Family Law Archives - Lowthorp Richards

How Special Needs Trusts Operate in California

October 8, 2024 by socialspice20

When a family member has a disability, ensuring their long-term financial security becomes a top priority. In California, one of the most effective legal tools to achieve this is a Special Needs Trust (SNT). This article will provide an overview of how Special Needs Trusts operate in California, offering valuable insights for families who want … Read moreHow Special Needs Trusts Operate in California

Family Wealth Preservation: Reverse the Third-Generation Curse

August 22, 2024August 22, 2024 by socialspice20

A young and older women are holding each other with big smiles on their faces. It shows how family wealth transfer with the right estate planning makes people happy.

The “third-generation curse” is a well-known phenomenon in the world of family wealth, where the hard-earned fortune of the first generation often fails to survive beyond the third generation.
Wealth that has taken decades to accumulate can be squandered within a few years if not properly managed. The third-generation curse serves as a stark reminder that without careful planning and proactive measures, the prosperity and security that wealth brings can quickly vanish. To ensure that your family’s wealth endures for generations to come, it is essential to implement strategies that go beyond mere wealth accumulation. This involves educating the younger generation, establishing strong family governance, and creating a robust estate plan that safeguards your assets and values. By taking these steps, you can help reverse the third-generation curse and secure your family’s financial legacy.

What You Need to Know About Business Law

September 20, 2023March 6, 2023 by socialspice20

Business law is the body of law that controls the rights, relations, obligations, and conduct of individuals and entities engaged in commercial activities, including corporations, partnerships, and sole proprietorships. The primary function of business law is to specify rules and regulations that protect the interests of the parties involved in business transactions, including customers, employees, suppliers, shareholders, and other owners.

5 Things to Know When Real Estate Partnerships Go Awry

February 20, 2023February 20, 2023 by socialspice20

a real estate partnership going through a breakup

Real estate partnerships are no different from any business partnership in that things can go wrong for a variety of reasons. These reasons can include poor communication, misaligned objectives, financial difficulties, and changes in circumstances. Open communication can solve many problems, but if it is determined that the situation requires significant action, an in-person meeting focused on key issues may help to find a resolution. If things are past that point, action may need to include a partnership dissolution. This blog contains some things to consider.

What to Know About Asset Protection Trusts

February 6, 2023February 6, 2023 by socialspice20

The goal of an asset protection trust is to protect your assets from creditors and lawsuits. A trustee (your choice of associates in your circle or yourself) will manage the assets for the benefit of the trust’s beneficiaries. The manager is under a special fiduciary duty and must account for all spending decisions. They must operate without conflicts.

The Difference Between a Proprietorship, Partnership, Professional Corporation & Incorporation

January 23, 2023January 23, 2023 by socialspice20

When starting a business, it’s important to understand the differences between the various business structures and organizations. Deciding which business structure works best for you will depend on a variety of factors– and having an experienced attorney to help guide you through the process is essential. In this post, we’ll look at the differences between incorporation, partnership, proprietorship, and professional corporation, and explain why knowing which works best for you is so important.

When Should I Begin My Business Succession Plan?

January 9, 2023January 9, 2023 by socialspice20

Business Partners shaking hands in front of papers after business succession

An appropriate succession plan can help ensure the smooth transition of your business to the next generation or new ownership and can also help protect the value of your business. Thus, it’s never too soon to start thinking about how you want to transition your business, but the exact timing will depend on your individual circumstances. The most important factors to consider are your personal and financial goals.

Starting (and Finishing) Tough Conversations this Holiday Season

December 16, 2022December 19, 2022 by socialspice20

The holiday season is a time of joy and celebration, but it can also be a time of difficult conversations. This year, don’t shy away from talking about important topics such as family law, estate planning, wills and testaments, and other legal matters that can have a lasting impact on your loved ones. Instead, embrace the opportunity to start (and finish) these conversations now and make sure that you and your family are on the same page when it comes to managing your legal affairs. In this blog post, we will provide you with tips and advice on how to tackle these tough conversations this holiday season.

What Are Partition Actions in Real Estate?

December 5, 2022December 5, 2022 by socialspice20

A partition action is a process in which common interests in a property, such as co-owners who own co-tenancy interests, are separated and ended. In other words, if you co-own a property with a business partner or family member, this is a way to end that co-ownership. The parties will end up with individual rights of exclusive possession of a portion of the property. The parties can partition a property via a voluntary agreement or through litigation. A voluntary action is based on a contractual agreement that must meet the required elements of law, according to state law and the statute of frauds. When the court partitions a property, it determines the respective interests in the property of each party. Further, it determines whether the property should be physically divided or sold, and proceeds divided.

The law authorizes the court to appoint a referee specifically for the purpose of making that determination. To perform his duties, the referee may contract with “surveyors, engineers, appraisers, attorneys, real estate brokers, auctioneers, and others.” (California Civil Procedure Code § 873.110). This helps to ensure a fair division of the property and prevents arbitrary results.

What Makes a See-Through Trust?

November 21, 2022November 21, 2022 by socialspice20

As if planning for retirement wasn’t sufficiently stressful, there are so many inscrutable types of trusts and many more estate planning instruments that are obscure. The good news is that these tools provide significant value to investors – when used appropriately. It is essential to know the legal and technical details to ensure the full benefits of your instruments are achieved, and tax penalties or other losses are avoided. When trusts are properly written and executed, the founder and beneficiaries’ lives are enriched. Fruits of the labors of the trust’s creators are distributed to the intended individuals or institutions for good reasons.

A trust, as we have discussed in previous blog posts, is an essential estate planning tool for many people. In one post, we discussed the differences between wills and trusts. We also discussed living trusts and how they might bypass a lengthy, costly probate process. They are almost de rigueur in today’s estate planning world. The question to answer now is about a particular type of trust, the See-Through Trust.

Family Law