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Sacramento Estate Planning Attorney

Posts tagged "asset protection"

California couple finds golden fortune while walking their dog


Most people in California have probably daydreamed about one day stumbling upon a treasure chest or finding a lottery ticket, but for one couple in Northern California, this dream-like scenario actually came true. The couple was out walking their dog one afternoon when they noticed something partially buried at the base of a tree. Upon further inspection they unearthed an astounding bounty of gold coins dating from the 1800s.

Spending and saving for the future requires balance


People in California may have seen an interesting article in the Wall Street Journal several weeks ago about a family, their differing personalities and their differences in their approach to financial planning. It's a story that plays itself out in millions of households across the U.S., but still rarely gets the attention it deserves.

Californians shouldn't blow inheritance, but save for retirement


People in California may have seen a recent financial news article about inheritance, and how people who are lucky enough to receive an inheritance plan on using it. In a recent survey of people under the age of 60 who expected to inherit money or assets, most people said they would use the money to save for their own retirement.

California workers' pensions could be at risk


People in California may have seen a recent news story about the fight over public employee pensions. The article discussed a pension reform gathering that took place earlier this year in Sacramento, and the possible implications that bringing pension reform to California could have on the state's bottom line as well as the government workers who are entitled to benefits under the program.

Same-sex couples get much needed federal tax guidance


People in California may have heard about a recent tax policy change that could provide some peace of mind for same-sex couples across the state. Same-sex marriage has been a hot-button topic here in California and in many other states, and shifting laws and regulations have made tax and estate planning a veritable nightmare for same-sex couples who have faced tremendous uncertainty in their own financial futures.

Debt onset later in life increases need for estate planning

People in California know that the Great Recession has been hard on many families, as unemployment rates have skyrocketed, and tax increases have resulted in a tremendous decimation of wealth across nearly every generation. People may be surprised to find out that older Americans have received a disproportionately high amount of this burden.

Estate planning can help combat tax-related worries

People in California choose to live in the Golden State for many personal and practical reasons. While the quality of life for many here is indeed quite high, Californians pay dearly for these benefits when it comes to taxes. Across the 50 states in the U.S., California has the distinction of having the highest gasoline tax, highest sales tax and highest income tax for high earners. In addition to those staggering figures, California has the nation's highest energy costs, and housing in California is 2.7 times more expensive than in Texas, which can put an even bigger dent into residents' bottom lines at the end of the day.

Highly detailed estate planning protects an artist's legacy

As previously noted on this blog, Michael Jackson's estate is one example of excellent estate administration that continues to manage the estate's assets and preserve the musician's legacy after his death. The Kinkade Family Trust has already proven essential in protecting the legacy of Thomas Kinkade and his estate's future earnings after the artist's sudden death on April 6 at his Northern California home.

California seeks asset protection help for seniors and disabled

One aspect of estate planning may be that an individual or couple is "house rich" but strapped for cash. In some California communities, real property taxes have risen to the point that seniors are in danger of losing their homes solely for not being able to come up with the money for the property tax. Asset protection planning is often necessary to both save the home for the duration of the owner's remaining years and to preserve it as part of the estate to pass on to heirs. A law to help seniors with just that problem is being proposed again, having been initially axed when California faced its budget crisis.

Asset protection in California is critical, both now and later

It goes without saying that a person's whose finances remain fixated 'in the red' may more than likely leave an estate that reflects the same. While residents here in California all hope to live in a debt-free environment that allows our primary focus to be on asset protection, the reality of day-to-day living for most people means financial obligations in the form of mortgage payments, car loans and credit cards. Given our current economy, there may be many individuals finding it difficult to manage their finances and ensure that all financial obligations are met in a timely and comprehensive fashion. Doing so usually requires some degree of financial planning whether you live in California or somewhere else in the United States.

My Sacramento law practice, Michael A. Sawamura, Attorney at Law, focuses on wills, trusts and estate planning law in addition to business law and corporate defense services. My clients include professionals, government employees, small businesses, blue-collar workers and national corporations.

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