In a monumental shift that will reshape the legal landscape of the Central Coast, we are thrilled to announce the impending merger of two esteemed law firms within Ventura County—Lowthorp, Richards, McMillan, Miller & Templeman, and The Hathaway Law Firm, LLP. This transformative union is scheduled to take effect on January 1, 2024, giving rise to the start of a dynamic legal entity, Lowthorp Richards, LLP. Prepare for a new era of legal excellence and continued client-focused service.
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Upstream Basis Planning – The Smart Way to Reduce Your Taxes
There are various ways to reduce your taxable income, including a number of significant tax deductions, credits, and exclusions to look at. While there are dozens of deductions available to choose from, one that often gets overlooked is the option to reduce your capital gains (or income) taxes via the upstream basis method. This method allows you to calculate the cost basis after the sale of an investment or other capital asset. Find out more about this smart way to reduce your taxes by reading this quick guide on Upstream Basis Planning to reduce your Capital Gains Tax!
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The Ultimate Guide to Dealing with an Uninsured Motorist
One of life’s constant frustrations is playing by the rules, doing the right thing, and watching the results of hard work threatened by someone who does not or cannot act responsibly. You can work, save and manage risk by having insurance, but all of that may seem futile if an at-fault motorist driving a vehicle crashes into your vehicle or property and causes catastrophic damage, both to property and to people. Nothing can bring back life and health when it is significantly damaged. Unfortunately, California has the highest number of uninsured drivers in the country. However, you can at least have the peace of mind to know that it will not destroy your business or estate. Attorneys can structure risk management and estate planning tools to thwart the harm of uninsured motorists as much as possible.
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How an Industrial Setting Can Result in Negligence and Wrongful Death
Unfortunately, Murphy’s law is real, and you have to shield yourself from calamity. Even with the best of intentions and your desire for universal safety, someone under your employ or care may suffer a negligent injury and perish. It happens much less nowadays, but even one event is too much. Many employees, customers, patients, and their families, in addition to the negligent party, face significant loss when a tragedy strikes.
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Separate Property Trust as an Alternative to Prenups
Even though love is grand, the incidence of marital separation is not trivial. Subsequent marriages carry an even higher rate of failure. One should not plan for divorce but rather be prepared for it, just as one should generally be prepared for misfortune by having in place estate planning instruments like wills, trusts, and other directives.
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Problems with the Enforcement of Prenuptial Agreements
The Character of Premarital Agreements
Despite the negative impression left from B-movies premised around messy divorces, the general intent of premarital agreements (commonly known as prenup agreements) is to foster conditions that will help preserve an upcoming marriage. Part and parcel of that intent is to provide stability and predictability and protect a client’s estate from intentional and inadvertent loss. The client’s interests, broadly construed, includes those of its family members and dependents. You without doubt want to provide for your loved ones’ future needs and dreams. Additionally, when possible, you might want to minimize taxes, avoid probate, and deal with incapacity. A new marriage brings with it much joy and happiness, but by virtue of being new and including change, it can carry risk. This is particularly true for young spouses with developing financial resources and career tempestuousness. A prenuptial can offset that risk and help develop communication skills that will be critical for a long, healthy marriage. Let’s take a look at the characteristics of premarital agreements and what might cause one problem if or when it comes time for enforcement.
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Difference Between a Prenuptial Agreement and a Postnuptial Agreement
There is room for discussion on whether love gives you strength or courage, but we all know that when a marriage ends, there is often less of either and there may be a large accounting to be done. The accounting that we are concerned with in this article is the financial kind, and we hope to help make sure that our clients do not end up heartbroken and broke. Hindsight is 20/20, and as unromantic as it seems, a prenup is an essential legal instrument in many highly predictable situations. We hope for the best and plan for the worst. As a service to you and those you care for, we can prepare prenuptial or postnuptial agreements that will help you maintain your quality of life and achieve your estate planning goals. These agreements will contain provisions for property division, spousal support, and investments, among other elements.
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Spring Clean Your Estate Plan
It’s easy to want to sit back after achieving your financial goals. But that won’t be possible because things are constantly changing, including the members of your family circle and the value of your assets. Extraordinary things can impact them, such as changes in tax rules, unexpected litigation, and education expenses. Even though half of the adults in the U.S. do not have a will, we know better than to let the state dictate where our money goes. Let’s talk about some of the things that you can do to stay ahead of your finances and when you can do that.
How an Attorney Can Help You Navigate Through a Real Estate Holding
Navigating the world of real estate holding can be tricky without the help of an attorney to handle the legalities and the paperwork. While you may think hiring an attorney will just cost you money, it can actually save you much more in the long run. When working with an attorney, you can receive great advice on how to handle similar situations in the future as well as ways to make sure your investment remains profitable moving forward. If you’re deciding on whether you need assistance in real estate holding, keep reading!
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Tips For Effective Will Writing
Know Your Will’s Purpose
The first thing you’ll want to do is understand whether your will is the primary vehicle for the disposition of assets and whether a trust instrument will be in place. Trusts have many useful purposes, and we will discuss them later in this post.
Next, you should examine who the will is serving and the situation surrounding it. This requires an examination of who is important for the estate. Identify a spouse or partner, which for most people should be an easy step. Consider children, if any, and any other family members whom you would like to carry beneficiary interests. Next, think about whether they should benefit at nominal or significant levels.