The Law Office of Tawnya Gilreath Business Law, Estate Planning & Asset Protection Attorney in North Hollywood, California
The Tax Cuts and Jobs Act of 2017 (“the Act”) was signed into law on December 22, 2017. Most of the changes introduced by the bill will go into effect on January 1, 2018 and will not affect 2017 taxes. The Act created significant changes to individual and business taxation, as well as opportunities for dynasty planning, discounted gifting and other asset protection strategies to shield assets for your beneficiaries. Read More
Including trust decanting provisions in an irrevocable trust agreement or a revocable trust agreement that will become irrevocable at some time in the future is critical to the success and longevity of the trust. This will help to insure that the trust agreement has the flexibility necessary to avoid court intervention to fix a trust that no longer makes practical or economic sense. Read More
A trust can benefit nearly anyone that has assets. Title to your currently owned and newly acquired assets should be put in the name of your trust because an unfunded or partially funded revocable living trust does not avoid probate. Read More
Your estate plan leaves your physical assets to your beneficiaries, and you can also use your estate plan to leave them some of the hard-won wisdom you’ve accumulated over your life. You can let your family and friends learn from your mistakes, and profit from your successes. There are many tools and options available to you to convey your property and words of wisdom to your heirs during your lifetime and after death. Read More
It’s not uncommon for people to mistakenly believe that asset protection is something only the very rich need to consider. The truth is that anyone, regardless of economic status, can be sued at anytime for pretty much any reason.
It’s important to note that there are various levels of asset protection and asset protection is part of an integrated estate plan. Asset protection planning is really about managing the risk to your personal and business assets from potential individual and/or business liabilities. Read More
There are several reasons why you should avoid probate; however, in this post we will address the top 3 reasons. Many people mistakenly think that having a will avoids probate. Unfortunately, a will does not avoid probate, rather, it lets the family of the decedent inform the probate court of the decedent’s wishes. Here are 3 key reasons why you want to avoid probate if at all possible. Read More