While various types of insurance can protect your business from lawsuits and other liabilities, perhaps the greatest liability of all—especially if you’re the sole owner of your business—is what could happen to your company when you die or if you should become incapacitated by accident or illness. To ensure your business—and the income it provides your family—is protected if you’re no longer in the picture, you’ll Read More
Avoid These 4 Mistakes When Naming Life Insurance Beneficiaries
Investing in life insurance is a foundational part of estate planning. However, when naming your policy’s beneficiaries, there are a number of mistakes you can make that could lead to potentially dire consequences for the very people you’re trying to protect and support. The following four mistakes are among the most common we see clients make when selecting life insurance beneficiaries. If you’ve made any of these Read More
5 Estate Planning Must-Dos if You’re Getting Divorced—Part 1
Divorce can be traumatic for the whole family. Even if the process is amicable, it involves many tough decisions, legal hassles, and painful emotions that can drag out over several months, or even years. That said, while you probably don’t want to add any more items to your to-do list during these trying times, it’s absolutely critical that you review and update your estate plan—not only after the divorce is final, Read More
Minimizing Your Tax Burden When Selling Your Company
The time is finally nigh to begin seeking a buyer for your successful California small business. After all those hours of sweat equity, you are ready to fully enjoy the fruits of your labor. One thing that concerns you, though, is having to pay all those taxes on your capital gains. To confront this issue, this blog will provide some general information on how to reduce your tax burden in this situation. Why Do Read More
Understanding the 199A Deduction and Entity Optimization
The Tax Cuts and Jobs Act of 2017, enacted in 2018, has many complex provisions, credits, and deductions that are still being figured out by financial and tax professionals today. One of those deductions is now known as the Section 199A deduction for pass-through small businesses like sole proprietorships, S-corporations, and certain types of partnerships. It can also allow some real estate investors to take Read More
4 Necessary Exit Plan Steps to Keep In Mind
Exiting your business isn’t a decision to be made lightly. It may have been something you were considering before the COVID-19 pandemic hit, or it could have been something that you’ve had to reckon with because of shelter-in-place orders. Maybe your business had already been struggling, and you’ve had to come to terms with your financial struggles due to long-term closures and loss of revenue. Or perhaps you want to Read More
Don’t Let Diminished Financial Capacity Put Your Elderly Loved Ones At Risk—Part 1
With more and more Baby Boomers reaching retirement age each year, our country is undergoing an unprecedented demographic transformation that’s been dubbed “The Greying of America”. This population shift stands to affect many aspects of life, especially your relationships with aging parents and other senior family members. By 2060, the number of Americans aged 65 and older is projected to nearly double from 52 Read More
Buyer Beware: The Hidden Dangers of DIY Estate Planning—Part 2
Given how far web-based technology has evolved, you might think online legal document services like LegalZoom and WillsandTrusts.com have advanced to the point where they’re a suitable alternative to having your estate plan prepared by a lawyer. After all, you’ve been able to prepare and file your taxes online for years, so what makes estate planning so much different? Aren’t lawyers using the very same forms you Read More
7 Events That Necessitate a Review of Your Estate Plan
Even if you put a totally solid estate plan in place, it can end up proving worthless if it’s not properly updated. Estate planning is not a one-and-done type of deal: it should continuously evolve along with your life circumstances. No matter who you are, your life will inevitably change - families change, laws change, assets change, and goals change. In the absence of any major life events, we recommend Read More
Another Way to Fund Your Business through the CARES Act
You may have heard the news that there have been 3 million applications for SBA loans through the recent CARES Act, to the point that the Act has reached its funding limit of $349 billion. Round 2 of funding is all but exhausted already. As a business owner who may have applied for the $10,000 EIDL grant only to later find it is actually $1,000 per employee, or a PPP loan that didn’t get funded before the money ran Read More
