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August 2016 Archives

Understanding patents

Patents are the most basic type of intellectual property. The purpose of registering patents is to encourage new inventions. Having a patent for a specific invention gives you exclusive rights to manufacture, market and sell the product. This helps startups to expand their ideas without facing stern competition from larger companies. There are three types of patents that a person may file for.

Things you should know about foreclosures

There is always a chance of your lender foreclosing on your home if you miss mortgage payments. Missing several mortgage payments is even worse, and there's a better chance it will lead to foreclosure. Your lender may send you a foreclosure notice via certified mail to warn you of the imminent loss of your property. The lender might also give you a deadline by which you have to clear the property. Losing your property through foreclosure has a negative impact on your credit score, and will affect your chances of obtaining credit in the future.

Understanding the role of an executor

When someone passes away, their assets need to be evaluated and managed. The estate administrator gathers the entire estate of a deceased person and makes sure that all debts are paid before distributing the assets. Anyone trying to get an estate transferred to their name must know how estate administrations work, or things will be quite complicated for them.

Understanding Medicare insurance

The U.S. government runs the Medicare program which takes care of elderly people as well as people with disabilities. Those who cannot afford to pay their medical bills are the ones who benefit the most from a program like Medicare. The payment for the program is made by contributions you make through social security. Contributions made by your spouse also make you eligible for the Medicare program. Information about the program may be obtained at your closest local Social Security office.

Do you share inheritance after a divorce?

Inheritance laws regulate who is entitled to receive a deceased persons' estate and belongings. The laws are quite complex and vary according to the situation. Divorce makes inheritance laws even more complicated, and it becomes difficult to establish how inheritance should be divided. Questions arise when one party tries to claim rights to their ex-spouses inheritance acquired while the two were still married.

Understanding mergers and acquisitions

Mergers and acquisitions are transactions in which the ownership of a company changes, or is transferred to another business organization. These transactions allow companies to globalize, grow and shrink according to the market's requirements. Mergers are the combination of two business entities into one larger entity, while acquisitions are takeovers where one entity gives up ownership to another. The process is fairly complicated because there is a lot at stake, and several laws and departments are in place to monitor such deals.

Thinking of giving someone power of attorney?

Sometimes elder people are unable to make important decisions due to deteriorating health conditions. In such cases, a durable power of attorney may allow the elderly patient to appoint someone to oversee all the financial-, legal- and health-related decisions. In the agreement, the person who gives power is referred to as the principal, while the receiver is called the agent. The agent is usually a family member or a trusted relative who is close to the principal.

Legal requirements for non-competition agreements

Certain employers might want you to sign a non-competition agreement before starting a working relationship. It only takes effect once the employment relationship is over. The agreement has a clause under which you may not start a similar profession that competes with your current employer, once your employment relationship ends. Employers usually require such agreements to protect their trade secrets and goodwill. If dragged into court, such cases may be highly scrutinized. This is because courts do not approve of any contract that stands in the way of a person's right to earn a living.

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