You’re trying to pass assets on to the next generation without having to pay inheritance taxes. You’d like to do this in advance to reduce the size of your estate. Unfortunately, you know that you are only allowed to gift assets with a value of up to $17,000 per year...
Many business owners would like to see their children take ownership of the family business when they retire or die, but it can sometimes be complicated. Cases of business owners being so concerned about the future of the company that they even delay making vital...
Estate planning is an important process for married couples. This effort helps ensure that assets are protected and distributed according to a couple’s wishes. With that being said, many couples assume that a joint estate plan is sufficient. In reality, spouses often...
You want your business to last as you pass it down to the next generation. It’s not just about your legacy—you know that the business can be a significant asset that provides income for your family for decades after you’re gone. As such, it’s important to identify...
There are many reasons why Californians shouldn’t just put an estate plan in place and forget about it. Although crafting an estate plan is a crucial step toward protecting your loved ones and your legacy that far too many people neglect, it’s not typically a...
The loss of a loved one is a traumatic experience, but it can be made much worse if people mourning that loss are contacted by creditors to ask for money because the decedent owed them money. Creditors have the option of turning to the estate to collect any money...
Owning property or other assets in multiple states can complicate your estate plan. However, with the right approach, you can protect your loved ones from unnecessary burdens after you’re gone. Every state has its own laws for handling property after death, making it...
When many people embark on business succession planning, they are thinking of the eventual outcome. Who will run the business when they decide to retire or when they pass away? How will the business be transferred to the next generation? What will the succession plan...
Effective estate planning is about more than just deciding who inherits your assets; it’s also about minimizing tax burdens on your loved ones. Legal tax avoidance strategies can help preserve the wealth you’ve worked hard to build while better ensuring that your...
You don't need to explain your estate planning decisions to your family, but it can help to discuss your wishes with them. This can reduce the chances of conflicts in the future, especially if you have distributed inheritance unequally. But how can you hold such a...