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Friday’s Random Thoughts #4

Estate planning can't solve bad family relationships any more than having a baby solves a bad marriage. Estate planning can't make family members love each other but it could prevent them from destroying each other. Sometimes - make that, most of the time - waiting is the wisest course of action. However . . . You might be waiting for things to settle down. For the kids to be old enough, for…

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Experience and Wisdom – Priceless

We live in a truly amazing time. Almost anything you would like to do can be done with an app or software. Despite this, nothing so far replaces experience and wisdom. William A. Galston, in the Wall Street Journal, wrote about how in this new economy IT may have shrunk the number of advance cognitive skill jobs:  . . . the even more troubling hypothesis [is] that IT can replace an ever-widening…

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Give Your Children Divorce and Asset Protection

(This is an update of a post from two years ago.) Of the thousands of clients I’ve worked with, most know how they want to distribute their assets when they die: For married couples, it’s usually to the surviving spouse and then in equal shares to their children. For a divorced client or widow, it’s usually in equal shares to his or her children. Is that enough planning? Does that protect your…

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LLC Charging Order Protection

We typically do not recommend that our clients use LLCs to operate a business because California imposes an additional tax on LLCs - the gross receipts tax. In most cases, we recommend an S corporation for an operating business. However, we like LLCs for owning rental properties because LLCs provide significant asset protection, and there usually isn't a gross receipts issue with rental properties. Here is what the California Education of the…

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It Doesn’t Matter Where Your Child Goes To College

As parents, many of us invest a lot of time and money helping our children identify and get into the right college. A new article by Time Magazine says it really doesn't matter where your child goes to college: This month, high school seniors across America are receiving college decision letters of acceptance and rejection. Many of these students, and their parents, will think that where they go to college will significantly affect…

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Friday’s Random Thoughts #3

Baseball is the tortoise. Football is the hare. Relationships matter, even in estate planning. If your family gets along, your estate plan will work smoothly. If your family doesn't get along, your estate plan may not work smoothly. Great legal counsel and well drafted documents can't always cover bad blood. But it sure helps. Learning to say "no" is the best and simplest way to increase your productivity. The folks at the…

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Learn to Say No

Focus on the essential and eliminate the rest. Greg McKeown discusses the concepts he learned when researching his new book, Essentialism: The Disciplined Pursuit of Less. Bonus British accent.

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Small Business Owner’s Creed

Originality is good, but ageless wisdom from old words cuts right to the soul. Worth reading again is this classic creed from Teddy Roosevelt, tailor-made for those brave enough to start their own business. It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually…

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