Business succession planning is the process of preparing for the transition of ownership and management of a business from one generation to the next. It is an important aspect of business planning that can help ensure the long-term success and stability of the company. Here are a few ways to plan for business succession. 1. Develop a plan The first step in planning for business succession is to develop a plan. This plan should include details such as who will take over the … [Read more...] about How Can I Plan for Business Succession?
Would you like to make gifts this year to your loved ones that benefit both you and the recipient? Annual exclusion gifts provide a benefit not only to the recipient but also to the donor. Annual per donee exclusion gifts allow the donor to make gifts to multiple individuals without incurring any transfer tax consequences provided that the total gifts to an individual are present interests and do not exceed the threshold amount. Internal Revenue Code (“Code”) Section 2503(b) sets the amount that … [Read more...] about How to Use the Annual Gift Tax Exclusion Amount
As the world shrinks due to increased mobility and interconnectedness, estate planning has become more complex. Now estate planning requires understanding issues that arise when a client owns assets in another country or resides in the U.S. but lacks citizen status. Things change for clients who neither reside in the U.S., nor have U.S. citizenship, but who own U.S. property. My friend and colleague Tereina Stidd, an estate planning expert, discusses this issue. Read on to learn more. … [Read more...] about Planning for the International Client
There are several myths and misconceptions surrounding estate planning that sometimes pop up. For example, some people believe that the state of California will inherit your property if you don't make a will or create some kind of estate plan. While this is possible, it is very rare. The process through which the state inherits someone's property is called escheat. Let's take a look at it and why it rarely happens. You can choose who inherits your property. In order to pass on your … [Read more...] about Will The Government Inherit Your Estate?
Most people are aware of the fact that life insurance is often utilized in the field of estate planning as a way to replace your income in the event of your unexpected passing. However, life insurance is used in other ways as well, and this underscores why it is important to work with an estate planning attorney when you're planning for the future. There are a lot of strategies that exist that the typical layperson would have no reason to be aware of, and this is one of the reasons why it is … [Read more...] about How Do You Balance Inheritances?
After you sign your Last Will and Testament, you probably expect that your wishes will be honored. So, what happens if a family member decides to challenge your Will? Successful Will challenges do not occur often, but they can cause the estate in question to be settled by state law rather than by the desires of the decedent. You can take steps to minimize chances of a successful challenge to your Will by making sure your document is airtight. Legality One way an heir can challenge your … [Read more...] about How to Avoid a Challenge of Your Will
Depending on the extent of your resources it may well take some careful planning to be able to enjoy your retirement years to the utmost. Simply maintaining the lifestyle that you have in mind is probably going to be your first consideration, but the reality is that there are many unknowns that have a significant impact on your finances. People are living longer and longer and statistics indicate that approximately 4 out of every 10 senior citizens will spend some time in a long-term care … [Read more...] about Social Security and Retirement Planning
One of the biggest stories in the elder law community during these times involves the rising cost of long-term care. When you're planning for the latter stages of your life it is important to recognize the fact that you may have to address some very significant nursing home and/or assisted living facility expenses at some point in time. A minority of people are in a position to easily handle any and all eventualities and of course, this is the ideal position to be in. But for many, even those … [Read more...] about Elder Law, Medicaid, and Your Future
The field of elder law involves helping seniors become prepared for all the eventualities of aging, and of course, as you get older the need for health care generally becomes more pressing. We are all aware of the high cost of medical services, and most people gain some peace of mind from the understanding that they will be qualified for Medicare when they become senior citizens. The fact is that Medicare does not cover everything, so when you are planning for the future it is important to gain … [Read more...] about Medicare vs. Medi-Cal: Do You Know the Difference?
People are aware of the fact that they should have an estate plan in place, but many seem to feel as though "it is not time yet." Most would agree that there is never a very good time to die, and we all want to live long, fruitful, and robust lives. Indeed, lifespans are expanding all the time, and right now the average lifespan in the United States is 78.4 years. But the fact is that this does not mean that you can wait until you are about 75 years old before you start to take estate … [Read more...] about Is Estate Planning Only for Seniors?