Why Do You Need Insurance?

You’ve worked most of your life to give your family a comfortable house to live in. You want your children to live happily and contented with the business that you’ve built through the years. Yet accidents do happen. When it does happen, the first question will be, are you protected to ensure that what you’ve built through the years won’t easily be blown with the wind? If your answer is yes, then congratulations! Yet then again, what if you’re not protected to ensure everything that you’ve worked for including yourself? You need to think it over. Remember, even the most careful person needs insurance. They can’t prevent accidents from ever happening. Although, having insurance is not a substitute for risk management, yet it’s designed to help you absorb any responsibility that may occur.

Hopefully as you read on, this article will let you realize the importance of having insurance. Not just for your protection, yet for the protection of your loved ones and the dream that you’ve built. If you do have insurance and you’re tempted to put it off, don’t. Insurance helps you pay for everyday expenses and provides you a back-up in case of serious illness.

First, what is insurance? Insurance, according to the dictionary, is a promise of reimbursement in the case of loss or is an amount paid to people or companies after a disaster or accident. In short, insurance is a policy designed to make sure that you are no worse off after an accident or disaster than you were before it happened. Insurance is designed to protect you and your family from unforeseen disasters and financial burdens. Insurance comes in all shapes and sizes. It runs the extent from personal insurance to corporate umbrella liability plans, as well as auto and homeowner’s insurance plans. Knowing what types of insurance you need is also important to make sure that you don’t overspend on things that are unnecessary.

There are different types or kinds of insurance for every type of situation. Here are some important types of insurance: Disability insurance, life, health, long term care insurance, auto, homeowner’s insurance and liability insurance. Consider your needs and what you need to protect. These are the most common types that anyone may need in case something happens to your property, to your loved ones and most specially to you.

Disability insurance. Did you know that a person like you is more likely to be disabled for sometime before you die in case of a serious accident? Ask yourself, if you become disabled, how can you cover your expenses? How will you be able to save for your retirement? Since majority of disabilities are health related, can you afford the risk of being without earnings and having increased healthcare expenses? If you are someone whose income is required to maintain your lifestyle, then protect your income by purchasing this type of insurance as this is a vital risk management strategy for all wage earners.

There are 2 types of disability: short-term and long term. Short term coverage will provide income replacement protection, usually after one week of disability, and will pay up to six months. Long term, on the other hand, is the type of disability that starts generally at the six-month mark and continues until age 65. 24.5% of American household no longer have health insurance when they lost or changed their jobs.  The sad part about health insurance is that if you can’t afford to pay the premium, you definitely won’t be able to afford bearing the risk yourself. If you contract an illness while being uninsured, you may not be able to buy insurance later because you will have a pre-existing condition or would likely end up paying more than what you should.Health insurance.

Almost one out of five Americans has no health insurance. Most of these people state that cost is the reason. Life insurance. On most occasions, life insurance protects your surviving family in the event of your death.

This type of insurance offers protection to the family you leave behind and serves as a cash resource to deal with money owed, payment of mortgages, and other living expenses. Also, life insurance can have a savings or pension component that provides for you during your retirement. It also protects your hard earned possessions by providing tax free cash which can be used to pay estate and death duties and to tide over business and personal expenses. In case of bankruptcy, the cash value as well as death benefits of an insurance policy is exempt from creditors, if any.

Auto insurance. Imagine you were to be involved in a car accident with another car and was found out that it was your fault, you need to pay for all the damage done would you be able to pay for repair or replacement of the other car and pay for the medical bills of the other driver and their passengers? Owning a vehicle and letting it out of the garage would definitely mean you should have auto insurance. Depends what state you’re located and the brand and make and model of your vehicle as well as your age, would depend on the amount of premium that you need to pay.

Having insurance is important to good financial planning and security, yet you need to assess your personal risk and long term commitments. Insurance gives a person a heads up throughout life and can be used in cases of emergencies during a life time by requesting a withdrawal or loan. If you are still having second thoughts of getting insurance, you may want to think again. Having insurance is an investment, you’ll say you don’t need it so why pay for something you don’t need? Remember there is always something that you need yet you can’t see – protection and knowing it’s just there when you need it.

Homeowner’s insurance. Having a beautiful home and furnishing it doesn’t stop there. If you have a home and you have a mortgage, you must have homeowner’s insurance protection. First, your mortgage company would require you to have it and second, even if you own you home outright, you still need to have homeowner’s insurance to replace or fix the things that are too expensive or impossible to pay for yourself.

What Trademark Owners Need To Know About The New .co Domain Name Extensions

With the .COM inventory nearly exhausted, .CO domains will be a perfectly positioned alternative domain extension. Recognized universally as the abbreviation for “company”, .CO is the ideal domain to extend a company’s brand’s reach and expand its web presence.

However, there is a downside to the upcoming release of the .CO domains, a potential for typo-squaters – those who register domain names that are one letter off of famous or registered trademarks – to divert Internet traffic away from the trademark holders.

Here’s what you need to know about the release and registration process should you wish to extend your domain name holdings and preclude a typo-squater from diverting traffic away from your Internet presence.

April 1st – Local Sunrise Period for Colombian Trademarks Opens

The Local Sunrise gives holders of Colombian trademarks first priority before the Global Sunrise Period opens to all other trademark holders. Only those that hold a Colombian trademark may apply for registrations during the Local Sunrise Period. All applications will be validated, and in the event there are multiple valid applications for the same string, an auction will be conducted to determine which applicant is awarded the domain.

To apply under the Local Sunrise Period Colombian Trademarks must be registered on or before July 30, 2008.

April 26th – Global Sunrise Period Opens

The Global Sunrise Period allows all trademark holders to submit applications for the .CO domain names corresponding with their trademarks before the registration of .CO domain names are open to the public. In the event there are multiple valid applications for the same string, an auction will be conducted to determine which applicant is awarded the domain.

To apply under the Global Sunrise Period Trademarks must be registered in any country on or before July 30, 2008.

June 21st – Back Ordering Period Opens

The Back Ordering Period allows anyone to back order the .CO domain they want before the .CO Registry opens to the general public. All matching applications will be resolved at auction.

July 20th – General Availability

General Availability will open to everyone on a first-come, first-serve basis.

Child Support Rights – What You Need to Know About Joint Custody Laws

The Validation for Child Support

When one parent is granted the custody of the child, this is referred to as sole custody.

The custodial parent keeps the child, which is considered as his or her input to the upbringing of the child. The non-custodial parent, who is generally given visiting rights, meets his or her responsibility by contributing to the financial cost of sustaining the child.

In the Case of Joint Custody

Usually, with joint custody the child support is divided between both parents, based on how their income measures against the sum of their joint earnings, and also on the amount of time the child stays with each parent.

Deciding the Amount of Child Support

Child support is usually planned by considering the needs and requirements of the child. The following factors are generally considered when calculating financial support:

- The child’s needs
- The parent’s ability to pay
- The standard of living of the child before the divorce
- The needs of the custodial parent

If a Parent Cannot Pay Child Support

A parent is often expected to pay the sum due in keeping with the dates decided on by the court.

If a parent has a legitimate reason, such as changed financial conditions, they may approach the court with a request to alter the amount of support.

If allowed, this will only be applicable to future payments. In this case, the judge will order the parent to pay in full any overdue payments immediately.

It is strongly advised for any parent in this type of situation to do a little research first to understand how the system works and then to engage appropriate legal advice. If this is beyond the means of the parent there are good sources of such information on the internet written by child psychologists with considerable experience in this area.

Learn more about a child support rights and joint custody laws at my blog now! You owe it to yourself..and your child.


Joint Custody Laws – What You Need to Know About Child Joint Custody Laws

There are essentially 2 types of joint custody when it comes to the care of children in a failed relationship.

1) Joint Legal Custody

This involves both parents making the important decisions in the child’s life, even though one of the parents may have sole physical custody.

2) Joint Physical Custody

This involves the child living with each parent in turn according to an agreed schedule.

The schedule will be decided upon by the court if the parents can not agree and the paramount issue and influencing factor is always what is best for the child.

Custody cases can be very troubling and traumatic for all concerned and can run for years. The emotional and financial costs can be very high and that is why agreement should be reached as to the custodial arrangements for the child if at all possible.

If this does not happen then the court will impose it’s judgment.

There is a strong presumption of joint custody in about 35 states in the U.S. but this does not mean that joint custody will necessarily follow. The court will look at both parents parenting skills and look for substance abuse issues and anything else which may render the parent an unsuitable parent for sole or joint physical custody.

For this reason forearmed is forewarned and any parent who is going through a failed relationship has a responsibility to do a little research on the whole area to allow them put their best foot forward and obtain joint custody of their child..at least.

Armed with this knowledge, particularly for the joint custody laws favoured by your state, will reduce some of the understandable anxiety in a very troubling time.

Learn more about joint custody laws at my blog now and fight for your child with the tools you need when you go to court..knowledge of how the system works.

You can arm yourself with the necessary knowledge at

New Nevada Corporate Laws You Need To Know

New Nevada Corporate Laws You Need to Know
Bearer Shares Outlawed
Ownership Disclosure Procedure Instituted
Stronger Asset Protection for Corporations

The Nevada legislature made some significant changes to Nevada’s Corporation Code in its most recent session. You need to know these new rules.

The biggest changes, which are effective July 1, 2007, will be discussed in this article. As is often the case, the rules and regulations used to carry out the new laws will be implemented over time, and we will keep you informed of them as they arise. (If you or your friends would like a free subscription to the Corporate Direct Report please click here.)

For now, there are three important changes and several miscellaneous new rules you need to know about immediately.
1. Bearer Shares Outlawed
Bearer shares are stock certificates which, instead of listing the owner by name, list the owner only as “The Bearer.” The supposed advantage of this was to maintain privacy of ownership. The Bearer was whoever held the certificate, so shares could be transferred from one person to the next without notice to anyone or recordation anywhere.
I have never really liked the whole notion of bearer shares. If someone comes to me with the bearer certificate, how do I know if the certificate wasn’t stolen or forged? The idea of simply handing a certificate from one person to the next may sound nice and easy (and a bit crafty) but such a transfer can create all sorts of tax problems. If you hand a certificate representing a million dollar business over to your friend you’ve made a significant gift, for which gift taxes are due. And when by prearrangement he hands the certificate back to you there’s another taxable event. Worse yet, what if your ‘friend’ wouldn’t give you the certificate back?
The big reason bearer shares were outlawed has to do with fraud. Less than ethical corporate promoters would sell their less than ethical corporate clients on the idea that by simply handing the bearer certificate over to a friend they could deny a judgment creditor (one with a court awarded judgment) access to the business or other asset. Of course, such a transfer is a fraudulent conveyance, meaning that a court could overturn the transfer if anyone ever found out about it. The problem was that it could be very difficult to find out about it. As a result, bearer shares enabled a certain class of people to commit fraud. The Nevada Legislature was right in outlawing bearer shares.

2. New Ownership Disclosure Procedures
The use of Nevada corporations and other entities to commit fraud is also the reason for this next big change. It is unfortunate that privacy of entity ownership is now somewhat compromised, but when people continually abuse the system something will usually give.
Apparently the federal and law enforcement authorities pushing for these changes played the terrorist card—that insanely bad people were using the privacy of Nevada entities to ultimately greatly harm us. While it is my opinion that this red hot card gets played a little too often these days, there can be no denying that domestic bad guys, your average American scam artist, used Nevada privacy for nefarious purposes.
But the new law for corporations, LLC’s, LP’s, business trusts and the like is not as bad as you may expect. Here is the rule for corporations:
1. In addition to any records required to be kept at the registered office pursuant to NRS 78.105, a corporation that is not a publicly traded corporation shall maintain at its registered office or principal place of business in this State:
a. A current list of its owners of record; or
b. A statement indicating where such a list is maintained.
2. The corporation shall:
a. Provide the Secretary of State with the name and contact information of the custodian of the list described in subsection 1. The information required pursuant to this paragraph shall be kept confidential by the Secretary of State.
b. Provide written notice to the Secretary of State within 10 days after any change in the information contained in the list described in subsection 1.
3. Upon the request of any law enforcement agency in the course of a criminal investigation, the Secretary of State may require a corporation to:
a. Submit to the Secretary of State, within 3 business days, a copy of the list required to be maintained pursuant to subsection 1; or
b. Answer any interrogatory submitted by the Secretary of State that will assist in the criminal investigation.
4. If a corporation fails to comply with any requirement pursuant to subsection 3, the Secretary of State may take any action necessary, including, without limitation, the suspension or revocation of the corporate charter
5. The Secretary of State shall not reinstate or revive a charter that was revoked or suspended pursuant to subsection 4 unless:
a. The corporation complies with the requirements of subsection 3; or
b. The law enforcement agency conducting the investigation advises the Secretary of State to reinstate or revive the corporate charter.
6. The Secretary of State may adopt regulations to administer the provisions of this section.
It is important to note that Nevada is not asking for the owners of the entity up front. The requirement is that the registered agent either keeps a list of the owners or the name of a contact person who has a list of the owners. The Secretary of State will request the ownership list only when a law enforcement agency needs it for a criminal investigation. Not for a civil case mind you, but only for a criminal case.
What this means is that if your business and asset protection plans are on the up and up, your privacy will be protected. Or, to put it another way, if you are engaged in fraud and other crimes, our firm will be happy to comply with these new rules. You may even want to take your bad business somewhere else to begin with. But for the good guys, you will still maintain your privacy.
Two points are worthy of further note. First, for limited partnerships the only owners the new legislation aims for are the general partners. While the generals do indeed control a limited partnership, frequently they only own 2% or less of the entity, and are usually just a management corporation or LLC. The limited partners will own 98% of the limited partnership and, except for management, are the economic beneficiaries of the entity.
Whether the new law intentionally just wanted information only on the general partners or will be corrected to include the limited partners’ identities remains to be seen. But for now, people very concerned about privacy may want to use Nevada limited partnerships.
The second point has to do with Wyoming. The corporate law of Wyoming does not have such an ownership disclosure procedure. Yet.
Apparently the federal authorities are working to get similar legislation approved in other states, including Wyoming. We will keep you informed of such developments. Until then, once again, those very concerned about privacy may want to use Wyoming entities.
3. Stronger Asset Protection for Nevada Corporation Shares
One of the strongest asset protection laws on the books is the charging order. This law holds that a judgment creditor of a member of an LLC or a partner of a limited partnership can’t acquire those interests directly and use that control to force a sale of the assets. Instead, they only obtain the rights of an assignee of the membership or partnership interest, meaning they are only entitled to distributions from the entity. They can’t vote to sell the assets to satisfy their claim. They can’t even vote to increase distributions. They are stuck waiting for future distributions, which may or may not come. The charging order is a very effective deterrent to frivolous litigation, especially in Nevada and Wyoming LLC’s and LP’s where the charging order is the exclusive remedy.
Up until now, the charging order had never applied to shares of corporate stock. So, for example, if John got in a car wreck and his insurance did not cover him, the victim could proceed against all of his assets. If John owes 75% of a profitable corporation the victim could get control of the shares and vote to sell the business to satisfy the claim. This certainly is not fair to Jane, the 25% owner of the business, who worked hard to build it up only to see it sold out from under her.
With Nevada’s new law the charging order now applies to shares of corporations. This is an excellent development.
There are several important rules to point out. The charging order protection only applies to corporations that have more than one and fewer than 75 shareholders. If you own 100% of a profitable corporation you may well want to consider issuing a nominal amount of shares to a relative or friend in order to gain the better protection. As well, the new law does not apply to subsidiaries of publically traded companies or to professional corporations.
The charging order protection for corporate shares does not apply to any litigation filed before July 1, 2007, and it does not supersede any private agreement between a stockholder and a creditor. This new law puts Nevada at the forefront of asset protection states. While Wyoming will most probably follow suit, until they do Nevada is the state in which to incorporate. Even though Nevada’s initial and annual filing fees are somewhat higher than Wyoming’s fees, the better protection is well worth the extra cost.
4. Miscellaneous New Rules
The new law dealt extensively with the conduct of restricted agents. A new category was created that of the commercial registered agent, which shall be registered with state. Registered agents that don’t comply with rules to be established by the Secretary of State’s office can be banned from the business. In keeping with the new disclosure rules, registered agents must keep a company’s stock ledger for three years following the registration or termination of the agent or dissolution of the company.
The new law allows for professional LLCs. Many doctors, lawyers, CPAs and the like have wanted the flexibility of operating their practices as an LLC but were prohibited from doing so. The new law follows the trend of many states of now allowing for professional LLCs.
The importance of the corporate election of directors was underscored in the new law. Companies that fail to elect directors within 18 months beware. The owners of 15% of the corporate stock can go to court to force such an election.
The reinstatement of entities was made more effective. A corporation, LLC or LP that fails to pay its annual fees to the state can lose its right to do business. Reinstatement involves paying back fees to bring the entity current with the state. The new law provides that reinstatement reinstates the entity’s right to do business as if the entity had been current all along.
As we have noticed before, the law is a dynamic and ever changing area. Nevada’s new laws prove the point. Once again, if you or a friend would like to receive updates on changes to the corporate laws, please click here.

We will keep you informed. If you have any questions or concerns regarding these new laws, please contact us at www.Sutlaw.com