Regardless of whether you and your spouse are U.S. citizens, you should set up an estate plan, which consists of an Trust, Advance Health Care Directive, Financial Power of Attorney, and Will. Non-citizens can inherit property from a U.S. citizen, but if your spouse is not a citizen your estate plan must be carefully drafted. Only the estates of individuals who leave a gross estate of more than $5.49 million Read More
What Is A Buy-Sell Agreement And Why Every Business Needs One
A Buy-Sell Agreement is a legally binding agreement between co-owners of a business that governs how a co-owner’s ownership interest is handled if that co-owner dies, is forced to leave the business, or chooses to leave the business. The situations where a Buy-Sell Agreement would be triggered include a co-owner attempting to sell his ownership interest to a third party, divorcing a spouse, declaring for Read More
Understanding The California Uniform Fiduciary Access To Digital Assets Act
There is not currently any federal law regulating access to digital assets. The Revised Uniform Fiduciary Access to Digital Assets Act (UFADAA) took effect in California (California Bill AB-691) on January 1, 2017. The UFADAA allows you to give an executor, administrator, trustee, power of attorney agent, or court-appointed conservator authority over your digital assets upon death or incapacitation. This Read More
Validity Of Non-Compete & Non-Solicitation Clauses In California
Many business owners wish to include non-compete and non-solicitation clauses in contracts. A non-compete clause (or separate non-compete agreement) typically prohibits one party from competing against the other party for a specific duration after the contract ends. California courts frown upon non-compete clauses, and there are pitfalls when including these clauses in contracts. Section 16600 of the Read More
5 Advantages Of Common Law Legal Systems
Common law refers to the law made by judges and not the parliament. It's basically that law that develops organically in due course and is based on the accepted shared values and customs of society. As judges consider both criminal and civil matters, they make informed decisions, develop precedents, and deliver rulings. When all these things are taken together, they constitute common law. Some civil laws like Read More
Minimize Estate Taxes Using Irrevocable Life Insurance Trusts
An Irrevocable Life Insurance Trust (ILIT) is a very important estate planning tool that provides many benefits, the most beneficial of which is tax savings. An ILIT is an irrevocable (non-amendable) trust that is both the owner and the beneficiary of one or more life insurance policies. If the insured is a married person, the non-insured spouse and children are most often beneficiaries of the ILIT. If the Read More
The Family LLC – A Unique Estate Planning Tool
A Family Limited Liability Company (FLLC) is a legal entity that serves as an estate planning tool. The main goals are to protect assets from creditors, provide management experience for younger generations, ensure who acquires a direct interest in the family business, prevent fragmentation of the family business and assets, and reduce estate and gift taxes. A Family Limited Liability Company (FLLC) is a legal Read More
Title Insurance Issues After Transferring Real Property To Revocable Living Trust
If you know someone who already has a living trust, they may be in danger of losing their home! Anyone who has transferred real property to their revocable trust must consider the dangers of their title insurance policy becoming invalid after such a transfer, and should explore their options. What is title insurance? When you purchase real property, most often you also purchase a title insurance Read More
S-Corporations Vs. C-Corporations
What is the best legal structure for your business? While there is an assortment of different structures (corporation, limited liability company, partnership, etc.), it is first important to understand the difference between an S-corporation (“S-corp”) and C-corporation (“C-corp”). An S-corp is a corporation that elects to be taxed under Subchapter S of the Internal Revenue Code. The profits (and losses) of an Read More
The Defend Trade Secrets Act Of 2016: Federal Jurisdiction For Trade Secret Litigation
The federal Defend Trade Secrets Act of 2016 (“DTSA”) was enacted on May 11, 2016, after it was unanimously passed by the Senate and ratified by the House in a 410-2 vote. The federal Defend Trade Secrets Act of 2016 (“DTSA”) was enacted on May 11, 2016, after it was unanimously passed by the Senate and ratified by the House in a 410-2 vote. The DTSA is not retroactive, rather it is effective for all Read More
