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If you are a member of an LLC and you want to buy out the other members, there are a few steps you can follow:

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.

Expanding a business into foreign markets can be a complex and challenging process, but it can also be a rewarding way to grow your business. Here are some steps you can take to help expand your business into foreign markets:

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 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.

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, 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.

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? 

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.

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. 

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.