protecting youre assets

Once we assess the type of assets you own through our Family Wealth Worksheet questionnaire, we will better understand your specific risk factors and the level of protection you desire.

 

We assist our clients in determining the appropriate level of asset protection planning for their particular circumstances.

 

We consider:

  • Insurance
  • Prenuptial Agreements
  • Asset Segregation
  • Choice of Jurisdiction
  • Gifting
  • LLCs, partnerships, corporations, and asset protection trusts

If you have a business, it is necessary to review how it is set up.  Our Small Business Legal Audit is a key first step.

 

Customized combinations are layered depending on your needs.  There are many different strategies to accomplish the protection of your assets while you are alive and after you are gone.

 

Contact us at (650) 761-0992 for a Family Wealth Planning Session™  or book an appointment online now to find out which strategies may be right for you.


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Larry King's Death Highlights the Importance of Updating Your Estate Plan for Divorce and Death - Part 2

Legendary TV and radio host, Larry King, died at Cedars-Sinai Medical Center in Los Angeles on January 23rd, 2021 at age 87. Larry was hospitalized in December due to COVID-19, but he’d recently been moved from the ICU to a regular hospital room after recovering from the virus.

However, the famed broadcaster suffered from a number of other health conditions over the years, including multiple heart attacks, kidney failure, and diabetes, and he passed away from sepsis that was the result of an unrelated infection. 

 

Last week, in part one of this series, we discussed how Larry’s decision to create a handwritten will, rather than take the time to consult with legal counsel to properly update his plan for his impending divorce, is likely to result in a lengthy court battle between Larry’s seventh wife, Shawn Southwick King, and his surviving children. Moreover, we also noted that Larry would have been far better off using a Lifetime Asset Protection Trust, instead of a will, to distribute his assets to his children upon his death. 

 

Here, in the second part of this series, we’ll first look at the different ways a Lifetime Asset Protection Trust would have benefited Larry’s children. From there, we’ll discuss the complications that are likely to arise given that two of Larry’s children died before he had the chance to update his plan—and the planning lessons we can take away from this mistake.

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Key Considerations for Managing a Remote Workforce

The post-COVID-19 world will likely see a major shift toward companies maintaining remote workforces.

Due to government-mandated business closures and stay-home orders, many owners and employees of small businesses have been forced to work virtually, and they have seen the benefits. Studies show that remote working increases productivity. Large technology companies like Facebook and Twitter have announced that they will be implementing remote working until at least September 2020. Some companies have even gone as far as to give employees the option of working from home permanently. The “new normal” that many predict involves more companies maintaining a remote workforce.

 

As a business owner, you may be exploring the idea of permanently utilizing a remote workforce; however, you may not be aware of all of the relevant factors to consider and preparations to implement. Be sure to take the following measures as you move toward permanent virtual employment.

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Start Planning Now to Prepare Your Estate for a Possible Democratic Sweep—Part 2

No matter who you vote for on November 3rd, you may want to start considering the potential legal, financial, and tax impacts a change of leadership might have on your family’s planning.

As you’ll learn here, there are a number of reasons why you may want to start strategizing now if you could be impacted, because if you wait until after the election, it could be too late.

 

While we don’t yet know the outcome of the election, Biden could win and the Democrats could take a majority in both houses of Congress. If that does happen, a Democratic sweep would have far-reaching consequences on a number of policy fronts. But in terms of financial, tax, and estate planning, it’s almost certain that we’ll see radical changes to the tax landscape that could seriously impact your planning priorities. And while it’s unlikely that a tax bill would be enacted right away, there’s always the possibility such legislation could be applied retroactively to Jan. 1, 2021.

 

This two-part series is aimed at outlining the major ways Biden plans to change tax laws, so you can adapt your family’s planning considerations accordingly. Last week in part one, we detailed Biden’s plan to raise roughly $4 trillion in revenue by implementing a variety of measures designed to increase taxes on individuals earning more than $400,000.

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Important Considerations for Purchasing a Business

Among those who desire to own their own business, many attempt to build a company from scratch. That, however, is not the only available option.

Purchasing a company that is already in existence is a valid alternative. If you are interested in potentially acquiring a business instead of starting one from the ground up, there are several vital questions to answer.

 

Do you want to purchase an independent business or a franchise? One decision you must make is whether you wish to buy a franchise or an independent company. Each option presents its own unique set of circumstances. With franchises, you are part of a systematic network built around an established name. There may be stringent requirements regarding the systems and procedures you must follow as a franchisee. If you opt to purchase an independent business, you may enjoy the benefit of increased flexibility, but may require more research and business development to acquire the same level of recognition an established franchise— properly situated—may have.

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Black Panther Star Chadwick Boseman Dies Without A Will—Part 2

On October 15th, nearly two months after the death of Black Panther star Chadwick Boseman, his wife, Taylor Simone Ledward, filed documents with the Los Angeles probate court seeking to be named administrator of his estate.

Earlier this year, Boseman and Ledward were married, and the marriage gives Ledward the right to any assets held in Boseman’s name at his death.

 

Boseman died at age 43 on August 28th following a four-year battle with colon cancer, and based on the court documents, it seems the young actor died without a will. While Boseman’s failure to create a will is surprising, he’s far from the first celebrity to do so. In fact, numerous big-name stars—Aretha Franklin, Prince, and Jimi Hedrix—all made the same mistake.

 

What makes Boseman’s story somewhat unique from the others is that it seems likely the young actor put some estate planning tools in place, but it’s possible he didn’t quite finish the job. Based on the number of hit films he starred in and how much he earned for those films, several sources have noted that Boseman’s assets at the time of his death should have been worth far more than the approximately $939,000 listed in probate court documents.

 

So what happened to the rest of Bosman’s wealth? Seeing that his death wasn’t a surprise, some commentators have suggested that the bulk of Boseman’s assets passed through private trusts. But if that’s the case, why didn’t he also have a will, which would almost always be created alongside trusts?

 

Last week in part one, we discussed a few potential explanations for this apparent blind spot in Boseman’s estate plan, and how the young actor might have prevented the situation by creating a pour-over will to be used as a backup to any trusts he had put in place. Here in part two, we’ll focus on another critical component of Boseman’s estate plan—incapacity planning.

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