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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.

What happens sometimes is a person procrastinates and does not prepare a last will and testament until the last minute when they are aging and health-wise, more vulnerable. This person may or may not have the testamentary capacity to fulfill the requirements of a valid Will.

The world has become more complex by way of technology and many people do not understand the direction of how blockchain and crypto currencies will change not only the future but also the way we conduct business and move trade.

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.

The Uniform Voidable Transactions Act (UVTA) is a uniform act that was created by the National Conference of Commissioners on Uniform State Laws (NCCUSL) to provide a uniform set of rules for when a transfer of property can be avoided by a creditor.

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.

Cryptocurrencies, like any other asset, can be a part of an individual's estate and can be included in their estate plan. Here are a few things to consider when including cryptocurrencies in your estate plan:

Asset protection refers to strategies and techniques that are used to safeguard the assets of an individual or business from potential threats such as creditors, lawsuits, and financial uncertainty.

Yes, it is possible to change a trust after the person who created the trust (the "grantor" or "settlor") has passed away. The process for making changes to a trust after the grantor's death will depend on the terms of the trust and the laws of the state in which the trust was created.

Year-end tax planning can be a effective way to reduce your tax bill for the current year. Here are a few strategies you may want to consider:

The alternative minimum tax (AMT) is a tax that is designed to ensure that taxpayers with high levels of income pay at least a minimum amount of tax. It was enacted to prevent high-income taxpayers from using deductions and other tax benefits to significantly reduce their tax liability.

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.

Cryptocurrency is a digital or virtual currency that uses cryptography for secure financial transactions and the value of a cryptocurrency is determined by the supply and demand for it on the market.

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.

A living trust is a legal document that allows you to place your assets into a trust while you are still alive and avoid the expense and time consumption for loved ones in Probate Court.

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:

California estate-planning questions for Orange County families: trusts, probate, incapacity, ownership, beneficiaries, and scope-first planning in Aliso Viejo.

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 consultation and to make sure your estate plan has all the tools you need to safeguard yourself, your loved ones, and your business. 

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 consultation.

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.