Are you approaching retirement? Not sure how you can ensure a smooth transition from working life to retired life? Walking away from regular paychecks and employer-provided benefits can feel a little nerve wracking. Minimize the impact of these major life changes by planning accordingly. Time It Get your timing right. Review and understand your employer’s…
Divorce can wreak havoc on your finances. But what many divorced couples don’t realize is that they can expect to face recurring financial challenges during tax season for years after the divorce is finalized. While divorce is often adversarial, leaving both spouses with animosity in its wake, tax season is an opportune time to put…
What can we learn from earlier generations? Quite a bit, says Brendon Burchard, but only if we ask the right questions. Brendon Burchard, famed personal development trainer and author of The Motivation Manifesto (Carlsbad, Hay House, 2014) says asking your mother, father and/or another loved one these 32 important questions can teach you valuable lessons about love,…
You’ve put in the time to get your business off the ground and now you’re up and running. You have a product or service that’s selling well, team support to keep everyone happy and a proven income model. Congratulations! You’ve overcome the biggest obstacle to business sustainability. Surviving the startup phase is often the toughest…
Even after death, celebrities are highly publicized for their mistakes, many of which we make ourselves. This time last year, superstar musician Prince died suddenly, leaving no will, and the management of his substantial estate fraught with legal complications and added costs. It’s easy to assume that the wealthiest among us have all their ducks…
Raising a grandchild (or even spending a lot of time with your grandchild while his or her parents work) can be fraught with legal and financial complications. Lacking many of the inherent rights parents have, grandparents who are responsible for the care of their grandchildren may encounter unexpected legal challenges. Even if you are your…
In part 1, we discussed the importance of knowing how to negotiate business deals and mitigate conflict whenever possible. Besides being a financial drain, business disputes can also create conflicts that require precious time and energy to resolve. Setting clear boundaries and realistic expectations when making professional agreements is essential in setting yourself up for…
A large part of being a successful business owner is knowing how to make deals and facilitate conflict when it arises. When in a dispute over a deal or an agreement that has been made, the potential costs are endless. The potential cost of litigation, the potential cost of loss of reputation, the potential cost…
Keeping good records relieves stress and makes running your business easier and more enjoyable. But it may not look like what you think if you’ve run your business by saving receipts all year long and then trying to handle your bookkeeping all at once at tax time. First and foremost, don’t handle your bookkeeping yourself….
The average age of parents raising children in the US continues to rise, leaving many middle-aged Americans in a category commonly referred to as the “sandwich” generation. This growing population of professionals are often still raising kids at home when they become responsible for the care of their own aging parents. The stress and financial…
Everyone needs an agent – and not the Hollywood type. An agent is someone you designate to handle your estate after you’ve gone or who can make decisions for you if you cannot make them for yourself. Here are the kinds of agents everyone needs: Executor – an executor is the person you designate to carry…
When you hear the words, “trust fund,” do you conjure up images of stately mansions and party yachts? A trust fund – or trust – is actually a great estate planning tool for many people with a wide range of incomes who want to accomplish a specific purpose with their money. Simply put, a trust…
If you have minor children and have not yet selected a guardian, you are not unlike many parents who put off this critically important task while waiting for the perfect solution to present itself. Or perhaps you and your spouse/partner cannot agree on who would be the ideal guardian for your kids. Here is your…
The Tax Implications of a Foreign Trust The issue of foreign trusts comes up in estate planning during a number of different situations. For example, if you name a successor trustee who is not a US person, your trust will become a foreign trust. Or, if you want to own US assets but you are…
There is much to be learned from the mistakes of others and the celebrity world abounds with cautionary tales when it comes to estate planning. Even with all the financial resources available to them, celebrities can neglect the basics when it comes to protecting assets. We come across sad tales all the time of “regular”…
Audits can happen to any business. Small businesses are no exception. The IRS can conduct an audit on your business when your tax filing contains questionable deductions, your business is of particular interest to the IRS or by random selection. Contrary to popular belief, being audited doesn’t necessarily mean you did anything wrong. And for…
If you are a doctor, lawyer, accountant, or other licensed professional with your own business practice in California, you are certainly aware of the many rules and regulations you must follow to assure the success of your business. However, what you may not be aware of, is that without proper planning, your successful business may…
Planning for the transfer or liquidation of your business when you are ready to retire or when you die is just as important as the planning you did in starting up your small business. Here are some tips from a Creative Business Lawyer™ on how to use estate planning strategies to transfer your business interests:…
It’s hard to believe that people who spend a lifetime working hard to accumulate wealth spend little or no time planning for what will happen to it after they pass, especially if children are in the picture. Yet a recent Consumer Reports survey tells us that 86% of people have not reviewed or updated our estate documents…
Creating an estate plan for your business is just as important as developing one for your personal assets. Part of estate/succession planning for business is planning for the day you eventually retire and hand the reins of the business over to someone else, either through succession, inheritance or sale. Most small business owners want a…
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