Business Disputes and Succession Planning

Event: ProVisors Panel on Negotiation
Venue: Calabasas Country Club
Location: Calabasas, Los Angeles, Ca
Speaker: Attorney Douglas Schreiber of Anker, Hymes & Schreiber, LLP

Transcription:

I come into the negotiation process typically in a slightly different situation. Mark is looking to build a relationship. By the time I usually get involved, I’m looking to get rid of a relationship, quite honestly:
(more…)

What To Do in a Heated Negotiation

Event: ProVisors Panel on Negotiation
Venue: Calabasas Country Club
Location: Calabasas, Los Angeles, Ca
Speaker: Attorney Douglas Schreiber of Anker, Hymes & Schreiber, LLP

Business Attorney Doug Schreiber of Anker, Hymes and Schreiber, LLP answers the question of what to do when things get heated in a negotiation.

Transcription:

Mediator: What do you do in a contentious situation? This sounds like everybody’s having a great time and you can figure out must haves, and you can walk away. What do you when it’s contentious?

Attorney Doug Schreiber: That happens a lot. You try to backup and find some form of agreement.   If it’s a situation where you are arguing over an amount of money, maybe you back away from the amount and talk potential about terms. (more…)

Be Willing to Walk Away in a Negotiation

Event: ProVisors Panel on Negotiation
Venue: Calabasas Country Club
Location: Calabasas, Los Angeles, Ca
Speaker: Attorney Douglas Schreiber of Anker, Hymes & Schreiber, LLP

Transcription:

Be willing to walk away. That sometimes is the most powerful tool in any negotiation. The ability and willingness to walk away.

Recently my law firm, settled a case where we had been at a mandatory settlement conference in front of a judge. He pounded on us and pounded on us to settle for an amount which was way above our bottom line.

What did we do? (more…)

Knowing Your Bottom Line in a Negotiation

Event: ProVisors Panel on Negotiation
Venue: Calabasas Country Club
Location: Calabasas, Los Angeles, Ca
Speaker: Attorney Douglas Schreiber of Anker, Hymes & Schreiber, LLP

Transcription:

You need to know your bottom line.  Nowadays everybody has their heads full of all kinds of acronyms, so I am going to throw one out there: (more…)

Art of Negotiation: Starting and Pressure Points

Event: ProVisors Panel on Negotiation
Venue: Calabasas Country Club
Location: Calabasas, Los Angeles, Ca
Speaker: Attorney Douglas Schreiber of Anker, Hymes & Schreiber, LLP

Transcription:

Before you go into a negotiation you need to be prepared:

  • What are your needs?
  • What are your wants?
  • What are the other sides weaknesses or pressure points?

I focus a lot on #3.  Here is a great example: (more…)

Attorney Larry Hymes Recognized as a Martindale-Hubbell Top Rated Lawyer

AV Preeminent AwardMartindale-Hubbell®  has designated our Estate Planning Attorney in Woodland Hills, Larry Hymes with an AV Preeminent® rating which serves as an objective indicator that a lawyer has demonstrated ethical standards and professional ability and is used by buyers of legal services to justify their hiring decisions. Attorney Larry Hymes of Anker, Hymes & Schreiber, LLP is one of a select group of Southern California lawyers to receive this well-earned distinction.

About Martindale-Hubbell® Peer Review Ratings™:
Martindale-Hubbell® Peer Review Ratings™ reflect a combination of achieving a Very High General Ethical Standards rating and a Legal Ability numerical rating. A threshold number of responses is required to achieve a rating.

The General Ethical Standards rating denotes adherence to professional standards of conduct and ethics, reliability, diligence and other criteria relevant to the discharge of professional responsibilities. Those lawyers who meet the “Very High” criteria of General Ethical Standards can proceed to the next step in the ratings process – Legal Ability.

Legal Ability ratings are based on performance in five key areas, rated on a scale of 1 to 5 (with 1 being the lowest and 5 being the highest). These areas are:

  • Legal Knowledge – Lawyer’s familiarity with the laws governing his/her specific area of practice(s)
  • Analytical Capabilities – Lawyer’s creativity in analyzing legal issues and applying technical knowledge
  • Judgment – Lawyer’s demonstration of the salient factors that drive the outcome of a given case or issue.
  • Communication Ability – Lawyer’s capability to communicate persuasively and credibly
  • Legal Experience – Lawyer’s degree of experience in his/her specific area of practice(s)

The numeric ratings range may coincide with the appropriate Certification Mark:

  • AV Preeminent® (4.5-5.0) – AV Preeminent® is a significant rating accomplishment – a testament to the fact that a lawyer’s peers rank him or her at the highest level of professional excellence.
  • BV Distinguished® (3.0-4.4) – BV Distinguished® is an excellent rating for a lawyer with some experience. A widely respected mark of achievement, it differentiates a lawyer from his or her competition.
  • Rated (1.0-2.9) – The Peer Review Rated designation demonstrates that the lawyer has met the very high criteria of General Ethical Standing.

For more information about our Woodland Hills Estate Planning Attorney, please contact us at (818) 501-5800.

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Is Your Agreement Worth the Paper it is Written On?

California Supreme Court logoThe California Supreme Court recently answered that question with a resounding “No”.  In one of its early decisions in 2013, Riverisland Cold Storage vs. Fresno-Madera Production Credit Association, the Court rejected what had previously been a long standing exception (since 1935) to what is known as the “parol evidence rule”.  In brief, the parol evidence rule restricts one’s ability to present evidence, in certain situations, that would contradict, alter or add to the terms of a written agreement.

The situation involved a couple who feel behind on their loan payments.  They entered into an agreement which involved the lender agreeing not to take any enforcement action provided they continued to make the newly agreed upon payments.  A representative of the lender told the couple, among other things,  they would have a two year extension on the loan.  When the couple was presented with the mountain of paperwork for them to sign which documented the agreement (which they, not uncommonly, did not read), the actual additional term was three months.

Ultimately the couple sued the lender, claiming that they had been defrauded in that they were told something contrary to what was in the agreement they signed.  The Supreme Court, in a break from precedent that had been in effect for more than 75 years, held the couple could proceed with their claim.  The court did note though that the burden of proving the necessary elements of their claim was significant.

If you have a question regarding this decision or a specific agreement, you can contact our Contract Attorney in Woodland Hills at Anker, Hymes & Schreiber, LLP.

Announcing the Change of Firm Name from Anker Reed HSC to Anker, Hymes & Schreiber, LLP

Anker, Hymes & Schreiber, LLP logoLarry S. Hymes and Douglas K. Schreiber are pleased to announce that Anker Reed HSC has become Anker, Hymes & Schreiber, LLP and will continue the Anker Reed HSC tradition of serving your legal needs in the areas of:

The law firm’s headquarters will remain at its current location:

21333 Oxnard Street, First Floor
Woodland Hills, CA 91367
Phone: (818) 501-5800
Fax: (818) 501-4019

IRA Beneficiary Designation: How to Turn a Modest Inheritance Into Millions for Your Family

How would you like to turn your modest tax-deferred account into millions for your family? Depending on whom you name as beneficiary, you can keep this money growing tax-deferred for not only your and your spouse’s lifetimes, but also for your children’s or grandchildren’s lifetimes. That can turn even a modest inheritance into millions.

1) Don’t I have to use this money for my retirement?

When you reach a certain age, usually 70 1/2, Uncle Sam says you must start taking your money out. (This is called your required beginning date.) But if you don’t use all this money before you die, naming the right beneficiary can keep it growing tax-deferred for decades.

2) How much will I have to take out?

Calculating the amount you must withdraw each year (your required minimum distribution) is much easier now than it used to be. Each year, you divide the year-end value of your account by a life expectancy divisor from the Uniform Lifetime Table (provided by the IRS). The result is the minimum you must withdraw for that year. You can always take out more.

For example, the divisor at age 70 is 27.4. If your year-end account balance is $100,000, you divide $100,000 by 27.4, making your first required minimum distribution $3,650. Each year the divisor is smaller, but it never goes to zero. Even at age 115 and older, the divisor is 1.9. “To recalculate or not to recalculate” is no longer an issue. Everyone now gets the benefit of recalculating their life expectancy.

3) Doesn’t my beneficiary affect my distribution?

Not any longer. Now, almost everyone uses the same chart to calculate distributions, even if you have no beneficiary. After you die, distributions are based on your beneficiary’s life expectancy (or the rest of your life expectancy if you die without one.) Naming the right beneficiary is still critical to getting the most tax-deferred growth. That’s much easier to do now, because you are no longer locked into the beneficiary you name when you take your first distribution.

Additional questions regarding IRA beneficiary designation will be posted in the coming weeks.  In the meantime, if you have any questions please contact our Estate Planning Attorney in Woodland Hills, CA today.

7 Benefits of a Life Insurance Trust

  1. Provides immediate cash to pay estate taxes and other expenses after death.
  2. Reduces estate taxes by removing insurance from your estate.
  3. Inexpensive way to pay estate taxes.
  4. Proceeds avoid probate and are free from income and estate taxes.
  5. Gives you maximum control over insurance policy and how proceeds are used.
  6. Can provide income to spouse without insurance proceeds being included in spouse’s estate.
  7. Prevents court from controlling insurance proceeds if beneficiary is incapacitated.

For more information about Life Insurance Trusts, you can contact our Estate Planning Attorney in Woodland Hills, Los Angeles today.

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