Filial Responsibility Laws, also known as Filial Support Laws, are relatively unknown. More than half of US states (including Puerto Rico) could hold adult children financially responsible for their parents’ long-term care. If your parents live in one of the following states, you could be held legally responsible for their healthcare: Alaska, Arkansas, California, Connecticut,… Read More »
Preserving Your Legacy: What Entrepreneurs Should Know About Estate Planning
Many entrepreneurs refer to their business as their “baby” and rightfully so. Like a child, entrepreneurs nurture their business from an idea through conception, to growth, and maturity. Running a business is much like raising a child. Both require a lot of time, tears, resources, and effort to be successful. People often prepare for what… Read More »
Tips for a Successful Family Business Succession
Fewer than one-third of family businesses survive into the second generation, while only 13 percent make it to the third generation. Here are some tips to beat the odds and help your business live on for generations to come. The sooner you start the planning process the better The sooner you start planning for succession,… Read More »
Estate Planning for Second Marriages
Second marriages can present unique challenges when it comes to estate planning, particularly if you or your new spouse have children from previous marriages. Let’s take a look at some of the factors, tools, and strategies to consider when planning for a second marriage. Prenuptial Agreements You’ve been married before, so you’re a little bit… Read More »
Newport Beach Office – Open For Business
We are pleased to announce that effective May 6, 2020, our Newport Beach office is Open For Business as usual, with all safety procedures in place! The Newport Beach office hours are 8:30 a.m. to 5:00 p.m., Mon-Fri., and Suite 1100 will be fully operational during those hours. The conference rooms are available for personal… Read More »
The Most Important Legal Tool for Small Business Owners During the Crisis
The most valuable tool for small business owners right now is a “business specific” Durable Power of Attorney (DPOA). General DPOAs are commonly found in most well-crafted estate plans. However, in our experience, a small business owner may have more specific issues that need to be addressed in their DPOA due to their unique needs…. Read More »
What You Should Know about the SECURE Act
New legislation signed into law is bringing some of the biggest changes to retirement planning in years. The Setting Every Community Up for Retirement (or SECURE) Act became effective on January 1, and it could certainly affect many of you who are retirement savers, for better or worse. A recent Forbes article highlighted several considerable… Read More »
Ruling from the Grave
I just read a recent Wall Street Journal article titled, “Trying to Control Your Heir’s Behavior from the Grave Often Backfires.” It was a short read, but it raised a number of issues for me. Here are some of my thoughts: Powder keg of emotions I think the article misses a major point. Most of… Read More »
Did Jeffrey Epstein Use Estate Planning to Cheat His Alleged Victims?
Two days before millionaire and convicted sex offender Jeffrey Epstein, 66, hung himself in a federal jail cell, he wrote a will. The 21-page document was filed one day later in St. Thomas in the U.S. Virgin Islands, and it placed his entire fortune (estimated at $577.7 million) into a trust, according to the New… Read More »
Tax-Deferred Growth, Creditor and Divorce Protection – What’s not to like?
One of the most valuable assets people often want to pass down to loved ones is a tax deferred retirement account. The most common way to pass assets down is via the beneficiary designations on IRAs, 401Ks, life insurance, and annuities. On the face of it, the intent is good; but the strategy is flawed…. Read More »