September Edition
Fall has arrived and with exciting news: Sowerby Law Office is no longer a solo practice! See the announcement below.
Sincerely,
Dwight Sowerby
Sowerby Law Office, PLLC
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Elizabeth Brown, Esq Joins Sowerby Law Office!
We are delighted to welcome Liz to our firm. Liz has almost 20 years of legal experience representing individual and business clients in a wide range of commercial transactions, corporate governance issues, and litigation matters. Liz highly values building long-term relationships with her business clients and enjoys assisting new and existing businesses develop and grow. She has had the privilege of representing many her clients for over 10 years and assisting them through various phases of their business formation, planning and development. She also brings to the firm an expertise in corporate governance matters related to Delaware and New Hampshire corporations, limited partnerships and limited-liability companies. Liz has relocated from Delaware to New Hampshire and is eager to bring her experience and expertise to our local clients. She looks forward to assisting clients with the formation of new businesses, vendor and client agreements, commercial real estate transactions, lease transactions, asset purchases, and business succession plans.
Liz also practices in the areas of estate planning and probate, dispute resolution, and real estate.
Liz is currently admitted to practice law in New Hampshire and Delaware and is a member of both the New Hampshire and Delaware State Bar Associations. Prior to joining Sowerby Law Office, PLLC, Liz was associated with the law firms of Crossland & Associates, Morris, Nichols, Arsht and Tunnell and Morris, James, Hitchens and Williams in Wilmington, Delaware. She was a law clerk to the Honorable James C. Harten of the Minnesota Court of Appeals.
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Watch Those Online Legal Forms! Especially Power of Attorney Forms
Some people decide to save legal fees by downloading legal forms from the Internet. Don't get me wrong, some of the forms on the Web are good forms; but you need to know the good from the bad and, more importantly, whether or not the form complies with New Hampshire law. One of the common mistakes we see in online Power of Attorney forms is the absence of a Disclosure and an Acknowledgement. Under New Hampshire law, RSA 506.6,
in order to be valid, a Power of Attorney document must include a Disclosure statement signed by the Principal and an Acknowledgement signed by the Agent. The statute spells out what must be in both.
The Disclosure, signed by the Principal, states that the Principal understands that the POA is an important legal document that confers great powers upon the Agent;the Disclosure also advises the Principal to seek legal advice before signing if there is anything about the document that the Principal does not understand.
The Acknowledgement is signed by the Agent and states that the Agent understands that the powers granted to the Agent are "Fiduciary" powers- meaning that the powers must be exercised, if at all, for the benefit of the Principal.
Without the signed Disclosure and Acknowledgement, no action taken by the Agent will be valid!
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Choice of Entity for a New Business
Whenever a new business is to be formed, one of the first major decisions to be made is: what entity will be formed? By this, we mean will the new business be a sole proprietorship, a partnership, a corporation or a limited liability company (LLC)? In most cases, we recommend that new small businesses be formed as an LLC (although LLCs are certainly not limited to small businesses- see Chrysler and the New England Patriots, both of which are LLCs.)
Once an entity type has been selected, then the income tax regimen must be chosen. Did you know that an LLC can choose to be taxed as a corporation or a partnership? An LLC can even be disregarded for income tax purposes, meaning that it will be taxed as a sole proprietorship. Confusing?? It doesn't have to be. Liz and Dwight can guide you through the tangle of laws, working with your tax advisor. Call for an appointment if you are considering setting up a new business.
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Irrevocable Trusts and Medicaid
For Some time now, we have been warning against the use of irrevocable trusts for Medicaid planning. These are trusts that purport to shield assets from the costs of nursing home care. We have stated that these trusts can be effective in very limited circumstances and then only if the trust is very carefully drafted. A recent New Hampshire Supreme Court decision has proven that caution in the use of these trusts is warranted. In Petition of Estate of Thea Braiterman (N.H., No. 2015-0395, July 12, 2016), the Court ruled that such a trust was a countable asset because of the level of control that that the Settlor (person creating the Trust) could exercise. If you have such a trust or are contemplating one, please contact an attorney familiar with this case and the DHHS rules. We would be glad to help.
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About Our Law Firm
Sowerby Law Office, PLLC is a law firm in
Amherst,
NH.
The firm consists of Attorneys Dwight Sowerby and Elizabeth (Liz) Brown and Administrative Assistant Cindy Sowerby. Dwight and Liz practice in the areas of Elder Law, Estate Planning, Probate, Small Business Law, Municipal Law and LLC formation. We are located on Route 101 in Amherst, NH, right next to the Salzburg Square shopping center.
Please note that this Newsletter is for general education purposes and is not to be considered legal advice. It is not intended to, nor does it create, an attorney-client relationship.
Sowerby Law Office, PLLC
282 Rt 101, Unit # 4
Amherst, NH 03031
603-249-5925
Dwight@sowerbylawoffice.com
Liz@sowerbylawoffice.com
Cindy@sowerbylawoffice.com
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