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Reverse Piercing of your Corporate Veil For Creditors in California

Posted by James Burns | Mar 06, 2023 | 0 Comments

Piercing the corporate veil is a legal concept that allows a court to disregard the limited liability protection afforded to a corporation and hold its shareholders personally liable for the corporation's debts or obligations. This is typically done when the corporation is found to have been used for fraudulent or illegal purposes or when the corporation and its shareholders fail to maintain sufficient separation between their personal and business affairs.

Understanding Beneficiary Designations for Your California Estate Plan

Posted by James Burns | Feb 14, 2023 | 0 Comments

Your estate plan in California can include several documents, many of which may require beneficiaries, like any trusts you may have set up or intend to set up and non-probate assets like 401(k), IRA accounts, life insurance policies, and pensions. Assets from these accounts will go to the beneficiaries upon your death. It is important, therefore, to make sure you choose your beneficiaries carefully. 

Who qualifies for the Employee Retention Tax Credit in 2023?

Posted by James Burns | Feb 05, 2023 | 0 Comments

The Employee Retention Tax Credit (ERTC) is a tax credit offered to businesses affected by the COVID-19 pandemic to incentivize them to retain employees. It provides eligible employers with a tax credit of 50% of the qualified wages, including health plan expenses, paid to employees from March 13, 2020, to December 31, 2021, up to $10,000 per employee for the entire year.

Trustee Duties and Liabilities in California

Posted by James Burns | Jan 30, 2023 | 0 Comments

Trusts are a common tool used in estate plans. Wills are no longer the dominant method to secure property and assets for loved ones. Trusts, in fact, provide a number of benefits to the settlor or trustor – the person who creates the trust – while they are still alive, so in many ways, it makes sense to create a trust. The problem is this: appointing a trustee who will comply with the law, fulfill the terms of the trust, and always act in good faith. Appointing the right trustee is critical because they have many obligations to uphold.

Understanding California Spendthrift Trusts

Posted by James Burns | Jan 26, 2023 | 0 Comments

Not all of us are good with money. Some of us are just poor managers of it while others just spend it on gambling, other addictions, or whatever the case may be. If this describes someone whom you love and might want to help out financially through a trust, you may not want to risk them spending it all in one night. Fortunately, there are ways to help these loved ones through your estate plan in California.

Cook Island Asset Protection Trusts for California Wealthy

Posted by James Burns | Jan 10, 2023 | 0 Comments

Cook Islands asset protection trusts are a type of legal arrangement that allows individuals to transfer ownership of their assets to a trust in order to protect them from creditors, lawsuits, and other legal actions. These trusts are typically set up in the Cook Islands, an independent nation in the South Pacific, because the Cook Islands has laws that provide strong asset protection for trusts established there.

What is Probate Court in California and How do You Avoid It?

Posted by James Burns | Dec 24, 2022 | 0 Comments

Probate court is a court that oversees the administration of a deceased person's estate. The purpose of probate is to ensure that a deceased person's assets are distributed according to their will or, if they did not have a will, according to the laws of the state in which they lived. Avoiding it as a part of your future takes effort and understanding.

How are Business Owners in Orange County Using Life Insurance to Effectively Reduce or Eliminate Wealth Taxes?

Posted by James Burns | Dec 24, 2022 | 0 Comments

A family limited partnership (FLP) is a type of business structure that can be used to hold and manage assets, such as life insurance policies. An FLP is typically set up by a parent or other individual with a large estate, who transfers ownership of certain assets, including life insurance policies, to the partnership.

California Estate Planning FAQ

Posted by James Burns | Dec 13, 2022 | 0 Comments

At The Burns Firm, we believe informed clients make the best decisions about their estate plans. That’s why we want to break down complex terms and clarify confusing principles so that you make the right choices for your estate, too. Contact our office either online or at (949) 305-8642 for a Free 15 minute phone call to get specific legal advice for your estate plan. In the meantime, here are responses to some of the most frequently asked questions we get when new clients come to our office in Orange County.

Estate Taxes (Death Taxes) in California

Posted by James Burns | Dec 13, 2022 | 0 Comments

Estate taxes are paid by a decedent’s estate, which means heirs to the estate lose out of benefits. There are ways to reduce or avoid estate taxes, but they do not always apply. Speaking to an experienced estate planning attorney in California is the best way to create a plan that benefits you today and protects your loved ones tomorrow. Estate law can get pretty complex and undergoes changes relatively often, making it hard for clients to stay current. At The Burns Firm, our estate planning lawyer will thoroughly review your estate and advise you accordingly. We know that informed clients make the best decisions about their finances. Contact us today either online or at 949-305-8642 to schedule a Free 15 minute call.

Business Succession Lawyer in Aliso Viejo, California

Posted by James Burns | Dec 13, 2022 | 0 Comments

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. At The Burns Firm, our estate planning lawyer based in Orange County handles business succession plans for business owners. We aim to keep your business successful regardless of any changes you face over the years. Contact us at 949-306-8642 to schedule a Free 15 minute call and to make sure your estate plan has all the tools you need to safeguard yourself, your loved ones, and your business. 

Revocable Trusts Lawyer in California

Posted by James Burns | Oct 27, 2022 | 0 Comments

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.

Business Succession Lawyer in California

Posted by James Burns | Oct 27, 2022 | 0 Comments

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.

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Law Office of James Burns
6B Liberty, Suite 130
Aliso Viejo, CA 92656
(949) 305-8642

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