3 Reasons Why Making a Will Should be Your New Year’s Resolution

No matter how old or young, rich or poor, making a will should be one of your top new year’s resolutions. Below are three reasons why.

1. You decide who gets your assets.

A will ensures that your personal belongings and assets go to family or beneficiaries you choose. If you die without a will, your intended wishes may not be carried out because state law will decide who receives your assets.

2. You decide who will take care of your minor children.

Making a will is essential for individuals with young children. A will empowers you to choose a guardian to look after your minor children in the event that the unthinkable occurs. If a guardian is not appointed, the court will choose among family members or a state appointed guardian. There is no guarantee that the court will appoint a guardian that shares your morals and values. It is important to plan ahead and designate a guardian for your minor children in your will.

3. Because tomorrow is not promised.

If you die without a will you will be subjecting your family and loved ones to unnecessary confusion and anxiety at an already difficult time. A carefully written will ensures that, should the worst happen, your family will be protected and cared for.

If who gets your assets and who serves as the guardian of your minor children is important to you, then making a will should be one of your top new year’s resolutions.

By having an estate plan, you not only help avoid potential issues and expenses in the future, but will also gain the satisfaction of knowing you have provided a secure future for your loved ones.

Contact us online or at (407) 862-9449 to schedule a free estate planning assessment.We offer reasonable flat rate estate planning packages to fit your needs!

A little about me: I am an estate planning attorney. I am an Orlando native and an esteemed graduate of local educational institutions including Lake Brantley High School, Seminole State College, the University of Central Florida, and Florida A&M University College of Law. I am a member of The Florida Bar, the Central Florida Association for Women Lawyers, and the Orange County Bar Association. I am also an active volunteer in the Orlando community and serve on the board of directors for BASE Camp Children’s Cancer Foundation, an organization that provides support to children and families batting cancer and other hematological illnesses.

Let$ Get Fi$cal 5K

Join us on January 17th for the inaugural Let$ Get Fi$cal 5K hosted by The Florida Institute of Certified Public Accountants for Central Florida.

All proceeds will benefit Base Camp Children’s Cancer Foundation.

I proudly serve on Base Camp’s board of directors. This wonderful organization provides a year-round base of support for children and families who are facing the challenge of living with cancer and other life-threatening hematological illnesses.

Click here to learn more about the programs and services Base Camp provides.

Click here for more information or to sign up for the race. We hope to see you there!

flyer snipet

 

 

 

Annual Report Reminder

Annual reports are due by May 1, 2015. An annual report must be filed each year for your business entity to maintain an “active status” with the Florida Department of State. The report is used to update or confirm that the data on file with the Division of Corporations is current.

The fees for a timely filed report are as follows:

$150 for a profit corporation

$61.25 for a not for profit corporation

$138.75 for a limited liability company

$500.00 for a limited partnership or limited liability limited partnership.

A $400.00 late fee will apply to all of the above listed entities, except not for profit corporations, if their annual reports are filed after May 1st. The $400.00 late fee cannot be waived or abated.

Click here for an annual report overview and step-by-step instructions.

Click here to file your annual report online.

Happy New Year from The Law Office of Abigail Edelstein, P.A.!

Happy New Year from The Law Office of Abigail Edelstein, P.A.! May 2015 be prosperous and bring many blessings!

As we move forward into a new year, we would like to offer advice and assistance for any legal issues you are experiencing or that may arise.

Our goal is to provide cost conscious and effective solutions, whether it is for a business transaction, a contract, or an estate planning matter. We work hard to provide you with the best outcome.

We are excited for the new year and want to provide solutions to your legal needs. Contact The Law Office of Abigail Edelstein, P.A. today for a free consultation! We can help start your new year off confident and bright!

(407) 862-9449

www.Edelsteinlawoffice.com

How to form a corporation?

How to form a corporation? 

1. Articles of Incorporation. To form a corporation in Florida, the incorporator must file “articles of incorporation” with the Florida Department of State Division of Corporations. The incorporator is the person who forms the corporation by filing and signing the articles of incorporation.

Technically, the corporation is formed once the articles of incorporation are filed with the state. However, there are additional tasks that must be taken care of in order to fully complete the formation process. In my experience, this is one of the most common pitfalls for corporations that are unsuccessful. It is important to consult with a business attorney to ensure that your corporation is properly formed. The following basic steps help ensure that your corporation is properly formed. 

2.Create “Bylaws.” Bylaws do not have to be filed with the state. However, creating your company’s bylaws is very important because they set forth the basic rules that will govern the operations and decision-making processes of the corporation. For example, bylaws will state the percentage or number of votes needed to approve a corporate action. 

3. Issuing Stock Certificates. You should issue stock certificates to the shareholders of the corporation and record the ownership of the issued shares in the business records.

4. Hold an initial meeting of the board of directors.

5. Transfer assets to the corporation (if appropriate).

6. Create a shareholder’s agreement (if appropriate).

7. File the appropriate tax forms with the IRS and Florida Department of Revenue.

To retain your corporate status, you must continue to follow certain corporate formalities. These include:
1. Holding an annual shareholder’s and board of director’s meeting.

2. Keeping minutes and documenting decisions made at all shareholders’ and board of director’s meetings.

3. Making sure that officers and directors sign corporate documents in their capacity as officer or director of the corporation.

4. Keep separate and independent bank accounts.

5. Keep detailed and accurate financial records.

6. File a separate corporate income tax return. 

Following these basic steps are crucial when forming your corporation. You would be well served to consult with a business law attorney to ensure that you and your corporation are properly protected. 

If you need assistance forming a corporation or would like to discuss a business matter, please call our office to schedule a free consultation at (407) 415-0942. 

What is a corporation?

What is a corporation?
A corporation is a business entity that is independent and separate from the people who own and control it. 

Characteristics: 
• Owners of the corporation have limited liability. This means that the owners are not personally liable for the corporation’s debts, except in certain circumstances.
• Tax laws view corporations as a legal “person.” This means corporations may enter into contracts, sue or be sued, incur debts, and pay taxes. 
• Corporations can own property.
• Corporations can own and operate businesses.