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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Laureate Wealth Strategies ProgramThis past year, I have been participating in the Laureate Wealth Strategies Program through the Southern California Institute. This program includes some of the very best attorneys, certified public accountants (CPAs) and insurance professionals in the country. The alumni from this program focus on achieving the clients enlightened dreams in...
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Inherited Debt That Will Not Go AwayMost of the time family members and other heirs are not responsible for a deceased person's debts. Any debts are paid out of the estate before it is distributed to the heirs. However, there are some exceptions including one that cannot be discharged in bankruptcy, co-signed private student loans. A...
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Succession Planning Lessons From TaiwanAnalysts fear for the future of the Taiwanese economy because of the failures of large family-owned businesses to come up with workable succession plans. Family-owned United States companies can learn some lessons from the potential crisis. In Taiwan it is normal for even extremely large multinational businesses to follow the...
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Don't Discount the Importance of Keeping Your Estate Plan Up-To-Date!There is a sense of accomplishment when an estate plan is executed. In fact, it’s quite common for people to sign documents and file them away for safe keeping and forget about them. The danger is that these individuals and families may believe that these matters require no further attention....
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Recently Divorced: Where Do I Start?You may have juggled a zillion family responsibilities both in and out of the house. But chances are you didn't handle everything. Perhaps your husband handled the investments. Or dealt with advisers, such as a CPA or a lawyer. But now, after a divorce or the death of your husband,...
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How to Motivate Your Kids to Be More Productive and Self-ReliantRecently rock legend Sting made headlines when he declared that his six children would be receiving little to none of his estimated $300 million fortune. He joked that he intended to spend all of his money before he died. But on a more serious note, he explained that he wanted...
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US Supreme Court Says IRAs Fair Game for DebtsThe U.S. Supreme Court ruled that certain money inherited from individual retirement accounts can be taken by creditors to cover the debts of people in bankruptcy proceedings. In a unanimous ruling written by Justice Sonia Sotomayor, the court said inherited IRA money not received from a spouse isn't protected in...
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Is Your Corporate Shield Intact?While many small business owners seek legal counsel to assist them with the formation of their corporation, they may not understand or otherwise overlook the benefits of having continued legal counsel to assist with the operation of their corporation – specifically the importance of maintaining corporate formalities. Failure to draft...
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Same-Sex Marriages Create New Strategies for Tax PlanningNow that the Supreme Court has issued its landmark ruling to overturn the Defense of Marriage Act (DOMA), same-sex couples should be hammering out joint financial plans, much like those that heterosexual pairs create when they marry. The plus side is that same-sex married couples nationwide are now afforded benefits...
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Business Owners: Protect Yourself and Your Family With a Buy-Sell Agreement!As a business owner, you really need to plan for the continuation or sale of your business in the event of death, disability, retirement or withdrawal from the business. This planning is needed to protect your business partners, family and even the business itself. You should consider a Buy-Sell Agreement...
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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...