5 Simple Asset Protection Strategies to Protect Your Family’s Assets

While most people assume only the extremely wealthy need to worry about asset protection, those with less wealth and fewer assets may be at even greater risk. For example, if you’re a multi-millionaire, a $50,000 judgment against you might not be that big of a burden. But for a family with a modest income, home, and savings, it could be catastrophic. Asset protection planning isn’t something you can put off until Read More

The SECURE Act’s Impact On Estate and Retirement Planning—Part 1

On January 1, 2020, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) went into effect, and it represents the most significant retirement planning legislation in decades. Indeed, the changes ushered in by the SECURE Act have dramatic implications for both your retirement and estate planning strategies—and not all of them are positive. While the law includes a number of taxpayer-friendly Read More

Han v. Hallberg: An Illustration on Importance of Proper Business Succession Planning

A case ruling by a Court of Appeals in the summer of 2019 underscores describes how complex partnership agreements can be when they intersect with trusts and other aspects of estate planning. The case, Han v. Hallberg, began all the way back in 2010 when an original member of a partnership, Dr. Richard Hallberg, passed away.  Context In 1975, Dr. Hallberg entered into a partnership with three other dentists for Read More

Pet Trusts Offer Protection for Your Furry Family Members

If you’re an animal lover and have a pet of your own, you likely consider your pet to be a member of the family. And since your furry friends can provide protection, emotional support, and unconditional love, such consideration is often well deserved. In stark contrast, the law considers your pet nothing more than personal property. That means that without plans in place, your pet will be treated just like your Read More

6 Steps to Select and Name the Right Guardians for Your Minor Children—Part 2

In Part 1 of our blog post, we shared the first part of our series on selecting and naming the right guardians for your children. Here in Part 2, we discuss the final three steps in the process. Narrow Candidate List and Rank Choices When you’ve come up with all of the potential candidates for guardian, narrow down the list to your top five people. There’s no guarantee that your ideal candidate(s) will be Read More

Lifetime Asset Protection Trusts: Asset Protection for Your Child’s Inheritance—Part 2

If you’re planning to leave your children an inheritance of any amount, you likely want to do everything you can to protect what you leave behind from being lost or squandered.  While most attorneys will advise you to distribute the assets you’re leaving to your kids outright at specific ages and stages based on when you think they will be mature enough to handle an inheritance, there is a much better choice for Read More

Tax Implications of Purchase Price Allocation in Business Transactions

There are countless considerations businesses should address when merging with another company or acquiring one. Among these is the Purchase Price Allocation, which is the process by which an acquiring company distributes the sale amount into various assets and liabilities that have carried over from a target company. The buyer and seller often have different ideas on how to allocate the purchase price in addition to Read More

6 Steps to Select and Name the Right Guardians for Your Minor Children—Part 1

One of your most important responsibilities as a parent is to select and legally document guardians for your minor children. This doesn’t mean just naming godparents or trusting the grandparents will step in if necessary. It means consciously deciding who would raise your children if you cannot, and legally documenting your choices to make sure the people you chose know what to do if they’re ever called Read More

4 Year-End Tax-Saving Strategies for 2019

As we head towards the end of the year, we’re fast approaching the deadline to implement your family’s tax strategies for 2019. The Tax Cut and Jobs Act (TCJA) completely overhauled the tax code, and if you’ve yet to take full advantage of the benefits offered by the new tax law, now is the time to do so. To qualify for some TCJA tax benefits, you’ll need to act by December 31, so don’t wait to get started. The Read More

Lifetime Asset Protection Trusts: Asset Protection for Your Child’s Inheritance—Part 1

As a parent, you’re likely hoping to leave your children an inheritance. In fact, doing so may be one of the motivating factors driving your life’s work. But without taking the proper precautions, the wealth you pass on is at serious risk of being lost or squandered. In some instances, an inheritance can even wind up harming your children more than benefiting them.  Creating a Revocable Living Trust offers some Read More