Family businesses are incredibly common. According to one report, almost 77% of small businesses can fit into this category. Even some major corporations have a single family at the top of the executive board, Wal-Mart, for instance, is owned by the Waltons. However,...
Business succession can be a concerning issue, especially if you believe your adult child is not suited for your company. Surprisingly, a significant number of business owners are choosing not to include their children in business succession plans. Common reasons to...
Long-term care can be costly, and it’s not an expense that’s covered by Medicare. Some California residents need to apply for Medi-Cal to help cover the cost of this care, and they may encounter the term “lookback period” when they do. The lookback period is the...
Appointing someone as guardian of your child(ren) can be the most important decision you ever make. While everyone’s familial circumstances are unique, the bottom line is that every parent wants the best person possible to step into their roles once they can no longer...
When a parent or grandparent enters their elderly years, an unfortunate tragedy can strike at any moment to steal their well-being and capacity to make their own decisions. Without an estate plan, they are incredibly vulnerable. There is no guarantee that even you, as...
A power of attorney (POA) is a legal document that permits an agent to make certain decisions on behalf of someone else, particularly should that person become incapacitated. The decision-making party is referred to as the agent. The types of decision-making...
Charitable remainder trusts (CRTs) are useful estate planning tools for people who want to balance out their desire for financial security with their desire to support their favorite charities. CRTs come in two primary forms: charitable remainder annuity trusts...
Being a trustee is a position of great responsibility – and a trustee also a legal obligation to continuously act in the best interests of the beneficiaries. Fail in that obligation and you could quickly find yourself at the center of a lawsuit as the beneficiaries...
If you’re beginning the estate planning process or possibly considering some modifications to your existing plan, one of your concerns is likely the tax ramifications of your decisions on the value of your estate (and, by extension, your beneficiaries). That’s why...
Chances are you started preparing your children to take over the business from when they were young. Perhaps, you had them visit often to familiarize themselves with the business and have introduced them to managers and employees. However, when they are old enough,...