Katzman & Katzman, P.C.FindLaw IM Template2024-03-20T09:19:40Zhttps://www.k2lawfirm.com/feed/atom/WordPressOn Behalf of Katzman & Katzman, P.C.https://www.k2lawfirm.com/?p=473312024-03-15T09:20:00Z2024-03-20T09:19:40ZThis step's findings can also significantly affect the mortgage's details, making the appraisal crucial for potential buyers.
Details affected by the appraisal
Appraisals can be critical in helping lenders gauge a property's value and arrange an appropriate lending setup. The results can impact the value of vital details that can affect the buyer's payments for the property, including interest rates, down payments and the total mortgage amount.
Additionally, an appraisal may reveal various information about the sale price and whether it is accurate to the property's actual value. If the difference is too big, the lending arrangement can become unfavorable for the buyer. In these instances, they can review if severe appraisal inaccuracies led to this scenario.
Addressing appraisal inaccuracies
Inaccuracies involving the appraisal results can happen frequently, obliging some lenders to include a reconsideration as a standard part of the process. If not, buyers can request it to determine if they believe errors or discrepancies are causing the inaccuracies. Taking these measures can be vital because the final findings can impact the immediate lending arrangement and how the buyer must pay long after closing the purchase.
However, justifying the reconsideration can be challenging, depending on what information about the property is on hand. It can be helpful to seek legal guidance to address these issues. Valuable advice can also help buyers determine what to do next and how to approach other real estate transactions that might be necessary.]]>On Behalf of Katzman & Katzman, P.C.https://www.k2lawfirm.com/?p=473302024-03-14T05:01:27Z2024-03-19T05:00:50ZFollow your continuity plan
If you have a business plan, it should contain a continuity plan. This is a plan for how to recover after a disaster. A good continuity plan identifies potential disasters and outlines strategies for recovery.
Although you may want to get back to your daily routine as soon as possible after a disaster, that is usually not possible. In fact, you might need to permanently redesign or reorganize key aspects of your business.
Be flexible when deciding how to conduct your business operations immediately after the disaster. Have a plan in place for remote working if your business property is damaged or unsafe to enter.
Take it one day at a time
Give yourself time to adjust to the new routine. Recognize that while it could just be a temporary change, be open to the idea that it might be time to readjust how you do business.
Although a disaster is a negative event, sometimes it results in new ways of doing business that improve the business overall.
For example, if you were the victim of a cyber attack and your intellectual property or customer information was stolen, this could lead to implementing stronger cybersecurity.
Update your business plan
If you do change the way you do business after a disaster, remember to update your business plan. An outdated business plan is not going to help you if another disaster occurs in the future.
Finally, reach out to other business owners and local government organizations for advice and support. Many groups offer financial and other assistance to business owners after a disaster.
]]>On Behalf of Katzman & Katzman, P.C.https://www.k2lawfirm.com/?p=473322024-03-14T05:00:47Z2024-03-19T05:00:21Zseveral issues hound eSports such as allegations of doping.
Doping is a huge issue in other professional sports because it is considered unfair for an athlete to utilize chemical substances to improve their physical performance. The World Anti-Doping Agency regulates the use of performance‐enhancing drugs (PEDs) by athletes, and many professional leagues also maintain strict anti-PED policies.
Doping in eSports
In general, eSports players don’t need to take substances to enhance their size and power, but that isn't the only conceivable benefit of a PED. PEDs are available to boost the brain, improve reaction times, enhance focus and keep players wide awake. Talks on doping have led several eSports leagues to conduct random drug testing.
Potential problems with doping in eSports
An eSports player caught doping may face several consequences for taking a PED. These include the following:
Organizational penalties: Leagues can suspend or ban a player for doping and impose a collective punishment on the player’s team. Tournaments can disqualify them and may take away their titles.
Criminal punishments: Having illegal drugs in their system worsens things as Indiana prohibits the possession of illegal drugs. Depending on the type and weight of the drug, the penalty can be a misdemeanor or a felony.
Reputational damage: Doping mars the player’s reputation in the sporting world and news media. It also impacts their relationships with teammates, sponsors, fans, families and loved ones.
Breach of contract: A doping offense violates a player contract’s moral clause that protects the credibility of a team, league or sponsor.
Indiana law requires the party seeking a breach of contract claim to show a valid contract. They must prove that the player committed a breach with a failed drug test result. Then, they should have evidence of their damages due to the breach.
The right to defend yourself and countersue
Doping allegations can change the course of an athlete’s career and cause irreversible damage. Experienced legal support can assist players in defending their side. And they may choose to clear their name by countersuing for distress, lost opportunities and a ruined reputation.]]>On Behalf of Katzman & Katzman, P.C.https://www.k2lawfirm.com/?p=473252024-02-27T16:21:17Z2024-03-02T05:13:18ZThe best interest of the child
The legal standard a court uses when making these decisions is the “best interest of the child” standard. What is best for a child is different in every case.
There are several factors a court examines to decide is in a child’s best interest. Some of these include:
The child’s adjustment to their home, school and community
The wishes of the parents
The mental and physical health of everyone involved
The child’s wishes are also considered, along with the age and sex of the child. Some of these factors may be given more weight depending on the circumstances; no factor is solely determinative of custody.
Can a child choose their custody schedule?
This is commonly seen in cases where an older child clearly expresses a preference of living with one parent over another. Although the child’s wishes are a factor, other factors are also examined, which means a child never truly gets to decide their own custody schedule.
Evidence of prior domestic or child abuse is another factor used when making custody decisions. As with the other factors, this factor alone does not determine custody.
If you are seeking full or primary custody based on abuse, you must prove the abuse through direct evidence. Even then, your co-parent might get some form of supervised custody, which eventually builds up if the custody visits go well.
Just as no child is the same, no custody case is the same. These factors can give you a general idea of what a court looks at when deciding custody.]]>On Behalf of Katzman & Katzman, P.C.https://www.k2lawfirm.com/?p=473242024-02-22T05:30:23Z2024-02-28T05:25:56ZPrecise contract language and clear documentation
The first step in addressing real estate disputes is to ensure that all agreements and documents are clear, comprehensive and legally sound. Ensure that all real estate contracts and agreements are in writing. Furthermore, they should clearly outline the terms of the transaction.
Insist on precision. Every clause should be specific. From the responsibilities of each party to the timelines for action, leave no room for ambiguity. Keep a record of all communications. If a dispute arises, these records can be invaluable in clarifying who said what and when. Every agreement you sign and receipt you receive is proof.
Due diligence
One of the most effective preventive measures in real estate transactions is thorough due diligence. It is a process that involves a meticulous review of all aspects of the property and the transaction to uncover any potential issues before they become disputes. Verify that the property title is clear of liens, disputes or encumbrances because these could affect your ownership rights.
Look into the property's history for any issues that might resurface after your transaction. Ensure the property complies with local building codes, zoning laws and any covenants or restrictions that could limit your use of the property. By conducting due diligence, you gather critical information about the property and demonstrate your commitment to a transparent and informed transaction.
Proactive communication
Problems often arise from miscommunications or assumptions. Open and honest communication with your neighbors, contractors and other parties involved in your real estate transaction can help prevent misunderstandings and disputes. Do not wait for the other party to come to you with questions or concerns. Be proactive and check in regularly to ensure everything is on track.
Whether you are buying commercial or residential property, any form of real estate is a substantial investment. It is crucial to take legal measures to secure your ownership and avoid complications in the transaction.]]>On Behalf of Katzman & Katzman, P.C.https://www.k2lawfirm.com/?p=473202024-02-12T06:08:28Z2024-02-15T06:08:14Z
Flexibility: An LLC allows for flexibility in many areas, including investing, profit sharing, and taxation.
Easy to form: An LLC requires less paperwork and fewer costs than other business structures. Under Indiana Code 23-18-2-4, you will be required to file an “Articles of Organization” document with the Secretary of State, which will contain basic information about the business. You are also encouraged, albeit not required, to create an operating agreement which will specify how the business will be run.
Operational freedom: An LLC allows you to choose either a member-managed or manager-managed structure. There is no need for a board of directors or annual shareholder meetings.
Liability protections: There is legal separation between you and the LLC. In other words, your personal assets are protected and will not be used to pay off business debts.
Pass-through taxation: An LLC does not have to be subjected to double taxation the way a traditional corporation is. Instead, profits of the business will be passed through to the owners’ individual tax returns and owners will pay taxes on these profits on their personal tax returns.
While there are several advantages to starting an LLC, there are also a few disadvantages. It can be difficult to transfer ownership, as all members must generally approve of any changes.
An LLC can also be costly to create and may be subjected to fees. It is important to thoroughly research Indiana business law before deciding on a structure for your business.
]]>On Behalf of Katzman & Katzman, P.C.https://www.k2lawfirm.com/?p=473182024-02-06T14:30:46Z2024-02-10T05:47:58ZHowever, the court can change the support amount based on the situation. In Indiana, some circumstances can make it reasonable to adjust the child support amount, including the following:
The parent has other financial obligations to other children through a court order or other legal arrangements.
The parent has other children, including those from previous marriages, that they also support financially, other than step-children.
The parent also pays spousal support or alimony enforced by decrees established before the ongoing divorce.
The child support amount often comes from a specific computation using the weekly income for both parents, cost of work-related child care expenses, cost of the children's portion of health insurance premiums, a credit for overnight parenting if exercising at least 52 overnights a year, and which parent is responsible for paying the children's controlled expenses. The factors bulleted above, are also taken into consideration and are applicable to the court's decision on child support. If these scenarios apply, they can adjust the support amount to accommodate other financial responsibilities of the involved parent.Still, there is no exact way to predict the final child support amount because it can change after considering other relevant factors, such as the parent's employability and other valid circumstances.
Navigating child support issues
Many divorce disputes can stem from child support issues, especially if the involved parents have contradicting opinions on the topic. These high-stress situations can be challenging to manage, especially when minimizing conflicts for the children's sake.
When facing problems involving child support, seeking legal counsel can be beneficial. Doing so can help determine appropriate ways to address issues and navigate procedures without missing any requirements or deadlines.
]]>On Behalf of Katzman & Katzman, P.C.https://www.k2lawfirm.com/?p=473022024-01-17T04:10:25Z2024-01-23T04:10:06ZWhat is due diligence in the context of mergers and acquisitions?
Due diligence is a critical process in the context of mergers and acquisitions that involves a comprehensive appraisal of a target business by a potential buyer. The primary goal of due diligence is to assess the target company’s value and identify any risks or liabilities that may not be apparent on the surface.
The process allows the potential buyer to make an informed decision. During the due diligence process, the buyer must do the following:
Review the financial records of the company they want to acquire or merge with to understand the target's financial health and performance.
Evaluate any legal issues that could affect the transaction, such as pending litigation, compliance with laws and regulations, intellectual property rights and contractual obligations.
Assess the company's operations, including the condition of assets, the efficiency of processes and the quality of the management team.
Determine how well the target company aligns with the buyer's strategic business goals.
Review employee contracts, benefits, labor relations and any potential HR-related liabilities.
Check for compliance with environmental regulations and potential liabilities for cleanup or remediation of hazardous materials.
Due diligence can help a potential buyer find out whether the information the seller presented to them is accurate. They can renegotiate the terms of their transaction using the findings, and work on a more fair and favorable agreement.
]]>On Behalf of Katzman & Katzman, P.C.https://www.k2lawfirm.com/?p=473052024-02-13T15:44:54Z2024-01-19T19:42:41ZWhy a real estate contract is important
A real estate contract also contains conditions under which the sale will occur. Generally, if any of these conditions are not met, the sale can be cancelled.
Taking the time to create a thorough and complete real estate contract is important because it reduces the chance of legal or financial problems down the road. The contract’s purpose is to create a legally binding relationship for the buyer and seller and show their intent to complete the purchase transaction.
The overall goal of the real estate contract is to spell out all the details of the transaction. There are several key components that should be included in every real estate contract.
Financing terms
How the buyer will pay for the home is one of the most necessary terms of the contract. Although sometimes a buyer will pay all cash for the purchase, most buyers will be taking out a mortgage to pay for the home.
The contract should contain detailed financing terms. As the buyer, you should not agree to financing terms that you cannot afford.
For example, if you know you can only afford a certain percentage interest rate, make sure the contract does not allow for an interest rate above that.
Home inspections
The contract should contain terms regarding any home inspections that are to take place. The home is typically thoroughly inspected before the transaction is complete and the inspection could reveal major defects or problems with the house.
What to do in this situation should be laid out in the contract. The common remedy is to allow the buyer to walk away from the transaction, but other options could include the seller agreeing to pay the cost of fixing any problems that are discovered, up to a certain price.
Topics such as financing and inspections are major components of a real estate contract that should never be overlooked, but there are smaller details that are just as important.
Fixtures
One of these involves fixtures. These are pieces of property that come or do not come with the home, such as a stove, refrigerator or dishwasher.
While not having a dishwasher might not be something that would make you walk away from the entire deal, you still do not want to be unpleasantly surprised on move-in day when you do not get everything you expected. Learn exactly what fixtures come with the property and put the terms into the contract.
Contingency clauses
A common contingency clause in a real estate contract involves what happens if the seller decides they cannot sell the home. This sometimes happens when the seller’s plan to purchase another home falls through.
Options can include extending the time of the closing date to allow the seller to find another new home or canceling the sale and allowing the buyer to have any money they have already paid back.
Contingency language should also be included addressing what happens if the buyer’s financing does not come through or the sale of their old home is delayed.
These are examples of just a few common terms in a real estate contract. You will likely have details specific to your situation so it is best to have your contract reviewed before you sign it.]]>On Behalf of Katzman & Katzman, P.C.https://www.k2lawfirm.com/?p=473062024-01-19T14:23:14Z2024-01-19T14:23:14ZUnderstanding why January is a common month to initiate divorce
Researchers have analyzed the January divorce phenomenon. One explanation is that the couple was already having marital difficulties and chose to stay together through the holiday season for their children and extended family. Once the new year got underway, they decided to exit an unhappy marriage and start over.
Psychologically, this can be beneficial for everyone including the couple and the kids. An unhappy home can have underlying and unintentional turmoil that negatively impacts children. For some, the holiday season only serves to emphasize what is going wrong in the marriage. Spending more time together was cited as a reason for the spike in divorces during the recent health crisis and it might be a similar circumstance during the holidays.
For some, they think about the positive times and an enjoyable holiday season spurs them to give the marriage another chance. In other instances, the issues are exacerbated and attempts to put on a brave face for others only serves to make matters worse. Once the holidays end, people choose to end the marriage.
Preparation is imperative in a divorce
Regardless of the timing of the divorce, people should be aware of the issues that will come to the forefront in a family law case. If there are children, custody, parenting time and support are common considerations that need to be addressed. Other aspects are property division and spousal support. These are major challenges in high-asset cases where a business could be at stake, people are accustomed to a certain lifestyle and their assets are difficult to sift through.
Some couples are still on decent terms even if the marriage is coming to its conclusion. With that, they can negotiate an amicable resolution. Others need the court to decide. Whether a couple has decided to move on or they are still considering their options, it is wise to be fully prepared for every eventuality. This includes knowing how a divorce can impact a person in every conceivable way and what the law says about the outstanding issues.
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