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Failing to Fund Your Trust & Own Assets The Right Way. Here's a little-known secret - even if you have a trust - If the title of your assets are not transferred into the name of the trust, your trust is not funded!! And guess what? If your trust is not funded it won't work when your loved ones need it to the most. You will have effectively thrown your time and money away! Now, most lawyers will make sure your real estate title is held in the name of your newly created trust, but what about the rest of your assets? Since most of us are not planning on dying anytime soon we fool ourselves that there is no sense of urgency to make sure our trust is funded! Further, if…

The Three Evils of Probate. No one likes to think about dying, let alone talk about it or plan for it. But as Benjamin Franklin said, "In this world nothing is said to be certain except death and taxes." Added to that "certainty" is the simple fact that without proper planning there are three evils that will attend a persons passing: Time, Expense and Lost Privacy 1)   Time - Unfortunately, it could take a minimum of 12 months to get through probate court. Or take as long as 18 months, if not longer. What this means is that no one will have access to your assets until the judge settles the estate through probate court. At a minimum the first four months are dedicated solely to informing your creditors that a probate…

Protect what you have. With age comes experience. People who have worked all their lives are wary of losing what they have accumulated. One mistake or a sudden death can make assets, profits and income vulnerable to heart-wrenching losses. So, how do you protect what you've got? Learn everything there is to know: Download a copy of attorney Jeffrey Field's FREE reports, "How to Avoid the Six Biggest Estate Planning Mistakes." "Nine Reasons Business Owners Pay Too Much in Taxes" and you will know how to protect your hard-won income and assets. There are two ways to address this question: Life and Business can be extremely complex, which means you need the advice of a estate planning lawyer, a financial adviser, an accountant, a corporate attorney and a tax expert, or…

Keeping Your Assets. California's business regulations, legal climate and taxation rules influence all professionals, but small and medium sized businesses are particularly hard hit. Whether you are a successful entrepreneur or the owner of a growing business, protecting your assets is a decision you need to make now. Consider, for example, that a customer wants to sue you, greatly encouraged by his injury or product liability attorney. After a preliminary asset search, the lawyer can come up with a rather detailed list of all your assets, conclude that you have deep pockets, and initiate the lawsuit. On the other hand, he may uncover little to nothing and ask his client for a retainer for initial expenses and fees. Chances are the claim will be dropped if his asset search is unsuccessful. You…

Can You Talk To Your Deceased Spouse’s Bank in California? Your spouse has passed away. After the funeral you are left alone with grief and a mountain of problems. You may have to deal with mortgage payments, credit card debts, car financing and other loans. Immediate cash could be needed to pay for living expenses or obligations of the decedent. The problem is- these financial institutions won't even talk to you. Most of the time, the issue is not that you have no right to get the cash released or the loan modified; the problem is that financial institutions give strict instructions to their staff to stay quiet and unresponsive due to fears of violating the law. As a rightful heir to your spouse's assets, how can you get access…

Simple Legal Tips For A Successful Small Business. Entrepreneur's start with a dream... Financial and Personal Independence... Providing for their family... Living the American Dream... While dreams can and do come true, it's easy to miss some simple legal steps that can make the success of your business a reality and provide a solid foundation for the business as it grows. When you're starting your business, keep these five tips in mind: 1.      Don't Mingle Personal and Business Funds When you start your business, file with the Secretary of State the appropriate paperwork to lay the foundation of your corporate structure.  Forming a limited liability company or corporation will help to avoid personal liability, reduce the likelihood of tax audits and keep your personal assets from being at risk from corporate…

Forming a Business Entity – An Ounce of Prevention Can Be Worth Pounds of Cure. You've done your research, put in tons of hours developing your products or services, made key contacts, and now you're ready to launch out on your own.  But not so fast... Curb your enthusiasm for just a moment and think about the legal foundation of your business.  You may have be running your business as a sole proprietorship and waiting to set-up any formal corporate structure because it makes money sense -  avoiding initial legal start-up costs, working with an attorney, etcetera. Yet, you could be sued for any reason by a customer, employee, even a vendor. It makes great financial sense to spend a little up front to save you and your personal assets…

Compliments of Field Law, pc Written By: The American Academy of Estate Planning Attorneys If you are a member of the United States military, you likely have more important things on your mind than taxes and retirement planning. You should, however, take a moment to learn how your combat pay is treated by Uncle Sam to ensure you receive the benefits to which you are entitled for your service to your country. Military Compensation As a member of the military, your compensation is more complicated than the average civilian. The reason for this is that your pay is composed of several different components, including base pay, a housing and food allowance, bonuses, and special pay, if you qualify. To ensure your taxes are computed correctly, it is important to understand how your compensation…

Over the next several months we’re going to look at our firm’s values. At our workshops we talk a good deal about values to pass on to future generations and we even provide a book that helps you write down not only your values, but your story (if you don’t have this book or have misplaced it let us know and we’ll send you a new one). These are the values we seek to live up to as a firm: Family, Integrity, Freedom, Capitalism, and Coaching. This month we’ll take a look at: Family. Family is one of life’s most precious treasures – it’s where unconditional love, support, and security should be found. But while many people have the privilege of being raised in a nuclear family, not everyone fits…

Our firms value we will look at this month is integrity. Integrity provides powerful access to increased performance. Webster’s dictionary, defines integrity as “a state or condition of being whole, complete, unbroken, unimpaired, sound, perfect condition.” To create a life of integrity, it starts with mindful living. It's not about perfection, but being authentic to our values and beliefs. Once we become aware of the gap, we can start making changes to close it. Integrity is a concept that can seem slippery and difficult to put into practice, but it's as simple as being a person of your word and honoring your word.  Practicing integrity creates trust between people since they know that others will always act with sincerity, honesty, and honor. In everyday life, showing integrity can be as…