If you die without an estate plan in California, the state decides how to distribute your property through a process called intestate succession. This means you lose control over who receives your assets, and your estate must go through probate court. Understanding...
Business succession plans can help to facilitate a smooth transition when important positions are vacant. Business owners may create succession plans to protect their companies. Executives may have contractual obligations that mandate that they create succession plans...
Many people feel uneasy when they hear the phrase "tax avoidance." The term is sometimes confused with tax evasion, which involves illegally concealing income or assets from taxing authorities. Estate planning, however, often includes legitimate and lawful strategies...
When you’ve spent your lifetime building wealth through hard work, smart investments and careful financial decisions, you hate to think that all those assets will be gone within a generation or two. Unfortunately, preserving that wealth for future generations can be...
Generally speaking, a life insurance policy is not going to count when considering the assets a person owns and determining what they owe for estate taxes. This is because, although the policy was purchased by that individual, the funds from the payout are not...
When you are making a business succession plan, if your goal is to keep the business in the family, you may assume that all family members need to be equally involved. If you have multiple adult children, you may be trying to fit them all in as members of the board or...
Mediation gives you an opportunity to resolve a dispute without the cost, stress and uncertainty of going to trial. Whether the disagreement involves a business matter, property issue or family conflict, the way you negotiate during mediation can strongly affect the...
You are not obligated to divide your estate equally between your heirs -- even if they might expect you to do so. You should, however, consider explaining to your heirs what you intend to do when you decide to leave unequal inheritances. Leaving your decisions...
Planning for a loved one with special needs requires more than good intentions. It demands careful planning to ensure their well-being long after you’re no longer around to see to it. To avoid unintended outcomes, a special needs trust (SNT) can be just what you need....
Some types of assets allow you to designate a beneficiary directly with the organization that holds them. Examples include 401(k) retirement accounts, life insurance policies, Totten trusts and annuities. You might choose these asset types partly because they can pass...