If you’re like many business owners, you have likely imagined your company becoming a household name. One way to do this would be to franchise your business model, allowing third parties to operate and expand your established business into new markets while utilizing their own capital and supervisory efforts. To reach that level of success…
If you or your spouse are over 55 years old, there might be some big tax concerns you have when it comes to moving. First, you’re worried about the large tax on capital gains. (But maybe you qualify for the $250K/$500K home sale exclusion). Second, you probably bought your home at a lower price and if…
As of this past January, Jiya has revolved around the Sun 3 times and Sonam already a quarter turn. As Jiya aptly says, “I growed up, Papa.” Recently, she’s been asking how old I am, and when she hears me repeat a number that’s higher than what she can count to (currently she tops at…
PRIMARY HOMES If you are married and own a primary home, chances are you own it as either “joint tenants” (JT) or “community property with rights of survivorship” (CPWROS). Both are forms of joint ownership, so is there a difference? Oh yes! A big difference. In California, you get what’s called a “step-up in basis”…
Should you hold appreciated assets in community property or joint tenancy? That depends if you live in a community property state like California. If so, let’s start with the following assumptions: You bought land as an investment in 2000 for $40,000. This is called your BASIS. Today, in 2018, it’s worth $220,000. Capital Gains If you…
BACKGROUND: There can be many reasons why you need a trust – but here are 2 of the most common. The first reason is to avoid probate. Probate is a court process that occurs after you die when you don’t have a trust, when your home, bank accounts, and all other assets will be held by…
Asset protection planning is an important step to take in safeguarding your hard-earned assets from being lost, inadvertently, because you overlooked something important. The most foundational level of asset protection is to plan for what will happen to your assets in the event of your incapacity or death because you are 100% guaranteed to have…
Life insurance is a purchase only made once or twice in a lifetime, so it is common to be unaware of the ins and outs of policy protection. The potential pitfalls are significant, however, so review the following tips before purchasing a life insurance policy. Get the Right Type and Amounts Life insurance policies are…
Unless you’ve been living under a rock, you’ve probably heard about Bitcoin. But, you may not know what it is or how it affects your estate planning. Or, maybe you’ve got yourself some Bitcoin, but haven’t given thought to what would happen to your digital currency in the event of your death or incapacity. So…
Dealing with the financial stressors of caring for an aging loved one can affect your ability to provide them with the care and compassion they need. It can also put the security of your financial future at risk. To mitigate these concerns, consider these useful tips to help you make informed decisions about how to…
