Category Archives: Asset Protection
Should a CPA be an Estate Trustee for a Client?
We recently encountered a situation in which a successful businessman, who had accumulated significant wealth during his career, felt he was a danger to himself, because he was an alcoholic and he had a couple of car crashes while driving … Continue reading
Posted in Asset Protection, California Trust Law, Estate Planning, Trust Administration, Trusts & Estates
Tagged asset management, beneficiary, certified public accountant, conflict of interest, CPA, estate trustee, fiduciary, irrevocable trust, lose wealth, power of attorney, protect estate, prudent investor, wealth management
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Tax Planning for Next Year; Digital Assets; Loan Modification & Deed-in-Lieu Programs; Trusts & Trustees
As the dust of this year’s tax season settles, our thoughts have already started to drift toward preparing next year’s returns. It is never too early to consider how to pay less taxes (or to be better prepared for next … Continue reading
Posted in Asset Protection, Filing Your Tax Return, Loan Modification, Tax Return Preparation
Tagged Android, Apple, back taxes, back-up system, beneficiaries, benefit deductions, borrower, call-in show, Deed-in-Lieu, digital files, distressed properties, estate plan, file tax returns electronically, fireproof container, foreclosure, HAFA, Home Affordable Foreclosure Alternatives, IRS audit, IRS2Go, lender, liens, Living Trust, loan modifications, maximize deductions, minimize taxes, mobile device, paper receipts, pay less taxes, paycheck stubs, payroll deductions, podcast, probate minimum, professional relationship, receipts, record-keeping, Scan, short sale, social site account, status of your refund, tax deductions, Tax Preparer, tax professional, tax refund, transfer real estate, Trustees, underwater real estate
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Digital Assets in Estate Planning; Mortgage Crisis Scams; Loan Modification and Other Mortgage Workouts
One of the more-frequent situations that estate planners have to deal with, along with executors to wills, is the existence and growing popularity of digital accounts and other online assets, such as email, social networking sites like Facebook and its … Continue reading
Posted in Asset Protection, Distressed Property, Estate Planning, Loan Modification, Residential Real Estate, Short Sale, Strategic Foreclosure
Tagged account usernames, advertising, database, digital assets, executor of an estate, Facebook, iCloud, Instagram, real estate, scam, social networking sites
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Whitney Houston Update; IRS Publishes “Fresh Start” for Struggling Taxpayers; California Residency
We are in the heart of tax season, so naturally we have recently been addressing many related issues. We wish we had time to discuss them all on our weekly radio and web broadcast on KDOW 1220 AM, and then … Continue reading
Posted in Asset Protection, California Trust Law, Estate Planning, Estate Tax, Family Law, Filing Your Tax Return, Income Tax, Probate, Radio Show: Wealth Preservation and You, Tax Law, Trust Administration, Trusts & Estates
Tagged Bay area, California Franchise Tax Board, California resident, California state income tax, Connie Yi, Estate Planning, estate planning attorney, estate taxes, executor, Facebook IPO, family law, federal law, Fresh Start, Income Tax, inter vivos trust, Internal Revenue Service, IRS initiative, IRS.gov, KDOW, legal residency, Living Trust, LLC, MP3, Nevada, Pleasanton, podcast, Probate, probate court, probated will, professional tax adviser, San Francisco, San Jose, San Mateo, settlor, Silicon Valley, social networking, struggling taxpayers, tax season, telecommuter, testamentary trust, W-2, What Ifs, Whitney Houston, will trust
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Celebrity and High Net Worth Estates; Complex Family Structures; the Competency Issue
The recent passing of Whitney Houston and Davey Jones has put the topic of celebrity estates in the news. Frequently, celebrities quickly obtain considerable wealth as a result of their achievements and the adulation bestowed on them. Sometimes, a beneficiary … Continue reading
Estate Planning for Special Assets: Family Business, Out of State Assets, Companion Animals, Trustee Duties
When we have previously discussed estate planning, we’ve primarily focused on situations that involve the basics of how to handle real estate or liquid assets like stocks and bonds, so your beneficiaries receive as much as possible of your estate … Continue reading
Posted in Asset Protection, Business Law, Estate Planning, Estate Tax, Partnerships, Radio Show: Wealth Preservation and You, Succession Planning, Trust Administration, Trusts & Estates
Tagged asset protection trust, attorney, back taxes, Bay area, business structures, companion animal, Companion Animal Trust, Companion Animals, Connie Yi, dental broker, dental care, dental practice, dentist, Estate Planning, estate planning attorney, Family Business, family dynamics, Family Limited Partnership, family limited partnership flp, Family Partnerships, farmer, FLP, food and beverage, Husband and Wife Business, inheritance tax, IRS, KDOW, legal practice, Limited Liability Corporation, liquid assets, LLC, Offshore Assets, offshore bank, Out of State Assets, overseas bank accounts, Pleasanton, real estate, real estate development, San Francisco, San Jose, San Mateo, Small Business Administration, Special Assets, stocks and bonds, succession planning, tax return, Treasury Department, vineyard, Wealth Management and You
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Community Property vs. Separate Property in California: Why the Facebook IPO Makes This Topic Relevant
It is fairly well-known that one of the primary reasons for divorce is a downturn in a married couple’s financial situation. The hardship of survival without enough money to pay your bills will put a strain on even the happiest … Continue reading
Posted in Asset Protection, California Real Estate Law, Estate Planning, Probate
Tagged Affidavit of Death, California Estate Planning Attorney, California property law, commingling, Community Property, Connie Yi, disown any interest, Divorce, Facebook IPO, Facebook stock, financial boom, financial bust, gift from parent, inheritance, Joint Tenancy, Joint Tenant title, KDOW 1220 AM, Living Trust, major cause for divorce, married couple, Palo Alto, Pleasanton, podcast, radio show, re-insure title, Recorder’s office, registered domestic partners, San Francisco, San Jose, San Mateo, Separate Property, Silicon Valley, states that recognize community property, sudden wealth, Tenancy in Common, Tenancy in Common title, title company, transmutation, webcast
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Asset Protection: Umbrella Coverage May Be Enough Based On An Assessment Of Your Risk
We recently discussed Asset Protection on our weekly KDOW 1220 AM radio show, Wealth Preservation and You. Instead of the usual approach of how to protect large amounts of valuable assets, we looked at the subject from the perspective of an … Continue reading
Posted in Asset Protection, Business Law, Estate Planning, Partnerships, Radio Show: Wealth Preservation and You, Starting a New Business, Succession Planning
Tagged 401(k) account, Alaska, artwork, Asset Protection, automobiles, Bay area, business partners, business planning, car collisions, caveat emptor, charging order, children's education, consumers, corporate assets, cross-state LLC registration, Delaware, do-it-yourself asset protection, gold jewelry, heart attacks, inside creditors, KDOW 1220 AM, landlords, lawsuit, living trusts, LLC versus corporation, middle-class homeowner, Nevada, New Jersey, outside creditors, personal assets, Pleasanton, radio show, rental property, retirement, San Francisco, San Jose, San Mateo, savings account, small-business owner, State Farm insurance agent, stocks, tenants, umbrella insurance, umbrella policy, Wealth Preservation and You, Wen Ling Cheng, worst-case scenario, Wyoming
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