When you decide it is time to start that new business, there are many different business entities to choose from. The type of business entity you decide on, will determine many things, such as the extent of your legal liability and how you and your business will be taxed. The most common types of business entities are sole proprietorships, partnerships, limited liability companies and corporations. Business can also issue stock, in an effort to raise income for expansion. Depending on how … [Read more...] about What is a Closely Held Business?
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Considering a Pet Protection Agreement?
Have you already created your estate plan? What about your family pet? When you have a furry or feathered friend who has become an irreplaceable part of your family, you need to plan for your pet’s future, too. Without you, your pet will not have anyone to continue to provide his or her care, unless you have a plan. There are a few options, when it comes to pet estate planning. A pet protection agreement is one of those options. Benefits of a pet protection agreement A pet protection … [Read more...] about Considering a Pet Protection Agreement?
Do Healthy People Need Medi-Cal Planning?
You may think that, because you are pretty healthy now, you won’t need long-term care in the future. Hopefully, you are right. But what if you aren’t? Although you may not have any health issues right now, you cannot predict how healthy you will be in 30 or 40 years. More than two-thirds of people over the age of 65 need long-term care at some point in their lives. The reality is, healthy people need Medi-Cal planning, too. Why you may need long-term care, even if you are healthy … [Read more...] about Do Healthy People Need Medi-Cal Planning?
Is it Hard for Gay Couples to Get a Divorce?
Before the United States Supreme Court made the decision that banning gay marriage was unconstitutional, navigating the seas of state law, both for and against gay marriage, was treacherous. Is it hard for gay couples to get a divorce? Not anymore, but there was a time, just a few months ago, when it would have been a problem. The problem with a lack of uniformity in marriage laws Just a few years ago, a story was published in the New York Times about a same sex couple that was faced with … [Read more...] about Is it Hard for Gay Couples to Get a Divorce?
Self Proving Wills in California
Are you worried that your children will be fighting over your possession after your death? Even if you have a will in place, there is the possibility that some of your heirs will contest the terms of your will if they feel they are not getting what they deserve. Self proving wills may be the solution. A self-proving will can eliminate the need for witnesses to testify in court about the validity of your signature. In other words, the Court can assume that the will is valid, without a lengthy … [Read more...] about Self Proving Wills in California
Mistakes to Avoid in Special Needs Planning
If you have a child or adult relative with special needs, you may have already included a special needs plan in your overall estate planning. If not, you definitely should. A special needs plan is a necessity for all families with a loved one who is disabled in some way. Special needs planning is not a simple task, however. There are many common mistakes to avoid in special needs planning, which could potentially make your planning efforts worthless. Why is a special needs plan … [Read more...] about Mistakes to Avoid in Special Needs Planning
What is a Step up in Basis?
Are you familiar with capital gains? That is, the difference between the purchase price of an asset and the sales price. The IRS requires you to pay taxes on all of your capital gains. There is a special rule for inherited property, however. This rule is referred to as “step up in basis,” and it provides a very valuable tax break. How does the “step up in basis” work? Let’s say, for example, that you inherited a house from your grandmother. When she bought the house in 1980, she paid … [Read more...] about What is a Step up in Basis?
Why Do I Need an Estate Plan for Business?
Estate planning, in general, has many benefits. From protecting your assets from excessive taxes, to determining how your assets will be distributed upon your death, an estate plan can benefit anyone. The benefits of estate planning for family-owned businesses should not be overlooked. Family business owners need an estate plan for business, to aid in making important decisions regarding business organization and to prepare for succession of that business to the next generation. Business estate … [Read more...] about Why Do I Need an Estate Plan for Business?
What Is a Publicly Traded Company?
Publicly traded. Privately held. What does it all mean? Unless you have experience with the stock exchange, you may not be very familiar with the differences between publicly traded and privately held companies. The distinction is based, primarily, on public disclosure. Companies that are privately held are not required to make public disclosures of their financial information, as their stocks are not traded on the public market. A publicly traded company operates much differently. The … [Read more...] about What Is a Publicly Traded Company?
Common Pitfalls in Estate and Probate Administration
When an estate is probated, the courts supervise the transfer of the estate of the deceased in an organized manner. There are rules and procedures that must be followed, based on the probate laws of the state where the person resided. An executor or administrator will be appointed to oversee this process. If you have the honor of serving in that important capacity, there are a few common pitfalls in estate and probate administration that you should try your best to avoid. The probate process … [Read more...] about Common Pitfalls in Estate and Probate Administration
