A “partition” is the specific type of lawsuit designed for splitting up co-owned real estate. But you can avoid this lawsuit by managing co-ownership with a few other options. Creating an LLC, a limited liability company, may not seem like it has much to do with real estate but it will help establish guidelines for multiple owners. A shared ownership agreement can also be used to manage conflict.
Yearly Archives: 2016
Legal-Ease: Farm machinery, roads and inconsistent laws
Ohio law governs vehicles on roadways, including farm machinery. Yet this equipment holds a special place in the law, seeing as many pieces of machinery are larger than normal vehicles and can occupy more space in or across lanes. To understand the liability factors at play, you need examine how the different vehicle laws interact.
Legal-Ease: Filling gaps in contracts
Contracts contain varying degrees of specificity. Sometimes, leaving out important terms and conditions makes the contract unenforceable as a whole. In many cases, though, the law will fill the gaps with what is considered “reasonable.” While this practice may seem obvious, it can be hard to determine what “reasonable” actually looks like in each case. Determining reasonableness is often analyzed by looking at three key circumstances and contexts.
Legal-Ease: Negligence and liability
Negligence and liability are terms that we hear all the time. In most real-world legal situations, such as where damage to property occurs, liability may not solely fall onto one party. Negligent behavior helps us figure out who is liable, so what if both parties have been acting with negligence to varying degrees? Situations can become complex.
Legal-Ease: Vets, surviving spouses should investigate VA pension
To some, government programs that are intended to help veterans can seem more like obstacles. The VA pension may significantly help veterans and their spouses, but there are four fundamental requirements. The application process is a bit lengthy, but local attorneys and Veterans’ Service Offices in each county can help.
Legal-Ease: Learning about public records
Public records are often discussed in our society; public records are the records kept by any public office. The general public can review the records kept by the state, county, city, village, townships as well as school districts.
There are certain records that aren’t considered public records, though. Medical records are generally not considered to be public records. Businesses that apply for tax abatements based upon their technology are offered privacy for their technology’s character and description. Home addresses for public employees who may face retribution as part of their jobs are generally afforded the ability to keep their addresses secret. Other instances exist where records are not considered to be public.
Legal-Ease: Ohio’s dog laws have real bite
Dogs are ubiquitous in northwest Ohio, and every dog needs a license. Dog kennels must also be licensed. These fees are collected not to be a moneymaker for the state, but rather for the administration of the dog registration and protection process.
Ohio law requires that every dog is supervised and controlled by its owner or the person who is responsible for the dog’s conduct. Additional duties are placed on the owner if the dog falls into the category of nuisance dog, dangerous dog or vicious dog based upon its past behavior.
Legal-Ease: Impending tax law change impacts family businesses
Before the end of 2016, the IRS is expected to issue a new regulation that will significantly affect gift and estate taxes for many family businesses. Traditionally certain family-owned businesses are considered valuable due to the respective businesses’ synergy. So if one sibling wants to sell his 1/5 share of a $5 million business, his individual share would be worth less than $1 million. This concept is referred to as discounting for lack of marketability and lack of control. It’s often used in farm and business succession planning to keep things fair among heirs as well as to continue the viability of family businesses and farms. But now the IRS will be cracking down on discounts for lack of marketability and lack of control in one area: estate and gift tax calculations.
Legal-Ease: Do I need title insurance?
When purchasing real estate, public records are searched to confirm who owns the parcel of property and if there are any liens or assessments on the property. This process is called a title search. Anyone can perform a title search, and when a title search is done by someone who is not an attorney, the recorded instruments identified that could affect the property’s ownership or use are listed in a title report. The best protection to be sure that the property has no use or ownership issues is title insurance.
Legal-Ease: How much does an LLC cost?
It’s often difficult to offer a value to the protection gained from certain legal tools such as an LLC. The actual cost of an LLC includes the $99 filing fee, a detailed operating agreement and the cost associated with creating that, a tax identification number and flowcharts and explanations on how to manage the LLC. An LLC also needs to be funded with assets. In northwest Ohio, establishing an LLC typically costs between $400 and $4,000.