January 2018 - Jim A Lyon Law Firm

Estate Planning for Copyrights

Implementing an estate plan for people with interest in artistic works requires estate planning attorneys to consider various strategies to protect the value of an artist’s creations during life and after death. This advice holds no true no matter if a person is an artist of literary works, paintings, music, architecture, or other creations. Understanding copyright law and how to implement it into a person’s estate plan is just one of these many important considerations. The Importance of Proper Registration Since 1978, copyright has come into existence for works that are original and made in any medium of expression. Enforcing a copyright, however, is dependent on registration with the United States Copyright Office. People who are interested in transferring interest in a copyright can do so in one of several ways. Failure to properly register your trademark will likely result in ownership of the mark being lost even before your passing. Keeping All Important Paperwork Centralized After registering a copyright, an estate planning attorney can work with the mark’s creator to make sure that all documents about the work are located in one central place. With sufficient registration, copyright owners can also make sure that they collect statutory damages and [...]

gstealth132018-01-29T14:30:21+00:00Tags: copyrights, estate planning, intellectual property|

VeraSun Energy: A Lesson in Bankruptcy Law

In 2008, the large ethanol producer, VeraSun Energy, filed for Chapter 11 bankruptcy. This petition for bankruptcy received significant focus by lawmakers in Washington who are in the process of introducing a bankruptcy bill that prohibits companies from filing bankruptcy in states of their incorporation. While VeraSun Energy had filed for bankruptcy in Delaware, none of the company’s plants nor the company’s headquarters were located in the state. The bill in question is the Bankruptcy Venue Reform Act of 2018. It is important for companies that are considering filing for bankruptcy to understand the elements of the Bankruptcy Reform Act, which has made some significant changes about where entities are allow to file for Chapter 11 bankruptcy. Details of the Bankruptcy Venue Reform Act of 2018 The Bankruptcy Reform Act of 2018 contains three sections. The first section notes some elements about bankruptcy law which include the following: Bankruptcy law offers a number of locations where a company can file for Chapter 11 bankruptcy. The large number of venue options has resulted in more companies filing for bankruptcy outside of their home state. The process of selecting the best possible location to file for bankruptcy is also referred to as [...]

gstealth132020-09-10T13:36:07+00:00Tags: oklahoma bankruptcy attorney|

Estate Planning for Small Business Owners

Estate planning methods offer significant benefits for all business owners. By establishing a strong estate plan, a person can safeguard not just a business, but employees and potential heirs, as well. This article will review some of the most important elements about how estate planning applies to people who own businesses. Create a Will Wills that are properly written help provide strong directions about how assets associated with a business should be managed or distributed when the business owner dies. Revocable Trusts Revocable trusts are much more complicated wills and allow an entity to hold assets for the business owner while they are alive. A business owner need not die for a trust to become effective. Instead, a designated party can also assume management of a trust if the business owner or trust creator becomes incapacitated. A revocable trust facilitates the transfer of assets, which helps to avoid extended legal proceedings as well as expenses that are commonly associated with legal cases. Power of Attorney Documents Powers of attorney allow a designated representative to make medical decisions on a business owner’s behalf in case he or she becomes unable to make decisions. Financial powers of attorney are important and let [...]

gstealth132018-01-15T14:30:30+00:00Tags: estate planning, small business, taxes|

US Supreme Court Agrees to Hear Influential Bankruptcy Case

The Supreme Court of the United States recently agreed to determine the intent of Congress when the section of bankruptcy code was created that determines the discharge of debts associated with dishonest or fraudulent conduct. This case serves as a reminder of the many complicated areas in bankruptcy law. Given these complexities, many people are who are involved with bankruptcy cases have found that it is critical to the outcome of a case to obtain the assistance of a seasoned attorney. The Background of the Case The party that originated the class initiated the case against the owners of a business that the party had recently purchased. The party agreed to pay legal counsel on an hourly basis with fees due each month. As the case proceeded, however, the man became delinquent on his payments. These two parties met numerous times to discuss the matter of payment with the legal counsel even reducing the client’s payment despite continued legal representation. In June of 2006, the law firm alleges that the party received a tax refund payment and used this money to make an investment in his business instead of paying outstanding legal fees. When the payment was not made, the [...]

gstealth132018-01-15T14:25:21+00:00Tags: bankruptcy, chapter 11, fraud, oklahoma city attorney bankruptcy|