When it comes to estate planning in California, one-size does not fit all. To start, the estate plan must take into account the specific values of the clients creating the estate plan and the maturity of those benefiting from it. This requires understanding each client’s background, their vocation, education, philosophies on saving and spending, their wealth, financial sophistication, and their personal views on work, gifts, inheritances, and taxes. For a plan to truly work the estate planning attorney must also take into account the maturity and life’s experiences of the beneficiaries. For an outright gift to a disciplined, hard-working, independent child may make sense, the same outright gift to a debt-burdened, motivationally challenged child could spell disaster.
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A charitable remainder trust is a tax exempt trust that can liquidate an asset to create two interests: income interest and remainder interest. The income interest is paid out to a designated beneficiary (such as the creator of the trust) for a lifetime or at the conclusion of the term, and the remainder interest is passed to a qualified organization of the donor’s choice as specified in the trust document. Qualified organizations include charities, family foundations, and donor advised funds.
Establishing a life estate is a relatively simple process in which you transfer your property to your children, while retaining your right to use and live in the property. Life estates are used to avoid probate, maximize tax benefits and protect real property from potential long-term care expenses you may incur in later years. Transferring property to a life estate avoids some of the disadvantages of making an outright gift of property to your heirs. However, it is not right for everyone and comes with its own set of advantages and disadvantages.
Estate planning and retirement planning go hand and hand. Proper estate planning can avoid the costs associated with probate and deal with matters of incompetency and provide for minor children. In terms of retirement planning, individuals are living longer and the rule today is to plan for a 30 year retirement.
If you are over 50 years old, you should start planning for your retirement and that starts with your estate planning documents.
AB 633 prevents an employer from prohibiting an employee from providing voluntary emergency medical services in response to a medical emergency.
Assembly Bill 241 enacts the domestic worker bill of rights which provides for specific overtime pay for certain in-home employees. Those with in-home help will need to carefully determine whether the new law applies to them because AB 241 contains many specific definitions and exclusions.
Before starting any major negotiation or discussing any information about a start-up venture or your business, be sure to have a nondisclosure agreement in place.
Letters of intent usually contain the most important business terms of the deal, such as the price that would be paid for the business; payment terms – all cash, hard cash or part promissory note – all are common provisions in letters of intent. Whether the deal would be an asset purchased or a stock transaction may be covered. If the deal is an asset purchased, are there any assets that would be excluded or any liabilities the buyer will be assuming, such as an office lease? The anticipated closing date will also likely be included.
An estate planning attorney helps and guides you in choosing the correct options for maintaining your estate after death or in case of incapacity. An experienced attorney seeks to fully understand your desires and goals regarding the maintenance of your estate and other property, and suggests ways to achieve those wishes.
Most longtime care insurance policies offer an option to add an elimination period to your policy when applying. An elimination period is the waiting period from the time your care begins until the time the policy begins paying for your care. Fortunately, many consumers purchase an adequate amount of care per day and an adequate amount of care over the life of the policy. Unfortunately, many consumers who do not select the appropriate elimination period and are not prepared for the out-of-pocket costs during the elimination period they select, which can easily cost tens of thousands of dollars.