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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Transferring LLC Membership Interests Part 1—An Overview

Say you are a member of an LLC. You own membership interests in the LLC. But what if you want to leave the LLC?

What if you get a divorce? What if you have creditors seeking immediate repayment? What can you do with your membership interests? The answer depends on how transferable those membership interests are.

 

A transfer of LLC membership interests can mean selling, donating, assigning, or gifting—basically one LLC member turning over his or her membership interests to another individual or entity. The transfer can be voluntary or involuntary.

  • Examples of voluntary transfers include selling membership interests to a third party or to the remaining members, donating membership interests to a charity, or leaving membership interests to a trust upon death.
  • Examples of involuntary transfers include those prompted by divorce, bankruptcy, and termination of employment.

The transferability of LLC membership interests is subject to competing interests.  On the one hand, freely transferable membership interests can be more attractive to members because they are easier to dispose of or cash out of—in other words, the membership interests are more liquid and marketable.

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When Is the Purchase of Long-Term Care Insurance Worth It?

Elder Care is emerging as a significant issue for many people as life spans continue to increase.

It is nice to know that because of health care advances, we can expect to live longer, but there are no included guarantees on the quality of life in the later years.

 

Many people eventually face a period in life when they can no longer do for themselves. Daily living tasks such as walking, bathing, cooking, and managing household affairs are beyond their physical and perhaps even mental capabilities. Frequently, that period has not been planned for by the person or family members. And sometimes, this period in life comes suddenly, such as when a debilitating fall takes place.

 

One thing which people and their families should consider before this difficult period is the purchase of long-term care insurance. This type of insurance provides coverage for the expense of daily living assistance. It can cover in-home assistance as well as assisted living or nursing home costs. Most people, however, buy it to cover in-home living expenses so as to avoid a nursing home.

Often, an elderly person will suffer intermediate health issues before needing permanent assisted daily living. Health insurance and Medicare cover costs of treatment for injuries and illness and typically pay for some daily living assistance as the person recovers or levels off at a permanent degree of recovery. When that recovery occurs, though, those services no longer pay, and the person is on their own.

 

A long-term care insurance policy will pick up the ball at this point and, depending on its terms, pay for daily living assistance for a period of time or for the life of the policyholder.

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Family Financial Traditions

To some degree or another, we are all a function of the social environments in which we were raised.

Of course, that encompasses both positives and negatives. When it comes to money, the first exposure we have to its management is in our families. That makes good money management practices a real gift that parents can pass on to their children.

 

Don’t Buy Your Kid a Car

The greatest motivator there is for a teenager is freedom and their path to that freedom is a car. When you buy your kid a car, rather than supporting him or her to learn to earn money to buy the car him/herself, you are overlooking one of the greatest opportunities you have to support your child to learn to be self-sufficient.

If you have an extra car available for your child, at least require your child to pay for the gas and insurance, which will support him or her to begin to be prepared for the requirement of life in the future, when you aren’t there to provide for all the needs they have.

 

Kids Playing the Stock Market?

Introducing children to the stock market is not a far-fetched idea. There is plenty of information available that can be understood by kids. First off, children are very aware of products -- toys and games like the CashFlow Board Game, for example. They can be introduced to the fact that the companies that make these toys are owned by people like their parents, who hold shares of stock. From there, they can be shown the daily stock prices and how they change. As they grow older, your children can begin making small stock purchases and become comfortable with investing.

 

Family Vacation Saving

Family vacations are usually looked back on fondly and may even be considered family traditions. Saving during the year, by children as well as parents, for an annual vacation can also be part of that tradition and help teach good money management techniques. Whether it be from jobs kids have like grass cutting or babysitting, or just from allowance savings, it will serve children well later in life to have learned the value of setting money aside for a deferred pleasure.

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Saving What Matters: 12 Must-Have Items To Pack in Your Go-Bag

It’s the middle of the night. The authorities just notified you that you have 20 minutes to evacuate your home before a raging wildfire cuts off the exit from your neighborhood, leaving you trapped.

The fire is advancing at the rate of a football field every second, so the actions you take in the next few moments will determine whether you and your family live or die.

 

While this may sound like a scene from a blockbuster disaster movie, it’s actually the very scenario Judy Shannon faced in December 2017. And it’s something we can expect to see more and more as the impact of climate change sets in.

 

Judy was at home with her two young children, her elderly mother, and a puppy, when an out-of-control wildfire threatened to engulf her Ventura County home in Southern California.

 

Fortunately, she and her family escaped without injury. But her home, her neighborhood, and hundreds of other buildings in the area were burned to the ground. Shopping for supplies in the aftermath, Judy reflected on whether or not she could have done more to ensure her family’s safety in those last moments before evacuating.

 

“As I look back, I wonder, ‘Did I do enough?’” Judy recalled. “I can honestly say I didn’t have much choice in those 20 minutes. I responded without much thought and felt a sense of being carried, or moved about, with each step.”

 

Judy highlights a critical aspect of facing such life-threatening emergencies: You won’t have time to think; you must be prepared to act and act fast. Your life and the lives of those in your family absolutely depend on it.

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Managing the Money Aspect of Your New Business: It’s Easier Than You Think

Coming up with a great idea that can be turned into a prosperous business venture takes a certain talent.

Knowing how to get your great idea financed and properly managed, takes another.  However, it may be easier than you think.

 

What You Need, What You’ve Got, and Where to Get the Rest

If you think you’re in over your head when it comes to the financial aspects of your business, you’re probably not.  Really. In fact, all you need to do is sit down with an experienced business lawyer and determine what money you need, what you’ve got, and where to get the rest.  According to the U.S. Small Business Administration (SBA), the following are some of the financial areas in which to focus on when financing your new business:

 

Estimating Startup Costs.  While the most important startup cost will likely be “seed” money (the funds necessary to bring your idea to life), others include:

  • ongoing costs – such as insurance, inventory, and utilities;
  • one-time costs – such as incorporation fees;
  • essential costs – such as fixed expenses (rent, utilities, administrative, etc.) and variable expenses (inventory, shipping, packaging,  commissions, etc.); and
  • optional costs – such as advertising, signage, or grand opening activities.
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