This blog has previously discussed how residents of the Fresno area might consider creating a limited liability company, or LLC, when forming a new business. The LLC offers attractive incentives to new entrepreneurs, including some tax benefits and, perhaps more importantly, legal protection of one's personal assets from claims in the event the business fails.
Parents of multiple children know that it doesn't take much to spark a fight between siblings. This can be especially true when it comes to how kids perceive the treatment they receive from parents. The phrases, "That's not fair!" and "But I'm older!" can be made more times than a parent could ever count.
Spouses and partners fill several roles in our lives. They can be a decision-maker, a provider, an ally, a protector, and a supporter. In the event of a divorce, we look to others and ourselves to fill these roles.
Divorce is one of the most difficult events a person can go through. It can change everything from when you see your kids to what you have planned for your career and retirement.
In today's fast-paced world, thinking about creating or updating an estate plan is likely a last priority for many busy Californians. In fact, one survey indicated that the average amount of time between updates made to estate plans was nearly 20 years. However, paying attention to estate planning is essential in order to protect one's assets in California down the road.
If you plan to leave an inheritance to your children, chances are that you want to maximize the amount you leave. This means minimizing any taxes they would have to pay on that gift.
If you pass away without a will in place, you are leaving the distribution of your estate and assets in the hands of the court. If this happens, the courts will follow specific rules for who receives your assets and which assets they will receive.
The idea of estate planning might bring to mind a stuffy conference room with lawyers and a retirement-aged couple planning for the end of life. Creating something like a will, however, is not a stuffy and grim legal experience. It is a planning tool that can provide motivation, clarity and a sense of confidence among men and women of any age.
If you are named as the administrator of an estate, you should be aware of the numerous tasks you will be required to manage and complete. Representatives are required to notify interested parties of a death, identify and locate assets and ensure they are distributed in accordance with the decedent's wishes.
As estate planning covers a lot of ground, it can be difficult to ensure that everything necessary is included in your plan. Preparing for every possible scenario may seem impossible and can certainly be overwhelming. However, there are some basics that every estate plan should include in order to ensure that you have full protections in place.