Category: Articles

Is an LLC Right of You? So you've decided to start a business and you've heard you need to choose a business structure. You've also heard a lot about LLC's being relatively easy to establish and maintain with advantages over a sole proprietorship, partnership, or corporation. A Limited Liability Company or "LLC" is a business structure permitted under state law. A major advantage of an LLC is evidenced by it's name: Limited Liability, which limits your personal liability for the activities and debts of the LLC. An LLC is fairly easy to set-up. For most states you file Articles of Organization with the Secretary of State. It also a very good idea to draft an Operating Agreement which simply establishes a framework for how the LLC will be run, authority of…

Begin Now to Plan for Business Year-End Tax Strategies. The end of the year may seem like a lifetime away... And working on your taxes an eternity. But this is your wake-up call...it's already September. Now is the time to take stock of what you've done this year to make sure that your small business takes advantage of every possible tax break available. Here are just a few ideas to think about that could have a big payoff to help you minimize your tax liability this year: 1. Take a look at your accounting. Part of your year-end tax strategy this year, and every year, should be to take a good long look at your accounting. Get a firm grasp on the financial well-being of your business. Ensure that your books…

How to set-up a trust. Trusts can be set-up for a number of reasons and in a variety of ways. A few of the most common reasons for establishing a trust are to avoid estate taxes or the probate court process and protect your assets. There are many different circumstances and personal situations that make tailoring a trust to your specific needs and desires a necessity. Any offer of a trust that doesn't also include getting to know your personal circumstances is probably not worth the paper it's typed on. A trust needs to be tailored to address your specific goals and needs. This article has been prepared to give you the basics of the different types of trusts. After reviewing this article, you may need to review your existing…

Understanding Estate Planning Estate Planning is significantly more than planning just for death. Because the likelihood of disability occurring in your lifetime is three times greater than premature death, even for younger people, your estate plan must include provisions for an unexpected accident that causes injury or any physical or mental disability. Of course, at a minimum your estate plan should include a Last Will and Testament. Beyond these basics of estate planning, you should really take the time to evaluate what you want for you and your loved ones, today, not at some date in the distant future. Additionally, estate planning is critically important if you have own land, a family farm or ranch or a family business. These assets represent the wealth you desire to pass on to…

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…