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

6 Steps to Add Digital Assets To Your Estate Plan

Although digital technology has made many aspects of our lives much easier and more convenient, it has also created some unique challenges when it comes to estate planning. If you haven’t planned properly, for example, just locating and accessing all of your digital assets can be a major headache, or even impossible, for your loved ones following your death or incapacity. And even if your loved ones can access 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

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

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

California Estate Planning: Who Gets Your Business If It’s Not In Your Estate Plan?

Estate planning can be overwhelming, and it gets even more complex if you own a business that needs to be distributed amongst loved ones and family members. Your estate plan should specifically include what you wish to happen to your business and what provisions should be made for beneficiaries who want to sell their portion of the business. If your business is not included in the estate plan, or your business does Read More

Business Owners: Evenly Distribute Your Assets in Your Trust After You Pass

As a business owner, you need an estate plan that addresses the management and distribution of your business after you pass. Depending on the other assets you have, there are several ways you may choose to structure your estate to ensure that your children are treated equally during estate administration if you own a business. Planning for Your Largest Asset It’s essential to work with an estate planning lawyer Read More

It’s Never Too Early to Start: 5 Important Reasons to Begin Building Your Estate Plan Today

Estate planning is an essential part of preparing for the future, but it seems like people put more thought into which car they want to buy or where they want to spend their 25th anniversary than who receives all of their assets after they pass away. Sometimes this failure to consider the future is unintentional. When you’re growing a family or building a business, you’re focused more on present needs and decisions. Read More

Springing Vs. Non-Springing Powers Of Attorney

If you do not have a Power of Attorney for Finance (“POA”) as a part of your estate plan when you become incapacitated, the results may be devastating. Your family will almost undoubtedly have to petition the court to establish a conservatorship to make financial decisions on your behalf (and medical decisions if you do not have an Advance Health Care Directive (“AHCD”). With a POA, your family will likely be 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