Estate Planning USA.com

Barney and Willard are two personal trainers from Seattle. They started their own company in 2001 which they formed as a LLC. They each contributed $1000 in cash to start.

Barney’s uncle, Percy lent them $90,000. With that money they purchased their initial equipment and paid for operating expenses during their first two years of operation. Barney and Willard have not actually been paying back this loan. In 2007, Percy gifted both guys $10,000 and he gifted them $11,000 in 2008. Percy planned to gift them $12,000 in 2009, but he died in February. Under his will, the remaining portion of the loan is to be forgiven and treated as bequests.

In late 2007, the company purchased their own facilities for $120,000. They made a down payment of $20,000 and the rest was mortgaged.

The financial crisis hit the company hard in 2007 and 2008. Real estate values dropped 26% and the equipment is now only worth 30% what they paid for it. Accounts receivable payments are also very slow.

Willard decides he wants to leave the company – he wants Barney to buy him out of his equitable share. Willard wants cash, but if he can’t have that then he wants ownership of the building and will assume the mortgage and he would rent the building to Barney for a reasonable amount.

They both want this settled by December 1st, 2009.

Assets

Current Assets
Cash 11,600.00
Accounts Receivable 22,000.00
Supplies 3,400.00
Total Current Assets 37,000.00

Property, Plant & Equipment
Building 120,000.00
Less: Accu Dep (4,000.00)
Equipment 78,000.00
Office Equipment 6,500.00
Less:Accu Dep (84,000.00)
Total PP&E 116,500.00

Total Assets 153,500.00

Liabilities & Owners’ Equity

Current Liabilities
Accounts Payable 15,100.00
Note Payable equipment 10,000.00
Mortgage Payable 5,000.00
Unearned revenue 7,400.00
37,500.00

Long Term Liabilities
Loan Payable - Percy 29,000.00
Note Payable - Equipment 25,000.00
Mortgage Payable 89,000.00
143,000.00

Equity
Earnings (48,000.00)
Barney Equity 22,000.00
Barney Draw (10,000.00)
Willard Equity 22,000.00
Willard Draw (13,000.00)
(27,000.00)

153,500.00

My sister left me out of the plans, and I didn’t even sit with the family because I felt so uncomfortable. She didn’t even tell me where to go to be able to sit with the family. But now she’s trying to sell everything including the half i’m supposed to get to pay for the funeral. Is this really right? Legally? I mean if I get half do I get a say in what to do with it? Mind you i’m 18, trying very hard to get a job with the economy, no license because I don’t have a car to drive to get them with. My dad was going to help me get them so I could go to cosmetology school, but he died before he could. I didn’t even know he was bad off, my family told me he was fine. I was so mad when my mom told me he died. He also had a DNR without my knowledge. My sister is older then me with kids a husband a good job a sports car, and two trucks. And she knows what I go through so I just dont’ understand why she wouldn’t care. Can someone help me?
I would be willing to pay for some of the expenses but the funeral was basically a way for my sister to show off honestly. Half of the people who knew him didn’t even come cause they didn’t know he died, and the funeral just wasn’t him at all.
My parent’s are divorced

Im a 22 yr old African American female from Tennessee planning to take real estate classes in the fall. I plan to go into the field and succede either way but just wanted to know some success tips from established agents, brokers, lenders, or anyone having to do with the real estate world. Also, willing to travel.

I don’t know how much does it cost to probate an estate. Is retirement benifits worth to probate?

I live in Florida technically own a house that is being given to me in some estate planning plan. I generally have nothing to do with the house, which my mother lives in and runs.

A while back there was a fire, and my mother hired some scam public adjusters to work on the case. They stole property from the house and my mother is suing them.

The opposing party is trying to require me to travel to NY for the trial. There is no need for such involvement by me because I have no direct knowledge of anything in the case. I’d be quite happy to swear out a deposition under oath here in Florida.

It seems though that he only information I have is that I am the person whose name is on the deed, and that I approve of the lawsuit my mother is filing on my behalf. Can’t that just be done via a notary?

It appears that he other party is trying to compel me, merely because they think there is some possibility I will not come down.

Can I be required to go if there is no real purpose other than to hassle me? And how does it work? I presume that he other party has to go to the judge–would he just issue a subpoena (in which case I would go), or is there a possibility that he would not do that but dismiss the case without giving me a chance?

Yes, I plan to speak to a lawyer.
<<Are you a named party in the case?>>

I’m not sure what that means.

Technically I am probably the one bringing the lawsuit because my name is on the ded and my mother is probably technically suing on my behalf. but I have no relevant testimony to give–I have prety much nothing to do with the house and have no direct information relevant to the case.

It’s not like I am the one being sued, if that is what "named party" refers to.

Graduated from college in 2005 and have been working since. Worked my butt off in school and landed a job paying in the mid 70’s starting. still live at home to save some cash (thank god for mom and dad). Been able to save over 30k in 2006 and will prob be able to do the same in 2007 (savings is earning 5% annually ). Have my 401k covered as well as a company pension plan (will be well taken care of after retirement, 42 years from now). Have an IRA and some stock investments (not much $$$ in them). My question, what should i look into for investments? I live in los angeles where a 2 bedroom shack costs $500k so real estate may be out of the question nonetheless i am banking on this bubble to burst. should i continue to save and go on a shopping spree when real estate prices come back to normal? advice from a seasoned pro would be nice….

I’m a production graphic designer for a small design firm in Phoenix, AZ. The firm does print design work for Luxury Real Estate and Hospitality internationally. One of the major accounts is The Ameya Preserve in Montana. I assist the creative director and senior designers that design high end printed marketing pieces. Our clients advertise to the extremely wealthy. I keep the branding consistent from piece to piece, make mock ups, prep pieces for print, create website architectures, create site maps from extensive CAD files, redesign floor plans for print, etc. I do a lot and I am extremely busy every day. I do everything but concepting. I am up for a raise, how much should I ask for? I make 33,000 annually now with full benefits.

A year ago, my mother passed away. She was my life, my world. I took care of her for so many years. I was fortunate enough to work close to home should something happen to her. Before my mother passed away, I was in no mental condition to work. But my employer forced me to get back to work or else I would be losing my job. So I went back to work knowing that my mother was going to die. In fact just minutes before my mother died, my boss asked me in front of my HR Rep. "Can you work until your mother dies"- How insensitive! I became angry and bitter about it and held my feelings inside.
As a result of my mother’s passing, I went to see my doctor who put me on anti-depressants which I am still on today. I got a doctor’s note stating that I was too depressed to work. With the brevement leave, I was out of work for 4 weeks.
My mother left me most of her estate however, living in Massachusetts, the cost of living is expensive. So I had to gut out the house and move. I moved into a condo about 8 months ago.

However, I was being harassed at work by my supervisor, my manager and my HR Rep. about how I was dealing with my mother’s death. Even though I kept mostly quiet and polite to them while I was still employed after her death, the way I was treated when I was asked about my mother’s passing- was like "She can’t live forever". No one sympathized with me. Yes I know it is a place of work but what really made me quit was the fact that my HR Rep. kept referring herself to me as "My second mother". I really resented that but kept my feelings inside.- Even my manager was yelling and screaming at me to get things in order. I understood where he was coming from but the WAY he approached me about it was degrading. This is not the first time that my ex-manager has spoken down to me. So as a result, I complained on a couple of occassions to my HR Rep. that my boss was speaking to me in this way. Nothing was ever done.

Shortly after I left this employer, I posted a review on Yelp.com about the company. It was on there for months. A few weeks ago, I received an email from my HR Rep. ordering me to take it down. Which I did however, I told her off in the email and also said that I am not done with the company yet. I filed a complaint with the state’s labor board and I have still not received a response regarding the harassment I received which prompted me to write this bad review about the company.

First off, Isn’t Yelp.com a place where I can express my feelings? Since when is freedom of speech against the law?

Now I come home from work tonight and received a voice mail on my home phone from a dectective from the police dept. of the town my employer is based in. I work late, so I returned the call and left a message.
Now my employer thinks that I am threatening them.
And one more thing, They are screwing around with my 401K plan and my Employee Stock Option Plan.

I need advice. What should I do when the dectective calls me back tomorrow? I just want what is owed to me and move on with my life.

Recently, I found out

1-3 years:
-Find employment and start putting away $200 per week to pay off my student loan ($30,000)
-Set up 4 accounts (everyday, rainy day, fun/sport/travel, debt repayment)

Next 4-7 years:
-Keep saving $200+ per week and put into stocks/funds accounts

10+ years in future:
-Use saved money to invest in rental properties/buy own home

I’m not particularly keen on taking huge risks, I just want to build up enough money to pay off that student debt (no risk) and then save up enough money while earning decent interest to save up to invest in real estate which is my passion for investing.

Does this sound like a solid plan?

Im 21 yrs old & feel totally lost in life My plan 4 a career was 2 model since I was a baby but with the body I developed its almost impossible. Im only 5′4 size 5/7 and an agency in FL told me I can basiclly only model lingere, maybe auto, or do porn! Should I keep persuing it & go 2 other agencys? My REAL passion is animals but Im really bad in school (impatient/add) I was hopeing 2 do ADs 4 PETA and use looks 2 my advantage 4 animals like Pamela Anderson but of course shes already famous. My boyfriend is older & in law enforcement & I feel is getting frustrated Im not doing anything 4 my future & not helping with bills or anything. I really want 2 help but Im just so torn. I was thinking of getting my real estate license in FL but working at Hooters part time cause the market is kinda slow right now just 4 fast cash. Any ideas? Heres some pictures.
http://img219.imageshack.us/img219/8678/yabbaswx4.jpg
http://img242.imageshack.us/img242/5324/caryl1.jpg
http://img242.imageshack.us/img242/4351/beachvh7.jpg
Aww Steph theres no money in that though they make like 13/hr Im making that now! I wouldnt have sex 4 money youre nuts & I deff dont want a breast reduction I think my body would look fat if I did that cause everything is even now plus Im trying 2 earn money not waste money on surgery silly No advice on the real estate or hooters thing? *sigh*
Knarf being a vet is like 7/8 years of school, did you even read?