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...
The Step Up Advantage of a Revocable Trust
What is the step up advantage of a revocable trust here in California? How can a revocable trust not only pass money and assets to your beneficiaries but save a substantial amount of tax in the process? The answer lies in an understanding of short term and long term capital...
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...
Trust and Estate Planning for San Diego Business Owners
Trust and estate planning for San Diego business owners requires integrated legal, tax, estate planning and accounting expertise. There are many issues which you as a business owner should take into account when developing plans to protect assets and the beneficial interests of a spouse, loved ones and the causes...
Protecting Your Home from a Medi-Cal Lien
Protecting your home from a Medi-Cal lien is possible based upon a new California law which took effect January 1 of this year. Previously, California's Medi-Cal program was able to recover money from people who were 55 years or older who received medical services under agency programs. If the family...
A Trust Protects Your Beneficiaries
A trust protects your beneficiaries and ensures they receive your gifts in the best way for their unique circumstances. Your children, extended family and friends, causes and institutions receive your gift directly or "in trust." Many beneficiaries receive the assets you've assigned to them free and clear from all oversight...
The Impact of Estate Planning Upon Your Retirement and Passing
What is the impact of estate planning upon your retirement and passing as well as the children, heirs and beneficiaries who will accompany you along the way? Why do most Californians delay one of the most important aspects of home ownership and parenting? Let's begin with the first question. What...