Most people are aware that one of the major benefits of establishing a trust is that a trust avoids the expense and delay of probate. Unfortunately, too many people establish a trust, and then defeat one of the major reasons for having the trust by failing to transfer all of their assets into the trust. Probate proceedings can only be avoided if all of the assets of the deceased have been placed in the trust.
If you are like most people, you believe a simple Will is all that is needed to transfer your property to your loved ones in the event of your death. While it is in fact one way to accomplish this goal, it often times is not the best way or most cost efficient approach.
On May 25, 2001, both the House and the Senate passed the Economic Growth and Tax Relief Reconciliation Act of 2001 (“Act”) which President Bush quickly signed into law. A significant part of the Act is the gradual phase-out of estate taxes with full repeal coming after 2009. Currently, an individual can make tax-free transfers, during life or at death, of assets totaling $675,000. This sum is known as the “unified credit” and can beRead More…
Wills A will is a written instrument by which a person disposes of property at death. A will is always subject to change during the person’s lifetime. It conveys no present interest in property until the person’s death. In California there are three types of wills: (a) a “holographic” or handwritten will; (b) a statutory will; and (c) a formal will, prepared by an attorney.
The issue of estate planning, preparing or updating a will and, perhaps, supporting trusts, is awkward for many people. It means thinking about what happens when one is no longer here. All too often, people avoid addressing the issue until the last minute. We would like to remind you of some of the major reasons for doing something now about your personal estate plan.
A trademark, service mark or a trade name is often a valuable asset of a business. This Newsletter shall discuss the methods of protecting these valuable assets.
This Newsletter shall discuss the procedure under California and Federal law for protecting trademarks and servicemarks, the protection afforded by registering a trademark or servicemark, and how a trademark or servicemark is maintained or abandoned. Definitions. A “trademark” is any word, name, symbol or device, or combination of these items, used by a manufacturer to identify his goods, and distinguish them from those manufactured or sold by others. A “servicemark” is used in the saleRead More…
California’s usury law regulates the maximum amount of interest which may be charged on any loan or forbearance of money. This Newsletter shall discuss the permitted rate of interest on various types of loans, which lenders and transactions are exempt from the usury law, and the penalties for making a usurious loan.
One of the principal reasons for conducting a business as a corporation is to ensure that the owners of the business are not personally liable for the debts of the business. However, the courts will “pierce the corporate veil” and hold the shareholders personally liable for corporate obligations when the corporation is merely the alter ego of the shareholders. There are two basic requirements which must be established before the corporate entity will be disregardedRead More…
Since a minority shareholder is not in control of a corporation, the officers and directors of the corporation can take most corporate actions without the approval of the minority shareholder. This Newsletter shall discuss the various rights of minority shareholders in a California corporation, and some of the ways a minority shareholder can protect his or her interests.