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What Is the Difference Between a Will and a Trust?

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difference between a will and a trustYou know you aren’t going to live forever, so it’s important to make preparations for the inevitable. The terms will and trust get thrown around a lot when it comes to planning for the future, but is there a difference between a will and a trust? Do you need one or the other? Do you need to have both?

Continue reading to learn everything that you may need to know about estate planning, including wills and trusts.

What Is a Will?

A will is a legal document that enforces the wishes of an individual after their death in writing. Having a will is an important component of estate planning. They’re used to name the guardian(s) of any minor children of the deceased person. It also transfers the rights to objects and assets to the friends, relatives, and charities handpicked by the individual before their passing.

The contents of a will may involve:

  • A list of assets and debts (including valuable family heirlooms)
  • Property
  • Vehicles
  • Contents of a safe deposit box


The most common type of will is a testamentary will. Other types of wills might include holographic wills, oral wills, and pour-over wills.

Advantages of a Will

Having a will allows the smooth transfer of estate and other legal proceedings because it has such a clear message from the deceased individual. Wills are not very expensive to draw up and then maintain as long as they are legally declared.

A will helps surviving family members to figure out what their loved one wanted to happen he/she was gone. A will gives more of a personal touch to the living friends and relatives. It can depict funeral wishes and who inherits the fine china after their passing.

Having a will allows the grantor to disinherit a child or other family member. In certain situations, a grantor may disinherit their spouse from getting anything by naming it in their will. It is, though, difficult to completely cut a spouse out of your will unless there was a prenuptial or postnuptial agreement.

Disadvantages of a Will

A will must go through probate before the assets get released to the beneficiaries. Probate is the process in which the will is thoroughly examined to make sure that it is, in fact, authentic.

Probate can get drawn out for long periods of time before the assets may be released. This is especially common when the will is contested. Hiring a probate attorney can be expensive, and the probate process pretty much unavoidable in most states.

When you don’t have a will in place (intestate), the state oversees the distribution of all assets, regardless of what the deceased person may have wanted for their family.

What Is a Trust?

A trust is made up of three parts: the grantor who will create the trust, the trustee who will oversee the trust, and the beneficiary who will receive the trust. While a will becomes active after the passing of an individual, a trust becomes active when it is created. This means that a trust helps the grantor decide who controls his or her assets during and after life.

The grantor creates a trust so that their assets get protection without having to deal with the day-to-day of managing the trust. A certification of trust will name the basic terms of a trust.

Beneficiaries cannot contest a trust. Trusts also do not require the probate process. This allows property and other assets to get passed on to the beneficiaries immediately after the trust is written.

Types of Trusts

There are two different types of trusts: a a Living (Revocable) Trust and an Irrevocable Trust.

An irrevocable trust is a type of trust that is usually created for tax purposes. It’s thought that an irrevocable trust cannot be changed once it is in writing. This isn’t entirely accurate. A grantors access to the trust may be restricted or limited in some ways. These standards are set forth by the grantor.

A grantor may alter a revocable trust as they wish. A living trust is an example of a revocable trust. The assets listed in a trust are still owned by the Grantor and can be taken back out if necessary.

Advantages of a Trust

The estate stays private in a trust whereas a will becomes a public record. This may be ideal for those wanting to stay out of the public eye. Because a trust avoids the entire probate process, there are no hefty fees from hiring a probate attorney and the assets are given directly to the beneficiaries.

Know the Difference Between a Will and a Trust

Now that you know the difference between a Will and a Trust, you will be able to better prepare for the future. Most people should have, at the very least, a Last Will and Testament, especially those with children under the age of 18 who must be appointed a legal guardian if probate were to occur.

Contact Rhodes Law Firm, PC today with any questions you may have regarding estate planning for the future. We’re standing by with the answers that you are searching for.

Around the Web: A New Administration Could Mean New Changes to Your Estate Plan

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With Democrats taking control of both houses of Congress and President Biden’s new administration in the White House, many folks may be concerned about their estate plans and changes that may come with a new tax reform. This Forbes article suggests that while there is a possibility that tax reform could pass later on in 2021 and be retroactive to January 1, tax advisors feel that this is unlikely to happen. Most advisors believe that tax reform would come into effect in 2022, after most of the population has been vaccinated against the Coronavirus. The article lists five possible ways that tax reform could affect your estate plan and how you can prepare now.

  • Estate tax exemption – This could be lowered to $3.5M as estimated by the Tax Policy Center
  • Estate tax rate change – Currently at 40 percent, it could increase.
  • Lowering the gift tax – It is possible that the gift tax exemption could be lowered to $1M.
  • Elimination of the step-up in basis at death – This would mean heirs would be required to pay capital gains tax on inherited property
  • Potential increase in capital gains rate – For those making more than $1M annually, Biden’s proposed tax plan suggests increasing the long-term capital gains tax rate

It’s never too early or too late to start making adjustments and considerations for your estate plan. If you would like to review your plan with our team and have peace of mind, contact Rhodes Law Firm today!

When Is the Best Time to Buy Long Term Care Insurance?

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long-term careThe market for long-term care services is currently underserved. It’s estimated that 12 million Americans need long-term care. Yet, only around 8 million people receive these services in the US each year.

One of the most significant barriers to people who need long-term care services but don’t utilize them is cost. Luckily, long-term care insurance can help reduce the price of these services in the long run.

Nearly 45% of people receiving long-term care services have Medicaid or Medicare coverage. But only 18% have long-term care insurance from a provider. This is most likely due to a lack of understanding, and that’s why we created this guide.

Are you curious about long-term care insurance and how to save on your policy? Then keep reading because this one’s for you.

What is Long-Term Care Insurance?

Traditional insurance plans like Medicare and Medicaid don’t cover all the services you need as you age. Whether you’re at home or in a retirement facility, you’ll have to cover the costs if you need help with eating, dressing, or bathing.

That’s why many elderly individuals choose to purchase a long-term care insurance policy.

Long-term care insurance reimburses policyholders for personal and custodial care. You’ll get reimbursed for a limited amount of services. But you can customize your policy to include the benefits you need.

Plus, long-term care insurance is applicable to a wide variety of settings. That means you’ll be covered whether you’re in a nursing home, at an assisted living facility, or receiving care from the comfort of your own home.

Here’s what else you need to know about long-term care insurance.

Who Qualifies for Long-Term Care Insurance?

Unfortunately, individuals already living in a long-term care facility are ineligible for insurance. Individuals in significantly poor health may also bar you from insurance or it could mean you have a higher policy rate.

Otherwise, eligibility for long-term care insurance hinges on two criteria. The first is the Benefit Trigger. The second is the Elimination Period.

The company providing your long-term care insurance will require a nurse or social worker to determine if you qualify for benefits. While the criteria vary by company, you’ll likely be evaluated based on the level of cognitive impairment and ADLs.

ADLs are also known as Activities of Daily Living, which includes bathing, dressing, eating, toileting, and more. Most companies require you to need help with at least two of the nine ADLs or have a significant cognitive impairment to qualify for benefits.

The second requirement — the Elimination Period — refers to the time that passes between when the Benefit Trigger occurs and when you start receiving reimbursements for long-term care services. Think of it as a deductible.

Most companies allow policyholders to choose the duration of their Elimination Period. Often, it will be a period of 30 to 90 days. You’ll have to pay all your long-term care services out of pocket until the Elimination Period is up.

How Long Will Long-Term Care Insurance Cover You?

Few long-term insurance providers offer unlimited benefits for policyholders. More commonly, providers put limits on how many services they’ll cover. Some companies limit the amount they’ll pay while others limit how long they’ll pay.

In rare cases, you can find companies that do offer unlimited benefits. These providers will pay for an unlimited amount of benefits for as long as you live. Again, though, these policies are few and far between.

Why Timing Matters for the Cost of Long-Term Care Insurance

Of course, the cost of long-term care insurance is directly related to which benefits you choose. Some companies will raise your benefit premiums based on inflation or other reasons. That’s why it’s always best to ask the insurance provider for its rate history before you apply.

Yet, often more important to the total cost of your long-term care insurance is how old you are when you buy it. If you buy insurance too late in the game, you’ll have to pay much higher premiums. But buying insurance too early may mean you pay a higher total cost over time.

For example, imagine if you waited to buy insurance until age 70. Your monthly premium would have to be $516 to hit a total of $55,768 worth of covered benefits by age 79. But if you purchase your premium at age 50, you can pay only $205 per month to hit a total of $71,285 worth of covered benefits by age 79.

When is the Right Time to Buy Long-Term Care Insurance?

According to experts, the best time to buy long-term care insurance is between the ages of 60 and 65. That way, you can optimize your savings on monthly premiums while also saving enough to cover your needs.

Using the above example, let’s analyze how your premiums and total covered benefits would look if you buy your plan at ages 60 and 65.

65-year-olds paying $338 per month in premiums would save a total of $56,821 by age 79. 60-year-olds would see even lower monthly premiums of $261. Yet, you’d save a total of $59,607 by age 79.

Of course, you have to weigh these cost savings against the possibility that your health may decline before age 60. As we’ve mentioned, many long-term care insurance providers won’t cover applicants with significantly poor health.

So, how do you know for sure when to buy long-term care insurance? A long-term care planning legal advisor at Rhodes Law Firm can look at your unique situation and help you decide when is the best time to make the purchase.

Let Rhodes Law Firm Help You With Long Term Care Planning

Finding the right long-term care insurance policy is critical for those who don’t want to pay out of pocket for post-retirement services. And buying your policy at the right time will determine the total cost you pay for coverage.

Do you need help with long-term care planning tasks like deciding on a long-term care insurance policy? You’ve come to the right place. Get in touch with Rhodes Law Firm today to find out how we can lend you a hand.

Around the Web: Start Your Year Off Right with an Estate Plan

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2020 was a very unusual year, and if it taught us anything it is that we should always be prepared for the worst. The best way to start the new year off right is by resolving to create an estate plan! It may sound grim, but it truly is a great way to gain peace of mind by knowing your loved ones will need not worry about resolving your estate after you pass or if you suffer an injury that leaves you unable to make decisions on your own behalf. This article encourages
everyone to consider this not-so-traditional New Year’s resolution.

By doing this now, while you are alive and well, you are able to plan and consider the total picture and have full control of how your assets are distributed. Begin by first itemizing your assets and listing any liabilities. Gather any important documents, such as tax returns, real estate records, and insurance policies, and place them in a secure location.

There are some more difficult things you may need to consider while planning your estate, such as who will provide for your children and/or spouse, who would take care of your business, and more. While these may be uncomfortable topics of discussion, it’s important to address these issues now while you may still make your wishes known rather than leaving it to the state.

If you are ready to start the new year on the right foot, let Rhodes Law Firm help you today.

Easy-to-Follow Guide If You’re Looking for Estate Planning Tips

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estate planning tipsDid you know that the number of middle-aged Americans with estate plans dropped by 25 percent since 2019?

Did you drop the same estate planning ball your peers did?

You cannot be sure what happens to your possessions after you die unless you have an estate plan that gives you confidence.

Don’t put this off another day. Read these estate planning tips and take steps to protect your property.

Take Inventory

You may not believe that you have enough assets for estate planning, but you should know with certainty. Take the time to inventory everything you own. You’re going to be surprised.

It’s essential to note that this remains one of the most critical parts of an estate plan.

Separate your inventory list into two different categories: tangible and intangible assets.

Tangible assets include anything physical, for example:

  • Personal valuables
  • Collectibles from a hobby
  • Cars, boats, or motorcycles
  • Your home or investment properties

Intangible assets for your estate will include:

  • Life insurance policies
  • Individual retirement accounts
  • Savings accounts
  • Business ownership
  • Stocks, mutual funds, or bonds
  • Checking accounts

After you have a comprehensive list of your assets, you need to find the value.

Consider hiring a professional for an evaluation of your tangible and intangible assets. If you don’t take this step, be confident that you have planned a fair distribution of your possessions to loved ones.

Take Care of Your Family’s Needs

Do you have enough life insurance coverage? You may get annoyed when insurance salespeople ask you this question, but it’s a relevant point to consider nonetheless. If your current lifestyle requires two incomes or a child with special needs, you need to be confident in your policy.

Don’t name one guardian for your children. Adding a backup guardian can avoid court fights after your death that will eat away at your assets.

Legal Directives

Talk with your lawyer about establishing a trust. Avoid the risk of a court distributing your assets instead of your property going to your designated beneficiaries. If you set up a living trust, you will have the opportunity to use parts of your trust fund for what you need while you’re alive.

Establish your medical care directive or living will. People around you must understand your wishes if you’re no longer able to make decisions for yourself. Don’t forget to name the medical power of attorney for a loved one if you’re incapacitated.

Decide between a limited or durable power of attorney for your financial affairs. Limited powers give a named representative decision-making limits. Durable powers turn everything over to a named individual.

Only you can decide what’s best for your current situation.

Beneficiary Review

You want to ensure the right people take ownership of your assets. It’s easy to forget what you set up years ago for yourself. Take the time to review your documents with a lawyer, if you’re able to do so.

First, review your insurance and retirement accounts. You may need to update the beneficiaries to match what’s in your will. Don’t leave any beneficiary sections blank, or the state will decide through probate who receives your property.

If you haven’t, name your contingent beneficiaries. If your primary beneficiary dies before yourself, this could lead to a nasty court battle.

Research Estate Tax Law in Your State

The primary motivation for estate planning revolves around minimizing the inheritance taxes. If you don’t know your state’s laws, you may have a hole in your plan.

The federal government doesn’t tax estates unless they’re substantial. Starting in 2021, up to $11.7 million won’t incur federal inheritance taxes.

Does your state have an estate tax? Find out today and make plans with your lawyer to lessen their effects.

Consider Hiring an Attorney or CPA

For small estates with simple wishes, using an online service or will-writing program should work well. The right software will ask you interview questions and walk you through state and IRS requirements. You should have the ability to update this as you see fit, whenever you wish.

If you have any doubts, consider calling a CPA or probate lawyer. No one will know the state and local laws better than these professionals.

If you have a large estate or complex issues to resolve, don’t hesitate to hire professionals to ensure that you’re covered.

Don’t Forget About Capital Gains Tax

Earnings or income for your beneficiaries from your bequeathment can be subject to capital gains taxes. For any gift that involves profit for your beneficiary, it’s advisable to introduce them to your lawyer or CPA. You can only lower the tax for loved ones if you plan early with a professional who knows the state law.

Plan for Change

“No battle plan survives contact with the enemy,” a famous military strategist from Germany named Helmuth von Moltke once said.

You can say the same about life’s plans. During good times or bad, don’t forget to review your estate plan. If you’ve experienced job loss, the birth of a child, marriage, or divorce, sit down with your papers when you’re ready.

Laws and people change every day. Don’t allow your estate plan to fall behind the times.

Need More Estate Planning Tips?

Do you have another question that wasn’t in this post?

Do you have a complicated estate planning issue the requires a professional? Contact us today or give us a call at 706-724-0405. We’re happy to discuss more estate planning tips over the phone.

Don’t want to talk at this moment? Bookmark our blog for more great information about all things estate planning. We’ll be here when you need us.

Legally Speaking: What to Know About Charitable Planning and Giving

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charitable planningDid you know that in 2018 about 63 million Americans participated in some kind of volunteer work?

Yes, the spirit of giving is still alive despite more difficult world conditions. Charities in the USA are supporting disaster relief work, rehabilitation work, and in many cases providing free education to those that need it.

Have you thought about how you could help a charity meet people’s needs? One way is by sharing your wealth via charitable planning.

What does charitable planning mean and how can you get involved? Did you know it could give you significant tax benefits? Why not read on to find out.

What Is Charitable Planning?

For many people, charitable planning is a basic part of financial planning for the future. As progress through life, we start to consider how we will use the money and assets that we have accrued up to that point.

A person may choose to share their wealth by means of scheduled periodic gifts, such as annual gifts. However, for many, charitable planning means that they create a plan regarding how their wealth will be distributed to charities that they select after their death.

If you want to make such a plan, where should you start?

How Do I Start?

The first step in making these arrangements is to select the charities that will benefit from your assets in the future. You may want to choose a charity that you have been supporting for some time. In other cases, you may see a need within society and want to address that need by donating financially to a charity that works in that field.

However, after you have selected the charity that you want to give to, the next step is deciding how much you will give. If you are choosing to give a financial gift posthumously, you will need to decide how much or which assets you will give to family members as an inheritance. Following this, you can assign assets or funds to your chosen charities.

There are generally two types of gifts that you can give as part of charitable planning. Lifetime gifts and Planned gifts. Each has its own implications regarding tax. What are the differences between these?

Lifetime Gifts

When a person gives a Lifetime gift, they stand to benefit from significant tax savings during the year that they give the gift. This may include an income tax deduction and perhaps other savings.

Among the types of gifts that you can give include real estate or appreciated assets such as stocks and shares. Should you give this type of gift you may be able to avoid paying tax on the appreciation of the asset.

As the name suggests this is part of charitable planning that involves a person giving before they have passed away.

Planned Gifts

Many incorporate planned gifts as part of their financial planning for old age. Generally, a person plans to give these types of gifts after they have passed away.

When making a planned gift a person decides to give assets or finances to a trustee. The trustee or person that will ensure that the funds reach the person or charity at that time.

In other cases, a person may personally assign part of their wealth to a charity as a term of their personal will. For example, may choose to assign a charity as a beneficiary of their life insurance.

Many favor the latter as it ensures that they can still benefit from their assets for the duration of their life. However, after the person passes away, they are delivered to the owner’s preferred destination.

Despite the fact that the assets will transfer to the charity after death, the owner may well still be able to benefit from income tax deductions during their lifetime when making these arrangements.

What Kinds of Giving Is Possible?

What vehicles can a person use to ensure that their assets and finances are transferred to their preferred charity? Here are a few examples:

  • Charitable Remainder Trusts
  • Charitable Gift Annuities
  • Private Foundations
  • Donor-Advised Funds

As mentioned, a person may also choose to make a charity the beneficiary of a Life Insurance policy or IRA and retirement plan.

As you can see there are many different routes that a person can take when planning to provide long-term support to a charity. Each person will need to analyze their own desires and financial situation before selecting the one that meets their needs the best.

However, each person needs to remember that charitable planning involved planning. This means that unless the correct documentation and agreements are put in place ahead of time, the gift may not be transferred as the owner wishes.

How to Benefit from Charitable Planning Now

If you are currently in a higher tax bracket than expected, you likely want to ease your tax burden without receiving less money. In this case, you could consider using charitable planning to accomplish this.

By giving in advance to your selected charity, you lower your eligibility for tax. Should you choose to select a charity with a donor advised program, the money may stay with the charity until you direct, to a reasonable degree, how they will use it. Perhaps this will be for a cause that is particularly close to your heart.

In this way, you continue to earn the money, enjoy giving it to a worthy cause, and then can direct who it helps.

Making the Best Charitable Planning Arrangements Possible

If you are planning the future of your estate, small decisions can make a great difference. Starting early when considering who can benefit from your material wealth is vital. It can help you to make charitable planning arrangements that have the maximum effect on the beneficiary.

If you would like to learn more about this, we would be happy to help. We leverage our years in the financial and legal sectors to help our readership to make wise decisions. Why not contact us or check out our blog to find out more.

How to Legally Start a Small Business

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start a small businessChoosing to start a small business is both exciting and challenging, but there are many legal aspects that arise when you start. Once you determine what your small business services and target market are, as well as constructive a business plan, you will want to ensure that you follow all the necessary legal steps to launch a compliant, profitable and successful small business.

Rhodes Law Firm in Augusta offers business law services to our clients in Augusta and across the CSRA. Rhodes Law Firm is devoted to the practice of planning and protecting the assets of your business. Below, Rhodes Law Firm provides helpful tips and requirements to ensure that you’re legally starting your small business the right way.

1. Do your own small business research

The first step to starting your own business is to research the process and ask yourself very important questions before jumping right in.

  • What are my small businesses goals?
  • Am I providing goods or services?
  • Do I want to hire employees or be a solo entrepreneur?
  • What financial requirements are present and what capital do I have available?

While you’re answering these questions, you’ll gather information and learn more about the legal processes of starting a small business. Each individual has different needs for their small business and there is not a specific one-size-fits-all legal solution to starting a business. For the best results and to ensure that you are starting your small business legally and on the right foot, contact the business lawyers at Rhodes Law Firm in Augusta and let us assist you in your small business legal matters.

2. Determine the structure of your small business

As an independent professional starting a small business, you need to be aware of federal tax obligations from income, self-employment, estimated, employer and excise taxes. Once you establish your specific business structure, that will determine your federal tax obligations as well as the forms you use to report these taxes.  The U.S. Small Business Administration (SBA) provides more information regarding these taxes and forms.

When creating your small business, these are some options to consider when determining your businesses structure.

Sole Proprietor:

Many independents begin their small business creation journey as sole proprietors. For tax purposes, you generally operate under your personal social security number, but you can apply for a Taxpayer Identification Number (TIN) for your business by filing an IRS SS-4 and asking for an Employer Identification Number (EIN) as your TIN instead of using your personal social security number. The business is generally run under your legal name. If you want to give the business an alternate name, you’ll register a Doing Business As (DBA) to state the name you intend to give your business. This process lets your state or local government know the name you are operating your business under. Specific DBA registration rules vary from state to state. You may also apply for a Federally registered business trademark or trade name.

Limited Liability Company (LLC):

Originally designed to protect owners of a business from certain business-related liabilities, the LLC structure has since become popular for independents due to its simplicity yet strong legal protections of a corporation shielding your personal assets. LLC is the next step above a sole proprietorship.

S Corporation

S Corporations are also referred to as an S-Corp and this is a business structure that has received the Subchapter S designation from the IRS. According to the IRS, S-Corps are considered by law to be a unique entity, separate and apart from those who own it. With this structure, subject to similar exceptions as described above for LLCs, you have the limited legal liability (separation of personal assets from your business) of a separate legal corporate entity as well as the separate tax entity. Provided the owners are eligible to make and make a timely election with the IRS, the profit from your business is reported under a separate tax return filing for 1120s but the taxable profit passes through to your personal tax return on form 1120 K-1. Thus, there is generally just a single level of tax.


C Corporation:

An attractive option for the savvy independent professional, C-Corps make owners shareholders. A C-Corp has the same status that Fortune 500 businesses hold—they are corporate entities separate from their owners. In the case of an individually owned C-Corp, you are not just the owner of your company, but the majority shareholder. Because the corporation is a separate legal entity, it is an individual taxpayer in the eyes of the IRS. While this structure is one of the most complex business arrangements available, it is also the most sophisticated, making it an attractive option for independents.

Making sure that you choose the right structure for your small business is very important and you want to make sure that you’re creating your business the right way from the foundation and up. To ensure the best results when starting a small business, consider contacting the business lawyers at Rhodes Law Firm in Augusta.

3. Choose and Register your small business name

If you are starting a small business and choose to file as a Sole Proprietor, then to register your business name you’ll register a “Doing Business As” (DBA) or “Fictitious Business Name” (FBN). This process lets your state or local government know the name you are operating your business under. This registration doesn’t provide trademark protection, but it does allow you to create and use the name you want for branding purposes without having to incorporate. It also does not constitute a legal entity or provide any legal protection to the Sole Proprietor.

If you don’t register a DBA as a Sole Proprietor, the name of the business will default to the name of the owner’s legal name. For those who are filing a legal entity, an application must be filed with your state for either Articles of Incorporation of Articles of Organization. Whether you choose an LLC, S-Corp or C-Corp, you will need to file a name for the company.

If you are planning on providing online services, then you may want to consider getting your business name trademarked. A DBA or incorporated business name will not offer brand protection in the 49 states where your business is not registered. While trademarking is not a requirement, it will provide stronger protection for your brand. This process involves applying for a trademark with the U.S. Patent and Trademark Office. If you do want to pursue a trademark, start by conducting a thorough and comprehensive search to make sure the name you want to use is available.

For the safest and most legal way to ensure your small business is registered, contact Rhodes Law Firm in Augusta and allow our business law experts to register your small business with the State of Georgia.

4. Secure your required business permits and licenses

No matter your small business and the products and services you offer, more than likely you will need to obtain the required business permits and licenses. Federal business licenses are required for any business involved in any sort of activity that is supervised and regulated by a federal agency while state licenses will vary.

Make sure that you obtain and secure the correct and required business permits and licenses for your small business by contacting the business lawyers at Rhodes Law Firm in Augusta.

5. Create a compliance plan

Even as a small business owner, you could be subject to the laws and regulations that apply to large corporations. These include advertising, marketing, finance, intellectual property and privacy laws. For companies that have employees, there are additional state and federal regulations that may need to be followed situationally.

Additionally, small businesses must ensure that they are free and clear of contractor misclassification concerns. Not only is this a threat to the small business itself, but also to its clients. Make sure that you’re taking the appropriate steps when creating your small business to mitigate your risk by consulting with business law experts at Rhodes Law Firm in Augusta.

6. Protect your small business with insurance

If you have decided to start your own small business as an independent professional, then you are responsible for ensuring the legal and financial wellbeing of your consultancy. Remember that you are your business and any legal or financial problem that arises will directly affect your company and you. It’s crucial to starting a small business that you protect your business against the risk of liability losses.

There are different types of insurance that you can protect you and your small business with. Depending on the industry, the size of your business and the types of prospective clients you expect to work with will all determine what’s the best insurance for your small business.

General Liability Insurance:

General liability insurance is often necessary for independents. This insurance covers a wide range of incidents, including accidental damage to a client’s property, claims of libel or slander and the cost of defending lawsuits.

Errors and Omissions Insurance:

Errors and omissions insurance, also known as professional liability insurance, provides protection in the instance that a client incurs financial harm due to an error or omission. In other terms, it’s a failure on your behalf to perform an integral part of your responsibility on a project.

Home-based Business Insurance:

While an insurance policy for a home-based business doesn’t apply to everyone, it’s relevant for independents who choose to work out of a home office. Most homeowners’ insurance policies do not cover losses sustained out of a home office, but an insurance policy for a home-based business can provide the protection you and your clients need.

Are you ready to start your small business legally and the right way?

Starting a small business can be one of the best decisions of your life. The exciting challenge of creating a small business and watching it become successful is one of the most rewarding moments for an entrepreneur. However, ensuring that your small business continues to grow and builds a strong clientele base is a realm of uncertainty that requires a leap of faith.

If you’re ready to start your own small business, then hopefully the tips and recommendations above help steer you in the right direction. If you want to discuss business law and creating your own small business, contact the lawyers at Rhodes Law Firm in Augusta and let us help you elevate your business ideas and expectations the legal way.

Around the Web: Estate Plans and Elections – How Are You Affected?

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With the election coming up, it may be a good time to review and work to implement any changes necessary to your estate plan. This article by The National Law Review suggests that while no major changes would take place if Republicans are in control of the White House, Senate, or House of Representative. However, if Democrats take control of all three, there would likely be a reduction in the current federal gift and estate tax exemption of $11.58M.

These possible changes do not mean that everyone needs to do something now to prepare. Everyone’s own situation is different and you may not be affected at all. If you would like to find out more and review your estate plan with experienced advisors, contact Rhodes Law Firm today. You can expect a tailored plan for your unique situation.

Should You Hire a Probate Lawyer?

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probate lawyer augustaTrying to delegate and figure out the estate and the probate process can be time-consuming, overwhelming and expensive. If you are currently having issues or are dealing with probate, contact the probate lawyers at Rhodes Law Firm in Augusta and let us assist you. At Rhodes Law Firm, we are committed to our client’s best interest throughout the probate process and making sure we do everything in our power to make it as simple and worry-free on your end as possible.

Rhodes Law Firm in Augusta provides key information on the probate process and some tips to consider when you’re hiring a probate lawyer.

What is a probate lawyer?

A probate lawyer is a lawyer who specializes in matters related to a deceased person’s estate. They have a wide range of responsibilities, which includes the following:

  • Guiding individuals through the probate process
  • Advising the beneficiary (or beneficiaries) of an estate
  • Representing beneficiaries if they become involved in lawsuits related to the estate
  • Assisting with challenges to the validity of the deceased’s will

Should you hire a probate lawyer?

If you are struggling to deal with the matters related to your loved one’s estate, then it might be in your best interest to consider hiring a probate lawyer, like the probate attorneys at Rhodes Law Firm in Augusta. A probate lawyer can provide a variety of services to you related to the probate process and your loved one’s estate. 

Below are some of the common issues and obstacles that can arise when dealing with probate court:

  • Someone contested the will

If another beneficiary has contested the will or is planning to do so, then it is a good idea to get a probate lawyer on your side as quickly as possible. If anyone contests the will, it will instantly drag out the probate process and will put you at risk of losing whatever you’re loved one intended to be left for you.

  • There are split assets

If split assets are a part of an estate, then the probate process could get extremely complicated, especially in estate plans with intangible assets. If you’re dealing with an estate that has split assets, it is best to hire a probate lawyer that can help navigate the division of these assets and ensure everything is handled in a fair manner.

For the best probate and estate lawyers near you and in the Augusta area, contact Rhodes Law Firm and let us handle your split asset complications in the estate you’re dealing with.

  • The estate doesn’t qualify for simple procedures

The probate process is almost always a guaranteed headache, and some probate processes are much more complicated than others. Depending on the size of the estate, it could qualify for simple procedures and you can wrap things up relatively quickly. However, if you are in a complicated probate court process dealing with an estate, you’ll likely want to hire an attorney, like the probate lawyers at Rhodes Law Firm in Augusta.

  • The deceased has a lot of debt

If your loved one passed away with a significant amount of debt, the estate will be used to pay off those debts. These types of probate issues can be tricky to navigate on your own, so you’ll likely want to consider hiring a reputable probate lawyer, like the lawyers at Rhodes Law Firm in Augusta.

An experienced probate lawyer at Rhodes Law Firm will help ensure that everything is paid off and can even negotiate your deceased loved one’s debts to ensure you and the other beneficiaries receive as much from the estate as possible.

  • The estate contains a business

If a business is a part of the estate, then you will likely want to hire an attorney to sort everything out. There is substantial expertise and experience needed when you’re dealing with the process of appraising, managing and selling a business, especially if the owner passed away.

If the estate your dealing with contains a business, you should consider contacting the probate lawyers at Rhodes Law Firm in Augusta. We are experienced in dealing with estates that contain businesses and will work to ensure you receive what you deserve in the wake of your loved ones passing.

Should you hire a probate lawyer?

If any of the above situations applies to you and the estate you’re concerned with, it is probably in your best interest to contact the reputable and experienced probate lawyers at Rhodes Law Firm in Augusta. However, if you are not in the Augusta area, below are a few things to look for when hiring a probate lawyer.

  • Consider the experience of the probate lawyer

If you are in the Augusta area, then you are able to contact the experienced probate lawyers at Rhodes Law Firm. Always ensure that you are hiring a probate lawyer with a track record of success and extensive expertise in dealing with probate court and estates.

  • Request a consultation

Most law firms, including Rhodes Law Firm in Augusta, offer free consultations before you agree to work with them. This is the opportune time to determine whether or not the specific probate lawyer is a good fit for you and what you need.

  • Read their reviews

Before you jump into anything, read the reviews and find out how other people felt using a specific law firm. Networking and determining how other people felt about their experiences will give you an extra security blanket when deciding on which probate lawyer to hire.

As you can tell, the probate process is a complicated and tricky situation that doesn’t have a set-in stone, cookie cutter method to fix it. Each estate is unique and requires an experienced lawyer who understands probate, estates and getting things done quickly, like the probate lawyers at Rhodes Law Firm in Augusta. Keep all this information in mind when selecting a probate lawyer to devise and delegate your loved one’s estate. If you want to hire a probate lawyer from Rhodes Law Firm, contact our office and request a free consultation regarding your estate.

Why You Should Consider Long-Term Care Planning

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long-term care planning

No one likes to think of a time when they might need assistance or long-term care, so planning for this possibility in life often gets put off and forgotten about. Most people first find out about long-term care planning when they or a loved one needs care, but by this time, it’s too late to plan and prepare. At this point, usually options are limited because of the lack of information and time as well as the immediate need for long term care services. 

Planning ahead for long-term care allows you to have more control over your future and give you peace of mind for any possibility that may arise. The lawyers at Rhodes Law Firm in Augusta are committed to providing our clients with long-term care planning services that they are happy and comfortable with. Don’t let fear and procrastination stop you from planning for long-term care in your future. The earlier you start, the more options and protection you have with the long-term care planning lawyers at Rhodes Law Firm.

Why you should you look into long-term care planning?

Planning ahead for long term care is important because there is a good chance you may need some type of long-term care services if you live past the age of 65. Roughly about 70% of people over the age of 65 require some long-term care services and the likelihood of you needing these services increases with age.

Another good reason to talk with the long-term care planning lawyers at Rhodes Law Firm in Augusta is so that you can understand everything regarding long-term care for when you need to make decisions for you and your future. Discussing long-term care planning with the attorneys at Rhodes Law Firm will expose you to the available service options in the area and community, what special conditions apply for receiving services, what the services cost and what payment options apply to desired long-term care planning services. Having this information helps ensure that you will have knowledge and an understanding of the options when you need long-term care and it makes it more likely that you will have more control over how you receive long-term care planning services when the time comes.

Having a clear understanding and basic knowledge regarding long-term care planning services is important because the cost of these services often exceeds what the average person can pay from income and other resources. By looking ahead and planning for long-term care now, you can save your assets and income for uses other than long-term care. 

Long-term care planning with Rhodes Law Firm means that you won’t leave your family or loved ones in a difficult situation to make hard decisions. When you decide to discuss long-term care planning with the lawyers at Rhodes Law Firm in Augusta, there is a greater chance of being able to leave an estate to your heirs since it is less likely you will use up your financial resources and assets paying for long-term care. In the long run, that means less emotional and financial stress on your family and an improved quality of life.

Another main reason that many people choose to discuss long-term care planning for the future with the lawyers at Rhodes Law Firm is the independence they feel choosing their own options. Your choices for receiving care when you need it is an easier pill to swallow if everything was taken care of by you beforehand. Your choices are important, so deciding exactly how you want your long-term care services is an advantage that many people appreciate.

Why most people don’t want to think about long-term care planning

There are a lot of reasons that people don’t want to plan ahead for long-term care. Usually the main reason is the natural tendency to avoid thinking about becoming dependent on others for your care and everyday life. Other reasons include misinformation about the risks of needing care and a lack of knowledge regarding long-term care and the payment options.

Many people don’t like to think about getting older, I mean who would? No one wants to think and plan for the day of when you develop a disability, become less independent or need someone to help you with personal care. However, many people don’t realize that the chances of needing long-term care once you get past age 65 are very likely. On the other hand, some people find it too difficult to raise these questions with their loved ones because of the difficulty it can be exploring plans and options. But long-term care planning is important and will provide peace of mind you deserve.

Another common misunderstanding is how expensive long-term care is and how it is paid for. A lot of individuals do not realize that health insurance, Medicare and/or disability coverage do not pay for most long-term care services. It is best to speak with a long-term care planning attorney, like the lawyers at Rhodes Law Firm in Augusta, to discuss your options and decide the best option regarding long-term care and your future.

Is long-term care planning something you should check on?

If you are nearing the age of 65, it could be in your best interest to speak with an attorney at Rhodes Law Firm in Augusta to discuss your long-term care planning options. Although thinking about the future and the possibility of needing assistance and care is tough, it could help and make both you and your loved ones lives emotionally and financially easier when the day comes. Be prepared for the future possibilities and get the peace of mind you deserve with the long-term care planning lawyers at Rhodes Law Firm.