Estate Planning

For Everyone You Love and Everything You've Built

If something unexpected happens to you and you haven't planned for everyone you love and everything you have, the State of California has a default plan for you.

 

Sound scary?  Well, it can be. Those you love would have to deal with the red tape and bureaucracy of government procedures and regulations.

 

We at Sky Unlimited Legal Advisory help you understand the legal and financial consequences of not having a comprehensive Estate Plan to protect your loved ones ... and more.

 

Before meeting, we'll ask you to complete a Family Wealth Worksheet, which will help you understand what you own and what needs to be decided for the well-being and care of your loved ones and cherished belongings.  We'll meet for a Family Wealth Planning Session™, where we spend some time together reviewing this document.  You'll learn about our Planning for Life process and we will both decide if it makes sense to work together to design an estate plan that will best suit the needs of your family.

 

The foundation of your estate plan will often include a revocable living trust, which when done properly and maintained over time, should help your family to avoid the cost and delay of probate and minimize or eliminate estate taxes. 

 

At Sky Unlimited Legal Advisory, we do not offer a "one size fits all" estate plan.  We form a working relationship with our clients.  We educate you, take the time to get to know you and your family.  We will discuss your concerns, your goals, and will gladly and patiently answer all of your questions.  Our goal is to create an estate plan that is exactly right for you.

 

Our services include a no-charge three-year review to ensure that as your lives change, so will your estate plan to safeguard your assets for maximum protection.

 

If this sounds like the kind of relationship you're looking for, please call us at (650) 761-0992 to schedule your personal Family Wealth Planning Session™ today or schedule online now.


Having a will simply is not enough.  It doesn't guarantee the care of your children if the unthinkable happens!  See how we do it differently...

The strategies that are appropriate for protecting your assets are different for every family.  Check out our proven process that gives you peace of mind...

Our unique legacy process gives your loved ones a precious gift - a lasting expression of your love.  Find out what we offer with every plan... 



Estates Weekly

Articles from the Chief Counsel's desk.  Sign up for our newsletter to receive these in your email with additional discounts, offers and rewards.

When Something is NOT Better Than Nothing—Part 2

You might think you can save time and money by using do-it-yourself estate planning documents you find online.

You’re probably anxious to check estate planning off your life’s to-do list, and these forms offer a seemingly quick and inexpensive way to handle this important task.

 

Last week, we shared the first part of this series discussing the hidden dangers of do-it-yourself estate planning. In part two, we cover one of the greatest risks posed by DIY documents.

 

You may even realize such generic plans aren’t as high quality as those drafted with an attorney’s help, but with your hectic schedule, a DIY will is just way more convenient. Besides, having “something” in place is better than having nothing, right? Unfortunately, this is one case in which SOMETHING is not better than nothing.

 

Indeed, the false sense of security offered by DIY wills can lead you to believe you have things covered and no longer have to worry about estate planning. The reality, however, is that such generic forms could end up costing the loved ones you leave behind more money and heartache than if you’d never gotten around to doing anything at all.

 

In this way, DIY wills and other legal documents are among the most dangerous choices you can make for the people you love. In part one, we discussed the many ways DIY plans can fail to keep your family out of court and out of conflict, and here we’ll explain how these generic documents can leave the people you love most of all—your children—at risk. 

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I’m Starting a New Business - Should I Use an LLC (Taxed as a Partnership) or an S Corporation?

Entrepreneurship has been called the new American dream.

Hanging a shingle starts with an idea that develops into a business plan, but not without careful financial and legal considerations. Among the decisions that new business owners grapple with is whether to form a limited liability company taxed as a partnership (LLC) or a corporation making an S election (S corp).* There are similarities and differences between LLCs and S corps that business owners should understand before choosing between the two.

 

Similarities

-Both entities are created by filing the necessary paperwork with the state. Unlike a sole proprietorship or a general partnership, LLCs and corporations are not recognized under state law until the filing has been made. In addition to state filings required to form the corporation, a special filing on Form 2553 is required for the state-law corporation to elect S status for federal tax purposes.

 

-Both entities provide owners with limited liability, meaning the owner’s personal assets are protected from any business creditors’ claims.

 

-Assuming an LLC does not make an election to be taxed as a corporation, both LLCs and S corps are pass-through tax entities, allowing business profits and losses to flow through and be reported on the owners’ personal tax returns.

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5 Steps to Take When Winding Down Your Business

There are many reasons business owners close up shops, including retirement, starting a new venture or, hopefully, because they’ve won the lottery.

No matter what the reason, it’s important to diligently wind down a business before moving on.  

 

Here are five steps to take:

 

1. Reach consensus

If you’re a sole proprietor, then the only consensus you need is your own.  However, if you’re a partnership, limited liability company (LLC), or corporation, you’ll have to reach a consensus with your business partners on how and when to dissolve.

 

 Make sure that everything is in writing (this cannot be stressed enough) and follows whatever guidelines are applicable to your articles of incorporation, bylaws, and other organizational documents.

 

2. Seek counsel

Just as you would seek experienced counsel when starting a business, you should do the same when shutting one down.  Dissolution is a multi-tiered process. Everything must be identified, addressed, and resolved. This includes canceling licenses and permits, as well as filing legal and tax documents with courts, creditors, and government authorities.

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3 Deadly Sins of Retirement Planning

Retirement planning is one of life’s most important financial goals. Indeed, funding retirement is one of the primary reasons many people put money aside in the first place.

Yet many of us put more effort into planning for our vacations than we do to prepare for a time when we may no longer earn an income.

 

Whether you’ve put off planning for retirement altogether or failed to create a truly comprehensive plan, you’re putting yourself at risk for a future of poverty, penny pinching, and dependence. The stakes could hardly be higher.

 

When preparing for your final years, it’s not enough to simply hope for the best. You should treat retirement planning as if your life depended on it—because it does. To this end, even well thought-out plans can contain fatal flaws you might not be aware of until it’s too late.

Have you committed any of the following three deadly sins of retirement planning?

 

1. Not having an actual plan

Even if you’ve been diligent about saving for retirement, without a detailed, goal-oriented plan, you’ll have no clear idea whether your savings strategies are working adequately or not. And such plans aren’t just about calculating a retirement savings number, funding your 401(k), and then setting things on auto-pilot.

 

Once you know how much you’ll need for retirement, you have to plan for exactly how you’ll accumulate that money and monitor your success. The plan should include clear-cut methods for increasing income, reducing spending, maximizing tax savings, and managing investments when and where needed.

 

What’s more, you should regularly review and update your asset allocation, investment performance, and savings goals to ensure you’re still on track to hit your target figure. With each new decade of your life (at least), you should adjust your savings strategies to match the specific needs of your new income level and age. The plan should also take into consideration unforeseen contingencies, such as downturns in the economy, health emergencies, layoffs, and inflation.

 

Failing to plan, as they say, is planning to fail.

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When Something is NOT Better Than Nothing—Part 1

Go online, and you’ll find tons of websites offering do-it-yourself estate planning documents.

Such forms are typically quite inexpensive. Simple Wills, for example, are often priced under $50, and you can complete and print them out in a matter of minutes.

 

In our uber-busy lives and DIY culture, it’s no surprise that this kind of thing might seem like a good deal. You know estate planning is important, and even though you may not be getting the highest quality plan, such documents can make you feel better for having checked this item off your life’s lengthy to-do list. But this is one case in which SOMETHING is not better than nothing, and here’s why:

 

A false sense of security

Creating a DIY Will online can lead you to believe that you no longer have to worry about estate planning. You got it done, right?

Except that you didn’t. In fact, you thought you “got it done” because you went online, printed a form, and had it notarized, but you didn’t bother to investigate what would actually happen with that document in place in the event of your incapacity or when you die.

In the end, what seemed like a bargain could end up costing your family more money and heartache than if you’d never gotten around to doing anything at all.

 

Creating a DIY Will can lead you to believe that you no longer have to worry about estate planning. In the back of your mind, you might even promise that one day you’ll revisit and update your plan with something better, but chances are, having done “something” will lead you to put this off until it’s too late.

 

By doing nothing, on the other hand, at least you won’t be lulled into a false sense of security, and estate planning will still be at the top of your life’s to-do list, as it should be until you handle it properly.

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Robin Williams’ Family Fight Over Personal Property Not So Funny

In 2015, Robin Williams’ wife Susan went to court over personal items she said were taken from the couple’s Tiburon, California, home without her permission.

Williams’ children said their father set up a trust that bequeathed the items to them and that his wife of three years was acting against his wishes. Could this have been avoided?

 

At the beginning of 2015, there was a court fight brewing in San Francisco over the disposition of some personal property from the estate of comedian/actor Robin Williams, who committed suicide the previous year. His wife of three years claimed his three children from prior marriages took certain items from the Tiburon residence where she lived with Williams.

 

According to the children, these items were part of the inventory of personal property conveyed by certain trusts established for their benefit. Williams' trust granted his children his memorabilia and awards in the entertainment industry as well as some other specific personal items, according to court documents.

 

His widow, Susan Williams, claimed that since they lived together in their own house in Tiburon, and there was a separate residence in Napa, it stands to reason he wanted the children to receive items from the Napa residence and she was to receive the property from the Tiburon home.

 

Attorneys for the two sides appeared to offer conflicting characterizations of the court case. Susan Williams’ attorney said she was just seeking a clarification from the court; the attorney for the children said she has accused them of stealing items belonging to her.

 

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Use Estate Planning to Enrich Your Family With More Than Just Material Wealth

In the weeks before her death from ovarian cancer, author Amy Krouse Rosenthal gave her husband Jason one of the most treasured gifts a person could receive.

She penned the touching essay “You May Want to Marry My Husband” in the New York Times as a final love letter to him. The essay took the form of a heart-wrenching yet-humorous dating profile that encouraged him to begin dating again once she was gone. In her opening description of Jason, she writes:

 

“He is an easy man to fall in love with. I did it in one day.”

 

What followed was an intimate list of attributes and anecdotes, highlighting what she loved most about Jason. It reads like a love story, encompassing 26 years of marriage, three grown children, and a bond that will last forever. She finished the essay on Valentine’s Day, concluding with:

 

“The most genuine, non-vase-oriented gift I can hope for is that the right person reads this, finds Jason, and another love story begins.”Just 10 days after the essay was published in March 2017, Amy died at age 51.

 

Finding meaning again

Amy’s essay immediately went viral, and Jason received countless letters from women across the globe. Although he has yet to begin a new relationship, Jason said the outpouring of letters gave him “solace and even laughter” in the darkest days following his wife’s death.

 

Just over a year later, Jason wrote his own essay for the Times, “My Wife Said You May Want to Marry Me,” in which he expressed how grateful he was for Amy’s words and recounted the lessons he’d learned about loss and grief since her passing. He said his wife’s parting gift “continues to open doors for me, to affect my choices, to send me off into the world to make the most of it.” Jason has since given a TED Talk on his grieving process in hopes of helping others deal with loss, something he said he never would’ve done without Amy’s motivation.  

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To Live a Happier life, Start Thinking About Death Now

Want to know a proven way to live a more fulfilling life?

All you have to do is fully accept the fact that one day you’re going to die.

 

“I am of the nature to die. There is no way to escape death.” -Upajjhatthana Sutta

 

The unavoidable nature of death is a basic tenet found in every religion. Indeed, the acceptance of death is so important in Buddhism that “impermanence,” or the fact that everything born eventually dies, is at the top of the Buddha’s list of the three universal characteristics of existence.

 

Before religious practice, Tibetan Buddhists chant, “The whole world and its inhabitants are impermanent. The life of human beings is like a bubble. Death comes without warning; this body too will be a corpse.”

 

Such teachings may seem morbid, but they’re actually designed to awaken you from denial and inspire you to fully appreciate life because you never know when it will end.

 

“How sad it is that most of us only begin to appreciate our life when we are at the point of dying.” -Sogyal Rinpoche

 

Numerous individuals have discovered that contemplating and accepting their own mortality is a powerful source of happiness. It may seem counterintuitive, but this isn’t something only found in religious teachings; it’s also been demonstrated by modern science.

Countless healthcare professionals report that people facing terminal illness often experience an incredible sense of peace and fulfillment in the days and weeks before they die. Many of them describe the acceptance of death as a life-changing event, confessing they never knew what it meant to live until they knew they were going to die.

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Is Your Living Trust Really Going to Work For the People You Love?

Traditionally, one of the primary reasons for establishing a living trust has been to avoid probate.

But there are a few more benefits of a living trust that can help you do much more than that, if it’s set up right:

 

Asset protection for heirs. One of the most significant benefits of a living trust is to protect inherited assets for heirs. For example, minor children are not allowed by law to inherit property.

 

 Instead, a guardian is appointed by the state to hold the property for them until they reach the age of 18. However, most parents would agree that even 18 is too young to manage a significant inheritance. Executing a living trust allows you to control how and when an inheritance is distributed and to name a trusted person to serve as trustee. In addition, a living trust can be especially useful in protecting assets from spendthrift heirs, creditors or an heir’s potential divorce, if it’s set up right.

 

Most living trusts we see distribute assets outright to kids at 25, 30 and 35 instead of keeping assets in trust for the life of the beneficiary -- while giving the beneficiary control of the assets -- via a lifetime asset protection trust.  This type of planning is still fairly unknown to most attorneys, but we’ve got specific training to ensure that what you leave to your kids will not be at risk from their future divorce, lawsuit, bankruptcy or other creditor matter.

 

Ensure none of your assets are lost.  The vast majority of the time that a living trust is created, one of the most important and valuable aspects of creating the trust are lost -- and that’s making sure that when you become incapacitated or die that your loved ones stay out of Court and the assets you’ve worked so hard for make it to the people you love aren’t lost along the way.

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Who Should Khloé Kardashian Choose as Legal Guardian For Her Child—One Instance Where ‘Keeping Up With the Kardashians’ Might Be A Good Idea

You might not be a big fan of their typical life choices, but the Kardashians recently demonstrated impressive wisdom in protecting their minor children using estate planning.

During a recent episode of Keeping Up With The Kardashians, Khloé Kardashian was preparing to give birth to her first child, daughter True. Khloé was second-guessing her initial choice to name her sister Kourtney as the child’s legal guardian in the event something happened to her or the baby’s father, Tristan Thompson.

 

During her pregnancy, Khloé spent lots of time with her other sister Kimberly and her family, daughters North, Chicago, son Saint, and husband Kanye West.

Watching her interacting with her own kids, Khloé really connected with Kim’s mothering style and pondered if she might be a better choice as guardian.

 

“I always thought Kourtney would be the godparent of my child, but lately I’ve been watching Kim, and she’s been someone I really gravitate to as a mom,” Khloé said.

 

To make things more challenging, Kourtney always assumed she’d be named guardian and said as much. Over the years, Khloé had lots of fun times with Kourtney’s family—sons Mason, Reign, and daughter Penelope—and Kourtney thought her own passion for motherhood would make her the natural choice. 

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