By: Justin M. Kennedy, Associate Attorney Litherland, Kennedy & Associates, APC, Attorneys at Law If you are concerned that you may be sued in the future, you may want to consider ways of protecting your assets. As a Trustor, many asset protection strategies may not available to you, however, you have the ability to give the beneficiaries under your trust asset protection. The asset protection to the trust beneficiaries would protect their inheritance from the beneficiaries' … [Read more...] about Asset Protection Strategy – 529 Plans
What Is a Limited Liability Company?
If you are a business owner, your business or professional practice may be inherently exposed to potential legal actions, even if you take precautions. A limited liability company is a legal structure that can provide personal asset protection. With a limited liability company, you receive the benefit of flow-through taxation. This allows you to continue to claim your business profits and losses on your personal income tax return. If someone was to institute a legal action against the limited … [Read more...] about What Is a Limited Liability Company?
Is There a Medi-Cal Asset Limit in San Jose California?
Is There a Medi-cal Asset Limit in San Jose California? from Roy W. Litherland Medicare is a government health insurance program most people will qualify for Medicare coverage when they reach the age of 65. Learn more about medi-cal asset limit in san jose california in this presentation. … [Read more...] about Is There a Medi-Cal Asset Limit in San Jose California?
Trusts & Asset Protection
Asset protection is something that many people are concerned about. You certainly want to make sure that your assets are protected for your own purposes, and these concerns will naturally extend to resources that you will be leaving behind to your heirs. Do Trusts Protect Assets? Some people are under the impression that you can protect assets by placing them into any type of trust. This is not the case. For example, let's look at revocable living trusts. These trusts are very popular, but … [Read more...] about Trusts & Asset Protection
California Legacy Wealth Planning: What Is It?
The process of estate planning is going to mean different things for different people. What is important to one family may not be important to another. One of the deciding factors will be the extent of the estate in question. If you are simply transferring a relatively modest store of assets to your children and there is no estate tax responsibility, you are in a particular situation. However, if you have been extraordinarily successful throughout your life from a financial perspective, you must … [Read more...] about California Legacy Wealth Planning: What Is It?
What Is a California Family Limited Partnership?
Many wealthy families in California would do well to consider the creation of family limited partnerships. These estate planning devices can be useful for asset protection, and they can also facilitate asset transfers at a tax discount. Asset Protection First we would like to take a look at the asset protection that is afforded by family limited partnerships. If you were to be targeted by a creditor or litigant, your personal assets could be vulnerable if you do not take steps to protect them. … [Read more...] about What Is a California Family Limited Partnership?
