Your business is likely one of your most valuable assets. For this reason, business succession planning is crucial when creating an estate plan. A business succession plan clearly defines who will take on which roles, aiming to prevent disputes among family members or employees. If the business is sold later, the plan will also clearly…
In this month’s newsletter, we provide a comprehensive understanding of the Generation-Skipping Transfer Tax and its implications. With each transfer of wealth, federal estate taxes are collected. Typically, money goes from spouses to children, then grandchildren, and so on, with taxes collected each time. Wealthy families discovered they could avoid estate taxes by giving money…
An intrafamily loan is a financial agreement between a family member who borrows money from a lending family member. These loans benefit children and grandchildren learning to be financially responsible but may have difficulty obtaining a loan due to age or credit score. In many circumstances, these loans offer flexible repayment terms and interest rates….
By Justin J. Lee, Esq. It is common knowledge that California is a community property state. In community property states, spouses jointly own nearly all assets and debts acquired in marriage. Generally speaking, community property encompasses assets earned or acquired by one or both spouses during the marriage while they lived in the community property state, as…
Many people misinterpret estate planning as merely obtaining documents to show their wishes regarding the distribution of their assets after their passing. However, estate planning is much more intricate. Undoubtedly, estate planning is a multifaceted process involving carefully considering one’s financial, personal, and familial circumstances. Nonlawyers who act like lawyers cannot create the best comprehensive…
We’re thrilled to announce that our very own Shauna Anderson is featured in Orange Coast Magazine‘s annual Power Women special issue! Shauna’s exceptional leadership, skill, and unwavering determination to make a positive impact in Orange County inspire us all. Shauna’s well-deserved recognition as a Power Woman in Orange Coast Magazine’s prestigious issue is truly a…
When drafting a will, a crucial decision involves selecting the individual who will act as the executor of your estate. This person is the representative tasked with executing the instructions you provide in your will. Moreover, this person may have certain discretionary powers that you grant them in deciding the distribution of your assets. However,…
In our latest newsletter, we delve into the intricacies of dynasty trusts. If you have a high net worth, this is one of the best ways to protect your family and transfer your estate. However, setting one up requires considerable financial and estate planning knowledge. What Is a Dynasty Trust? A dynasty trust provides long-term…