Mark Doyle and Monica Goel will be giving a presentation to Orange County CPA’s on Wednesday, June 23, 2010 at the Hotel Hanford in Costa Mesa through the CalCPA Education Foundation. The presentation topics are fiduciary account principles, including review of a simplified, comprehensive form of account for use in estates and trusts, as well as a review of the court format and requirements for accounting approval by courts. The objective of the presentation is to teach accountants about the simplified form of fiduciary account in the proper court form, in order to get court approval in a timely and cost effective manner for their clients.
Click here for more seminar information.
Asset Protection for Medical Professionals. Medical professionals need to protect themselves and their assets in this highly litigious society, even though they have malpractice insurance. Asset protection involves the structuring of assets to preserve and protect their value to the extent possible against potential creditors. This can be accomplished by creating structures for estate and business planning, but also includes other areas of law such as family law, litigation and bankruptcy.
In California, all transfers are subject to the California Fraudulent Transfers Act (“CFTA”). If a transfer is deemed a fraudulent conveyance, a court can void the transaction to allow the creditor to reach the assets. As such, it is important to identify business, investment, and estate planning reasons for establishing the structure.
Estate planning provides planning for assets before those assets reach the beneficiary debtor. It provides the opportunity to maximize asset protection by using trusts to minimize federal estate taxes that can also keep assets insulated from creditors.
Many “do-it-yourself” (DIY) websites have advertised how low their fees are to start an LLC. BEWARE: the use of an experienced attorney in this area may save you thousands of dollars in the long run.
Proposition 13 passed in 1978 and basically states so long as there is not a “change in ownership,” the property tax base on residential and commercial property will not increase beyond 2% per year (known as the Factored Base Year Value).
Submitted by
Min Thai on October 5, 2009
Lately, I have seen a significant amount of frustration by businesses and individuals in the business industry concerning collection on accounts. Of special concern are loans and lines of credit being extended to other businesses that either have questionable ability to pay, or are on the brink of bankruptcy. In such a situation, it can be desirable to have the individual owners of the debtor business sign a personal guaranty wherein the person guarantees to pay the debt of the corporation. There are several types of guarantees, e.g., continuing guarantees and limited guarantees. Although the idea is simple, there are several legal requirements and subsequent actions that must be considered and handled with care.
