Are there benefits to having a trust when buying a home

A trust is an agreement that allows a trustee to hold assets on behalf of the beneficiary. When a trust is created, assets are placed by the one who founded the trust.

It is used to protect the assets given to the recipient by the trust founder to provide later on to their children in case something occurs to the trust founder. Setting up a trust is an excellent way to protect your assets so that your beneficiaries can use it in the future without any predicaments.

With that said, some benefits come with having a trust fund when buying a home. When purchasing a property or a house, the property is registered under the name of the trust and not under the beneficiaries name.

1. Buying a home with trust can offer tax benefits

A trust has a tax benefit of up to 50 percent in capital gains. If the property is held close to one year, the benefits of putting your property under a trust bare fruit because instead of having to pay taxes, you reap from it and your property is not a liability but an asset that can be passed down from one family member to the other.

2. Buying a home with trust can offer excellent asset protection

Asset protection helps the trustees from creditors if they go bankrupt or legal action is taken against them. The good thing is that the property is held under the trustee’s name and not the beneficiaries.

3. Holds the assets for the recipients preferably the children

The money invested in the property remains in the park until it is sold and distributed among investors. The property stays within the family, and the holding of assets protects from debtors and creditors if the family happens to be insolvent.

4. It enables you to protect the identity of the owner and the beneficiaries

You can purchase a home in the name of a trust and achieve total privacy over who the recipients are. The name that appears on the title of the house is the trustee’s name.

It makes it easier for someone to purchase a home with it since it is in the name of the trust

5. Helps in estate planning

Estate planning protects legal battles from happening between families. Upon the demise of the owner, there are a set of guidelines and rules set for the beneficiary that must be followed because his/her share will be outlined and from there, the recipient will know what to do with the assets allocated to him, for instance, buying a home.

6. As a trustee, you avoid probate

Probate occurs when the property is passed down via will. A will and a trust are different.

Therefore, the trust does not go through probate. Probate helps to avoid court cases or opinions to who will take over the estate or property. Lack of probate saves on time and legal fees.

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Effective Online Marketing Tips For Your Law Firm

You don’t have to invest a lot of time and money in able to make your law firm successful. A good stepping stone to building a great law firm is having a strong marketing plan. So, to guide you in having the right marketing plan, follow these tips we have for you:

Know your market

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Stick to your specialty. The last thing you would want is a case you could not handle. You must know your target audience and develop your marketing plan to them.

Use the social media

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If you do not have a social media account for your law firm, it is time to make one. The social media is a great tool to reach out to people and inform them of your services.

Build a website for your firm

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Having a website for your firm will boost your chances of finding new clients that are looking for lawyers online. Have something that visitors would want to read such as a blog page. Writing articles about the law is a great way to show your expertise.

Understand SEO

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Learn how to build your website correctly in order to boost your ranking in search engines. You can also start a pay-per-click campaign to increase website traffic.

Keep your website updated

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Always upload or post something new in your website. Clients would not want to read a website that is obsolete or have a post that was dated years ago. Talk about the most recent or most relevant news in your industry and show potential clients that you are up-to-date.

Implement CTA

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Call-to-action basically lets you tell visitors what you would want them to do when they have arrived on your website. CTA can be newsletter subscriptions, contact forms and other kinds of clickable buttons. Make sure that the buttons and links are big and bold enough to be readable. They should stand out from the page.

Follow these tips and expect an increase on potential clients looking for you. Get those consultation forms and advices ready as you build your law firm’s road to success.

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Skills of a Successful Lawyer

Having the right set of skills will guarantee you a career full of success. If you are curious what skillset do you need to become a better lawyer, then you’re in for a treat. Here’s a list of skills of some of the best lawyers in the world:

Detail Oriented

Lawyers need to have a keen eye for details. If you made a single mistake, it can change the entire meaning of a contract. Good lawyers need to guarantee that all documents they provide should be error free before giving them to their clients. Even small mistakes can give a bad impression on a client and ruin your reputation.

Creative

It is important that lawyers win their cases to protect and satisfy their clients. Having the skill of creativity is critical as it provides lawyers a wide array of possible solutions when handling a case.

Stress Management

It is a hard job always listening to your client’s demands and trying to solve the problems of others. Some clients can provide stressful situations for lawyers. Managing stress, whether in clients or in themselves, is a necessary skill to have in order to achieve your successful career as a lawyer.

Great Communication Skills

Being a lawyer demands superior written and oral communication skills to be in able to deliver critical legal information. Being a lawyer also needs the ability to relay strong and convincing arguments inside the courtroom. The juries and judges have their own beliefs and opinions. This means a lawyer should have the skill to reach out to them and convince them of his client’s plea. Aside from having good communication skills, lawyers should also have good listening skills. Lawyers must listen attentively to the details his clients provide in order to make a good analyzation of the problem.

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Infographic by: rocketmatter.com
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5 Tips To Avoid Legal Malpractice For Lawyers

Lawyers usually protect their client’s interests but it is also vital to protect themselves from malpractice of the law. One of the factors that can lead to legal malpractice is bad communication of the lawyer and client.

But no matter what the reason why legal malpractice occurs, we must know the ways to avoid it.

Written Contracts

When you are catering to a new client, be sure to give them your core services in written contract. The written contract must include the terms of your service, your retainer and the things that you are obligated to do under the retainment.

Know Your Client Better

This is supposed to be the most important tip of all. You have to determine your obligations, your relationship with the client and the involvement of the client with the firm. State your terms clearly.

Deadlines Should be Met

This is the most common problem for new lawyers. Most young lawyers underestimate the workflow and does not do time management. You must set realistic deadlines and finish your obligations ahead of the deadline to avoid conflicts with your clients. Earlier delivery of tasks means your client will be satisfied.

Refer Clients

Entertaining clients in an area you are not familiar with is very risky. Instead, build your reputation by referring such clients to lawyers that can handle those cases. Misrepresenting a case can be too much to handle. Building friendships with fellow lawyers can lead to referred clients coming to you.

Avail Malpractice Insurance

In cases of a worst case scenario, having insurance can help a lot. Insurance policies for malpractices differ from company to company. This means you should read the terms and benefits before choosing the right company and policy.

Practice these tips at your law firm to avoid legal malpractice. If you focus on giving great legal services at a reasonable rate then getting your own lawsuit should be the least of your problems.