Definitely! In fact, a small business probably needs asset protection more than most. Too often clients make that frantic call, “can I get sued” after a business transaction has already gone bad. Anyone can sue, if they are willing to pay the filing fees. So, yes, small businesses need asset protection. Businesses can expose owners, and their assets, to risk The reality is, anyone who starts a business has exposed himself or herself to risks, both financial and legal. Of course, there are … [Read more...] about Do Small Businesses Need Asset Protection?
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Pros and Cons of a Living Trust
Most people create living trusts as a method of probate avoidance, since the probate process can be very expensive and lengthy legal proceeding. According to nearly all state probate laws, property that is owned solely by the deceased will go through probate, in the absence of estate planning. However, property that is jointly owned with someone else, automatically passes on to the surviving joint owner. This happens without going through probate. Before deciding whether to create a living … [Read more...] about Pros and Cons of a Living Trust
Who Can Put Money into an IRA?
When it is time to start planning for your retirement, you should know that Social Security retirement benefits alone will not likely be sufficient to ensure a comfortable retirement. The only way to secure your retirement years is to plan ahead by saving and investing. One of the best, and most common, ways to do this is through an Individual Retirement Account or IRA. Clients who have already established an IRA, often ask who can put money into an IRA? This article will discuss the … [Read more...] about Who Can Put Money into an IRA?
Alternatives to Conservatorship in California
If the time has come for you to determine how to help a loved one manage their affairs, and that will require you to obtain formal control and management of their finances and medical care, you may be considering a conservatorship. In California, a conservatorship is much like a guardianship, but it only applies to adults who are in need of support and protection. A conservator maintains the important fiduciary duty of acting only in the best interest of the conservatee. A conservatorship is … [Read more...] about Alternatives to Conservatorship in California
Why Same Sex Couples Need an Estate Plan
While everyone can benefit in some way by having a comprehensive estate plan, the benefits may be even more important for same sex couples who are unable to legally marry. Marriage makes estate planning much simpler, because of the automatic eligibility for benefits that married couples have. However, when legal marriage is not an option, same sex couples need an estate plan for the future, in order to protect their loved ones. Estate planning issues for same sex couples Despite some of … [Read more...] about Why Same Sex Couples Need an Estate Plan
Have You Included Disaster Planning in Your Pet Estate Plan?
Severe weather may be what you are used to, depending on which part of the country you reside. Even so, our entire country has been getting a taste of unexpected extreme weather in the last few years. When sever weather hits and devastates an area, like Hurricane Katrina, pet owners have an added burden of trying to save their pets, as well. If you and your family are scrambling to find shelter, what will happen to your pets? It is important to have an emergency plan, not just for ourselves, … [Read more...] about Have You Included Disaster Planning in Your Pet Estate Plan?
How is a Roth IRA Different From a Traditional IRA?
IRAs are a common and valuable tool for retirement planning. An IRA allows you to plan, save and invest in your retirement, with added tax benefits. There are various types of IRA accounts available, including individual accounts, as well as, employer-sponsored accounts. If you are trying to choose which type to create for yourself, know that a Roth IRA and a traditional IRA are different in some ways. What is an IRA, basically? An IRA, which stands for Individual Retirement Account, is a … [Read more...] about How is a Roth IRA Different From a Traditional IRA?
Can I Use a Power of Attorney for My Pet Estate Plan?
If you have a pet that has become a member of your family, planning for their future is an important step to add to your general estate plan. There are many different ways to establish a pet estate plan, and they all have advantages and disadvantages. One method is to use a power of attorney. How does a power of attorney work? A power of attorney is a legal document authorizing an agent to act on someone else’s behalf. In this case, the authority would be to act on behalf of your pet. Even … [Read more...] about Can I Use a Power of Attorney for My Pet Estate Plan?
Does California Medi-Cal Provide In Home Services?
Medi-Cal is a healthcare assistance program created for the benefit of individuals with low income. Federal, state and local tax funds are used to assist eligible individuals in paying their medical expenses. Typically, Medi-Cal recipients are not required to pay for any covered medical expenses, except for a small co-payment. Medi-Cal is run by the state. California’s Medi-Cal program is called Medi-Cal and it provides free or low-cost health coverage for California residents. The Medi-Cal … [Read more...] about Does California Medi-Cal Provide In Home Services?
How to Distribute Assets to Beneficiaries
If you have been given the important role of being a personal representative of the estate of a loved one, you have many duties and responsibilities ahead of you. As the impartial representative of everyone who has an interest in the estate, it is your job to take possession of the property of the estate and distribute it pursuant to the terms of the will or the laws of intestate succession in California. Knowing how to distribute assets to beneficiaries will help you understand what will be … [Read more...] about How to Distribute Assets to Beneficiaries
