Wealth transfer is about more than the bestowing of assets from one generation to the next. It is about drafting a strategy to help your family plot the course of what to do when you are no longer there to assist them. It is certainly something none of us want to dwell on, but with the appropriate planning and counsel you can ensure your wishes are carried out. At The Burton Law Firm, we base our practice on providing you with the legal advice to make your financial visions a reality. Let us assist you in the transfer of your wealth.
The transfer of wealth is an important component of each and every estate plan. This is the process that divides your assets in the way you envisioned. For some clients, applying advanced planning tools to minimize the various taxes imposed on wealth transfers is key. Some of the tools we employ to avoid inordinate taxation include: generation-skipping trusts, grantor trusts, irrevocable life insurance trusts, charitable trusts, and qualified personal residence trusts. By advising our clients regarding the use of these tools, our clients can best structure the transfer of wealth between their family members in a way that can reduce and, in many cases, eliminate tax liability, while preserving assets for use by future generations.
Also inherent in the transfer of wealth is the desire to bequeath assets in a manner which effectively embodies the intent of the older generation. Sometimes this involves the preservation of a profitable family business, or a beloved family vacation home. In other instances, the protection of assets from dissipation by an unruly child or grandchild can be an issue that concerns the benefactor. The key is for us to understand your needs and desires and effectively document this in a trust.
By listening to the needs of each of our clients, we are able to craft and administer estate plans that are uniquely tailored to each family situation, and can help transfer wealth in a manner that will protect assets for generations to come.
Trust, Estates & Probates
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California has required employers to “indemnify” employees for “necessary expenditures or losses incurred by the employee in direct consequence of the discharge of his or her duties, or of his or her obedience to the directions of the employer” in substantially the same terms since 1937 under Labor Code § 2802.
