Estate planning is a critical process that ensures your assets are distributed according to your wishes after you pass away. One of the fundamental elements of an estate plan is the designation of beneficiaries. Beneficiaries are individuals or entities entitled to receive a
A Family Limited Partnership (FLP) is an advanced estate planning strategy that families often use to manage and protect their assets while also minimizing their tax liabilities. Understanding the intricacies of FLPs, how they function, their impact on estate planning and administration, and
As a freelancer or independent contractor in California, you have the freedom to dictate your work schedule, choose your projects, and operate with greater autonomy. However, this independence also means you need to take charge of aspects of your life that employers often
Gift taxes play a significant role in estate planning by influencing how and when assets are transferred to beneficiaries. California, like many states, does not impose a state-level gift tax. However, residents and those transferring assets within the state must still navigate the
Estate planning is not just about passing on your assets to loved ones; it’s also an opportunity to leave a lasting legacy through charitable giving. One effective and flexible tool for incorporating philanthropy into your estate plan is the trust. Trusts provide a
State and federal laws impacting estate plans have been in flux for years. One of the most important changes for California residents happened in July when Governor Gavin Newsom signed a bill into law that closed loopholes for out-of-state incomplete nongrantor trusts. This
As an entrepreneur, your job is more than just a source of income. You invest effort and money into your business to build an organization that will live on after you. Your company can be part of your legacy and support your loved
When most people start drafting estate plans, they think in simple terms. This account goes to that person, or that much money is donated to this organization. However, when you start digging into the process, you’ll quickly realize that actual estate plans are
If you have children, own a California home or have a retirement account, it’s in your best interest to have an estate plan. In fact, it may be a good idea to have an estate plan even if you don’t have any assets.
Estate planning is something that one must do long before it’s actually needed. Unfortunately, many people in California wait until it’s too late to have any kind of conversation about their estate plan with their loved ones. This can lead to a lot
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We invite you to schedule a confidential consultation directly with one of our lawyers by calling 510-244-3307, or send an email now.
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