Business succession planning is always a complicated process, but it can be made that much more difficult when you have family members involved. Thinking that you want to pass down the family business to someone else, like a child or grandchild, is a common conclusion for plenty of business owners, but this does not necessarily… Read More »
Blog Posts Page 5
Why You Need A Plan for Death and Taxes
It’s easy to put off your estate plan. Nobody wants to think about the potential tax ramifications or about their own mortality, but it is one of the most important things that you can complete not just for your own needs, but for your family members too. Your estate plan consists of a will and… Read More »
Will Your Retirement Funds Last If the Tax Cuts Change?
Many people who welcomed in the Tax Cuts and Jobs Act in 2017 felt that they would reap the benefits of reduced income taxes through 2025. However, some people are wondering about what will happen when that expires and how this could potentially influence their retirement. Those most at risk of having to go through… Read More »
Technology Update
I hope all of my readers are doing well after their first weekend on lockdown! I thought I would bring you up to date on our efforts at the Pasadena Law Group to continue to provide for our clients, even if we should not/are not allowed to meet face to face. So, we’ve investigated technology… Read More »
You Need to Nail Financial Basics from The Time You Receive Your First Job
There are many different confusing concepts about becoming an adult, but one of them that you must consider is whether or not you need estate planning documents. And here is the spoiler alert; you do. You need the same core principles of financial and estate planning as someone in their 30s, 40s, and 50s even… Read More »
Why You Should Care About Estate Planning?
Your estate plan is the key to a less stressful situation. Every person, regardless of their net worth and age, needs comprehensive estate planning to ensure that their individual wishes are accounted for and that their family has been appropriately provided for. Death, unfortunately, is inevitable and many people suffer the additional challenge of becoming… Read More »
Coronavirus: Important Updates and Measures
Well, it looks as if the State of California is pretty much on lockdown right now. That does NOT mean the Pasadena Law Group is closed — we are open for business! Although we can’t hold face-to-face meetings, we can do online meetings and, if you need to sign documents that must be notarized, we… Read More »
Estate Planning Can Be Much More Complicated by Multiple Marriages
Getting married more than once might be the right thing for your individual circumstances, but it can set things up to be difficult for your children from your first or previous marriages when you bring in someone new. Combining finances in a subsequent marriage can be very complicated when both of you might have children… Read More »
Is It Enough to Say Personal Property in My Estate Planning Documents?
Most people recognize that the term personal property used in the context of estate planning refers to property outside of real property like real estate. However, this isn’t always true when it comes to the California courts when you are making gifts of your property inside a trust or in a will. In fact, California… Read More »
Coronavirus Update: Office Safety and Meetings
I suspect you have been receiving a lot of emails about the novel Coronavirus/COVID-19 from your doctors, financial advisors and local restaurants. I thought you might appreciate a short note from your lawyer’s perspective. We certainly do not want to see a pandemic or declining markets, but here we are. Of course, one of the… Read More »
So Your Estate Plan’s Old (Yes, It Needs an Update)
You might think you’re covered because you created an estate plan many years ago. Even though you might have recognized the key importance of estate planning, you didn’t do the necessary steps to keep your estate plan updated over time. Unfortunately, there are many different reasons why your estate plan might become invalid or no… Read More »
Does Cryptocurrency Fit into Your California Estate?
The growing popularity of owning some form of cryptocurrency means that these issues must be considered when planning for your own estate. If you currently own any cryptocurrency, providing instructions for what will happen to it in your will is necessary. Cryptocurrency is a board term that refers to any form of virtual money that… Read More »
Can You Include a Firearm in Your Estate Plan?
The smooth legal transfer of firearms might apply to you if you currently have a weapon or a collection of firearms. Guns, much like art, are very unique assets and fall under state and federal laws that should be considered in the estate planning process. Any and all special items, including other personal collections or… Read More »
What Are the Possible Unintended Consequences of Improper Beneficiary Designation?
One of the most common goals presented by clients visiting our office is to avoid probate. While it is certainly important to consider how probate could cause further difficulties for your loved ones, and while there are many benefits to generally avoiding probate, there are also unintended consequences of using this as the only factor… Read More »
My Estate Should be Simple: Do I Need a Plan?
Estate plans can be adjusted and customized based on your individual needs. Every person, even single people with no children could benefit from estate planning to make the process easier for those loved ones or appointed representatives who will take over when you pass away. Estate planning involves putting in plan a place to determine… Read More »
Have You Thought Carefully About Your Property in Your Estate?
So many people don’t recognize the legal consequences of issues that might not have been significant during the course of life, but can emerge as urgent after a loved one has passed away. One common example is a tangled title, in which only one spouse is listed on the title to the house. This makes… Read More »
Are You One of Millions Making This Financial Mistake?
Although managing your finances and mastering them probably isn’t the most important task on your to do list, it is essential if you want to set yourself up for long-term success about estate planning and financial planning. It’s crucial to have a plan in place, but recent studies show that millions of adults are all… Read More »
Tax Season? It’s Estate Planning Season, Too
It’s that time of year to drag out all your paperwork, review incoming documents, and make sure you’re organized for your meeting with your accountant. Since you’re already going to the trouble of getting the yearly financial picture for your taxes, why not take advantage of this opportunity to review and update your estate plan,… Read More »
What Role Does Purposes Play in Your Succession Plan?
Whether you’re an entrepreneur or rose to the top of your current company from an employee or executive position, purpose is essential for figuring out what happens when you’re no longer interested or able in playing this key leadership role. People decide to step away from businesses as owners for an array of reasons. Others… Read More »
Estate Planning for Wealth Transfer Purposes
If you are contemplating a meeting in relation to your estate planning, you should educate yourself about the concept of wealth transfer. Wealth transfer refers to passing on assets or wealth to beneficiaries after you pass away. Wealth transfer strategies can include tactics such as estate planning, the use of trusts, wills, or life insurance…. Read More »