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MVI 0844

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MVI 0847

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TRANSACTIONS

Real Estate Purchase Documents

California Corporation & LLC Formation

Drafting Of Business Agreements

Revocable Living Trusts

Health Care Directives and Other Estate Documents

College Financial Aid LLCs For:

Family Owned Business

Rental Real Estate

Judgment Creditor Asset Protection

LITIGATION

Breach of Contract Cases

Real Estate Misrepresentation and Non Disclosure Cases

Escrow Deposit Disputes

Real Estate Buyer-Seller Disputes

Shareholder and Partner Dsputes

Real Estate Agent Disputes

Owner-Contractor Disputes

Debtor- Creditor Disputes

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Litigation1) We accept cases involving breach of contract 2) fraud and non- disclosure claims in real estate sales transactions, 3) real estate agent commission disputes 4) corporate shareholder and partnership dispute cases including entity interest buy-outs 5) breach of fiduciary duty and/or negligence claims against a corporate officer or director 6) cases involving disputed title to real estate.Transactional Work1) Draft contracts and related legal documents in connection with the purchase and sale of real estate, the sale of a business, employment agreements, license agreements, partnership agreements, buy out agreements, confidentiality agreements, prenuptial agreements, commercial lease review and revocable living trusts.2) We prepare formation documents for California Corporations, LLC's, and Partnerships including dissolution of these entities when required. 3) Review of residential purchase escrow documents.College Financial AidOne of the areas of our practice focuses on LLC formation in the context of parents with children applying for college financial aid. For clients who own rental real estate or who own and operate a family owned business, the placement of these type assets in a properly structured business entity such as an LLC, may result in saving thousands of dollars in college tuition. In House Attorney Services ( Without The Hassle)If you own or plan to establish a small business in California, my office is available to provide "in house attorney services" such as letter writing, attending to phone calls and meetings, and provide business legal advice on a reasonable fixed monthly retainer basis. This way you have access to the services of a business attorney based on your needs but WITHOUT having to subsidize one on your payroll. All arrangements are based on the expected needs of your business and the amount of work estimated which can be adjusted upward or down as the needs of the business change.Asset ProtectionWe utilize California entity formation and other techniques to protect the assets of clients from judgment creditors. For those who own their business or own investment real estate, a California LLC may be just what the doctor ordered to minimize exposure to creditors. To learn more please see our video/blog.
College Aid No Frame

College Aid

About College Law
Award
How We Fit In

About College Law COLLEGE FINANCIAL AIDOne focus of our practice is the LLC formation in the context of parents with children applying for college financial aid. For clients who own rental real estate or who own and operate a family owned business, the placement of these type assets in a properly structured business entity such as an LLC, may result in saving thousands of dollars in college tuition. IS COLLEGE FINANCIAL AID FOR EVERYONE INCLUDING THE WEALTHYJust about. Unless the student's family are Rockefellers, college aid is available to anyone who can establish the requisite "need". We believe a student should apply even if the student thinks his/her parents are too wealthy to qualify. By employing financial planning techniques determined by the student's college aid adviser, a student may be surprised to learn that he/ she is able to establish "need" for purposes of receiving financial aid.HOW IS NEED DETERMINED?The US Department of Education calculates financial need using a formula established by Congress. The formulas are applied to the information which the student and parents report on the Free Application for Student Aid (FAFSA). By applying the formula to your financial situation, your expected family contribution (EFC) is determined. The EFC is the student's ability to absorb a portion of the cost of the college tuition and related costs. The lower your EFC, the greater will be your financial aid package.

Award HOW DO COLLEGES DETERMINE YOUR AWARD?The cost of attendance (COA), will vary from school to school. Your EFC for each year in question is constant. A student's need therefore will vary depending on the COA and EFC. For example, if the COA for University A is $40,000 annually and $35,000 for University B and your EFC is $15,000, then the student's need is $25,000 for University A and $20,000 for University B. Once your need is determined the college of your choice will issue an annual " award package" which may consist of loans, grants, need based funding, etc.

How We Fit In HOW DO WE FIT IN?As a business and real estate law firm we specialize in corporation and LLC formation. If the students family owns and operates a "family owned business" as defined under the Higher Education Act of 2005, we may be able to reduce your EFC by incorporating the family business and making sure that all requirements of the Higher Education Act are met.Similarly, if a students' parents own rental real estate in California, and have a student applying to college ANYWHERE IN THE U.S. we may be able to reduce your EFC by creating a California LLC, conveying your realty to that LLC, while having the parents (or their revocable living trust) be the members of the LLC. Note that through these techniques we are focusing on both the assets and potentially the income generated by these assets for purposes of the FAFSA.Working with a students college aid advisory team we are sensitive to the rigorous time deadlines required for filling the FAFSA. If the FAFSA is filed late, the student's chances of a financial aid package are severely diminished. Hence we are prepared to do your legal work as expeditiously as possible and at a very competitive rate.Our office is located in Los Angeles, California, and we look forward to discussing your needs with you. Call us at 310.652.8090, or email us for a quick response.

Testimonials No Frame

Testimonials

I appreciated SJG ASSOCIATES honest approach. They knew what things they could do well and what things other people should take care of. For me, this built a sense of trust that helped us navigate the contract writing and contract negotiations of software rights that we required.

Bob Dietz

Wordplay, LLC

I used the law office of Stephen J. Gross and Associates in connection with a real estate matter. The work was done on time and at a competitive price.

I would highly recommend this firm to anyone in need of a legal matter.

Ms. L. Baker

Mathew Shirazi

We used Mr. Gross services for few process. Best, honest and good. we will use him again.

With a new business, a lot of things are uncertain. When an unexpected turn of events came to play, Stephen was right there reassuring us he was going to take care of it all. He was caring, thoughtful, listened to our every thought. He took care of the situation without delay, which made us feel very at ease. Continuous follow up also reassured us of his exemplary professional etiquette.

Albert Quay

CEO

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FAQs

FAQs FREQUENTLEY ASKED QUESTIONS If I own a rental property in California, should I create an LLC to hold title to the property?Yes. A California LLC can serve to shield your personal assets from lawsuits and claims arising from the property. For example, if there is an injury/accident on the premises, (with or without insurance), the injured party can only sue the LLC and not you personally. In this way, a California LLC is treated much like a corporation.If I own more than one rental property in California, should I form a separate LLC for each property?Generally, yes. If the LLCs are set up correctly, only the assets of the particular LLC relating to the claim would be subject to a lawsuit against that LLC.I own rental property in California and I have children applying to college. Should I transfer my rental property to a California LLC?Yes. Not only do you receive the benefit of limited liability (discussed above), by setting up an LLC, you may also qualify for college financial aid for which you would not qualify had you left title to the property in your name. For those interested in learning more, please contact us.What is the definition in California of "change in ownership" for property tax purposes?A change in ownership is the transfer of a present interest in real property, including the transfer of the right to the beneficial use. There need not be an actual sale. A transfer may occur by gift or inheritance. A transfer in ownership may trigger a reassessment for property tax purposes. Is there a change in ownership if I transfer the rental property to my California LLC?Yes. Technically any transfer of a present interest, including to your own LLC, constitutes a change in ownership. But there are exclusions which may apply. See below.What are the exclusions from property tax reassessment?The State of California has created several exclusions for certain property transfers such that there is no reassessment even though a change in ownership has occurred. Here are some of those exclusions:Transfers of a principal residence between parents and children;Transfers of a principal residence between grandparents and grandchildren;Purchase of a replacement residence by a person who is 55 years old or older where the replacement residence will become the principal residence;Transfers between husband and wife;Transfers in the creation of a joint tenancy where the transferor remains one of the joint tenants;Transfers to a revocable living trust where the transferror retains the power to revoke the trust.If my spouse and I own a rental property and we transfer it to an LLC, is there an applicable exclusion in California?So long as the owners prior to transfer remain the owners after transfer with the same proportional percentage of ownership, there is an exclusion. Thus, if the husband and wife own the property 50% each before the transfer, and become equal members/owners of the LLC after the transfer, there should be no property tax reassessment. The deed and preliminary change of ownership statement must be completed correctly highlighting such exclusion to avoid reassessment by the county in which the property is situated. It is best to contact our office to prepare the paperwork.
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Attorney Stephen J Gross

Call (310) 652-8990

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