Revocable trusts, which are sometimes referred to as revocable living trusts, offer many benefits with the primary one being the ability to control your assets during your lifetime. Of course, the other main benefit is the ability to dissolve the trust if and when necessary. There are, of course, other advantages as well as some disadvantages that you should consider.
Succession planning in California is an often overlooked aspect of business ownership. This is a problem because it creates unnecessary risks. When key employees leave the business for whatever reason, the business can be detrimentally affected and go downhill quickly. But with a succession plan in place, leadership remains intact and harm to the business can be avoided.
Franchises in California offer great opportunities for business owners or people who want to be business owners. We have all at one point or another done business with a franchise, whether that was to purchase food, other merchandise, or participate in some activity. But the laws pertinent to franchises can be complicated. Plus, there are federal and state laws to contend with. Failure to comply or uphold your responsibilities as a franchisor or franchisee can break your business.
Have a great business idea in California that you need to put into action? Over the last few decades, startups have taken over, and some of the best are not limited to tech startups. They are in every industry, from health (e.g., Devoted Health) to consumer and retail (e.g., Juul Labs), e-commerce (e.g., goPuff), artificial intelligence (e.g., ByteDance), financial tech (e.g., Stripe), supply chain (e.g., Instacart) and more. Getting started with your startup business, however, is the hard part. There are laws and regulations that must be followed. Getting it right can mean either a solid foundation from which your business will grow or a rocky foundation from which your business may fail.
Estate planning is much more than figuring out the distribution of assets to beneficiaries but can be a means to protect yourself and your children when you can no longer do so for yourself. One way you can protect yourself and any children is through the creation of a comprehensive estate plan that takes into consideration the role conservatorships could play in your life and the lives of others if you do not plan appropriately. But conservatorships are often misunderstood and because of that, people tend to avoid them.
Many different situations can lead to a business sale or purchase. A company’s owner or partner may want to transfer ownership through a business succession plan. An entrepreneur may want to purchase a business that is already in full operation rather than start their own business from the ground up. One business may merge or acquire another business. For each situation, there are specific legal requirements that must be satisfied. Failure to adhere to the legal requirements and deadlines may result in frustrations that impede the sale or purchase of a business. Working with a business law attorney will ensure that your business sale or purchase in California is completed successfully.
Are you starting a limited liability company (LLC) in California? Do you need an operating agreement or articles of organization? Do you understand the benefits, liabilities, and responsibilities of starting and operating an LLC? Alternatively, is your company already formed as an LLC, but do you need help with things like complex assets, employment issues, taxes, bank financing, real estate, and commercial leases?
It’s a daunting task to put together an estate plan for yourself and maybe even a spouse. When you add children to it, it can become a little more complex. If one of those children has special needs, it’s not only more complex but imperative—because you may be their only source of support socially, emotionally, and financially.
When liquidation of estate or trust property is required for any purpose, including the paying of the decedent’s debts, expenses of administration, and satisfaction of gifts, the Probate Code specifies priority for liquidation based on how the property if gifted (Prob. Code, § 21401):
For the personal representative of an estate, proper handling of creditors’ claims is critical. Liability issues aside, the estate may not close until payment of, or provisions for satisfaction of, all the decedent’s debts are made.
Irrevocable trusts can be an important component of estate plans. Much of it depends on the purpose of the trust. There are many considerations, however, that must be taken into account before creating one.
It's a daunting task to put together an estate plan for yourself and maybe even a spouse. When you add children to it, it can become a little more complex. If one of those children has special needs, it's not only more complex but imperative—because you may be their only source of support socially, emotionally, and financially.
Living Trusts for Orange County Home Owners can help protect recent rise in home equity and keep it out of Probate Court.
Seniors needing long term nursing care may get help from new law taking effect in July 2022 for MediCal eligibility.
Special Needs Trusts require special skill to make the best use of one that fulfills the client goals. There are six different varities and each one has a different application.
Who Is Responsible for Your Debt After Your Death? Debt does not disappear when you die.
[1] But you can use strategies, before and after you retire, to limit the amount of tax that you pay on Social Security benefits. Keep reading to find out what you can do, starting today, to minimize the amount of income tax that you pay after retiring. Key Take Issues Up to 50% of Social ...
If you own a small family business, you've probably heard of “buy-sell agreements.” In fact, your professional advisers may have mentioned the need for one. A buy-sell agreement has three main functions: To ensure an orderly transfer of your business when you die; To set a value on the busi...
Does incorporating still make sense when you're a sole proprietor?
Rising home prices in Aliso Viejo, Laguna Niguel and other Orange County cities have propelled more home owners to protect that equity with living trusts.
When a spouse is a non-citizen it presents a problem in that there is no unlimited marital deduction if a spouse is not a U.S. citizen. The potential loss of the marital deduction could result in the surviving spouse suffering great loss of the estate. While we often look to the QDoT (Qualifie...
Families in Aliso Viejo, Laguna Niguel and other cities in Orange County are keeping their children safe by making sure they have comprehensive legal documents naming guardians. A good comprehensive estate plan that protects your children will include naming guardians but also providing them with health care powers of attorney over your children in case there is a need for health care immediately. This is often a gap in many plans as there should be 4 core ...
We may become Terminally, Chronically or Critically Ill Men have a 1 in 2 risk of developing cancer during their lifetime and women have a 1 in 3 risk.1 Every 30 seconds a new cancer is diagnosed in the U.S1 Every 40 seconds someone suffers a stroke.2 Every 26 seconds someone suffers a h...
While either a Will or a Revocable Living Trust enable you to name someone to handle your financial affairs and distribute assets to beneficiaries at your death (an "Executor" or "Personal Representative" in a Will or a successor "Trustee" in a Revocable Living Trust), a Will only operates at dea...
Children 18 or older are not longer children. A parent no longer has any rights over their finances, privacy or health care unless they get proper legal documents in place. There are three key documents to have before your child heads off to the dorms. Can you even imagine…? Your son or daughter goes off to college, gets into a very serious car accident and is sent to the ER. And when you call, frantically, to find out if he or she's okay... Nurse: “How old is your son/daughter?” You: “He/She just turne...
