Wednesday, August 10, 2011

Protect Your Assets From Your *Future* Ex


In the past few decades, it seems like many people have lost perspective when it comes to the sanctity of marriage. We now are exposed to what I like to call a "microwave" society.  What does that mean?  It means that we are a society of instant gratification.  With the constant changes in the world, our lives change so quickly and suddenly, we sometimes fail to plan ahead in anticipation of our ever changing desires.
  
Did you know that according to divorcerate.org, 41% of first marriages end in divorce; and 60% of second marriages end in divorce. You must be thinking, "What does this have to do with Asset Protection?"   The simple response -  is everything!

  
I have met with many clients whose family members failed to plan ahead and have  unexpectedly passed away. They came to seek legal counsel about their loved one's estate, only to discover that their loved one was either legally married or in the process of a divorce at the time of their passing. This now raises myriad unexpected issues if the divorce was never fully filed or finalized.

  
In the state of Florida, if you pass away without a will or if you are legally married to someone - even if you haven't been with them in years or you were in the process of getting a divorce - and you pass away, your "intended former" spouse may end up with all of your assets or may have a claim to your estate. Obviously this is something that you wouldn't want your beloved family members to have to encounter.  

How do you prevent this from happening? You plan ahead. If you or a loved one are legally married but separated  or in the process of a divorce, you may want to seek the legal counsel of an estate planning attorney.  Unfortunately, we dont know when the unfortunate will happen, but we can always plan for the future of our loved ones. If you want to assure that you have control over the disposition of your assets, then simply plan ahead.

At the Alvarez Law Firm we assist our clients in planning ahead.  Let us help you understand your legal rights. For the month of August we will conduct a free  30 minute asset protection or estate planning consultation, for new and former clients.

 Call us today for your free consultation.  

Sincerely,

Rachel Alvarez

The Alvarez Law Firm A Professional Association 

~Remember, the best compliment we can receive is referring us to your friends and family.~

Thursday, July 7, 2011

Asset Protection 101


As times get more and more difficult we start hearing more and more legal jargon. 
One of the most frequent calls we receive to our office is about "Asset Protection". I am sure somewhere along the way you have heard this term before - but what does it really mean?

Asset Protection is planning that utilizes a series of lawful techniques and applies them strategically
to protect your assets.

Who are you trying to protect your assets from?  - From claims of future creditors.

These techniques are designed to prevent potential future creditors from going after you and your assets. If done appropriately, these techniques will frustrate the creditor and deter them from coming after you legally, allowing you to maintain  your assets.

One of major benefits of Asset Protection is that a future creditor who recognizes how difficult it would be to collect on successful judgment, might decide it makes little sense to pursue a claim, or be willing to settle for pennies on the dollar.

It is important to plan ahead - before you have any legal issues or have any potential creditors
pursuing you. If you have a creditor attempting to collect a debt or a lawsuit filed against you then it is simply too late to protect your assets. Its best to plan ahead.

At the Alvarez law firm we can assist you to protect your future.

Sincerely,

Rachel Alvarez
The Alvarez Law Firm A Professional Association
~Remember, the best compliment we can receive is referring us to your friends and family.~

Thursday, June 2, 2011

Times are tough, Even for your Creditors!


In the past few years  most of us have felt the economic crunch in some way or another. Some have lost employment, some have reduced their budget and others have reorganized their finances.
However, a true indicator that times are tough beyond a doubt is when the creditors are getting so aggressive they are willing to break the law to get their collections.
As a consumer rights attorney, I have seen many different approaches as to how aggressive creditors can be. You, as a Consumer, must be aware of your legal rights. 
One of the most popular trends we are seeing amongst creditors is what I like to call "Double Dipping". This is where a creditor knows that you have either filed for bankruptcy or entered into a settlement agreement to resolve the matter and still they continue to harass you for a debt that NO LONGER EXISTS.
 This type of behavior is ILLEGAL and PROHIBITED not only under Florida Law but also under Federal Law. If you have a creditor that continues to harass you after bankruptcy or after completing the terms of a settlement agreement, you may have a legal right to sue the Creditor for violating such laws.  You, as a consumer, need to know your legal rights.
Sincerely,
Rachel Alvarez
The Alvarez Law Firm A Professional Association
~Remember, the best compliment we can receive is referring us to your friends and family.~

To put it in writing, or not to put it in writing: that is the question...


Often times, a pair of individuals choose to partner up and start a business. Much like a marriage, the partnership is wonderful in the beginning. Think of it as the honeymoon period. 

I typically work with the partners from the beginning, think of me as the marriage counselor. From the moment they tie the knot - or sign the paperwork in this case, I try to figure out what type of relationship they have had in the past and what each party is bringing to the table.

One of my first recommendations is usually to display all of their ideas and duties in writing. This way there is no confusion as to what each party is responsible for. However, from time to time, I will have partners who will tell me "Rachel, our Word is our Bond." 95% of the time, these types of partnerships end in disaster. It is important for all business partners to come to the table knowing exactly what they have brought and what is expected of them.


At the Alvarez Law Firm, we enjoy assisting our clients in creating their futures, successfully. 
  
Sincerely,

Rachel Alvarez
The Alvarez Law Firm A Professional Association
~Remember, the best compliment we can receive is referring us to your friends and family.~

Tuesday, March 22, 2011

Corporate Liability - What does it mean?


It is very common for business owners to receive their corporate renewals in the mail and not know what to do with them or what the renewals are for. In the state of Florida the deadline to renew without penalty is May 1st of each year.  Most people do not realize how important this renewal is for their business. 

As a business owner, it is always the objective to limit your liability solely to the business and avoid personal liability altogether.  However, if you fail to renew your business entity (i.e. LLC, INC, or PA) then you may be opening the door to personal liability.

Most business owners do not understand the importance of corporate formalities and why it is so important to make sure you preserve these formalities. The most commonly violated formalities are commingling of funds and assets. A perfect example of commingling funds is paying for groceries out of your corporate account. An example of commingling assets is using the business vehicle for personal use.  

A main benefit of incorporating your business is to separate the business entity from yourself and minimize personal liability. The moment that you and your business become one in the same (i.e. commingly of funds or assets), you assume the risk of personal liability.

You do not want to be one of the many businesses that find themselves in this situation. If you would like to learn more information on this topic, call us at The Alvarez Law Firm. We will be able to assist you with your corporate renewal, maintaining corporate formalitites, and reducing your personal liability.

Sincerely,


Rachel Alvarez
The Alvarez Law Firm A Professional Association
~Remember, the best compliment we can receive is referring us to your friends and family.~

Wednesday, March 2, 2011

What does Foreclosure Really Mean?


Most of us have become familiar with the term Foreclosure. However, most homeowners who are being foreclosed don't know what that really means.

A simplified definition would be  best described as: a time when a borrower cannot repay a loan and the lender seeks to sell the property. In Florida  most foreclosure cases are for two reasons: for title and debt.

The lender not only has the right to collect the debt that was owed to them but they are also entitled to clear the title and take away the interest that any party may have on title for this property. Most homeowners get overwhelmed and pretend that this foreclosure action is not against them. However,  the moment you receive a foreclosure summons you should immediately seek legal counsel to learn what your legal rights are. Each case is unique as well. It is important to know that your attorney has listened to all of the facts before giving you your options. At the Alvarez law firm we assist our clients through these difficult times.  It is our job to help you understand the law.

Please contact our office for a free 30 min consultation regarding foreclosure defense and alternatives.  

Sincerely,

 
Rachel Alvarez
The Alvarez Law Firm A Professional Association
~Remember, the best compliment we can receive is referring us to your friends and family.~

Thursday, February 3, 2011

Short Sale Misconceptions

One of the most common misconceptions that most people have is; "If I short sale my house-that's it, I have nothing else to worry about."

Unfortunately, this is not always the truth. Unless the lender specifically gives you a waiver of liability - meaning they say "with this short sale we are done" then you may still owe them money.

The lender has the right to come after the borrower for up to 5 years after the short sale to collect what is owed to them. You must think "how is this possible?" 

Under Florida Law, the statute of limitations allows the lender to pursue any monies for up to 5 years. Simply put - it's the lender's legal right to do so. How can you avoid this? You could make sure an attorney or other real estate professional negotiates the deficiency prior to closing, which means you get that letter that says "We, the lender, will not come after you" or you can settle it out after the fact or file bankruptcy to avoid a lawsuit. Further, you may have tax liability.


It is important to know your legal rights. At the Alvarez law Firm we help you understand the law.

Sincerely,

Rachel Alvarez
The Alvarez Law Firm