In this article, you can discover… What digital assets are, and how to pass them on to beneficiaries Whether a power of attorney can manage digital assets for you How to protect your digital intellectual property What Are Digital Assets? Are They Recognized In California? Digital assets include things like cryptocurrency, NFTs (Non-Fungible Tokens) (which may be stored in separate wallets or devices with encryption that makes third-party access challenging), digital media, Software and Code, Domain Names and Intellectual Property. In California, digital assets are recognized as part of estate planning, and our documents include provisions to address them. If you’re concerned about your digital assets and ensuring they are properly managed, you should reference specific details about them in your trust documents to ensure clarity and protection. Which Digital…Read More
Questions To Prepare For Meeting With An Estate Planning Attorney During your initial consultation, your estate planning attorney will likely ask you some questions to understand your situation and goals, including things such as: If married, are you and your spouse on the same page? Do you want your assets to go to specific people, such as any children you may have? Are there any concerns about the responsibilities of your trustee, executor, or guardian? What is your citizenship status? What is the citizenship status of your trustee? (It’s preferable that the trustee be a U.S. resident and at least a green card holder to avoid potential negative tax implications, especially for those who have recently arrived or are not permanent residents.) What is the value of your estate? Is…Read More
In this article, you can discover… The benefits of having a will in place in California Whether your spouse will automatically inherit your estate when you pass away How an attorney can clarify your misconceptions and guide you through estate planning Does Having A Will Prevent Probate In California? Having a will in California does not prevent probate, especially if the value of your assets exceeds $184,500. In this situation, your estate will likely need to go through probate to distribute assets according to the will. A will provides instructions for how assets should be handled but doesn’t bypass the legal process. You will do well to consider creating a living trust. It would allow assets to pass directly to beneficiaries without the delays and costs of probate, offering you…Read More
Guardianships And Why They Are Essential Guardianship is a vital aspect of estate planning, especially if you have minor children. While a friend or family member may step forward to claim responsibility for your child without a designated guardian in place, what do you do if they pass away? Having a legally binding document that specifies who you want to serve as the guardian or a backup guardian is one sure way to ensure your child is cared for well into the future. If no guardian is named and no one steps up, there's a risk that your children could be placed in separate foster care systems, which could unnecessarily break up your family. For this reason, anyone with children should have a will in place to ensure their guardianship…Read More
Exploring Beneficiaries A beneficiary of a trust is typically the grantor while they are alive, as the trust is designed for their benefit during their lifetime. However, upon the grantor's passing, the contingent beneficiaries—those designated to receive the estate after the grantor's death—come into play. Traditionally, grantors choose their own children as the contingent beneficiaries. However, the grantor can designate any family members, friends, or even charities to receive a portion of the estate. Choosing Beneficiaries For Your Estate When choosing beneficiaries for your estate, especially if you have children, it's important to consider their financial responsibility and maturity. Ask yourself whether they will be financially savvy and responsible at the point in time they would receive the assets. You'll also need to decide how to divide the estate among…Read More
Trusts: The Foundation Of Robust Estate Planning A trust is a legal vehicle used to avoid probate. It's a document, not registered anywhere in the state of California. While some states require registration of wills and trusts, California considers these private documents. The only item typically registered is the deed to your house, often through a trust transfer deed, which serves as evidence that you may have a trust in place. All other estate planning documents are also regarded as private. In California, there are various types of trusts available, including revocable trusts, irrevocable trusts, special needs trusts, and Medicaid Asset Protection Trust (MAPT). While there are many options, the majority of people opt for a revocable living trust. This type of trust allows you to retain control over your…Read More
Overviewing Wills A will is an essential legal document that outlines your wishes regarding the distribution of your assets and the care of any minor children after your death. For California residents, it's particularly important, but it’s not always enough to avoid the probate process. A will primarily serves to designate guardians for your minor children and appoint an executor who will be responsible for settling your estate. The executor plays a crucial role in managing your affairs according to your wishes. Having a will is a necessary step, but it alone might not prevent your estate from going through probate, which can be a lengthy and expensive process. In California, if your assets exceed $184,500 in value (the current threshold), your estate will likely go through probate if you…Read More
The Basics Estate planning is the process of preparing for the management and distribution of your assets—your estate—after your passing. Contrary to what some might think, estate planning isn't just for the super-wealthy. Your estate can be as modest as a single-family home and a few bank accounts. The central document in estate planning is usually a revocable living trust, which outlines how your assets will be handled. Alongside this, there are supplemental documents, including a will. If you have children, your will should designate guardians for them. Estate planning also often includes power of attorney and advanced healthcare directives, which are essential if you become incapacitated. Other elements might include personal property memorandum forms and trust transfer deeds to move property into your trust. In some cases, you may…Read More
In this article, you can learn about: The importance and key components of a stock purchase agreement for companies and investors. The differences between stock purchase agreements and other types of equity agreements, such as stock option agreements and convertible note agreements. The role of legal and regulatory considerations in drafting and negotiating stock purchase agreements to ensure compliance and protect interests. What Exactly Is A Stock Purchase Agreement? A Stock Purchase Agreement is a crucial document that formalizes the transaction where a company issues stock to a shareholder. Initially, this typically involves common stock, though preferred stock may come into play later. It's essential to have this agreement in place, complete with appropriate vesting schedules, to avoid potential issues. The agreement outlines key details, such as the purchase price…Read More
In this article, you can learn about: The importance of choosing the right legal entity and formation location for your startup. How consulting a business attorney early on can help you avoid common pitfalls and ensure proper documentation. The various legal documents and contracts essential for startups and how an attorney can help draft and review them. What Are Some Of The Key Legal Considerations For Startups? How Can A Business Attorney Help Navigate Them? When starting a business, deciding on the type of entity to form and where to form it are crucial decisions. Most people choose between forming a Limited Liability Company (LLC) or a corporation, which can be either a C corporation or an S corporation. These choices primarily hinge on tax considerations and the business's goals.…Read More
