Rose Law Firm of Napa Valley, Inc.

Estate Planning And Business Law In Napa Valley And Beyond

Buying property? Plan for its use after your death

As you start aging and own real property, one thing you need to plan for is how to pass on that property after you pass away. A good plan for your home and other properties can help prevent your family from going through a lot of stress after you die.

Deciding how you want to have your home handled after your death is one of the most important parts of an estate plan. You'll want to talk to your family about the plans you make, so there is no confusion about your intentions.

Choose a successor as you focus on business estate planning

When you own a business, you need to include it in your estate plan. Not including it means that the business could be passed on to a beneficiary that you didn't designate after your death. It could be sold or run in a way that you would not have approved of.

When you're planning for your death, you'll want to start with your basic will and estate plan. The plan for your business will take into consideration several things including:

  • Planning for tax issues regarding your estate and business
  • The need for a buy-sell agreement if you're not the only business owner
  • Purchasing life and disability insurance
  • Working with an attorney to set up a succession plan

Q & A about inheriting property

For many, it sounds like a dream come true. A long-lost uncle with no other heirs passes away, only to leave a magnificent beachfront property to you. While nearly everyone would love to inherit a dream home after a relative or close friend dies, the reality is there's a lot of legal action that is required after you inherit property. 

3 Estate Planning Considerations for Your Family Business

Your family business is likely more than one thing. It could be a mainstay of your family throughout generations, a source of income and employment, a place of fulfillment for multiple family members and more.

As the owner of your California company, bar, restaurant, hotel or more, you may have some complicated estate planning considerations to sift through. When planning your estate, thinking of how to address your business can be difficult and largely depend on the makeup of your business. Here are three considerations for your family business:

Caring for the needs of your dog after you're gone

As you establish your estate plan, you'll likely consider all the members of your family. Though many people consider their four-legged companion to be a loved one, the law deems a dog personal property.

As such, you can't leave money to your dog. However, that's not to say you lack the ability to make choices about his care. Through a Pet Trust, you can provide continued care for your sweet Fido after you've passed.

Choosing An Executor Is Crucial In Estate Planning

A solid estate plan includes many details. A major one is having the right executor, or personal representative, whose job it is to fulfill the wishes of the testator -- the person who makes the will. 

It takes special skills to be an executor due to many legal and financial responsibilities. For example, the executor collects assets, pays bills and resolves legal and tax issues. A good executor likely will make the estate settlement a smooth process. A bad one, however, may complicate matters through incompetence, conflicts of interest, inadequate communication skills, or even a lack of appreciation for the great responsibility the role requires.

Do millennials need to think about estate planning?

A lot of people think estate planning matters only when you are old or you are rich. That is not the case. According to a recent Gallup Poll, only 4 in 10 Americans have a will.

The statistics are even more staggering when looking at younger Americans. In 2016, only 14 percent of individuals under 30 had a will, compared to 24 percent in 2005.

Managing sudden wealth: Preparing your heirs to inherit

The Williams Group conducted a 20-year study of high wealth families to review the transfer of wealth from one generation to the next. The study found 70 percent of families lost their wealth by the second generation and 90 percent by the third. Surprisingly, the failure to hold onto the wealth did not occur during the transfer, but rather afterwards when heirs were unable to keep the money.

Avoiding the topic

Avoid Conservatorship With Proper Estate Planning

An opportunity to save money is a huge motivator to make a purchase, and it should also prompt you to action to safeguard your estate. Without legally binding estate plan including incapacity planning, you're leaving your assets open to a long and expensive conservator dispute in the event that you cannot administer your own financial, legal and health decisions.

Here are some principal aspects of incapacity planning in the context of a complete estate plan.

6 tips for transferring your business to the next generation

Owning a small business is an emotional experience. The blood, sweat and tears you put into keeping your company afloat over an entire career create a bond that can make letting go difficult. If you are looking to pass on the business to the next generation, there are added emotions: Is my child ready to run this on their own? Have I properly prepared them for ownership?

Below are six tips you can use to get started and work toward a smooth, successful transfer of ownership.

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