Married couples seeking divorce have many financial and family issues to sort out, and one of those is making changes to any estate plan already in place. Whether they have a trust where both are the grantor/trustee and primary beneficiary, or if they have traditional wills, all estate planning documents will need to be modified […]
Andrea Shoup
Shoup Legal, A Professional Law Corporation can be reached at (951) 445-4114.
- Posts: 17
- Website: http://www.shouplegal.com
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There are two ways that a cryptocurrency can be held: in a third-party exchange or in a private wallet. The first is simple from an estate planning perspective, since it more like a bank account, and the private code or ‘key’ is held by the exchange. But when Bitcoin is held in a private wallet […]
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Family businesses are common in the United States, across the entire spectrum of services and industries. Often, the business starts out as sole proprietorship or partnership, and then as children become adults and want to join, the business can expand into a different type of structure. It is natural for parents who are business owners to want to include their children in their success, especially since they may one day inherit ownership of the business.
Nonetheless, the issues of business structure, participation and investment all play a role when it comes to succession planning. There is no one strategy that will fit every family business situation, and there are a number of issues that can affect how the business is included in estate planning.
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20% Deduction for “Pass-Through Businesses” 95% of US businesses use “pass-through” business structures for taxation. These include sole proprietors, partnerships and S-corporations, where the business income is essentially taxed as personal income, at the corresponding personal tax rate. The new law now provides for a 20% deduction on that income, a change that is bound […]
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The Tax Cuts and Jobs Act of 2017 (‘Act’) became effective on January 1, 2018 and is the first significant change to the tax code since 1986. Whether or not one agrees with the underlying change in tax policy, the Act will affect many financial and estate planning decisions for individuals and families. These changes […]
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What Exactly Does an Estate Plan Do for My Family? An estate plan is the best way to ensure that your assets and resources will be distributed in the best way, and free of complications or conflict. In the modern world it is really a necessity rather than a luxury to have a solid estate […]
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As you review your year-end finances and asset plans, it pays to list and secure all important papers. This is especially true with estate planning documents, that reflect your wishes about your assets and heirs. If those are destroyed with no copies, then all of your good effort to protect your heirs will have no […]
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What Type of Life Insurance is Best for Your Estate Plan? There are two basic types of life insurance policies: term and whole life. Term life insurance is just like it sounds, for a specific time such as 15, 20 or even 30 years. Whole life insurance is just that, for the whole lifetime and […]
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When you are making your estate plan it is natural to think first about your family members as heirs, so that they are taken care of in the future. However, there are many benefits of including your favorite charities in your will or trust, that won’t compromise the interests of your heirs. Here is an […]
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Many people have questions about the difference between a will and a trust, and when a trust may be necessary. The Basic Facts About Wills – Very simply, a will states the wishes of a person upon their passing about how to distribute their property to heirs. The will also names an executor who oversees […]
