Client Alert

Business owners need estate plans

If you are a business owner — or if you run a professional practice — it is very important that you do not put off your estate planning. Getting the results you need and protecting both your business and your family’s wealth often takes years of preparation and planning; many experts suggest starting a decade in advance. The reasoning is that your business probably accounts for a significant percentage of your […]

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Client Alert

Are you taking full advantage of this year’s new tax law?

A new tax law affecting the wealth transfer system became effective January 1st of this year. The new law, known as the Tax Cuts and Jobs Act (TCJA), offers a truly unique opportunity to transfer portions of your wealth to your loved ones with fewer tax penalties. Are you taking advantage of the new law? Tax exemption amounts increase This new law increases the annual tax exemption amount of federal estate, […]

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Client Alert

Five ways to avoid probate

If you are worried about the time and expense of having your estate go through probate, there are a few things you can do so that your family will not have to deal with it. Here are five examples of ways you can avoid probate: 1.  Start out with a small estate: If you can get it down under the probate exemption limit, you do not have to worry about it. The limit […]

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The S.A.L.T. Deduction Capped at $10k – Maybe Not!

Dear Clients, Colleagues, and Friends, California… A land of golden sandy beaches, ancient towering trees, world-changing innovation, perfect sunny weather… and taxes. Lots and lots of taxes One thing Californians could always count on, until recently, was that their state and local taxes (S.A.L.T.) could be deducted from their annual federal tax returns, easing what was already a hefty annual tax burden. This included an annual deduction for property taxes. […]

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Client Alert

Three stages in life that put a new importance on financial planning

Many people who find themselves in financial difficulty could have avoided it with a bit more attention to financial planning. They find themselves unprepared for everything that life throws at them. This is especially important for business owners who need to consider the way their personal finances impact the company. Below are three common life events that you need to keep in mind when planning for your financial future: Marriage Yes, marriage […]

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Client Alert

Two estate planning mistakes you need to avoid

When you’ve never planned an estate before, you’ll be in the dark as to all the options available. You will also be vulnerable to making numerous common mistakes if you don’t have experienced guidance. Following are two estate planning mistakes you’ll definitely want to watch out for: Failing to update your estate plan: Your will is not a static document. Your family, state and federal estate laws and tax rules will […]

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Client Alert

Why a trust might make sense for adult children

When you have a sizable estate, creating a trust for your minor children makes sense. It controls how the money is distributed and keeps the burden of money management off their small shoulders. When your child is an adult, creating a trust for him or her may not seem as necessary. However, being over the age of 18 does not guarantee your child is great with money. Even for someone […]

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Orange County Business Journal

Securing Your Retirement: The Best Asset Protection Your Lawyer Never Told You About

Life is full of little surprises. Wondering whether your retirement plan is “bullet proof” from future lawsuits and bankruptcy should not be one of them. Imagine this… You’ve worked your entire life to build a successful business reinvesting into your company all along. Your long-term plan was to sell the company when you turned 60 to retire to a life of leisure, living on the proceeds. Then disaster strikes. You […]

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Client Alert

Tips for a successful succession plan for your family business

Using a few strategies, you can have a smooth and conflict-free succession process: Choose an heir Ideally, you should start at least a decade before leaving — think about who you would like to take over. The next person to run your company will likely be within your company so start scouting out the real star employees of your ranks. Otherwise, you may look outside the business. Create a training […]

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Client Alert

Two ways charitable giving impacts your taxes

As you consider estate planning, you decide that one of your main goals is to leave much of your money to charity. It’s always been important to you, and you want to leave behind a legacy you can be proud of. At the same time, your goal is to reduce the amount of taxes you pay as much as possible. You want to do this legally, but you’re interested in […]

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