Many believe that setting up an estate plan is all there is to estate planning. This is incorrect, and potentially disastrous.  Estate plans need to be updated if certain life changes occur, and if there are no life changes, every three to four years. By leaving an estate plan stagnant, trustors put themselves and their beneficiaries…

Under California law (which is much more generous to employees than federal law), if you are a non-exempt worker, you are entitled to meal and rest breaks: a 30-minute meal break if you work more than 5 hours in a workday, and 10 minutes breaks for every 4 hours you work. There are other requirements…

For the savvy entrepreneur, incorporating a business can be a great way to lower the tax bill, ensure the business lives on, and gain legitimacy as an established business. However, the number-one reason to incorporate or form an LLC (limited liability company) is to protect any personal assets from the liability of the business. Separating…

FUNDING PERSONAL PROPERTY INTO A REVOCABLE LIVING TRUST Whether personal property is funded into a trust is primarily a matter of intent. With every comprehensive estate plan that we do, we include an “Assignment of Personal Property,” which explicitly states that all personal property is thereby intended to be funded into the trust. This document…

What is a Living Trust? A Living Trust is a vital component of an estate plan, and part of estate planning documents prepared for you while you are alive. In order for a Trust to work properly, you must transfer most of your assets to your living trust. Title to some assets cannot be transferred…

Personal Liability of Members and Managers An LLC generally shields its members from liability for the company’s obligations. However, there are circumstances in which members may be held personally liable for the LLC’s obligations. Here are a few examples: 1)  If a member has an oral side agreement to reimburse the LLC for payments made…

PRACTICAL BUSINESS ENTITY TIPS—DO YOU KEEP YOURSELF SAFE?  What do the terms “articles,” “meeting” “bylaws” and “minutes” mean? Articles of Incorporation The Articles of Incorporation is the primary legal document of a corporation; it serves as a corporation’s constitution. The articles are filed with the proper state government to begin corporate existence. The articles contain…

Changes in the Law That Take Effect for LLC’s in California Best Asset Protection – WFB Legal Consulting, Inc On January 1, 2014, the California Revised Uniform Limited Liability Company Act (the RULLCA) will take effect. The RULLCA (new LLC law) replaces the Beverly-Killea Limited Liability Company Act, California’s current law governing limited liability companies. The…

BOTTLED PROTECTION POINTS FOR YOUR BUSINESS What is a “CRUMMEY” Power? Bottled Protection Points provide tips for the business owner to contemplate and, if applicable, implement into his or her everyday operation. The Protection Points span the three interwoven areas of Business Law–Asset Protection; Estate Planning Protection; and Employment Law–all important considerations for the knowledgeable entrepreneur. Bottled Protection…

Contract Terms Business Owners Need But Often Overlook Many business owners who enter into contracts with customers, suppliers and clients overlook important key terms and arbitrarily accept “boilerplate” clauses at the end of the contract without examination. ALWAYS remember to include the following terms: 1. Indemnification. This is an important contractual term which shifts the…

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