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7. Funding Your Revocable Living Trust

This is part 7 in my series, Estate Planning – What You Need to Know. Part 7 - Funding Your Revocable Living Trust Now to get the benefit of your revocable living trust, you have to transfer your assets to your revocable living trust. This is called “funding your trust.” We tell our clients to think of their trust as a big container with instructions. The instructions will control how the assets…

6. Revocable Living Trust

This is part 6 in my series, Estate Planning – What You Need to Know. Part 6 - Revocable Living Trust. The solution for probate is a revocable living trust. A revocable living trust is a legal contract you make with yourself, or, if you are married in a community property state like California, with your spouse. The trust is a set of instructions on how you want your assets to be…

5. What If I Only Have a Will?

This is part 5 in my series, Estate Planning – What You Need to Know. 5 - What If You Have Only a Will? So maybe you’ve done some planning. You’ve executed a will. Is that enough? Maybe not. The will states who gets your assets, and if you have young children, it names the guardians to raise your children. That’s good and it’s certainly better than no plan. However, the downside…

2013 Income Tax Rates Will Go Up

If Congress and the President do nothing, income tax rates will go up in a big way in 2013. Here is what it will look like. Individual Income Tax Rates Tax Brackets (2012 Dollar Amounts) Marginal Rate Unmarried Filers Married Joint Filers Over But Not Over Over But Not Over 2012 2013 $0 $8,700 $0 $17,400 10% 15% 8,700 35,350 17,400 70,700* 15% 15% 35,350 85,650 70,700* 142,700 25% 28% 85,650 178,650…

You Can Rebuild It – Better

If this middle class killing economy has cut the knees out from your business, can you rebuild it? Not like before, but better, in a more sustainable way. Like Steve Austin, the $6M dollar man, but for a lot less. Maybe you lost your home, your savings, your retirement plans or the long term investment which would have been your retirement. Once you get past the grieving and settle into a "I…

4. Why You Need Guardians If You Have Young Children.

This is part 4 in my series, Estate Planning - What You Need to Know. Why You Need Guardians if You Have Young Children. If you have young children, the most important part of your estate plan is naming the guardians to raise your children if something happens to you and your spouse. Typically, the guardians are named in the will. If the estate plan has a revocable living trust, the guardians…

3. What if You Don’t Have an Estate Plan?

Here is Part 3 of my series, Estate Planning - What You Need to Know. What if You Don't Have an Estate Plan? Simply put, if you don’t have a will or a revocable living trust, then when you die, your assets will go according to state law found in the probate code. If you live in California it goes like this: if you are married, your assets will go to your…

2. Who Needs an Estate Plan?

Here is part 2 my series entitled, Estate Planning – What You Need to Know. Who Needs an Estate Plan? If you have a family, a house or a business or you have assets you would like to pass down to certain people or charities, then you absolutely need an estate plan. An estate plan will make sure there are enough funds to take care of your spouse and young children, often…

Do You Need an Office?

Do you need an office? Before the crash, maybe you thought, of course I do. I have to look professional or I can't work from my home, it's too distracting. But after the crash everything is different for small business owners. If you run your business by yourself, a one-person shop, maybe you can work from home? If so, you can significantly cut your monthly overhead, increase your profit margin and enhance…

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