Why should I have an initial consultation?
An initial consultation serves three basic purposes:
1. for the lawyer to determine whether he or she can represent the potential client,
2. for the lawyer and potential client to determine whether they want to work together, and
3. for the lawyer to explain how the representation will proceed if the potential client decides to retain the lawyer.
Is there a fee to meet with Borg Law Group?
Borg Law Group charges an initial consultation fee of $350, which is due prior to the initial consultation appointment and is non-refundable. However, if you choose to retain our services within 60 days of the initial consultation, the paid fee will be applied to the first month’s bill or flat fee payment (depending on the type of arrangement made).
Why do I have to pay if I just want to ask a few questions?
Until a lawyer is formally retained, where an agreement and payment have been made, s/he is not permitted to dispense legal advice. The initial consultation is the first step in the process of retaining a lawyer and allows the potential client to evaluate the firm and services offered.
It also allows the attorney to confirm there would be no conflict of interest should he/she decide to represent you.
For more detailed information, please see a copy of our Initial Consultation Fee Agreement form.
Does my business need to be incorporated?
If your business is incorporated (as opposed to operating your business under your own name simply using a “dba,” the business owner is shielded from personal liability for debts of the business. There are also different tax rules that apply to corporations and LLCs, which may be beneficial to the business owners.
What is a Sole Proprietorship?
A sole proprietorship is an entity with a single owner which provides no liability protection and less tax advantages then other entities.
What is a Limited Liability Company a/k/a LLC?
The LLC is versatile and provides both tax and non-tax benefits. It combines the concept of a partnership for tax purposes and corporations for liability purposes. The owners, which are called members of an LLC, have liability protection.
What is an S-Corporation?
The S-Corporation provides all the liability protection of a C-Corporation but does not pay corporate income taxes. The S-Corporation is also a flow-through entity meaning the individual shareholders report profits and losses on their personal income tax returns.
What is a C-Corporation?
A C-Corporation is a separate legal entity made up of its shareholders and requires more formalities for its operation than any other business structure. The C-Corporation pays its own taxes at the corporate level and is not a flow-through entity.
What is a Tax ID or Employer Identification Number (EIN)?
An EIN is an Employee Identification Number that is issued by the IRS, which is assigned to an entity and is used to open bank accounts and prepare tax filings for the Company. In a business that does not have a separate entity structure the social security number of an individual is used instead of an EIN.
Do I need a will?
If you have any property, real or personal, and you are concerned about who receives that property upon your death, then you need a will. A will is the most basic form of an Estate Plan, however, if you pass away owning any property in your own name without a beneficiary or joint owner, such property will be subject to the probate, EVEN WITH A WILL.
What happens if I die without a will?
If you fail to plan your estate and die without a will, the laws of the State of Nevada will create an estate plan for you. This means that the State of Nevada will determine who receives your property and how that property will be divided. There is no flexibility in the law that provides for the distribution of your property and, therefore, it may not be distributed in the way you desire.
What is a Trust?
The purpose of a Trust is to create an “Artificial Legal Person” to protect, hold, and manage private wealth for the benefit of heirs. The Trust is initiated or created by a person or grantor. Under a Trust, property is transferred into the name of the Trust and a designated trustee is charged with the responsibility of managing the assets and income for the benefit of all beneficiaries. If all property is owned by your Trust when you pass away, you avoid your property being subject to probate. There are many types of trusts that can be created depending on your individual and family circumstances and your goals of creating an estate plan.
Who will raise my minor children after my death?
If you die leaving minor children, typically the surviving parent will raise and support the children. However, if the other parent is not living, your minor children will require a “guardian.” A guardian is an individual who is appointed by the court to care for a minor. You may appoint a guardian for your children in your will. If you fail to do so, the court will make the selection of a guardian.
What is a Financial Power of Attorney?
A financial power of attorney is a written document in which you, as the principal, designate someone you trust, such as your spouse, a family member, friend, or a professional, as your “attorney-in-fact” or “agent.” Your attorney-in-fact is authorized to perform certain acts on your behalf, such as signing deeds, entering into real estate transactions, and filing tax returns. If the power of attorney is “durable” it will not be affected if you become disabled or incapacitated.
What is a Health Care Power of Attorney?
A health care power of attorney is a document in which you may designate an individual to make decisions concerning your health or medical care. While you are competent you are in charge of decisions which pertain to your health care.
Can I create a list of personal property to be distributed to certain individuals at my death?
You can create a separate list which is referenced in your will. You may change the list at your discretion as long as the list is signed and dated. The most recently drafted list will prevail at your death.