Estate planning is important, but many people don't do it. Often, the reason is that they have heard some common myths and now they hold onto popular misconceptions about the process. It derails their planning and puts their family's financial future in jeopardy....
Newport Beach Estate Law Blog
Do you think of estate planning as an issue for women?
When you think about estate planning, who do you think it should focus on the most? Do you think it's for couples? Is it primarily for men? Is it a women's issue?While all people, of all genders, do need to do their estate planning, some experts do refer to it as a...
Small business statistics in the United States
If you're planning to pass a small business on to your children, you cannot understate how important it is to have a good succession plan. It's about more than just you or your heirs. It's also about the employees and the economy as a whole. You could make the...
What can you do with your estate if you don’t have children?
For most people, estate planning just means leaving their assets to their children. When deciding who should make medical decisions for them and who should handle their financial affairs at the end of their lives, they also pick children.But what if you do not have...
Who are the most popular guardians for children?
To make sure someone will take care of their children if they pass away, parents often pick guardians. They can do this as part of the estate planning process. The guardians only apply until the children are no longer minors, in most cases. If you're thinking about...
The assistance your special needs heir requires may depend on age
When doing estate planning with an heir who has special needs, you really need to take the time to carefully consider what can be most helpful to them when you are gone. Careful advance planning is the key. If you do it correctly, your assets can change their life,...
Are you a new parent? Take these 5 estate planning steps
As a new parent, your days are filled with changing diapers, making runs to the grocery store and finding time to catch up on your sleep. In between all of this, it's critical to review your estate plan with the idea of making changes for the better. If you don't yet...
You may save if you wait until after death to sell your house
Looking to save on taxes on your estate? One option you may want to consider is selling your second home after you pass away.Real estate that you do not use as a primary residence likely is not exempt from the capital gains taxes. So, if you bought that house 20 years...
Do wealthy people live longer?
With the cost of healthcare and long-term care in the United States, it may be natural to assume that wealthy individuals live longer than those with less access to financial means. But is this assumption true?Studies have shown that it is. Some early studies...
How can you plan to make your business last?
While thinking about business succession planning, you have probably come across some rather daunting statistics. For instance, a massive 70% of family businesses do not make it to the next generation. About 88% fail by the third and 97% fail by the fourth.Obviously,...
