As an executor (also known as a personal representative), you probably pictured a pretty straightforward probate. You’d gather assets, pay off debts and then distribute what’s left according to the will’s instructions. Unfortunately, things don’t always unfold so...
When making an estate plan, you may have a beneficiary that you want to leave a significant inheritance to, but you feel that it is not the right time. It would be better if you could delay it until they were a bit older. For example, perhaps you have a child who is...
An estate plan can certainly be written with relatively equal bequests. If you have multiple beneficiaries, they all receive a similar portion of the estate. It can sometimes be hard to split up sentimental items, but you could divide financial assets equally or leave...
Personal representatives administering estates generally need to be competent multitaskers. They need to manage multiple challenging issues at once. They may need to occasionally attend hearings in court. They have to secure and properly manage estate resources. They...
A vacation home is often a prized family asset. Whether it is a cabin in Tahoe, a vineyard retreat or a coastal property, these places carry strong memories. Passing them to children, however, can trigger estate taxes, higher property tax assessments and disagreements...
Succession planning is an essential facet of the long-term operation of any family business. It involves selecting and grooming future leaders who will take over ownership and management responsibilities. Unlike non-family enterprises, succession in family businesses...
If you plan to transfer a business, home or other major assets to your children in California, you must complete certain legal and tax steps. These steps differ by asset type and help you avoid penalties, delays or misunderstandings during the process. Transferring...
Some business owners begin succession planning with the idea that they are going to make the plan equal. For instance, a business owner may have four children who have now grown into adulthood. Their plan is to give each person 25% ownership in the company, and they...
Older adults thinking about their legacies often try to limit their future tax obligations. Making regular gifts to family members and other beneficiaries can be an important part of that strategy. By making gifts while still alive, older adults can watch their...
Some people support charitable causes, and they may decide that they want to provide a final bit of financial support once they die. This can be done through a charitable trust, but you’ll have to decide what type of charitable trust to use if you want to do this. ...