LegalCreation.com Releases Helpful Estate Planning Tools to Help Citizens Keep More of their Hard Earned Income

LegalCreation.com releases helpful estate planning tools to help citizens keep more of their hard earned income.

Atlanta, GA (PRWEB) November 10, 2007 -- LegalCreation developed and was happy to release their online system after much public anticipation. LegalCreation's helpful estate planning tools include the ability to easily and conveniently conduct the following online procedures:

1) Creation of a corporation or a limited liability company (Asset Protection)
2) Creation of a Will
3) Creation of a Living Will
4) Creation of a Power of Attorney document

"Many financial gurus preach that it's not how much you make but how much you keep that makes the ultimate difference in attaining financial freedom. Smart investors also use the law in their favor to create favorable income opportunities. Most of these tools are never discussed with the lay person. The plan we laid out is a simple 'no frills' estate plan to help the average person keep more of their hard earned money for themselves. We call it the 'Legacy Plan' because it sets the foundation for growth and financial success that may extend past the existence of its creator," said Stefano Grossi, an avid contributor to LegalCreation.com.

The following is a brief overview of what benefits the tools provide:

1. Creating a Corporation or Limited Liability Company:
The single most important reason people use the corporate form of doing business is to safeguard the personal assets of the owners -- the shareholders (or stockholders) of the corporation -- against potential claims of creditors. Sole proprietors and general partners in a partnership are personally liable for all debts and obligations of the business, such as loans, accounts payable, and defective products. Stockholders typically are not liable for ordinary debts and obligations. Other benefits include a corporation's continuous life and the inherent tax savings of a lower tax rate. Also, they can own shares in another corporation and receive corporate dividends 80% tax-free.

2. Creating a Will
There are lots of good financial reasons for making a will but the primary are that individuals can decide how their assets are shared out -- rather than the legal system and also the elimination of overpayment of inheritance tax.

3. Creating a Living Will
A Living Will is an advance declaration of an individual's wishes on future medical treatments.

Many people are concerned about what will happen to them if they become very ill and are unable to communicate their wishes to anyone. Many fear the loss of dignity and the significantly decreased quality of life which can result from degenerative health conditions. Medical technology has now advanced to such a degree that people can be kept alive even when they are brain dead.

Some people, after careful consideration and discussion with their doctors, decide that they don't want to receive treatments which would result in a meaningless and prolonged artificial existence. They want to have the benefit of recording their decisions and the peace of mind of knowing that this will be communicated to the doctors.

4. Power of Attorney -- better safe than sorry
A Power of Attorney (POA) is a written instrument that allows you (the "principal") to authorize your agent (your "attorney-in-fact") to conduct certain business on your behalf. It is one of the strongest legal documents that you can give to another person. There are two types of POA; "general" and "special" (or limited). Generally a Limited Power of Attorney is recommended since A special, or limited, POA authorizes your agent to do only a specified act, such as sell your car, ship your household goods, or cash your paycheck. A "special" or "limited" power of attorney can accomplish almost any need. Access to a particular bank account; closing on a house; medical care for your children; or movement of your household goods can all fall under a special POA. "We hope that by providing the easy to use technology with the legal know how, the general public will be empowered and truly benefit."

About LegalCreation.com
LegalCreation offers convenient and affordable online services for all your legal needs and our friendly and professional attorneys and legal assistants are standing by to assist your every need.
LegalCreation services are 100% satisfaction guaranteed.

LegalCreation.com is a legal service web site for Kevin J. Pratt, PC.

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