Feb 14, 2022 | By Young Wooldridge, LLP | Read Time: 2 minutes | Business Law & Estate Planning

Handling Car Accident Cases in Bakersfield, Ca

Car accidents keep increasing on our roads each day, thanks to careless driving, poor road infrastructure, and much more. Victims of car accidents are left with financial burdens related to treatment, besides suffering the pain, inconvenience and stress of having bodily injuries. Fortunately, personal injury laws related to car accidents can help protect them. If you’re a victim of an auto or motorcycle accident, you should pursue justice. If you got injured in a car accident anywhere in Bakersfield, you could consult car accident lawyers in Bakersfield, Ca, for legal help. The lawyers will act as a legal compass by advising you on everything regarding personal injury lawsuits, and they will ensure your legal rights are safeguarded. Common Causes of Road Accidents According to World Health Organization research, more than 1.3 million deaths occur from road accidents annually around the globe, as well as 20 to 50 million cases which are non-fatal injuries. In a significant number of these non-fatal accidents,  the victims may suffer life-changing injuries or disabilities. The common causes of car accidents include: Drunk driving. Failure to obey traffic signs and rules. Human error. Distracted driving. Unsafe roads. Lack of courtesy. Ineffective traffic laws. Preventing Car Accidents Undoubtedly, road accidents can be prevented and even decreased when all stakeholders, including road users, play their role accordingly and by following the below-listed guidelines: Being conscious of road safety rules. Giving way where possible. Using safety assistants. Observing traffic rules. Driving roadworthy vehicles. Driving while sober. Improving driving skills. Being courteous. Importance of a Car Accident Lawyer Although the main focus for car accident lawyers is to seek justice on your behalf, they’re also tasked with ensuring clients go through the process of getting justice as comfortably as possible. Other crucial services car accident lawyers provide include: Explaining your Rights Most people are ignorant of their legal and Constitutional rights, a prime opportunity for insurance companies. If you pursue compensation for car accident injuries from an insurance company, you need to know your rights. Otherwise, your case can have an unexpected outcome, which is why you need a car accident lawyer. Providing Legal Counsel Most victims of car accidents desperately turn to different sources when seeking justice for car accident injuries, and they’re likely to stumble upon varying advice. However, you can simplify this process by seeking professional legal help. Car accident lawyers handle many accident cases, knowing what works best in different scenarios. Negotiating for Fair Settlement Insurance companies are notorious for arm-twisting the course of justice. They will use time-tested strategies, such as clearly undervaluing claims, completely denying legitimate claims, or arguing things that cannot be legally supported, all for their financial gain. They’re in business, meaning the more claims they avoid paying, the more their profits. Legal Representation Most cases related to car accidents are settled out of court, but you should still hire a competent lawyer to represent you so things don’t get out of hand. Car accident lawyers can save the day when things go south. They can safeguard your legal rights and guarantee a fair hearing if or when the case goes to court. With a competent car accident lawyer by your side, you’re at least assured of justice and a greater likelihood of successful compensation.

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Aug 29, 2019 | By Young Wooldridge | Read Time: 2 minutes | Business Law

Estate Planning Tips for Small Business Owners

Starting with your initial idea, building and owning a business can be an exciting venture from day one. Developing a proper business plan, securing financing, marketing, paying taxes and all of the other small, but significant, details will surely be some of the most challenging yet rewarding work that you will perform in your lifetime. But have you ever thought about the role you will play in your business after your life is over? Developing a comprehensive estate plan provides a well-developed plan to ensure that your life’s work survives even after you pass. As a small business owner, you spend an incredible amount of time working to establish and grow your business throughout your life. It seems only reasonable that you should take the time to create a plan for your business upon your death. When talking to your estate planning attorney, consider these tips for your business: Avoid Exorbitant Taxes Upon death, the IRS may claim estate taxes on all assets of your estate. Reviewing your personal and business assets as part of a comprehensive estate plan can help minimize the tax exposure of your estate and facilitate an organized transition or sale of the business. To avoid taxes, there are various IRS sections that can help. One section, Section 6166, will allow your loved ones more time to pay the tax by paying the estate tax in 10 annual installments. Another, Section 303, will allow your family to redeem your stock with very little tax penalties. You should talk to your family about these tax sections and determine if your business will be eligible. Creating a plan and instructions for your survivors will help them to navigate these filings.  Create a Buy-Sell Agreement If your business is owned by more than one person, a buy-sell agreement dictates how the partnership or LLC will be distributed upon one owner’s death or incapacitation. Without one, family members may be stuck owning a business they do not want, and partners may be forced to work with people they did not intend. A buy-sell agreement puts in place a plan that when an owner passes, their shares must be bought out by the other owners at a fair market price. These agreements can even establish a sale price so that family members know what they can expect to receive from the sale. In a buy-sell agreement, you can also block certain individuals from having a role in the business. Purchase a Life Insurance Policy It is possible that you have no intention of your business surviving after your passing. Referred to as owner-dependent businesses, some small businesses provide a stable income for the owner, however, there is not a lot of money reinvested in the business and exponential growth is not the intent. If you depend on your business for income and you have a family, when you pass, that income will be gone. A term life insurance policy can serve as income replacement for your family. Additionally, a life insurance policy or irrevocable life insurance trust (ILIT) can help your partners with the capital they might need to purchase your shares if you have a buy-sell agreement. As a small business owner, you owe it to your family and your business to make plans for your passing. Dealing with their loss will be complicated enough without navigating the intricacies of small business taxes and sales. Discuss your options with an experienced estate planning attorney and leave your legacy the way you would want it.

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