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Gold River California Estate Planning Law Blog

Estate plans to review after marriage

Many people do not have adequate estate plans. They often believe that without significant assets, such as a house, there is no need to determine how to divide assets upon death. However, there are numerous benefits when people decide to create estate plans as soon as possible. 

One moment in life when people realize they need to take control of their financial futures is marriage. There are many documents to review after this monumental event, and spouses need to go over all of them as soon as they can after the ceremony. 

Why should a young Californian have an estate plan?

You're young, you say. You haven't saved your first million dollars - or even your first $5,000. You don't need an estate plan, you tell your parents. After all, you're just getting started with this thing called adulting.

Think again.

It's time to have the estate planning talk with your parents

You're in your 40s, have happy and growing kids, some money in the bank and you've finally crossed off the one thing that's been on your to-do list forever: make an estate plan.

It was tough on a lot of fronts - finding the time to organize both your paperwork and your thoughts, as well as coming to terms with the fact that one day, this plan will spring into action.

How can we avoid probate in California?

As much as we Californians don't like to think about our own death, we have to -- for the sake of those whom we love.

Think about it. If you don't leave a will or a trust, your granddaughter might not have access to the funds you promised her for college tuition. Do you really want your son and daughter not to inherit their childhood home? That could happen without proper planning.

3 ways to establish a trust when your baby is born

Nothing is more exciting than welcoming a new child into the world. As you cherish your family's new addition, you are likely imagining all the potential and rejoicing at the possibilities. Estate planning may sound like a dire response to this celebratory phase of your life, but it is, in fact, a necessary and wise move to make after you have a baby. Consider the following reasons it may be beneficial. 

It is important, too, that you partner with a trusted legal consultant when you are working on your estate plan. An experienced attorney can help you get the most out of your trust and ensure that it provides for everything your child will need. Learn more ways you should establish a trust.

Entering a California business partnership? Set the expectations

Your business partner is kind of like your spouse. You spend hour after hour, day after day, together. Your dream of a future that includes happiness and wealth.

Then, as often happens in a marriage, it all comes crashing down when times get tough or when one partner outgrows the other.

What should you know about federal estate taxes?

Most people don't really know that much about federal estate taxes, and the confusion has only increased in the last year since the Tax Cuts and Jobs Act went into place.

Here are some of the most important things you should know about how federal estate taxes work:

Supreme Court sales tax ruling could burden smaller businesses

The U.S. Supreme Court has ruled that states can require online retailers to collect state sales taxes on goods delivered to their residents and businesses. Previously, states only had the power to force retailers to collect such taxes when the retailer had a physical location in the state. Some experts believe the ruling could have as big an impact as last year's Tax Cuts and Jobs Act because it levels the playing field between online and brick-and-mortar enterprises.

Large online retailers like Amazon and those with physical locations have already been collecting sales taxes. For example, Amazon not only collects sales taxes on its own inventory but also on a portion of sales by third-parties who sell merchandise through the site. Large retailers like Wayfair.com and Overstock, which brought the suit against the state of Idaho, told Reuters that the ruling will have little impact on their businesses.

Every estate plan should have a minimum of 6 key components

You've undoubtedly watched a scene in a television show or a movie where two friends are sitting at a bar and come up with a great idea for a product, or one decides to sell something of value to the other. They grab a cocktail napkin, ask the bartender for a pen and jot down their partnership agreement or bill of sale.

Well, this is real life, and there are some legal documents just too important to write down in such a haphazard manner. At the top of that list for all California residents are your estate planning documents.

Why you need estate plans after having a new baby

Whether it is your first time or fifth, having a new baby is an exciting and wonderful event. Expanding your family also requires much preparation, such as ensuring you have everything you need to care for the baby and going to doctor appointments.

Although your to-do list may already be very long, one important thing to add to it is creating or updating estate plans. Preparing for emergencies is not just something for older folks. Your sudden incapacitation or death will affect your little one, and you do not want to leave it up to a court to decide what happens to the baby and your assets.

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