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The First Seven Steps to Take After the Loss of a Loved One

Dealing with the loss of a loved one can be traumatic. At best, it is a difficult and confusing period which can last an indeterminate time. you do not need to shoulder the extra burden of mining through the myriad documents associated with a lifetime of financial affairs., business dealing and transactions. We have created put together this guide to help you understand the seven steps you should take immediately after a loved one has passed away. 1) Social Security Call your local Social Security office to report your loved one's passing.  If you were married to the individual who passed away,...

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Five Essential Things Every Adviser Must Know About Estate Planning & Elder Law*

*This is an abbreviated version of Bradley Erdosi’s article originally published in the OC Lawyer magazine. Estate planning, probate and elder law are very specialized areas of the law. Often an adviser working in these areas must consider many different issues in order to properly advise a client. Besides the many cross-over issues, these areas of the law are typically highly emotional for a prospective client and/or his or her family members. Nevertheless, estate planning, probate and elder law issues present themselves in many other areas of the law when counseling a client. Therefore, it is essential that those who counsel clients in...

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You Don’t Have It Made Unless It Is Protected

By: Jeffrey R. Matsen Recently we have had several clients who have come to us for estate, income tax and asset protection planning because they have either built up a substantial net worth over a period of time or they have suddenly come into large sums of money because of selling a business or through inheritance. These clients are, obviously, interested in formulating an estate plan to pass their wealth through to their children and other heirs in the most tax efficient manner possible. However, they are also very concerned (or should be) about preserving and protecting the assets that they...

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Why Go Offshore?

Asset protection planning has been practiced by attorneys, financial planners and accountants for several decades. Business persons have always had concerns over the exposure of their personal assets to claims against their business. The corporate form of business entity with its shield of limited liability has been invoked for centuries. Certainly, protecting one’s assets from the myriad of risk involved in business and personal financial planning is not a novel objective or planning idea. Since the 1970’s, expanding theories of liability and the proliferation of litigation have given increased emphasis to asset protection planning to the extent that it is now...

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How You or Your Trustee Can Use Trusts to Reduce Taxable Income Now

With the year-end approaching fast, now is the time to consider ways to reduce your 2014 income tax bill. In this issue you will learn:       How you can use charitable trust-based planning to reduce your taxable income; and       If you are the Trustee or beneficiary of an irrevocable, non-grantor trust (such as a Bypass Trust or Dynasty Trust), how you can use distributions, trust reformation, and investment shifting to reduce the trust’s taxable income. If you would like to learn more about these trust-focused, income-reducing strategies, please call our office at (714) 384-6580 today. Quick Review of...

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Planning for Pets

For many pet owners, pets are members of the family. These individuals sometimes say that if something happens to them, they are more concerned with what will happen to their pets than to other members of their family. This article examines the issues surrounding caring for pets after the disability or death of the pet's owner. Given the feelings of many individuals towards their pets, and the costs of care and longevity of some types of pets, planning in this area can be of critical importance. This is particularly true given our mobile society and that the laws of a different...

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Identifying Hidden Risks Creates Sales Demand

The world changes; clients’ circumstances change; motivations and interests change. As these changes occur—often gradually—“hidden” risks emerge that can significantly deteriorate future wealth if left unattended. By “hidden” risks, we mean exposures of which the client or potential client is likely to be unaware. Identifying hidden risks in an education-based marketing program delivers an important service to your marketplace and, with this knowledge, provides you with a gateway to meaningful conversations about the added value you can deliver to existing and prospective clients. Key Takeaways: - From the past several years, people understand the devastating impact of unmanaged financial risks. - A client’s...

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Yes, Your Family Needs Asset Protection Planning

If you’re like most people, when you hear “asset protection planning” you think of someone like JR Ewing of the 1978 show Dallas, Bill Gates, or the Kennedys. WARNING: Common Misconception A very common misconception is only wealthy families and people in high-risk professions need asset protection planning. But in reality, anyone can be sued and lose all of his or her assets. A car accident, foreclosure, job loss, medical crisis, business failure, or an injured tenant can result in a huge monetary judgment, decimating your finances. The goal of this newsletter is to provide you with a quick overview of asset protection strategies....

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