Our regularly updated blog discusses a variety of issues related to business, tax, and estate planning in California. Learn why an estate plan is necessary regardless of age or income, what steps you can take to reduce your tax liability and protect your assets, how to ensure your business remains on a solid legal foundation, and much more.
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Business Valuations: an Estate Planning NecessityWhy would you consider keeping your business valuation current? You might be able to think of one or two reasons, but there are plenty: What if something calamitous were to happen to you as the business owner? It obviously would mean a major change. With an up-to-date business valuation, your...
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Why and How to Refuse an Inheritance"Disclaimer" is the legal term for a refusal of an inheritance, and it's defined as an irrevocable and unqualified refusal to accept an interest in property. Let's look at the circumstances in which a disclaimer can be beneficial: To avoid or reduce estate, gift and income taxes. Some states have...
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Need a Smile Today? We all do. :-)Today should be Good News Thursday! Despite the gloom-and-doom news, there is much for us all to be thankful for. And… good news still exists. Here are samplings of some GREAT NEWS: Over a quarter of a Million people have been infected and officially recovered in the world, 309,319, and...
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How to Get Your Estate Plan Done While Under Coronavirus QuarantineIf you are quarantined or under a lockdown and can't get to a notary, how can you get your will, trust, and other documents executed? Don't give up. There are ways to get it done without leaving home.
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Estate Planning Tips for Those Under Coronavirus QuarantineThe coronavirus quarantine began in the California counties of Sacramento, Palm Springs, Los Angeles and Ventura, issuing unprecedented orders for all residents to remain in their homes except for certain essential activities. Then Gov. Gavin Newsom expanded the order to all residents in the state. Many other states, including Illinois,...
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The Coronavirus: a Unique Planning OpportunityThe Corona Virus is causing major economic impacts as can be seen with the declining stock market. This adverse impact and the uncertain prospects for the future is a source of concern and worry for us all. However, the hopeful temporary reductions in value, low interest rates, and an $11,500,000...
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Still Wondering Why You Need to Review an Estate Plan?An estate plan is the guide to how you want your personal and financial affairs to be handled, in the event of your incapacity or death. As life changes, your guide changes with it.
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Impact of Tax Reform on Small BusinessesNow that it’s tax season, you may be concerned how the Tax Cuts and Jobs Act, enacted in December 2017, will impact your small business. The reforms represent the most sweeping tax overhaul in 30 years and could have a positive impact on your business’s bottom line—but they may have left you feeling a little confused. Here are some of the most important changes.
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What You Need to Know about IRS Form 1099: Reporting and RequirementsIf your business made or received payments to independent contractors and entities (other than compensation to your employees) during the calendar year, it’s likely you must file an information return called a Form 1099 with the IRS. You may also need to send a copy of the form directly to...
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When Estate Planning Takes Place in a CrisisMany of us have experienced the unexpected "telephone call" from a hospital or loved one that a sudden negative medical event has occurred, involving a member of your family.
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Is Your Estate Plan Truly Complete?For an estate plan to be truly effective and do more than simply move money and assets from one generation to the next, it must accomplish three basic goals: 1) ensure that you are actually leaving your assets to those you designate; 2) make certain those assets are received at...
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How to Protect Your Legacy After You're GoneMany estate planners believe that their job is done when the beneficiaries avoid probate and receive the inheritance. However, when beneficiaries receive their inheritance in their name outright that needlessly exposes the legacy you leave to the claims of creditors, lawsuits, divorce, the loss of governmental benefits they might otherwise...