Large estates that contain millions of dollars’ worth of assets are potentially subject to major tax obligations. Once the total value of the estate reaches $13.99 million, as of 2025, the estate may be responsible for federal estate taxes. The federal estate tax is a...
A family limited partnership (FLP) can be a valuable tool for families who own assets or a business together. When set up the right way, it helps protect your family's wealth and makes it easier to pass things on to the next generation. While FLPs can sometimes help...
Did you know that you can update your estate plan? Altering your estate plan may be a crucial step to protect your legacy. On average, people should consider updating their estate plan every three to five years. However, you may need to update your estate plan after...
When conflicts arise, the first thought for many people is to take the matter to court. However, litigation can be costly, time-consuming and emotionally draining. This is where alternative dispute resolution, often called ADR, provides a practical option. ADR puts...
Every business reaches a point where leadership must shift to the next generation or to new management. Without preparation, this change can create uncertainty, put operations at risk and weaken the company’s future. Succession planning is about creating a roadmap for...
Inheriting money from your parents brings both good things and tax questions. California doesn't take any tax from your inheritance, but the federal government might if the estate is worth over a certain amount. Many people get confused about which tax rules apply...
Yes. If you own a business, you need an estate plan to avoid delays, tax exposure or leadership gaps. Without one, your company may face probate, which can disrupt operations and create legal uncertainty. How your business changes estate planning Business assets –...
Many adults have debts throughout their adulthood. One question many don’t think about is what’s going to happen to those debts when they die. If you have any debts, including ones such as credit card bills or mortgages, your estate will likely be the entity to handle...
You can’t always know what will happen to your assets after you pass away. However, you can have some control over who inherits from your estate. Protecting your legacy from being mismanaged or wasted may require an incentive trust. An incentive trust is a legal...
Thanks to a new law that just took effect this April, more California estate assets can be excluded from probate even if they aren’t placed in a revocable living trust or other steps aren’t taken to avoid the sometimes lengthy and costly process. In California,...