What is a legal trust and why should you consider one if you are a homeowner or are part of a blended family in San Diego? A trust is a common legal tool which allows your assets to pass to your beneficiaries without having to go through the time and...
An Unfortunate Lesson in Estate Planning from David Cassidy
We may have learned an unfortunate lesson in estate planning from David Cassidy this week. His death has brought several life lessons to light, and one of them is a reminder to update your estate plan and trust documents every two to three years. Things change. David Cassidy's daughter Katie was...
Your San Diego Business Succession Plan – “You Make the Plan, or a Plan Will Be Made for You!”
Why should you be thinking about your San Diego business succession plan as the year comes to a close? The National Law Review recently asked a great question: "Who is the better planner for your (business) affairs - You or the State? You Make the Plan, or a Plan Will...
Even If Washington Raises the Estate Tax Exemption to $10 Million You Should Still Have a Trust
Even if Washington raises the estate tax exemption to $10 Million you should still have a trust, especially if you are a home owner. Why? The short answer is time, money and saving a lot of hassle for your loved ones, heirs and beneficiaries. Raising the exemption on federal estate...
Legal and Accounting Services for Executors and Trustees in San Diego
Allen Barron provides legal and accounting services for executors and trustees in San Diego. Most people are completely unaware of the heavy personal legal and financial responsibility they accept when they agree to serve as the executor of an estate or the trustee for a family trust. Once the glow...
How Should a Couple Take Title to Their Home
How should a couple take title to their home if they intend to keep it? How is the asset to be taxed after both spouses pass? Many couples keep the asset in "Joint Tenancy" which allows the asset to avoid probate upon the death of one of the spouses. Upon...
Does Your Domestic Entity Have Foreign Assets
Does your domestic entity have foreign assets which must be reported on the IRS Form 8938? The Foreign Account Tax Compliance Act or FATCA requires many US corporations, LLCs, trusts and partnerships which hold foreign investments or financial assets to disclose them on the form 8938. If a US trust...
Haven’t Updated Your Estate Plan in a While – Reasons Not to Wait
The Wall Street Journal recently wrote a warning in case you haven't updated your estate plan in a while and reasons not to wait. We've seen the same scenarios in our decades of services as estate planning, trust and tax attorneys here in San Diego and throughout the Southwest. Usually...
Keys to Successful Business Succession Planning
What are the keys to successful business succession planning and when should you start? If you own a business, from an LLC to a large multinational corporation, you should have a succession plan in place. The unfortunate fact is less than 20% of California business owners have actually implemented a...