The Law Office of Tawnya Gilreath Business Law, Estate Planning & Asset Protection Attorney in North Hollywood, California
A special trust called a “Standalone Retirement Trust” (SRT) can protect inherited assets from your beneficiaries’ creditors. Spouses can use SRT to shield one or the other from creditors, SRT will provide oversight and instruction on how much beneficiaries receive and when, SRT can protect beneficiaries from creditors, SRT can avoid disqualification on need-based government assistance programs and you can also avoid disinheritance of children after remarriage. Read More
Successful business owners often place themselves in a position where their business comprises the bulk of their personal net worth. If they lose the business, they would lose almost everything. They inadvertently expose their company’s entire net worth to every risk. Here are three ways that business owners can protect their business and personal assets. Read More
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
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