trust that includes a spendthrift clause – a defense mechanism that protects the trust’s assets from creditors and more importantly from the beneficiaries who will be unable to blow their inheritance.

Keeps creditors at bay

You want your adult children to benefit from your estate, but you do not want disastrous results. As the grantor, you created this spendthrift trust and have assigned a trustee who will distribute the assets per your instructions, while setting limitations. A spendthrift clause comes in handy when dealing with beneficiaries who may be financially immature, going on extensive and unnecessary shopping sprees. It may also include instructions to stop distributions to an adult child who has an addiction to drugs or gambling -- expensive habits that lead to financial downfalls. And since the assets within the trust are not directly owned by beneficiaries, this money, too, is out of reach of creditors. Remember, though, once money is out of the trust, it is fair game for creditors. In general, a spendthrift trust also remains protected from lawsuits, bankruptcies and divorces. It also shields money from conniving and manipulative family members.

Doing the right thing

As long as a spendthrift clause is in place, the principal of the trust remains intact, protecting the money from creditors and placing moratoriums on certain financial behaviors of your children. Some beneficiaries may not be happy, but they should wake up years down the line, understanding that you did the right thing.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[When a client pays late or not at all for business services]]> http://www.sterlingkerrlaw.com/?p=50413 2022-01-24T21:50:44Z 2022-01-24T21:50:44Z Have a detailed contract, implement late fees Late-paying clients are bad for your business. When they do not pay, you may be forced to delay your own paychecks as well shrink spending on inventory. Collecting payments provides effective cash flow, and when that does not happen, you need to determine the best ways to work with such clients. Here are some things you can do and consider:
  • Clarify detailed payment terms: Before beginning business with any client, make sure they understand the details of your working relationship. Client contracts should include information regarding payments, including timelines, rates and the penalties for late payments. A client should clearly understand its financial responsibilities.
  • Implement late fees: If a client signs a contract, they agree to abide by the terms, and that includes paying you on time. Since late fees are defined in that contract, business owners should not worry about offending the customer who must understand their accountability on financial matters.
  • Drop these late payers as clients: Cutting ties with such clients often proves to be a solid business decision. Receiving late payments may lead to any business delaying payment on their own bills.
  • Take them to court or settle: Litigation is not inexpensive. Understand how much you are willing to pay for legal fees as well as determine how much time and energy you are willing to devote. A settlement would allow you to secure the money much swifter.
Resolution is what you want when a client fails to pay accounts receivable. Do your best to avoid this situation but tackle it if obstacles surface.

Contacts and agreements

You need that money for the services provided to clients. Remember that failing to collect those payments will harm your business. Contracts and agreements can help avoid disruptions to client relationships and your business.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[Estate planning tips for blended families]]> http://www.sterlingkerrlaw.com/?p=50411 2022-01-07T21:59:50Z 2022-01-07T21:59:50Z Update will and beneficiaries Here are some matters to consider regarding estate planning for blended families:
  • Make the necessary changes to your will: Your remarriage represents a life change that requires you to revisit your estate plan. This way you may leave assets to your current spouse and children.
  • Make sure to update and change beneficiaries: There have been times when people failed to update their beneficiaries, and the assets went to a former spouse, leaving the current spouse without anything. Also, consider adding your stepchildren as beneficiaries. Do so if you have adopted them.
  • Decide who will make health care decisions for you: Make this a firm decision. Will it be your current spouse or one of your children? By neglecting this task, you can expect some serious in-fighting within your blended family.
  • Consider giving away money while still alive: Beginning in 2022, you may give up to $16,000 to people without suffering any tax consequences. This represents a solid gesture on your part, especially if your children are having financial struggles.
Be proactive and carefully consider the changes and updates you want to be done to your estate plan. Since you have made these decisions, it will give your blended family some peace of mind.

Be decisive

Estate planning among blended families may seem like too much of a complication. But it really is not. As long as you confront this task, make the necessary decisions and let your family know about those decisions, you are on the right path.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[3 steps to take if your company faces a lawsuit]]> http://www.sterlingkerrlaw.com/?p=50409 2021-12-20T22:34:33Z 2021-12-20T22:34:33Z Discuss and retain documents Here are three things to do when your company faces a lawsuit:
  • Talk about it: Discuss the situation and circumstances with your partners, company insiders as well as trusted peers and friends within the business community. Examine what happened and learn more. In some instances, your work colleagues may know about specific details of the lawsuit that you do not. These conversations also must be kept confidential.
  • Seek legal advice: Contact an attorney. An attorney who focuses on business litigation has likely seen similar cases. He or she can dissect details of the case to determine whether the lawsuit is valid or simply serves as a legal maneuver to manipulate and frighten you.
  • Gather related records and documents: Supporting evidence to contradict the other party’s claims is crucial in any lawsuit. The list of documents may include electronic documents, contracts, invoices, letters, emails and correspondences. Also, create a chronological summary of events along with descriptions and narratives. This likely will spark your memory. Retain these records and do not shred anything.
Preparation and anticipation are two important aspects to consider when confronted with a lawsuit.

Protect your company

A study by the Small Business Administration (SBA) disclosed that 43% of small businesses faced threats of a lawsuit. So, you understand that this is not uncharted turf. If a lawsuit comes your way, you must take important steps to protect your company.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[What people should pursue an asset protection trust?]]> http://www.sterlingkerrlaw.com/?p=50407 2021-12-14T01:08:55Z 2021-12-14T01:08:55Z Protection from judgments, lawsuits and creditors An NAPT protects business assets and personal assets from being seized in cases such as judgments against you, lawsuits, bankruptcy and divorce. Such trusts are often created by wealthy individuals and people in high-risk jobs such as physicians, business owners, business executives and real estate developers. Many in this group face legal liabilities. Because of their wealth, they may consider themselves easy targets for creditors seeking to extract great amounts of money from them. Among the assets often held in an NAPT include:
  • Residences
  • Certain real estate
  • Businesses
  • Investments
  • Cash
  • Stocks
  • Bonds
A person with a significant amount of assets would be a solid candidate for an NAPT. This tool will protect assets.

Important tool for non-residents, too

Nevada has become an attractive state for people seeking to create asset protection trusts. Remember, you do not have to be a state resident to establish this key estate planning tool. A number of non-state residents, as well as foreign citizens, have created NAPTs. The key element, though, is that the trustee must be a Nevada resident.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[Some reasons when you need to replace an executor]]> http://www.sterlingkerrlaw.com/?p=50405 2021-12-09T22:47:10Z 2021-12-09T22:47:10Z A divorce and falling out Here are some of the important reasons to name a new executor for your will:
  • Original executor dies or becomes too ill: The death of an executor necessitates naming a new one, so does if the person become gravely or mentally ill or disabled and cannot fulfill the duties.
  • Original choice no longer wants the job: Perhaps the originally executor decides to bow out, feeling too much pressure from the responsibilities.
  • A divorce: In many situations, a spouse is chosen as the executor. How comfortable would you feel if your former spouse serves in this critical role, knowing all your financial dealings while distributing assets? This may make for an uncomfortable experience for everyone involved.
  • A better candidate emerges: You find someone else better suited for this time-consuming role.
  • A falling out with the executor: People change. Maybe your relationship with the executor took a sour turn. You want to avoid any discomfort.
You have your reasons to make this change. The trust and comfort levels must be there, and so should the person’s availability as an executor.

Comfort level

The bottom line is that you want the right person in this important estate administration role. You are in charge, and you make the decision as to whether you want to replace an executor. You want everyone to feel comfortable and do not unnecessarily want to add stress.]]>
On Behalf of Law Offices of P. Sterling Kerr, P.C. <![CDATA[Massive Mining Operations Stalled by the Smallest of Flowers]]> http://www.sterlingkerrlaw.com/?p=49639 2021-01-11T16:31:20Z 2021-11-26T16:21:02Z A Tiny Obstacle Causes Massive Delays However, their pursuit is hampered by one small thing: a tiny flower that only exists in Central Nevada and requires a small patch of land to survive. The rare blossom is known as Tiehm's buckwheat, and it is growing atop a deposit that could prevent a blossoming of mining activity in the area. Preparing for the work would require clearing out much of the area. Before moving forward, Ioneer looked into possibly moving the plants, recruiting researchers from the University of Nevada, Reno, to explore the possibility. In public comments, they vowed to protect and expand the buckwheat. Not swayed by the promises, opponents have lined up to stop the effort. The Center for Biological Diversity has already petitioned for the rare plant to be included in the Endangered Species Act. They admit that Tiehm's buckwheat is a very small plant. However, it is a substantial presence paramount to biodiversity, something that the detractors claim threaten the human race with "cascading results" on the global systems." For now, arguments, hyperbolic and otherwise, will continue between the warring factions. The Department of Fish and Wildlife will spend one year reviewing the plant apparently "facing imminent extinction" to see if Tiehm's buckwheat qualifies for inclusion as an endangered species.]]>