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Indianapolis, Indiana Legal Blog

Who can terminate contracts for their convenience?

Winning a contract with a government agency in Indianapolis often brings with it a great deal of security. Unlike many private companies, government organization typically have the resource backing needed to ensure that the issue of compensation for your work is something you will not have to worry about. Yet government partners bring their own unique challenges to any contractual situation. Chief among these is the freedom they are given in canceling agreements for their convenience. 

A partner being able to end a business agreement simply because it believes it to be in its best interests to do so may fly in the face of everything that you think you know about contract law. Yet termination for convenience is right at that is automatically afforded to government agencies. The Congressional Research Service lists the following as common reasons why a government partner might choose to invoke this benefit: 

  • It has asked you to renegotiate your contract, yet you are unwilling to do so
  • It has developed the capacity to perform the services you provide in-house
  • It no longer needs the services that you provide
  • Questions have arisen as to your eligibility to propriety of you being awarded the contract
  • You no longer being eligible to provide the services needed
  • A simple breakdown or deterioration of your business relationship

Nuncupative wills explained

Many in Indianapolis may insist that their will always be time for them to see to their estate planning. Whether it is due to a fear of having to confront their own mortality or not wanting to have to be the "bad guy" that upsets assumed beneficiaries with their decisions, even the prospect of creating a will is daunting to some. This contributes to the ever-growing number of those who do not have a will (which is nearly 60 percent of American adults, according to the American Association of Retired Persons). Refusing to address one's estate planning could come back to haunt them in an unexpected illness or injury has them confronting the prospect of death much sooner than they anticipated. Yet even at such a late time in their lives, they still have the chance to create a will. 

Indiana does indeed recognize nuncupative wills. These are oral wills given by those who, due to physical limitations, are unable to go through the process of executing a written will. Rather, they can state their wishes verbally in the same manner they might record them on a written document. 

The basics of estate planning

Estate planning in Indiana is often juxtaposed against other terms, such as wills or trusts. But what do these words mean? Are they all the same things, pieces of a whole, or alternatives? CNN Money describes estate planning as the planning process behind how assets will be distributed after someone passes away.

Many people believe estate planning is only for the wealthy, but everyone should try to have a plan in place, regardless of their net worth. By working with financial planners and other professionals, people help to ensure taxes take as little as possible from what they leave to individual beneficiaries. Here are some of the aspects of estate planning worth looking into:

  •          A will that details how assets should be distributed
  •          A living will that details what kind of life-sustaining medical procedures an individual prefers or does not prefer if they become incapacitated
  •          A health care proxy which authorizes a trusted individual to make medical decisions
  •          A trust to minimize taxes wherever possible and detail how assets should be distributed

When stress gets in the way of estate planning

There are many different reasons why some people may push off estate planning, whether they think that they are too young, or they do not think they are ready for a will or a trust because their financial circumstances will change considerably in the near future. Some people postpone estate planning due to stress, and there are many reasons why people become stressed out, especially in regard to estate planning. For example, someone may have anxiety about working with a legal professional or even approaching the thought of passing away.

Aside from working with lawyers and being too busy with work every day, some people feel like setting up an estate plan will result in giving away too much control. Others may be worried about the costs associated with estate planning, or what would happen if they change their mind about their estate plan. Fortunately, all of these concerns can be addressed by approaching estate planning carefully.

Getting divorced? Don't forget your estate plan

If you are in the process of getting a divorce in Indiana, you may feel overwhelmed at the number of things you must take care of. Certainly, a divorce touches every aspect of your life. One thing you should give some attention to during this process is your estate plan. Some elements of an estate plan may be able to be changed as soon as you separate but others may have to wait until your divorce is finalized.

Forbes explains that the pitfalls of not updating your estate plan include your former spouse inheriting all of your assets after you die. Another potential scenario is that your spouse could become responsible for making financial or health care decisions on your behalf if you are not able to do so for yourself. This could happen even if you do not have a formalized estate plan if you become disabled and unable to communicate after an accident before you are legally divorced. 

What to include in an employment contract

As someone who makes important hiring decisions at your Indiana place of business, you may find it advantageous to create a carefully worded employment contract to protect you and your business’s interests anytime you hire someone for a senior position. While employment contracts can serve any number of different purposes, the main goal in crafting yours should be to protect your business in the event that the relationship between you and this new hire ultimately turns sour. At Dale & Eke, we understand that strong employment contracts can help you secure and retain prime talent, and we have helped many people with similar interests design and implement solutions that meet their needs.

According to Inc., while your employment contract needs will vary to some degree based on the specifics of your business, there are a number of critical elements that any strong employment contract should have. First, it should clearly outline what you and other senior executives expect out of this person in terms of job duties and performance, and it should also clearly dictate when and how he or she will receive compensation.

Types of commercial leases

There may be a number of retail spaces available for lease in the area of Indiana where an entrepreneur wants to open a business. A major factor in choosing the right one is what kind of commercial lease the landlord offers. 

Per FindLaw, a net lease typically has the tenant paying for some of the building's operating expenses as well as the monthly rent. These expenses reflect the actual amount rather than an estimate, so when the cost to the landlord goes up, that is passed on to the tenant. A double net lease usually includes taxes and insurance as well as utilities and other expenses. A triple net lease will probably require the tenant to pay for maintenance and repairs as well.

Before you name a guardian for your child in your will

You probably resist the thought of someone else raising your child. However, if you do not name someone to take over for you if the worst happens, a judge may decide where your child will live. We at the law office of Dale & Eke often counsel parents on how to choose the right guardian for their child.

Forbes suggests that you consider several factors before you begin making the list of candidates for guardianship. For example, is a religious upbringing one of your primary concerns? Will the person you choose encourage your child to pursue a higher education? What values and character qualities are important for the guardian to model for your child? Perhaps most importantly of all, you want to find someone who will love and cherish your child.

5 types of business structure

The type of business structure defines many things about a company in Indiana. The IRS lists five main business forms: sole proprietorship, partnership, corporation, S corporation and limited liability company.

One of the major factors determined by these structures is how the entity will pay taxes, and how much it will pay, but there are other significant differences, too. The U.S. Small Business Administration explains that these include paperwork, capital and liability, among others.

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