What is It? A Durable Power of Attorney (DPOA) is a legal instrument that grants an agent (sometimes called the “attorney-in-fact”) authority to act in the place of the principal. A DPOA is different than other types of powers of attorney because it is effective even if the principal later becomes incompetent. Who can be [...]
The Olmstead Bill, which I discussed here and here, was signed into law by Governor Scott on May 31, 2011. The bill substantially amended Florida Statutes Section 608.433, confirming, retroactively, that the charging order is the exclusive remedy for judgment creditors with respect to a debtor’s interest in a multiple-member Florida LLC and setting out [...]
1. This Time, It’s Personal. A personal guaranty is a promise to be personally responsible for the obligation of another person or company. The person or company to whom the obligation is owed—usually a lender—can enforce the obligation against the guarantor just like the original obligor. 2. Would You Loan Money to a Teenager? No, [...]
As I blogged about previously (here), a bill addressing the Florida Supreme Court’s ruling in Olmstead v. Federal Trade Commission, 44 So. 3d 76 (Fla. 2010)–I’m calling it the Olmstead Bill– is winding its way through the Florida Legislature. The Florida Senate’s Bill Analysis and Fiscal Statement was released on Monday and can be viewed [...]
A bill addressing the uncertainty created by the Florida Supreme Court’s Olmstead decision is working its way through both houses of the Florida Legislature. The Olmstead decision (which I blogged about previously) held that judgment creditors can foreclose against and take ownership of the owner’s interest in a single-member Florida LLC. This result was disappointing [...]
The rules have changed again. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “2010 Tax Act”), signed into law on December 17, 2010, created last-minute, sweeping changes to the estate, gift, and generation skipping transfer (GST) tax landscape, at least for two years. These changes are mostly good, in that [...]
Occasionally, I like to endorse programs and websites that I think would be particularly helpful for business owners. Dropbox fits the bill perfectly. Dropbox is an easy-to-use file-transfer website and program. Drop a file into the Dropbox folder on your work computer, and it is automatically available in the Dropbox folder on your home computer [...]
1. Tax Rate Status Quo. The Act holds steady the 2010 income tax rates for 2011 and 2012. Personal income tax rates will continue to range from 10% to 35%, and long-term capital gain tax rates will again be 0% or 15%. Also, qualified dividends will continue to be taxed at long-term capital gain tax [...]
There’s a lot of things you can do for yourself, especially with help from your good friend Google or Bing. But you should never attempt to prepare your own Last Will. Even if you get the language right, that’s only part of the process. A Last Will is no good unless it is signed with [...]
Michael Long was asked to appear on Fox 35 News to comment on the City of Orlando’s proposed ordinance to limit the rights of gas station owner. Here’s the clip: Michael Long on Fox 35 News