Brown Borkowski & MorrowBrown Borkowski & Morrow2024-03-08T20:55:43Zhttps://www.bbmlawpc.com/feed/atom/WordPress/wp-content/uploads/sites/1603351/2022/01/cropped-site-icon-brown-32x32.pngOn Behalf of Brown Borkowski & Morrowhttps://www.bbmlawpc.com/?p=531422024-03-05T20:56:41Z2024-03-08T20:55:43Z1. Steady and reliable income streams
A primary benefit of investing in multifamily real estate is the opportunity for a steady and reliable income stream. Unlike single-family properties, multifamily units generate multiple rental incomes from various tenants. This diversified revenue source helps mitigate the risk associated with vacancy. It also ensures a more stable cash flow over time.
2. Appreciation potential
Multifamily properties also offer the potential for long-term appreciation in value. As population growth and urbanization drive demand for rental housing, well-maintained multifamily properties in desirable are likely to appreciate over time. This is particularly true for multifamily properties in desirable locations. This appreciation can contribute to the overall return on investment and wealth accumulation for investors.
3. Tax benefits
Investing in multifamily real estate can provide investors with various tax benefits. Deductions for expenses such as mortgage interest, property taxes, depreciation and maintenance can help reduce taxable income and improve cash flow. Investors may also benefit from tax advantages such as depreciation recapture and 1031 exchanges, allowing for tax-deferred growth and wealth preservation.
By considering the advantages of investing in multifamily real estate, investors can diversify their portfolios. They can also take steps to build wealth over time.]]>On Behalf of Brown Borkowski & Morrowhttps://www.bbmlawpc.com/?p=531362024-02-20T02:37:07Z2024-02-24T02:36:16ZLearn what franchising involves
Franchising means giving someone the right to use your brand, logo and business model. The franchisee pays you a fee for these privileges, plus ongoing royalties from their sales. This setup requires a successful, repeatable business model that can work in multiple locations.
Research whether franchising your company will work
Before jumping in, make sure your business is franchise-ready. Your operation should have a proven track record, be profitable and boast a strong brand identity. If the company under your command meets these criteria, it might be a good candidate for turning into a franchise.
Develop training protocols
Franchisees need thorough instruction to run their outlets effectively. Create a training program that covers day-to-day operations. Also, include information about the operation's overall values. The goal is to prepare franchisees for effectively running their businesses while maintaining the quality and standards of your corporate identity.
Work with people you believe in
The success of your endeavor depends on selecting dependable individuals to run your franchises. They should have a solid understanding of the local market and strong management skills. The reputation of your franchise depends on their dedication and work ethics.
Turning your company into a franchise is a significant step that requires careful planning and execution. With a steady strategy, you can avoid legal entanglements and experience smooth business growth.]]>On Behalf of Brown Borkowski & Morrowhttps://www.bbmlawpc.com/?p=530982024-02-07T21:14:38Z2024-02-08T21:14:31ZOrganize important documents
Begin by gathering all relevant documents, including the will, financial statements, deeds and insurance policies. Organize these documents in a secure and easily accessible location. Having all the dead individual's paperwork in order will streamline the probate process and prevent delays.
Notify relevant parties as soon as possible
Tell financial institutions, creditors and beneficiaries of the decedent's passing right away. This ensures that all parties are aware of the situation and can take the right actions. Prompt communication can prevent misunderstandings.
Identify all assets and debts
You should create an inventory of the decedent's assets and debts. This includes bank accounts, real estate, investments and outstanding loans. Knowing the full extent of the estate's assets and liabilities will facilitate the probate process and prevent surprises down the line.
Pay outstanding debts right away
Settle any outstanding debts of the estate promptly. Examples of debts are mortgage payments, credit card bills and other obligations. By addressing debts early on, you can prevent unneeded delays and ensure a smoother probate process.
Consider small estate procedures
In some cases, estates with limited assets may qualify for simplified probate procedures known as "small estate" or "summary administration." These procedures typically involve less paperwork and shorter processing times. Investigate whether your loved one's estate meets the criteria for these streamlined procedures.
While probate can be a complex and time-consuming process, taking proactive steps can help you minimize stress for all parties involved. Asking for help from others when needed can provide valuable support and guidance throughout the process as well.]]>On Behalf of Brown Borkowski & Morrowhttps://www.bbmlawpc.com/?p=530942024-01-26T03:18:20Z2024-01-26T03:18:20ZMedicaid basics
Medicaid is a government program designed to assist individuals with low income in covering their healthcare costs. While it primarily focuses on medical expenses during one's lifetime, it can also play a role in the distribution of assets after death. When an individual receives Medicaid benefits, the program may seek reimbursement from their estate for the expenses incurred.
Impact on your estate
If Medicaid covers your healthcare costs, it may put a claim on your estate to recover the funds spent on your behalf. This can significantly affect the assets you intend to pass on to your heirs. Understanding the potential impact of Medicaid on your estate can help you plan more effectively and ensure the distribution of your assets according to your wishes.
Strategies to consider
To mitigate the impact of Medicaid on your estate, there are multiple strategies to consider. One option is to seek reliable long-term care insurance that can reduce your need to rely on Medicaid. Another strategy is to plan ahead by making gifts or transferring assets before receiving Medicaid assistance. However keep in mind that Medicaid has a look-back period, which may scrutinize such transfers.
Medicaid provides financial support to more than 90 million Americans. If you are one of the many people eligible for Medicaid benefits, factoring it into your estate plan when writing a will or setting up a trust can make all the difference in addressing your long-term care needs.]]>On Behalf of Brown Borkowski & Morrowhttps://www.bbmlawpc.com/?p=530572024-01-12T15:48:55Z2024-01-12T15:48:55ZPurpose of space
Commercial leases cater to businesses. They can range from offices and retail stores to industrial facilities. The terms and conditions are also often more complex in commercial leases. They must reflect the unique needs of businesses. Leases might include zoning regulations, signage rights and maintenance responsibilities.
Residential leases revolve around providing a home for individuals or families. These agreements typically address issues like rent, security deposits and the rights of tenants.
Duration
Lease duration for commercial leases often spans longer periods. The length reflects the stability businesses seek to establish. Terms may extend for several years whereas residential leases commonly have shorter durations. They generally last for a year. The goal is more to offer flexibility in the event tenants need to move.
Financial obligations
In commercial agreements, tenants may bear additional costs beyond rent. These might include property taxes and maintenance fees. Residential situations usually put the responsibility for such expenses on the landlord.
When getting into commercial real estate, understanding the lease will differ from a residential agreement is important. Knowing the differences can help to avoid issues or misunderstandings.]]>On Behalf of Brown Borkowski & Morrowhttps://www.bbmlawpc.com/?p=530562024-01-10T03:20:06Z2024-01-10T03:20:06ZWhat is commercial disparagement?
Under business law commercial disparagement is an affirmative act that hurts the reputation of a business. The business owner must prove that a false statement was expressed to a third party, that the statement harmed its business, and was made with actual malice or reckless disregard for the truth. These factors are essential for proving harm.
How do you make a compelling case?
For a statement to be considered false, it must be treated as a fact instead of an opinion. The defendant has a defense if the statement is accurate despite being damaging.
You must be able to prove that your business suffered monetary losses. In Michigan, the statute of limitations for these cases is a year. Understanding the time frame for pursuing a commercial disparagement cases practice is important.
How do you protect your business from it?
Monitoring reviews, social media, and other online channels is an excellent way to track your reputation. You have more options for addressing negative statements as they arise.
When someone propagates false information against your business, counter it with correct information. Gather evidence of any disparaging statements and harm caused.]]>On Behalf of Brown Borkowski & Morrowhttps://www.bbmlawpc.com/?p=530542023-12-27T05:40:07Z2023-12-27T05:40:07ZHow probate can cause problems with heirlooms
Probate is a legal process that an estate enters after a person's death. When there is no will and testament, much of this process can end up being decided by a judge referencing Michigan laws and legal precedent. When that happens, the results can end up surprising you. People you did not expect to receive heirlooms may end up with them. This can cause conflict. In other extreme cases, the heirlooms may end up being sold to recoup their monetary value. There's a lot that can go wrong.
Protecting your heirlooms from probate
Due to the issues that can occur, you should take steps to ensure your will is adhered to after your death. There are different estate planning strategies you can employ. These include:
Outlining who gets what heirloom in a legally valid last will and testament
Passing on the heirlooms while you're still alive
Placing your heirlooms into a revocable trust
The probate court will always give preference to what is outlined in a legally valid will.
Giving away your heirlooms while you're still alive can be a solid plan for avoiding most of the problems with probate. Since Michigan does not have a gift tax, this should not be a problem. Also keep in mind there is no state inheritance tax in Michigan, and there are no inheritance taxes at the federal level for most people either.
Lastly, a trust can be an excellent way to protect heirlooms or assets. This is a good idea if you want to give out the heirlooms to heirs after they are mature enough to care for them instead of immediately after your death.
Overall, estate planning is essential. If you don't plan ahead, it can cause serious problems for your heirs. Don't take that chance if you don't have to.]]>On Behalf of Brown Borkowski & Morrowhttps://www.bbmlawpc.com/?p=530522023-12-12T08:25:43Z2023-12-12T08:25:43ZThe blueprint for a corporation
Without corporate bylaws, you really wouldn’t have an operational corporation. It is those bylaws that help give structure to the entire institution. Corporate bylaws should cover things like:
rules regarding the makeup and operation of committees
how stock should be issued and transferred
This list, of course, is only a starting point. Overall, the bylaws will be used as a blueprint for how the corporation will operate after its founding.
Mistakes to avoid with corporate bylaws
With how important bylaws are to the governance and operation of a corporation, serious mistakes made when drafting these bylaws can come back to haunt the company. Some of the biggest pitfalls many businesses have fallen into include:
making amending the bylaws too difficult
not regularly reviewing the bylaws
not being stringent enough regarding rules for employee contracts
not including enough rules for shareholders’ meetings
Business law can be quite tricky. If you are not thorough enough in drafting your bylaws, you will certainly invite litigation. This could be lawsuits from customers, investors, employees and even members of the corporation itself.
Overall, corporate bylaws are extremely important. They help dictate how a corporation should be structured and run. If not drafted adequately, they could invite serious problems that could ultimately cause the company to fail. Give them the importance they require.]]>On Behalf of Brown Borkowski & Morrowhttps://www.bbmlawpc.com/?p=530502023-11-28T14:26:00Z2023-11-28T14:26:00ZHoliday estate planning
The holiday season might bring some downtime for those enjoying a relaxed work schedule. The added free time could allow someone to review estate plans or draw up new ones. While the season may be festive, having several relatives at one's home presents a chance to discuss estate plans in person.
An estate planner could take the holiday season as a chance to review documents to see if they are all current. If not, the planner May make arrangements to update the documents at the first opportunity. Such updates could be seasonally motivated, as the time of the year is one of giving. Perhaps the planner wants to adjust charitable giving directives. Thoughts about gift giving to relatives may prompt changes to a will or trust to modify what assets transfer to them.
Additional points about holidays and estate planning
Estate planners should understand that the law does not accept taking time off for the holidays as an excuse. In other words, whatever a will or POA states in its text remains the law until the testator changes it. If someone decides to wait until January 2nd to change the estate planning documents, The previous documents will remain in effect until the changes occur. If something unexpected happens on December 26th, intentions to change the will may not have legal merit.
The holiday season is not a time of the year that is usually associated with legal matters. Yet, it could be a workable time to take part in estate planning.]]>On Behalf of Brown Borkowski & Morrowhttps://www.bbmlawpc.com/?p=530482023-11-26T21:20:42Z2023-11-26T21:20:42Z1. Clear and specific beneficiary designations
One effective way to minimize probate hassles is to ensure that your assets have clear and specific beneficiary designations. Many financial accounts, such as life insurance policies and retirement accounts, allow you to designate beneficiaries. By doing so, you direct where these assets go directly, bypassing the probate process altogether.
2. Joint ownership of property
Another strategy is to consider joint ownership of property. Assets held jointly with the right of survivorship automatically pass to the surviving owner without going through probate. This can include real estate, bank accounts or other valuable assets. However, it is important to carefully consider the implications of joint ownership and ensure it aligns with your overall estate planning goals.
3. Establishing a living trust
Creating a living trust is a proactive approach to avoid probate hassles. A living trust allows you to transfer your assets into a trust during your lifetime, with clear instructions on the distribution of assets after your passing. Since the trust becomes the legal owner of the assets, probate is generally not required. This can significantly expedite the transfer of assets to your beneficiaries while maintaining privacy.
In 2021, Wayne County Probate Court had 13,386 cases, many of which took significant time to resolve. For loved ones dealing with a loss, alleviating probate woes can help them address the emotional toll.]]>