Mark Lobb

When assets are funded into a trust, the distribution of those assets to the beneficiaries is guided by the language of the trust. Most trusts provide very specific guidance to the Trustee with respect to how and when the assets are to be distributed. For example, “$5,000,000 shall be distributed to the beneficiaries pro rata […]

Many business owners underestimate their legal exposure when it comes to running their businesses. Lawsuits can land anytime and from anywhere: from a disgruntled employee, client, landlord, consumer, lender, the government, or from an almost infinite array of characters. These lawsuits may evolve into a judgment, and if your business cannot pay the judgment, then

With a few exceptions , all of your assets are subject to collection by your creditors. The Nevada Asset Protection Trust (“NAPT”) is a separate entity under state law; therefore, your creditors cannot take assets owned by the NAPT because they are not your assets. Although it sounds too-good-to-be-true, it isn’t. It is Nevada statutory

It is easy to legally form a corporation in California. You simply file Articles of Incorporation (“Articles”) with the Secretary of State and pay the appropriate filing fee. The filing of the Articles legally creates your corporation at which point you may conduct business in California. However, it is important to file Articles which reflect

California continued the attack on Proposition 13 in the last election through a few different propositions. Proposition 19 was one of the culprits. Proposition 19 contains two important changes in California property tax assessments, one of which will financially impact many estates if action is not taken immediately. The two primary provisions in Proposition 19

The Corporate Transparency Act (“CTA”) provides for the establishment of a beneficial ownership registry within the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”). It requires non-exempt domestic and foreign companies to disclose information regarding their beneficial owners. The CTA’s legislative objectives are to foster greater corporate ownership transparency and to hinder criminals from utilizing

If you are expecting to sell an intangible asset such as stock in a company in 2021, you should strongly consider the integration of an INGTrust into your estate, asset protection and succession plans and complete your transaction before June 30, 2021. Three states in the U.S. offer a trust described as an incomplete gift

Last month, I discussed proposed legislation in California relating to incomplete gift non-grantor trusts (“ING(s)”). If passed into law, the legislation will end certain tax benefits attributable to the use of INGs. My focus last month related to Nevada INGs (“NING(s)”). Many of our clients have NINGs and since my article last month, we are

A Guide for Success The wave of businesses leaving California is growing. The exodus will increase over the next two years due to contemplated state and federal tax increases. Short of physically moving a business out of California, many business owners are keeping a California location, but opening new businesses outside of California. There are