On January 1, 2020, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) went into effect, and it could have big implications for both your retirement and estate planning strategies—and not all of them are positive. Last week, we discussed three of the SECURE Act’s most impactful provisions. Specifically, we looked at the SECURE Act’s new requirements for the distribution of assets from Read More
4 Estate Planning Documents No Entrepreneur Should Be Without
Though most entrepreneurs understand the value of effective business planning, fewer are aware of the critical role estate planning plays in their company’s success. Yet considering what would happen to your business upon your death or in the event of your incapacity is one of the single-most important things you can do for your business. Indeed, without a proper estate plan, the business you worked so hard to Read More
How Will The Coming Wealth Transfer Affect Your Family and Business?
Whether it’s called “The Great Wealth Transfer,” “The Silver Tsunami,” or some other catchy-sounding name, it’s a fact that a tremendous amount of wealth will pass from aging Baby Boomers to younger generations in the next few decades. In fact, it’s said to be the largest transfer of intergenerational wealth in history. Because no one knows exactly how long Boomers will live or how much money they’ll spend before Read More
4 Ways To Scale Your Business for Sustainable Growth
Scaling your business is about effectively planning and preparing for growth, so as your operation gets bigger, your costs and workload don’t increase to unsustainable levels. To properly scale your business, you should be increasing revenue at a rapid rate, while increasing costs at a much slower rate. Growth is only sustainable if you have the systems and resources in place to support expansion. In other words, Read More
Explaining Cost Segregation Studies
Saving money on taxes can mean using some creative methods. One of these methods in California is a cost segregation study (CSS), which is a detailed analysis of your business’s assets that identifies items that can be untangled from real property. The primary purpose of a CSS, also referred to as an accelerated depreciation study, is to find components of real property, or related personal property, that may have a Read More
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
