How Can a Business Owner Protect Assets in Northern California from Timothy Murphy As the general partner, you would have sole decision-making authority. Family members that you add to the partnership would be silent limited partners. Learn more about business owner protect assets in Northern California in this presentation. … [Read more...] about How Can a Business Owner Protect Assets in Northern California
BLOG
Isn’t a Trust Just a Glorified Will?
People sometimes assume that a trust is a somewhat glorified legal device that accomplishes the same thing that a will would accomplish. In fact, there are different types of trusts. Trusts can satisfy objectives that a will would not satisfy. Let's look at some of these scenarios. Estate Tax Exposure The federal estate tax is a legacy threat to high net worth families. This tax carries a 40 percent top rate, so we are talking about a very significant level of taxation. The good news is … [Read more...] about Isn’t a Trust Just a Glorified Will?
Asset Protection: Consider a Family Limited Partnership
When you are devising a financial plan as a business owner, you should take asset protection into consideration. There are litigious types out there who look for successful targets, and you have to be proactive if you want to make sure that your assets are protected from legal actions. With the above in mind, we will look at family limited partnerships in this blog post. Asset Protection for Business Owners While anyone can be sued, certain people who are involved in businesses may be … [Read more...] about Asset Protection: Consider a Family Limited Partnership
What Is a Buy-Sell Agreement?
The process of estate planning can be a bit confusing for small business owners, especially if there are partners in the business. How would things play out after the passing of one partner? This type of situation is often addressed through the creation of a legal device called a buy-sell agreement. Let’s look at the details. Buy-Sell Agreements We will explain by way of example. For the purposes of our example, you are one of three partners in a small business. The business is quite … [Read more...] about What Is a Buy-Sell Agreement?
Evaluating Estate Sale Companies
Estate sales, estate auctions, and estate liquidations are often a common part of the estate settlement process, as are the estate sale companies that run them. However, not all estate sale companies are created equal, and anyone considering hiring such a company needs to approach the decision with a certain amount of caution. This is especially true if you are an estate administrator and are trying to find the right estate sale company to dispose of estate assets on the estate’s behalf. Here … [Read more...] about Evaluating Estate Sale Companies
Can Tax Legislation Impact My Estate Plan?
When you think about estate planning, you may put it on the back burner, thinking that you will have time put a plan in place at a future date. Many people adopt this perspective, and as a result, most Americans are not properly prepared. Because of this tendency toward foot dragging, once you put your initial plan in place, you may feel as though the job is done. You have finally taken action, and you no longer have to feel this nagging sense of unpreparedness. It's great to put a plan in … [Read more...] about Can Tax Legislation Impact My Estate Plan?
Are You Sure a Will Is the Best Choice?
If you are a golfer, club selection is very important to you. The use of the proper tool as it were can make all the difference, and this is also true when you are planning your estate. Many people assume that a Will is the best choice if you are not extremely wealthy, but there are many good reasons why you may want to use a living trust instead. Let's look at the facts. Living Trust Advantages A living trust can provide benefits that a Will would not. You have more flexibility with regard to … [Read more...] about Are You Sure a Will Is the Best Choice?
Estate Planning for Young Families
When young couples start a new family, one of the last things they want to think about are all the estate planning issues that come with being a responsible parent. Questions like what might happen to you and your family if one of you becomes seriously ill or dies are not pleasant to think about, but they need to be addressed to protect your new family. Today we are looking at specific issues that new parents, or those starting a new … [Read more...] about Estate Planning for Young Families
Estate Tax Strategy for Appreciable Assets
There are things that you can do to potentially transfer assets at a tax discount if your estate is going to be exposed to the federal estate tax. This tax is applicable on transfers that exceed the amount of the federal estate tax exclusion. For the rest of this year, the exclusion is $5.43 million, but it is going up to $5.45 million next year after an inflation adjustment is applied. If you are married, you can use the unlimited marital deduction to transfer unlimited assets to your spouse … [Read more...] about Estate Tax Strategy for Appreciable Assets
A Medi-Cal Trust Can Preserve Inheritances
When you are contemplating your legacy, you may have a certain vision with regard to the inheritances that you would like to leave behind to your loved ones. Making this vision a reality takes careful planning as you build a nest egg for your own retirement with your legacy goals in the back of your mind. Your active retirement years can be full of fun, travel, and leisure activities if you act within a well defined plan over the years. However, when you are considering the expenses that you … [Read more...] about A Medi-Cal Trust Can Preserve Inheritances
