The Law of Christmas Light Displays according to the Hon. Clark W. Griswold
According to a 2011 survey, Americans spend in excess of $6 billion per year on Christmas decorations – and there’s no truth to the rumor that more than half of that number was spent by Clark Griswold for his annual Christmas light extravaganza. What is true is that...
Hulk Hogan & Asset Protection Lessons from Bollea v. Clem
In one of the more highly publicized cases of this year, in March 2016, a Florida jury in the case Bollea v. Clem awarded Hulk Hogan $115 Million in compensatory damages and $25M in punitive damages against the owners and operators of the Gawker website. Gawker was...
The Election Didn't Kill ObamaCare (yet): What You Need to Know
As Americans awoke on the morning of November 9, 2016, the reality of a Donald Trump presidency began to sink in. Many believed that a Trump administration would mean the end of the Affordable Care Act (a.k.a. the ACA or ObamaCare) on day one. Well, the reports of...
Thinking About Starting a Business? Consider These Ten Tax Tips
As the end of the year is fast approaching and 2017 will be here soon, if you’ve been thinking about starting a new business, keep in mind that once you are self-employed, a huge portion of the tax code opens up and becomes available to you for tax write-offs. Of...
How to Negotiate a Solid Contract
Lets face it, we all have to deal with contracts, many of us on a daily basis, and it is the law of contracts which forms the very foundation for our civil and commercial society. The main purpose of a contract is to memorialize and confirm the intentions and future...
Series LLC’s (Somewhat) Demystified State-By-State
Many of our clients, especially real estate investors, have heard of the Series LLC. However, the Series LLC seems to have a bit of a mysterious aura that keeps it from being understood. I think this comes from the fact that the Series LLC is relatively new...
What are My Options if I Disagree with the IRS?
Many view the IRS as an agency shrouded in mystery and the IRS is generally perceived as the omnipotent “big brother” that we should all fear. It is true that the IRS does have the ability to unilaterally garnish wages or levy on assets, whereas almost every other...
Starting Your Solo 401k By Year-End
The end of the year is approaching fast and many small business owners and real estate investors are looking for end of year tax savings! One of the typical year-end tax strategies is to make a tax deductible retirement account contribution. If you’re self-employed...
Estate Planning: Recent Questions from our Clients
In my experience, estate planning is one of the most important, and simultaneously least understood, areas of the law. Perhaps this is because none of us ever see how our own estate plan (or lack thereof) plays out after we are gone. Maybe it’s because there’s just a...
How to Properly Use Credit Reports to Screen Tenants
Experienced landlords and property managers understand the importance of carefully screening prospective tenants and anyone who has had to go through the process of evicting a tenant knows how cumbersome the eviction process could be. The ability to screen tenants...
Putting the Pieces Together: Tax, Asset Protection, Small Business Law, Real Estate, Raising Capital, Self-directed IRA Law, and Estate Planning
As an Attorney at KKOS Lawyers, I work under Mark Kohler and Mat Sorensen, the managing partners of the Firm. Mark is also a CPA and advises clients in the areas of small business tax planning, asset protection, etc. He has written books on these subjects (Lawyers...
Divorce and Taxes – What You Need to Know to Avoid Getting Burned by Uncle Sam
Going through a divorce can be one of the most emotionally and even physically draining events in life. The process of sorting out child custody issues, dividing assets, and deciding how much child support and alimony are to be paid can take months in the courts,...
The 'ABCs' of Buy-Sell Agreements
Most of us know that in business it is crucial to choose your partners carefully as the success of your business (and perhaps your livelihood) depends on it. We also encourage our business owners to have frank discussions with their partners regarding the details of...
LLC's and Limited Liability Protection: A Primer for the Small Business Owner
KKOS Lawyers is the Entrepreneur’s Law Firm. By definition, an entrepreneur is someone who assumes the financial risks of a new enterprise and who undertakes to provide its management. The LLC or an s-corporation are typically the preferred business entities of...
Go for the Gold…and Keep It – What to Do If You Receive a Financial Windfall
I don’t know about you, but right now, every evening, I find myself riveted to the screen, breathlessly taking in action in synchronized diving, archery, water polo, and even rhythmic gymnastics! This can only mean one thing (because I would never otherwise watch any...
How to Reduce Your Liability as a Landlord
Premises liability is an area of the law that addresses the responsibility of land owners to individuals who come on the land. This is basically the liability a Landlord faces when owning property. Perhaps the most common form of premises liability which most people...
Raising Money for Others
If you are assisting someone else’s company in raising money and are receiving a fee for doing so you must do such activities within the confines of the securities laws. These laws essentially provide three different ways in which one may legally raise money for...
Airbnb Lawsuits, Short-Term Rentals, and Real Estate Investors
You may have heard about the lawsuits involving Airbnb in San Francisco and New York City. Although such lawsuits involve, in part, the question of whether Airbnb can list on their website those properties that have not been duly registered with the local...
How Pokemon Go Could Get you Sued
For those of us who grew up in the 90’s, Pokemon was a series of kids’ video games and cartoons from Japan. I was a little too old for the original Pokemon craze, but my younger siblings were into it and the whole thing always seemed like harmless fun. Since its...
Tips on Purchasing Homeowner’s Insurance
People who have read Mark Kohler’s Lawyers are Liars know that our philosophy with respect to asset protection is the “multiple barrier approach” to put as many barriers as you can between you and someone who would sue you. For owners of real estate, one of primary...
3 Reasons to have a Partnership Agreement
If you have your own business or are thinking about starting your own business, this article was written for you, particularly if you currently have or are considering having a business partner(s). Some business owners are hesitant to mention to their business...
Top 10 Hottest Legal Tips To Keep You From Getting Burned This Summer
If the mercury is approaching (or maybe even topping) 100 degrees and the kids are out of school, then it must be Summertime – cue the Will Smith!!! The long days and pleasant temperatures mean this is the season for taking that hard-earned vacation, and whether...
5 Important Reasons to Avoid Probate
Anyone with a basic understanding of estate planning knows that one of the primary benefits of having a living trust is to avoid probate. Nevertheless, unless you are an attorney or have been personally involved in a probate proceeding in the past, few people have an...
Comparing 2016 Presidential Candidates Tax Plans: Donald Trump v. Hillary Clinton
As the list of Democratic and Republican presidential candidates has been reduced to three, Donald, Hillary, and Bernie Sanders, many of our clients have wondered, how will a change in the Oval Office affect their tax return for 2017 and beyond? Setting aside all of...
Investor versus Dealer in Real Estate, Which One Are You?
We are frequently asked by clients whether their plans to buy and sell real estate will subject them to status as a “dealer” in real estate, and therefore subject their profits to ordinary income treatment and self-employment tax. In general, the sale of real estate...
Roth 401k versus Roth IRA: A Battle for the Ages (kind of)
Not that long ago, a Roth retirement account did not exist. However, for many individuals today, a Roth account is the preferred retirement investment vehicle, particularly for self-directed retirement account owners. The reason why a ROTH tends to gain favor is...
Success in a Lawsuit
For many people, filing a lawsuit is tantamount to hitting your opposing party with the nuclear option. Nevertheless, if the potential for litigation does arise, in most cases, your options will be to either litigate, settle, or walk away. In most cases, trying to...
Do the "Panama Papers" Spell the End of Offshore Planning as We Know It?
On April 3, 2016, 11.5 million leaked files from Panamanian law firm Mossack Fonseca (known as the “Panama Papers”) hit news outlets around the world. Mossack Fonseca specializes in offshore planning in countries regarded as “tax havens.” This torrent of leaked...
One of the Most Important Legal Principles That Every Small Business Owner Should Know
You may have heard the saying, “substance over form”. In the legal context, this is an established principle that is used by judges and business regulators throughout the country, particularly in the tax arena. As a small business owner, it is important that in all...
Doing Your Due-Diligence in Real Estate Deals
We are frequently called upon by clients to assist them with reviewing their real estate purchase transactions to ensure that their interests are adequately protected. While every real estate purchase transaction is different, there are due diligence items that are...
What’s the Difference Between a Copyright and a Trademark, and Why Does It Matter?
At least once a month, I get a phone call or email from a client who says: “Jarom, my business is absolutely blowing up! I need a copyright to protect my name and logo so some copycat doesn’t rip me off!” These clients are absolutely right about needing protection. ...
It’s 11:00 p.m. – Do You Know Who Your Account Beneficiaries Are?
As an attorney who practices in the area of Trusts and Estates, one of the most important pieces of advice I give to clients is to establish a revocable living trust to own real estate, small business interests, and other assets in order to effectuate the transfer of...
How to Bulletproof Your Lease Agreements
You lease agreement can be your best protection against a lawsuit or liability on your rental property. It can also mean the different between collecting from your tenant or from paying your tenant. The goal in having a strong rental agreement is to make it as easy...
Boilerplate Contract Clauses Every Business Owner and Investor Should Know
I know you've read a contract and "glossed" over sections with headings like "Indemnification" and "Severability". Although these clauses are often overlooked, these clauses are often included in most contracts for investments, equipment, services, and other business...
The Perils of On-Line Do-It-Yourself Legal Services
With explosion of the internet and e-commerce in the past twenty years, the internet has become the primary source for consumers for obtaining information and conducting business. The fact that we can now have access to the world with just a click of the button 24...
Cam Newton’s Terrible, Horrible, No Good, Very Bad (Tax) Day
Von Miller, DeMarcus Ware, and the rest of the Denver Broncos’ historically devastating defense harassed, hammered and battered 2015 NFL MVP Cam Newton into his worst performance of the season during the Broncos’ 24-10 victory in last weekend’s Super Bowl at Levi’s...
When Do I Need To Register My Business in Another State?
January is a time when most of us take the opportunity to reflect on the status of our lives. Many of us are setting goals and searching for ways to improve ourselves and our situations going forward into the New Year. For many business owners, this process focuses on...
Private Money Lending: Is My Loan Secure?
Private lending (commonly referred to as “Hard Money” in the Industry) is often touted as a safe vehicle for individuals who are new to real estate investing for learning the basics of evaluating a deal, or by experienced investors seeking to generate passive income...
5 Legal Tips to Start 2016 on the Right Foot
As one might expect, the dawning of a new year presents many great opportunities for legal planning. In fact, many of us procrastinate quality legal planning during the year because of our hectic lives…not because we don’t value its importance. However, life comes at...
How to Keep Your Business Secrets Secret
Most businesses at some point will have information that helps it to be successful which it wants to keep secret. It may not be the formula for Coca-Cola or the “secret sauce” for McDonalds, but most business will have some information that it would not want in the...
Don’t “Bypass” Your Best Planning Option – An AB Trust May Still Make Sense
Remember the “Fiscal Cliff”? In late 2012, you couldn’t turn on your TV, fire up the Internet, or glance at your smart phone without seeing some talking head chattering about how America as we know it would end if President Obama and Congressional Republicans couldn’t...
Is a 401K Loan a Viable Option to Fund Your Business?
One of the greatest aspects of the American Dream is starting your own business. Maybe you are a part-time entrepreneur that has the security of a “9 to 5” career while you transition into full-time self-employment. Or maybe you are close to retiring and want to...
Tips From Your Lawyer on Handling Property Management Companies
Most experienced real estate investors decide to use a property management company to handle the leasing and maintenance of their real estate investment. For many of our passive real estate investors, having the right property manager is a key component to generating...
The Operating Agreement: An LLC Owners Best Friend
Perhaps no other innovation is as indicative of America’s particular devotion to (and knack for) creative capitalism as the limited liability company (“LLC”). Born in America’s smallest state (Wyoming) in 1977, the LLC combines the pass-through taxation of a...
Federal Equity-Based Crowdfunding is Here! (Almost)
Last week, the Securities Exchange Commission finally adopted regulations to permit equity-based crowdfunding at the federal level. These regulations will be effective in 6 months. This is a monumental change in federal policy that many entrepreneurs and business...
Quirky LLC Issues in Many States: Don't Make A Rookie Mistake
The Limited Liability Company ("LLC") has become the de facto business entity of choice for many small business owners and real estate investors. While it can be easy to set up an LLC on-line, it is very difficult to PROPERLY set up an LLC on-line given the fact that...
Non-Compete Clauses and their Enforceability
One of the most exciting aspects of being an entrepreneur is taking an idea and transforming it into a successful, thriving enterprise. Unfortunately, sometimes in their haste and excitement to develop and monetize the idea, entrepreneurs may overlook necessary steps...
What can Cinderella teach us about Estate Planning?
“Once upon a time in a faraway land, there was a tiny kingdom - peaceful, prosperous, and rich in romance and tradition. Here in a stately chateau, there lived a widowed gentleman and his little daughter, Cinderella. Although he was a kind and devoted father, and gave...
What is a Fictitious Business Name or "DBA"?
One may ask…”What’s in a Name”? Well, to a business owner it can be one of the most important assets for creating sales, branding and reaching that target market. A Fictitious Business Name (also known as a “DBA” which stands for “Doing Business As”) is a name a...
Don't lose Your Trademark: 3 Additional Filing You Must Know!
You've registered a trademark with the USPTO, but have you made subsequent Section 8 (after 5 years) and Section 9 filings (after 9 years) to maintain your trademark? If not, the USPTO will cancel your trademark. This article summarizes the three key trademark...