For many people, charitable giving is a normal part of life. But for others, charitable giving is also a part of their death. Many people choose to donate to charity when they pass away by implementing charitable giving into their estate plan to support the cause or causes they care about the most. You can […]
It may not seem like a big deal, but naming your trust can be a big responsibility. While there are no laws about what the name of your trust must be, as there are with naming your legal entity (e.g. corporation), what you choose to call it can be extremely important. Since trusts are not […]
The concept of disinheriting a child is one that commonly conjures up feelings of parental disapproval and broken relationships. However, while these are reasons for disinheritance, they aren’t the only ones. Sometimes there are positive reasons as to why a parent would disinherit his or her child. The Child is Financially Secure Enough When parents […]
It’s safe to say that most of us have been significantly impacted by the coronavirus pandemic, which has caused the death and destruction of millions of businesses across the U.S. Things definitely look very different now than they did just half of a year ago. That’s why it’s so important that as we continue to […]
While the coronavirus pandemic has shattered much of a thriving U.S. economy leaving many businesses to struggle, small business owners especially continue to feel its full impact. Whereas they were once concerned with growth year over year, they now find themselves worried about staying afloat day-to-day. Although the future remains quite uncertain, many small business […]
When you create a trust, sometimes you do so with the ability to alter it at any time during your lifetime. Such a trust is known as “revocable.” A revocable trust, often referred to as a “living trust,” is a legal document generally used to transfer assets to one’s heirs in an effort to avoid […]
As the coronavirus continues to cause an economic recession in the U.S., millions of Americans are accumulating debt and sharp losses in income. But for older Americans, this is not what they expected to leave for their children. If children or other heirs inherit bills when their parents or loved ones pass, are they required […]
Despite the fact that everyone should utilize fair business practices, this is not always the case. Unfair business practices are prohibited under California law, and include things such as fraud and misrepresentation. Unfair business practices consist of fraud, misrepresentation and any other unconscionable acts that a business may perform. These are often taken against consumers […]
The United States is made up of individuals from all over the world and is home to many non-U.S. citizens who live, work, and sometimes die in this country. So what happens when a non-U.S. citizen passes away in the U.S.? Usually, there is nothing that stops such an individual’s estate from being distributed. Unfortunately, […]
The Financial Account Standards Board (FASB) has replaced the Accounting Standards Codification (ASC) regarding property leases. The new standard, referred to as ASC 842 or ASU 2016-02, replaces the 40-year-old US GAAP leasing standard, often referred to as ASC 840. ASC 842 was issued in February 2016 to help dis-incentivize businesses from leasing property rather […]
