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Monday, August 31, 2020

Death is not an ending: the profitable word of literary estates


When the famed author of Jurassic Park, Micheal Crichton, died in 2008, he left two unfinished books and a wealth of publishing and media royalties for his estate to earn in practical endless perpetuity. While much of the publishing industry is primarily concerned on new writers and the living, the estates of deceased famous authors can be immensely lucrative to publishing, film and media companies. For instance, the books of Agatha Christie still earn millions of dollars annually. A few of my clients have royalty contracts with traditional publishers, as well as modern publishers, like Amazon. Your book or media royalties may only be earning a few thousand dollars a year, but they still require planning in the event you become incapacitated or pass away.
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Wednesday, August 26, 2020

Olivia Lee Joins Firm as Partner.


The law firm of J.S. Burton, P.L.C.
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Wednesday, August 12, 2020

Patrick Mahomes Signed A $500 Million Dollar Contract. Five Estate Planning Strategies Patrick Needs To Do Now.


NFL quarterback, Patrick Mahomes, II recently signed a 10 year, $500 million dollar contract; the highest in league history. Although it is not uncommon for elite football players to sign multi-million dollar deals, Mr Mahome’s deal provides him with the type of wealth which requires a multi-generational estate plan. Here are some of the top 5 estate planning strategies Mr. Mahomes needs to do now: 1) Implement advance estate planning utilizing trusts. Trusts can pass on his wealth without public knowledge and save in his case millions of dollars in court fees, taxes and professional service costs.
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Tuesday, August 4, 2020

Do You Need A Gun Trust?

Almost half of all American households own a gun. Many of you own guns. Perhaps you are just a weekend plinker with your local gun club, have one for self defense or, like the 1918 Broom Handle Mauser featured, inherited an antique curio weapon. A gun trust can often be the best way to legally ensure your firearms transfer to your chosen beneficiaries in an efficient and convenient way. A gun trust also can be conveniently setup alongside your existing estate plan, easier and less costly than you might think. 

 


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Monday, March 23, 2020

Latest Firm News - The Impact Of The Coronavirus On Your Important Legal Needs

During the COVID-19 situation, we are available to help! The law firm of J.S. Burton, P.L.C. remains fully operational and has implemented the following measures


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Friday, March 6, 2020

Latest Firm News - March 2020

Melissa N. Moser joins the firm, what you need to know about...


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Wednesday, September 25, 2019

Considerations When Selling Your Business

Finding yourself in a position to sell your business is a monumental achievement. Establishing a business is hard work, and preparing to sell your business is no different. There are many reasons to sell your business: you may be looking to retire, take a less involved role, resolve an ownership dispute, or perhaps your business is now struggling and you are looking for a buyer to try to turn it around. Regardless of the reason that you’re selling, there are some key considerations that you need to be aware of.

Establishing a Strong Team

Selling a small business has many moving parts that will be discussed further below. As a result, it is essential that you establish a strong team to help you through the sale. The three team members that you will want to identify early on are an attorney well-versed in the sale of a company, an appraiser who can accurately value the business, and potentially a broker who will work hard to identify potential buyers. Your choice on these team members, and whether to include all three, will depend upon the complexity of the business and its potential valuation.

Timing

Timing the sale of your business is crucial, as is identifying that you intend to sell the business well in advance. Ideally, you will want to have identified an intent to sell two years prior to the anticipated sale date. By beginning the process two years ahead, you can ensure that you’ve established a strong team that you trust that will help you through the process. Additionally, there is tremendous due diligence that will need to be completed to value the business and ensure all legalities are sorted.

However, while planning two years in advance is ideal, it isn’t always possible. When an unforeseen event occurs that forces you to sell the business sooner than anticipated, you will still follow the same process but will do so on a more compressed timeline.

Valuing the Business

Your business appraiser should work diligently with you to ensure that the business is accurately valued. To value the business, the appraiser will analyze market conditions, the business’ operating history, and the business’ future potential. Ultimately, the appraiser will present a formal valuation of the business that can then be utilized when pricing the business for sale.

Using a Broker or Selling Yourself

A final consideration when selling your business is whether you want to sell the business yourself or go through a broker. The decision to use a broker should depend on a number of factors including your availability, who you intend to sell to, and the timeline for which you need to sell. If you’re selling to someone you know, then a broker will likely not be necessary as a knowledgeable business attorney will be able to handle the sale. However, if you’re selling on the open market, then a broker may be ideal as he or she is highly experienced in selling small businesses and will know how to command the highest price in the shortest time possible.


Thursday, September 12, 2019

Six "Must Haves" for Nursing Home Contracts

The decision to place a family member into a nursing home is a dilemma for an ever-increasing number of Americans. In addition to the emotional difficulties inherent in making such a decision, if a family decides to place a member into a nursing home, there is a mountain of paperwork awaiting them. While nursing homes will often argue that their contacts are standard and cannot be changed, this is rarely the case. To ensure that your contract doesn’t have any hidden or illegal clauses, it’s essential to consult with an experienced elder law attorney before you sign it.

When you receive the nursing home contract, make sure to actually read the contract in detail to understand the provisions. Make sure that the following provisions are included:

    1. The basic daily rate for service and the adjustment process for price increases. By ensuring that the basic daily rate and the adjustment process is clearly defined in the nursing home contract, you ensure yourself protection from future disputes.
      A list of charges for any items not included in the basic daily rate. This ensures that charges for all items not included in the basic daily rate are defined to ensure future disputes over price does not arise.
    2. The right to apply for Medicare and/or Medicaid. Receiving government assistance can be a major financial relief for residents in nursing homes, but these programs are less profitable for nursing homes. Ensure that the contract expressly allows you to apply for Medicare and/or Medicaid.
    3. The ability to appeal any Medicare and/or Medicaid decisions. Similar to the above, this ability ensures that you have the right to appeal any Medicare and/or Medicaid decisions.
    4. Only the family member is responsible for the costs of care. Some nursing homes will attempt to include a clause that makes you a co-signer to the agreement and thus a third-party guarantor for any money not paid by the family member. Even though these agreements are illegal under the Nursing Home Reform Act, it is best practice to ensure that the nursing home contract expressly identifies that only the family member is responsible.
    5. The family member can be removed from the nursing home only if (i) removal is necessary for the family member’s welfare; (ii) the family member no longer requires care consistent with a nursing home; (iii) the health and/or safety of other residents in the nursing home are placed in danger by the family member’s presence; (iv) the family member fails to pay and the failure to pay is unreasonable; and, (v) the nursing home is no longer in operation. Under the Nursing Home Reform Act, nursing homes can only remove residents under specific circumstances. By including the prior language, you ensure that the nursing home contract is compliant with federal law and that your family member is protected.

These six provisions should be considered “must haves” in nursing home contracts, although there are a great many other important provisions that should be included or excluded depending on your needs.


Tuesday, September 3, 2019

4 Reasons Everyone Needs an Estate Plan

Many people are under the misconception that estate plans are only necessary for those with substantial wealth. In fact, estate plans are important for everyone who wants to plan for the future. For those unfamiliar with the concept, an estate plan coordinates the distribution of your assets upon your death. Without an estate plan, your estate (assets) will go through the probate system, regardless of how much or how little you have. There are many reasons that everyone needs an estate plan, but the top reasons are:


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Tuesday, September 18, 2018

7 Things To Bring To Your First Estate Planning Session

Be prepared is the Scout’s motto, but it is also good advice if you are meeting with an estate planning attorney. Below is a list of seven things to bring to your first official estate planning session to make it a more productive and efficient meeting.


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Wednesday, September 12, 2018

Umbrella Insurance and Why You Need It

Umbrella Insurance: What It Is and Why You Need It

Lawsuits are everywhere. What happens when you are found to be at fault in an accident, and a significant judgment is entered against you? A child dives head-first into the shallow end of your swimming pool, becomes paralyzed, and needs in-home medical care for the rest of his or her lifetime. Or, you accidentally rear-end a high-income executive, whose injuries prevent him or her from returning to work. Either of these situations could easily result in judgments or settlements that far exceed the limits of your primary home or auto insurance policies. Without additional coverage, your life savings could be wiped out with the stroke of a judge’s pen.

Typical liability insurance coverage is included as part of your home or auto policy to cover an injured person’s medical expenses, rehabilitation or lost wages due to negligence on your part. The liability coverage contained in your policy also covers expenses associated with your legal defense, should you find yourself on the receiving end of a lawsuit. Once all of these expenses are added together, the total may exceed the liability limits on the home or auto insurance policy. Once insurance coverage is exhausted, your personal assets could be seized to satisfy the judgment.

However, there is an affordable option that provides you with added liability protection. Umbrella insurance is a type of liability insurance policy that provides coverage above and beyond the standard limits of your primary home, auto or other liability insurance policies. The term “umbrella” refers to the manner in which these insurance policies shield your assets more broadly than the primary insurance coverage, by covering liability claims from all policies “underneath” it, such as your primary home or auto coverage.

With an umbrella insurance policy, you can add an additional $1 million to $5 million – or more – in liability coverage to defend you in negligence actions. The umbrella coverage kicks in when the liability limits on your primary policies have been exhausted. This additional liability insurance is often relatively inexpensive compared to the cost of the primary insurance policies and potential for loss if the unthinkable happens.

Generally, umbrella insurance is pure liability coverage over and above your regular policies. It is typically sold in million-dollar increments. These types of policies are also broader than traditional auto or home policies, affording coverage for claims typically excluded by primary insurance policies, such as claims for defamation, false arrest or invasion of privacy.
 


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| Phone: 757.301.9500
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477 Viking Drive, Suite 410 , Virginia Beach, VA 23452 | Phone: 757.301.9500
5425 Discovery Park Blvd., Suite 101, Williamsburg, VA 23188 | Phone: 757.301.9500
750 Tysons Blvd., Suite 1500, McLean, VA 22102 (By Appointment Only) | Phone: 757.301.9500