Characteristics (and Red Flags) to Look for When Buying a Business
Buying a business can be an exciting opportunity, but it’s also a decision that requires careful consideration. Beyond the sales pitch, every business has details that can reveal its true health and potential. Knowing what to look for—both positive characteristics and possible red flags—can help you make a well-informed decision. By recognizing...
When Should I Amend an Existing Trust?
As life evolves, so do your financial and family circumstances. Events like the birth of a child, acquiring new assets, or changes in relationships can impact the plans you’ve set for the future. While trusts are meant to provide security and clarity, they should be reviewed and updated when significant shifts occur....
Irrevocable vs. Revocable Trusts in California: Which Is Right For You?
A revocable trust is best if you want flexibility and continued control over your assets while avoiding probate and keeping your affairs private. An irrevocable trust is better if your priority is asset protection or potential estate tax benefits, since you give up control in exchange for stronger long-term...
Why You Should Make Gifts Well Before the Expiration of the TCJA in 2025 — Preserving Your $14 Million Lifetime Gift and Estate Tax Exemption
The Tax Cuts and Jobs Act (TCJA), passed by Congress in 2017, introduced a number of sweeping changes to tax laws, one of the most significant being the substantial increase in the lifetime gift and estate tax exemption. Currently, this exemption allows individuals to transfer significant amounts of wealth—either during their lifetime...
California Prop 19 Explained: How It Affects Gifting Real Estate to Children
California's Proposition 19 changed the rules for transferring real estate between parents and children. While some family home transfers can still avoid full property tax reassessment, rental properties, vacation homes, and many inherited homes no longer receive the same tax treatment that existed before 2021. If you're planning to gift real estate...
Key Considerations When Opening a Brick and Mortar Storefront
To set up a brick-and-mortar storefront in California, you need to take several legal and practical steps that can significantly impact your business's success. From choosing the right business structure to following local regulations, each decision is vital for getting your storefront ready for operation. Understanding California’s specific requirements, like zoning...
Start-up Business: When Is the Best Time to Consult with a Lawyer?
Starting a new business is an exciting and challenging journey requiring careful planning and strategic decision-making. However, new businesses sometimes overlook one crucial aspect of starting a business: consulting an attorney.
Speaking to a lawyer early on can help start-ups avoid potential pitfalls and put them on the...
How to Legally Prepare Your Restaurant for Success in California
In 2023, restaurant openings in the U.S. were higher than pre-pandemic levels, with many hopeful restaurateurs diving into the industry despite the risks. However, the food industry can be unpredictable and volatile. If you’re planning to open a restaurant in California, legal planning is crucial to avoid common pitfalls that lead...
The Connelly Case: A Wake-Up Call for Small Business Owners with Buy-Sell Agreements Funded by Life Insurance
Connelly vs. Internal Revenue Service: A Critical Legal Development for Small Business Owners
Small business owners often rely on buy-sell agreements to ensure the smooth transition of ownership upon the death of a partner. These agreements, commonly funded by life insurance, provide a vital safety net, ensuring...
Selling a Business: Tips to Prepare for a Seamless Sale
The decision to sell a business in California is one of the most consequential ones an entrepreneur can make. Whether you're looking to retire, pursue new opportunities, or capitalize on your success, the process of selling a business can be complex and emotionally charged.
As experienced business law...