Your beautiful new boat is owned by an LLC, but who gets the LLC when you die? The way you determine who inherits your membership interest in an LLC when you die (rather than the state making the determination) is by adopting one of the following methods while you are alive: Own the LLC jointly …
Who Will Inherit Your Membership Interest in Your LLC When You Die? Read More »
In a longshore case, an attorney can collect a fee only if successful in prosecuting the case for the claimant. 33 U.S.C. § 928. In the overwhelming majority of successful cases fees and costs are paid by either the employer or the employer’s insurance carrier. Under the LHWCA, an attorney may not collect a retainer …
For some of us, we haven’t saved enough to buy our dream boat with cash. Thus, when we are ready to go boat shopping, we start looking for a boat loan. Of course, any lender will want security on its loan. There are two methods available to lenders to secure boat loans. The size of …
Maritime law is also known as admiralty law. The terms “maritime law” and “admiralty law” are used interchangeably, and they cover a variety of admiralty cases, including torts, contracts, liens, and maritime worker injuries. Initially, admiralty laws referred to those that governed the Royal Navy and cases that involved ships and nautical commerce. The term …
As you stroll through the docks looking for your dream yacht, you may have noticed many boats listed as “LLC Owned”. What’s the deal with that? The answer is that by purchasing the LLC that owns the boat rather than making a purchase of the boat itself you can save a significant amount of money …
I am often called upon to draft or review contracts between my clients and others. I am frequently appalled at the lack of clarity and completeness in many contracts I review. It is no wonder that the vast majority of business disputes involving an alleged breach of contract require the Court to step in and …
Maritime liens, with the exception of a preferred ships mortgage, are liens that arise by operation of law automatically and give the lienholder a property right in maritime property (for example, vessels) and the right to foreclose the lien in admiralty. They are not created consensually and there are no requirements that a maritime lien …
Selling a boat is similar to a real estate transaction—it’s usually too complex and involves too much value to risk doing it on your own. Good yacht brokers work hard to facilitate the sale of their listings and to protect the interests of their clients, just as a real estate agent would do when you sell your …
Top Ten Reasons to Sell Your Boat with a CYPB Certified Professional Yacht Broker Read More »
When most people think about buying a yacht and placing it in a charter program, they think their boat will be in the BVIs, Caribbean, or even in the Bahamas, and they won’t be able to use their boat very often. However, if you place your boat in a local charter program, for example, here …
The Benefits of Placing a Yacht in a Local Charter Read More »
California imposes a sales tax on new boats and a use tax on used boats purchased within the State of California. While United States federal jurisdiction extends to 12 nautical miles from shore, and includes a 200-mile exclusive economic zone (EEZ), California’s territorial waters extend only 3 miles from shore. These territorial boundaries are set …
