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Questions Answered by D. Steven Yahnian
2 Answers | Asked in Contracts, Employment Law and Business Law for California on
Q: Non-solicitation agreement between me and LLC; also between LLC and client.

I am employed, in CA, "at will" with a Limited Liability Company, Stepping Stones Group, that provides services to educational institutions. I am hourly. I started 3 months ago. Included in my offer letter, was an employment agreement. A section of the agreement, under "No... Read more »

D. Steven Yahnian
D. Steven Yahnian
answered on Dec 31, 2021

First, you should immediately seek legal counsel from a California employment law attorney. The following is a general discussion of the law and should not be relied on as the complete and total answer to your question. Generally, with some exceptions, an Employer cannot prevent an employee from... Read more »

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3 Answers | Asked in Estate Planning and Real Estate Law for California on
Q: If my mom died and in her will left me the house how do go about legally getting the deed and house

Clearlake not San Lorendro

D. Steven Yahnian
D. Steven Yahnian
answered on Dec 15, 2021

Generally, the executor named in the will, will have to file a probate with the Superior Court of the county that your mother lived in when she died. Pursuant to that, there would be a hearing appointing the executor after notice to certain persons. Soon thereafter, the executor would file an... Read more »

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3 Answers | Asked in Estate Planning and Real Estate Law for California on
Q: My living trust includes my rental home. If I create an LLC for that rental, does the LLC need to be added to the trust

My living trust was created in the past, and it already includes my rental property. Next year, I want to create an LLC for my rental property. After the LLC is created, do I have to add the LLC into my trust?

D. Steven Yahnian
D. Steven Yahnian
answered on Dec 15, 2021

Yes. If you want to help your family avoid having to probate the LLC interest when you die, you need to either own the LLC as Trustee of your living trust, or name a beneficiary for your LLC shares in the LLC operating agreement. The best approach is to make the owner of the LLC yourself, as... Read more »

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1 Answer | Asked in Real Estate Law and Probate for California on
Q: After filing an affidavit of death of joint tennant,DOES A WIFE NEED TO FILE A NEW DEED AS GRANTOR AND GRANTEE?
D. Steven Yahnian
D. Steven Yahnian
answered on Dec 6, 2021

No. The recording of the affidavit of death of Joint tenant is the same as a deed from the deceased spouse to the surviving spouse. No further deed is necessary unless the spouse creates a living trust and then transfers title to the property to that new living trust.

The same rule applies...
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1 Answer | Asked in Business Formation and Business Law for California on
Q: Operating Agreement

Good afternoon.

A legal entity (LLC) has been established. One of the documents required to do business is the Operating Agreement. The problem is that some of the members are non-U.S. residents. Because of the epidemiological situation, we cannot be physically present in the United States.... Read more »

D. Steven Yahnian
D. Steven Yahnian
answered on Dec 5, 2021

In California, electronic signatures and photocopied signatures are as legally valid as originals for most legal documents that do not need to be recorded. LLC operating agreement signatures do not need to be notarized unless the document will be recorded. However, I have never seen an LLC... Read more »

1 Answer | Asked in Tax Law for California on
Q: I am a partner with a company. They report annual distribution through K1 in my name. Can that become income to my S cor

If I start a S corp or that K1 should be issued in my S corp name, specifically?

D. Steven Yahnian
D. Steven Yahnian
answered on Dec 5, 2021

If your S Corporation becomes a partner in the partnership, then your S Corporation will report the income from the partnership as evidenced by K-1 issued to it by the Partnership. Then, you will report the income on your K-1 from the S Corporation because the partnership income passes through to... Read more »

1 Answer | Asked in Tax Law and Real Estate Law for California on
Q: Will I receive a $250,000 tax exclusion under Prop 13 from selling inherited ownership (less than 100%) in property?

My parents bought the home in 1995 and owned it 50/50. About 6 years ago they divorced and my mother moved out and my father stayed living in the home with my brother and me. My father recently passed in June of 2021 and left his 50% ownership to my brother and me in his trust. My mother is gifting... Read more »

D. Steven Yahnian
D. Steven Yahnian
answered on Dec 4, 2021

You shared a lot of facts and posed what ultimately appears to be a income tax question concerning the tax effect of your sale of your 1/2 interest in the house. You are not asking about the effect of Proposition 19 on the property taxes you would pay.

Here are the income tax rules that...
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3 Answers | Asked in Probate and Tax Law for New York on
Q: Are assets sold during probate to settle estate debts subject to capital gains tax?

If an estate entering probate has substantially appreciated assets and also has debts, such that some assets must be sold to settle the debts, are the proceeds from the sale subject to capital gains against their original basis or their stepped-up basis from the date of death?

D. Steven Yahnian
D. Steven Yahnian
answered on Dec 4, 2021

Generally, there is only taxable gain from the sale of an asset that was included in the decedent's estate if the property is sold for more than its date of death value. But, be warned: certain types of assets do not obtain a date of death step up in income tax basis to fair market value.... Read more »

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2 Answers | Asked in Tax Law for Tennessee on
Q: Do I have to pay taxes on my profit on my home I just sold?

Owned for 31 years. Lived there until 3 years ago. I am a widow and soon be 59 years old

D. Steven Yahnian
D. Steven Yahnian
answered on Dec 4, 2021

The good news is your age is not a factor. Instead, the requirements involve how much gain on sale results, how long you owned the property and used it as a residence in the 5 years prior to sale.

Under the home-sale exclusion rule, you may be able to exclude a portion, or possibly all, of...
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