If you need to transfer assets to or from an estate, retirement fund, bank account, or other property/accounts for any reason, there are a few intelligent places to transfer to, of course, with the help of a California Asset Protection Lawyer.

Certain places that you can transfer money to–both in and out of your estate–are protected.

1. Family Foundation: in this protected entity, a single California family sets up a foundation wherein money can be transferred. Typically, the foundation will generally be private, and often (but not always) members of the family will serve as board members or officers of the foundation

2. Closely Held Corporation: your California asset protection attorney can help you set up a closely held corporation, which is simply a private company owned by the members of a family (usually) who act as the shareholders. Because it is an entity and not a living person, this entity is separate from the family members in that it has its own rights and privileges regarding the assets it holds.

3. Offshore Trust: This is a protected entity operated by a trustee (usually an officer of the offshore bank or the bank itself) in which assets can be placed. Again, because it is not a living person, the offshore trust has legal rights that separate it from members of the family. In addition, will it is run by a trustee, any decisions regarding the assets it holds can be made by the grantor of the estate of which the trust is  part.

There are many other protected entities in addition to the above mentioned. If you have an interest in transferring your assets to or from a trust into any other protected entity, contact your California estate planning lawyer today.

Article after article in the news these days continue to mention the importance of having a will in place if  you have children. Perhaps it’s been all the natural disaster we’ve experienced globally in 2010, but for whatever reason, crisis management for our most precious possessions — our children — are on the forefront of everyone’s minds.

To say that preparing a California will is important if you have children is a gross understatement. In a March 2010 MarketWatch.com article, California Estate Planning Attorney, Liza Hanks remarks, “What I always tell my clients is: ‘I know it’s a hard decision, but if you don’t make it then you put a third party in that position.’” Hanks goes on to add, “Even if your choices aren’t perfect, you should still make them. As a parent, you have this opportunity leave behind what your choices would be.”

Obviously, asset protection is a good idea for anyone with assets, but for those with children, it becomes tantamount. Protecting things like real property, intellectual property, and retirement funds (such as 401(k)s, IRAs, etc.) When you have children, this protection is even more important — it can determine their financial future plays out — so you want to make sure you’re the one calling the shots, even when you’re not there.

Please, start planning your California estate today. Start by having your will prepared today — you won’t regret it.

You’ve spoken to a California asset protection lawyer and you’re ready to start working on that will. You have two children and you want them each to have exactly half of everything from the family vases to the contents of the bank accounts.

Bad news. If you use simple language like “I want Joanie to recieve half and Chachi to receive the other half,” it won’t end up that way; it will, however, most likely end up in probate and may even cause awkward tension for your surviving children and/or other beneficiaries.

So what can you do? Have your California estate planning specialist take your simple wishes and good intentions into proper legalese so that no (or very few) questions can be raised about who gets what or what goes where.

If you want Joanie to have the lamps and Chachi to have the paintings, say exactly that. And go a step further: “I want Chachi to have both the Picassos and the O’Keefe, and I would like Joanie to have the antique Spanish Toledo lamps.”

The point is that the more detailed you are the less room there is for subjective opinion — your wishes present themselves as fact, as inventory. With the help of your Newport Beach Will Preparation Lawyer, these kinds of final will and testament stipulations are quite simple to make.

With the federal estate tax most likely coming home with the cows in 2011, there are a few things that folks can do to limit the damages done by the new taxation. One of the most effective methods for this that can be easily prepared by a California asset protection lawyer is the A-B Trust. Now, this trust can only be used by married couples, but it is quite effective, so read on if this is you.

To obtain and make an A-B Trust in California work:

1. A married partners’ final wills must include the verbiage that pertains to an A-B Trust. This language can also be added to a California Revocable Living Trust .

2. Both spouses will need to split his and her assets (or his and his and hers and hers as our last blog indicated) so that the value of the assets is not wildly disproportionate. Once this has been done, both spouses will need to place their (relatively) equal assets into separate living revocable trusts. IMPORTANT: If this step is not taken, the A-B Trust will not be valid, so be sure that your California Living Trust attorney is experienced enough to know this!

3. Ensure that the attorney has set up the A-B Trust: in other words, make sure that if one spouse dies, the assets of his or her revocable estate will be transferred to the revocable estate of the surviving spouse, and visa versa.

Of course, all of this does take planning and the proper legal counsel from a seasoned estate planning attorney in California, but once it’s done it protects both spouses from unfair taxation, and also allows the surviving spouse to control assets and money within a revocable trust. It’s a pretty smart move!

For the same-sex couples that have chosen to marry, are the estate laws the same? Can same-sex couples enjoy all of the same perks? Do they need to be leery of all the same pitfalls?

The only way to know what kind of estate (and the trusts therein) to pick for any couple is to visit with an estate planning attorney in California that can help decide how the assets should be separated and protected by the estate.

But to answer the main question, any estate set up by and/or for any legally recognized couple–regardless of gender–will be subject to all the same rules, regulations, laws, and rules of probate if things get to that point.

There are a few major points that same-sex couples will need to add to their list. Couples of any kind should keep the following questions in mind when they visit their California asset protection attorneys:

a) Who will be the medical power of attorney? Should we be one another’s medical power of attorney? (In other words, do I want my same-sex partner making medical decisions if I am incapacitated).

b) What kind of effects can taxation have on our/my estate? Will there be any unforseen issues with money or asset transfers?

c) Is there anything we need to do differently to ensure that beneficiaries get what we ant them to?

These are just a few starter questions, but any same-sex couple looking to set up an estate or revise an existing estate will need to come up with a well-thought out list of questions for a qualified Newport Beach estate planning lawyer–walking in with a list will make the process run more smoothly and the estate will take less time to set up.