estate planning

THE ATTORNEY'S CORNER: ESTATE PLANNING FOR FAMILY BUSINESSES

 

“Articles Concerning Trusts, Wills, Probate, Family Law & more”

By Stephen C. Ross, Esq.

September 13, 2014 (San Diego County) – Planning to pass on a family business can be very challenging due to the many issues that must be considered. Business succession issues include: who will take over from the current owner; potential income and transfer taxes; when does the ownership transfer take place; how should the new owner hold his/her interest; and, are there family members to consider who are not active in the business.


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THE ATTORNEY'S CORNER: POWERS OF ATTORNEY & ESTATE PLANNING

 

“Your source for Trusts, Wills, Probate, Family Law & more”

By Stephen C. Ross, Esq.

April 23, 2013 (San Diego County) – A power of attorney (POA) is a written document wherein a person (the principal) appoints another person (the agent) to transact business and manage property on behalf of the principal. A POA has many purposes in estate planning, including: allowing the agent to transfer property into a revocable trust that is the principal’s primary estate planning tool; facilitating gifts to take advantage of the federal annual gift tax exclusion; and, allowing the agent to operate the principal’s business that is not included in a trust.


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THE ATTORNEY'S CORNER: WHAT TO INCLUDE IN YOUR ESTATE PLAN

“Your source for Trusts, Wills, Probate, Family Law & more”

By Stephen C. Ross, Esq.

February 17, 2013 (San Diego County) – I often talk with people who believe estate planning is only for the wealthy. However, even people with few assets may benefit from proper estate planning.

You may be subject to formal probate proceedings if the gross real and personal property value of your estate exceeds $150,000 and you do not have a revocable trust. A properly prepared power of attorney for health care may avoid the need for a costly conservatorship proceeding if you subsequently lack capacity to make your own decisions. A power of attorney may avoid a conservatorship proceeding and ensure that a person you trust is ready to handle your financial affairs if you become incapacitated.


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GOOD MONEY: BUSINESS OWNERS’ SUCCESSION PLANNING—STEPS TO PREPARE FOR A SUCCESSFUL EXIT

 

A column written for the East County Magazine
“Your guide to financial planning & socially responsible investing” 

By: Judith L. Seid, CFP ®
President, Blue Summit Wealth Management
 
For a Successful Business Exit
 
May 30, 2012 (San Diego’s East County)--Most business owners are too busy working IN their business that they forget to work ON their business.  It is crucial to protect the asset that you likely have spent the majority of your life building and have a disproportionate share of your wealth tied up in. And yet, studies show that somewhere between 70 – 90% of business owners have not thoughtfully planned for their inevitable business exit and even those that do plan, oftentimes wait until the 11th hour.

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FREE CONFERENCE: AGING, COPING AND HEALTH CARE PLANNING, APRIL 18

 
April 10, 2012 (La Mesa) -- Sharp Grossmont Hospital’s Senior Resource Center and Sharp HospiceCare host a free conference for seniors geared toward future health care planning and communicating wishes with family and friends. The event includes presentations from health experts and community resources featuring health and senior service agencies. Program topics and speakers include: 

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GOOD MONEY: ESTATE TAXES--WHICH WAY WILL THEY GO?

Good Money: Your guide to financial planning & socially responsible investing
 

ESTATE TAXES – WHICH WAY WILL THEY GO?

By Judith L. Seid, CFP ®
President, Blue Summit Financial Group

 

Estate Tax Reform

 

President George W. Bush's 10-year, $1.35 trillion across-the-board tax cut, passed in 2001, included a slow-but-steady reduction of the amount of wealth that is subject to "the death tax." Under the law, the value of an inheritance exempt from estate taxation increased from $1 million in 2001 to $3.5 million in 2009. In addition, the tax rate on inheritances larger than that decreased from 55% to 45%. And currently with a $3.5m exemption amount, this allows a couple who have done proper estate planning to leave a $7m estate completely free of federal estate taxes to their heirs.
 

But this tax is scheduled to revert to the 2001 pre-Bush levels (55% rate on estates over $1 million); unless Congress takes action this year and passes new legislation.

 


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Support community news in the public interest! As nonprofit news, we rely on donations from the public to fund our reporting -- not special interests. Please donate to sustain East County Magazine's local reporting and/or wildfire alerts at https://www.eastcountymedia.org/donate to help us keep people safe and informed across our region.