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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Planning for Digital AssetsLegislation addressing estate planning in the digital realm is headed for the Delaware General Assembly. A new bill from Rep. Darryl Scott (D-Dover) would require companies like Google to hand over control of users accounts to a trusted person outlined in their will. Companies would be required to give estate...
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Levels of Asset ProtectionEach person's situation is unique and an asset protection plan must be custom-tailed to address the particular risks, assets and family needs or other objectives or concerns. While a custom plan is needed, the following is a list of the general levels of protection that we should all consider: Level...
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Update on the IRA 'One Rollover a Year' RuleOn the heels of a controversial U.S. Tax Court decision, the IRS announced plans to revise its current guidance on IRA rollovers. Starting January 1, 2015, the IRS will strictly apply the one-rollover-per-year rule on an aggregate basis, rather than on an IRA-by-IRA basis. This announcement could have important --...
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What Can Impact My Estate Planning?From probate and ownership division to the taxing arm of Uncle Sam, here are some ideas that can influence what happens to your belongings. Remember, everything you own is considered part of your estate when you die. To grasp the importance of planning for the distribution of your worldly goods,...
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Why Business Owners Don't Plan for Succession—and Why it's CriticalMany business owners procrastinate putting a well-conceived succession plan in place. The reasons are understandable. It can be difficult to plan for your replacement and deal with your mortality. Here are five of the top reasons why business owners don't have an exit strategy, along with the reasons why it's...
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Squeeze More Out of a Company SEPIf you want a retirement plan for your small company or self-employed business -- but you don't want to be buried in paperwork -- consider a simplified employee pension plan or SEP. Among the appealing advantages: 1. SEPs are set up by simply filling out a brief form. 2. Annual...
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Estate Planning: Check Your Beneficiary DesignationsWith today's relatively generous $5.34 million federal estate tax exemption, you may think estate planning is only a concern for the rich. Wrong! Regardless of your income or net worth, there's one estate planning move you should probably make right now: Check the beneficiary designations for your life insurance policies,...
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Selling Your Home? Tax and Other ConsiderationsThe prime residential real estate selling season is in full swing -- and 2014 might be a good time to sell, depending on your situation. So, while prospective sellers are making their properties look like model homes in the hopes of raking in a nice profit, this is a good...
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Do Your Estate Planning So Grieving Relatives Don't Have That BurdenOnly 35 percent of Americans have a will, according to a 2012 survey by FindLaw.com, a legal information Web site. If you die intestate, which is what dying without a valid will is called, your assets could be distributed according to the laws of your state or as the result...
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Will Your Loved Ones Know What to Do When You Are Gone?If you’ve named your children, relatives or friends to be in charge as “Successor Trustee” of your Living Trust when you pass away, they probably have no idea of what to do! After all, they’ve probably never served as a Trustee before! Unfortunately… What your Successor Trustee doesn’t know could...
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Who Will Take the Helm If You Aren't Able to Guide the Ship?Planning ahead in life seems to be difficult at times. But, when it comes to planning for major life and death decisions, it is important to do it now and ask for help from a professional. For many business owners, especially sole proprietors and owners of small businesses, keeping the...
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That's it ...You're Out of the Will!For testators who have been actively involved in the dynamics of their own family for decades, disinheritance might be an easy decision. For estate planners, however, disinheritance is a difficult issue to deal with that must be addressed adequately or can leave an estate plan open to challenge after the...