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On Gifting

Mon, 13 Dec 2021 17:15:19 GMT

Christmas is around the corner, so here are some thoughts on the characteristics of a good gift.

First, a good gift reflects both the giver and the receiver. That is, it reflects the care and heart of the giver, not merely meeting a need or desire of the recipient. Second, it should be a surprise, which is why I frown on the practice of telling people what you want. And third, it should be a bit of a splurge, something the recipient wouldn’t have gotten on their own.

A gift that doesn’t reflect the giver has no soul. The same with a gift that is expected. That said, an otherwise soulless or expected gift can be redeemed by thoughtful wrapping. A creative wrap job with soul can make up for a present without soul. A good wrap job conveys thoughtfulness and reflects the giver and recipient in ways that go beyond the gift itself.

Years ago I started the practice of wrapping my presents in Wall Street Journals. I would leaf through a stack of journals looking for a unique ad or picture that reflected some aspect of the recipient. It allowed each present to have personality, to be one of a kind, and sometimes comically insulting. Wrap jobs for dad favored ads leaning towards the geriatric; wrap jobs for my sister usually featured a wedding ring. I once wrapped an inconsequential present for my brother in baling wire.

Personally, I like to give books. This reflects my own love of books, and there are endless ways to find a good book for a recipient. Also, a book doesn’t take up much space.

A nexus of interests is tremendously helpful. For that reason, it’s always been easier to find a good present for the men in my life than the women. I can almost always find something in common with a guy, but its harder when I’m trying to find something for my mother, wife, or sister. I’ve often defaulted to kitchen gadgets; I like cooking and gadgets, and the women in my life spend a lot of time in the kitchen.

An Amazon wish list can be tremendously helpful. Not so people can pick out something you’ve preselected (lame!), rather a well curated list presents a picture of you and your interests, making it easier for a giver to find a nexus of interests and select something that speaks to both parties.

Last Christmas my brother-in-law, Josh, did a great job of getting me a gift. First, he looked over my Amazon wish list, then he called with several questions which both probed for information and provided misdirection. Then he got me three advanced walkie talkies which he chose based on his experience as a fireman, and geared to myself and my two older boys. It was a brilliant gift, something that wasn’t even on my radar. It reflected both himself and myself, was a surprise, and wasn’t something I would have gotten by myself.

At Christmas, we celebrate God’s gift of His Son to the world. A gift that reflected His deepest essence, and that addressed our greatest need. It was the surprise of the ages, revealed under unexpected circumstances and wrapped in swaddling clothes. It was a gift that we could never purchase on our own, but only accept with humble gratitude.

In this season of gifting, may our gifts reflect that greatest Gift.

The Law Office of Quinton J. Miller is a general practice law firm with an emphasis on Estate Planning and serves clients throughout Sacramento and Northern California. We assist clients with estate and long term care planning, and small businesses with transition planning, litigation, and general business needs. For more information or to schedule a consultation, please contact us at (916) 714-1717 or visit our website at www.QuintonLaw.com .

When Estate Planning gets Personal: The Pot Trust

Mon, 12 Oct 2020 21:01:44 GMT

One year ago my wife and I were blessed with quadruplets. We kept two, and we lost two. This is the third in a series of blog posts addressing our experience from an estate planning perspective.

Most people want to leave their assets to their children in equal shares. This is the default distribution specified by the probate code, and in general it’s a fair and equitable way to do things. There are instances, however, when what is fair is not equitable.

In our case, we were facing a situation where eight to ten years would separate our oldest two children from the newcomers. Suppose we were to both pass ten years from now leaving an estate of $600,000, working out to $100,000 per child. Our eldest, at 20, would immediately have $100,000 to apply to college and other expenses. Our youngest would also start off with $100,000 each, which would pay for living expenses, sports, medical, etc. By the time they reached the age of 20, their share would be depleted to say, $50,000.

In other words, while each child would technically receive the same inheritance, at age 20 the youngest children would receive half as much as their elder brother.

The way to avoid this outcome is to use what is commonly called a “pot trust”. You may sometimes hear it referred to as a sprinkling trust or even a spray trust. The basic idea is that instead of making an immediate division of trust assets at the time of death, a portion of the overall trust is set aside for the “pot”, to be used indiscriminately for the benefit of minor children. Once the youngest child comes of age or reaches a specified age, the remaining “pot” is divided among all of the children.

This ensures that minor children get provided for from the general estate and makes it more likely that all children will receive the same amount at adulthood.

With quadruplets on the way, the distribution plan we’d originally set up was clearly deficient. We ultimately allocated about half of our estate to a pot trust, not to be divided until our youngest child turned 18. This meant that our eldest son would have ample funds to pay for his education and start life, but wouldn’t receive the balance of his inheritance until age 28 when his youngest sibling turned 18. More importantly, it ensured that all our children would enter adulthood with a similar inheritance, regardless of their age.

Fair? Equitable? This is the plan that made the most sense to us in our situation. Whether it makes sense for you depends upon your unique circumstances. No plan fits all sizes, but our growing size made this plan make sense.

Till next time, call us before you need us.

When Estate Planning Gets Personal: Life Insurance

Mon, 17 Aug 2020 15:50:55 GMT

One year ago my wife and I had quadruplets. We kept two, and we lost two. This is the second in a series of blogs addressing our experience from an estate planning perspective.

When you can’t afford something, you insure against it. Like most young families in our stage of life, we couldn’t make it financially without my income. Which is where life insurance comes in. When we learned about the quads, our policy coverage was one of the first things we revisited.

How much life insurance should you have? If collecting would feel like winning the lottery, you have too much! For a growing family, life insurance should function as a stop-gap measure until the kids are grown and the surviving spouse is able to return to work.

When calculating the coverage you need, don’t just count the face value of the policy. Instead, also consider the income the policy should be expected to generate if invested conservatively. For example, a million dollars earning 3% a year will yield an annual income of $30,000.

Before this, with only two children, we’d always assumed that if I was left alone I would still be able to work, at least part time. Accordingly, the policy on my life was double that of my wife’s policy. With quads, this analysis changed radically! If something happened to her, I would be left raising six young children on my own, effectively in early retirement.

In the end, we doubled her policy, and modestly increased mine. Our choices were based in part on our living expenses, what was left of our mortgage, and what I expected would be left after 20 years of raising six children.

Insurance is a critical part of any estate plan, particularly when young children are part of the equation. How it intersects with your trust will be the subject of my next post.

Till next time, call us before you need us.

When Estate Planning Gets Personal

Mon, 20 Jul 2020 22:52:06 GMT

As a rule, an estate planning practice is an impersonal thing. Clients come in, I identify their needs and prepare a plan to address them. But over the past year, our estate plan got personal.

In November of 2018 we learned that my wife was pregnant. In December we learned that we were having triplets. And in January…they found another one.

In late May, at about 30 weeks gestation, the reality of four babies packed inside set in. A Saturday night checkup revealed no problems other than a lot of discomfort for my wife. By Monday morning, two heart beats had stopped. Later analysis revealed that the placentas had separated from the wall of the uterus, for no particular reason other than that it was just really crowded. An emergency C-Section later we had two beautiful babies; two in our arms, and two in heaven.

Over the course of the pregnancy there was a tremendous amount of psyching ourselves up for the heroic task of raising quadruplets. We reorganized our home and altered our lifestyles. I lost 30 pounds. Our church and community rallied around us.

Significantly, we also revisited our estate plan.

Over the next few weeks I’m going to issue a number of posts exploring why we did so, what we looked at, and what changes we made. I’m also going to look at how this all relates to the average estate planning client. Our needs were obviously unique, but the process and reasoning behind the choices we made are relevant to everyone.

Till next time, call us before you need us.

How Does an Attorney Think?

Tue, 09 Jun 2020 15:05:17 GMT

An aphorism is a pithy observation that reveals a universal truth. Often simplistic to the point of absurdity, they stick around for their insight and value. “If it ain’t broke, don’t fix it.” “Not all that glitters is gold.” “Possession is nine-tenths of the law.”

Back in 2006 when I was just a rookie attorney, fresh out of law school and wet behind the ears, the attorney I was renting my office from stopped by my desk one day on his way out the door.

Quinton, he asked, “What does it mean to ‘think like an attorney’?”

At the time, I had no idea what it meant to think like an attorney. I barely even knew what attorneys did.

“An attorney”, he said, “is always thinking about where the lawsuit will come from”.

Like most aphorisms, this is so obvious that it almost seems ridiculous, and it certainly isn’t limited to lawyers. But it goes to the heart of the practice of law and the value that attorneys bring.

Thinking about where the problem could come from helps bring clarity and direction to otherwise complicated matters.

I’m reminded of a trust I administered several years ago. Granddad had set up an educational component of his trust to provide for the educational needs of his grandchildren. He meant well, but whoever drafted the trust had no idea what they were doing. Among other things, the trust suffered for lack of liquid funds, failed to identify remainder beneficiaries, and didn’t account for a successor co-trustee who later went predictably insane (literally). It was an avoidable disaster for the family.

Being able to think like an attorney is what sets lawyers apart from robo-advisors on the internet. If you go to one of their sites (which will here go nameless) and ask for an estate plan, they’ll give you one. But they simply can’t predict “where a lawsuit might come from” the way an experienced attorney could.

Thinking like an attorney isn’t something that comes automatically when you pass the bar. It’s the product of years of study and experience. Estate planning isn’t just about who gets the money. It’s about keeping the peace and leaving a legacy of family harmony when you’re gone. Forewarned is forearmed.

So get a trust, and if you have one, make sure its funded. If you have questions, call your attorney and schedule a teleconference.

Till next time, call us before you need us.

Courts are closed. Should you care?

Mon, 27 Apr 2020 00:23:12 GMT

On March 18, 2020, the Sacramento Superior Court went dark. Along with the rest of California, they closed their doors to help slow the spread of COVID-19. At present they’re still dark and will be at least through May 15. In this post I’d like to discuss briefly what this means for attorneys like myself, and secondly what it means for you.

Normally a filed petition takes about two months to be heard in Sacramento County. Since the shutdown, hearings previously scheduled before the epidemic are being kicked out about 90 days. At the time of writing, this means scheduled hearings won’t be heard until late July, on top of the sixty days you already waited since filing the petition.

Good luck even filing a new case in the first place. Mail your petition to the court for filing, and it will simply add to the backlog in the mailroom. Per the court’s closure order, mail won’t be processed until the court reopens. I’ll hazard a guess that a case submitted today by mail won’t be heard until October.

File in person? Feel free to show up when the doors finally open and get in line with the professional runners trying to file their office’s backlog of petitions. Make that about two months’ worth of petitions. Good luck with that.

I don’t say all of this to complain. Our courts doing the best they can in the face of a pandemic unprecedented in our lives. The court staff deserve our thanks as well as our patience.

For the non-attorney, all of the above underlines the importance of avoiding probate in the first place. In the past, a simple probate took about a year. Not pleasant, but it could have been worse. Now it is. Suppose you have a decedent’s house with a mortgage no one can afford to pay. Normally, you file for probate, appoint an administrator, sell the house, and pay off the mortgage. Will a mortgage company be willing to wait for six months just for an administrator to be appointed? Say your prayers.

Avoiding probate and the court system boils down to two things: Get a trust, and get it funded. Property held in a trust doesn’t pass through probate. Property inadvertently left outside of a trust can often avoid probate but will still require a court hearing to transfer title. Anything you can do to keep your family out of court is money in the bank right now.

So get a trust, and if you have one, make sure its funded. If you have questions, call your attorney and schedule a teleconference.

Till next time, call us before you need us.

#VirusLife

Sun, 12 Apr 2020 19:26:30 GMT

The past few weeks have introduced America to a whole new era. I never thought I would have to stand in line at the grocery store waiting to get in. Or be grateful for that extra bag of toilet paper on the top shelf. Or see signs on every playground banning the use of play structures. The coronavirus has upended everything we thought was normal.

Every day seems to bring news of authoritarian clampdowns which shock the imagination, only to become the new normal a week later. Our Elk Grove school system outraged parents and local leaders when they abruptly cancelled school. But within a week or so most of the schools in America were shuttered.

In the midst of such turmoil, its critical to keep in mind the difference between a tool and a talisman. A tool is something with purpose and practicality; a talisman is a lucky charm that makes you feel good. The run on toilet paper (when you don’t need more). Or the run on ammunition. Or the hoarding of masks. Talismans all.

We’re still in the early days of this crisis, and the cure looks to be almost as bad as the problem. This thing is going to take time. In other words, we need to husband our resources and think very carefully and seriously about our resources and choices.

In a similar vein, you should be thinking about your estate plan. Do you have a faded binder that you signed off on 20 years ago and haven’t cracked since? It might be better than a rabbit’s foot, but then again, it could be worse. Give your estate plan some thought and make sure it’s calibrated to meet your needs. Scan it and email a copy to an attorney, then schedule a Zoom or phone conference to review it. Make sure your agents are still appropriate for you, then give them a call and make sure they know what their role is.

I end this missive abruptly as my wife is requesting my help. Something about organizing the ammo under the bed to make room for more toilet paper.

Till next time, call us before you need us.

Three Things to Consider Before Hiring an Estate Planning Attorney

Fri, 10 Jan 2020 21:33:36 GMT

If a pertinent and well drafted estate plan is critical, then selecting the right attorney to draft is just as important. A good attorney ensures that your plan is appropriate for your assets and needs and complies with the most recent changes to the probate code and. He or she will do so without overwhelming you in jargon, unnecessary fees, and paperwork.

How do you find such an attorney? Here are three things to look for.

Seek a referral : Your estate planning attorney is someone that you will trust with confidential information. He or she will prepare legal documents that (hopefully) will not be tested for decades. Whether or not an attorney is competent and credible will be known to others in the industry. Your CPA and financial advisor are excellent places to start. They should have experience directing clients to attorneys, and will know whether a given attorney is worth his salt.

Your first meeting : Will there be a fee for the initial meeting to discuss your estate plan? Does the attorney charge a flat rate or by the hour? Will you be charged extra for calling in with questions? Most estate planning attorneys don’t charge for the initial meeting, and unless your situation is really complicated, should be able to quote you a ballpark price. Take the opportunity to get to know the attorney and to screen their level of competence and experience with situations similar to yours. Also, clarify the cost at this stage so that you are not surprised later. Most of the time you see a low price advertised, it’s simply a hook to draw you in with additional fees on the backside.

What kind of follow up will the firm provide? : Does the attorney have present or past trust administration and litigation experience? A good estate planning attorney will not only prepare the initial estate plan on the front end but will also administer it or defend it on the back end. Many attorneys only specialize in the front end, but have no actual experience with the practical workings of trust administration. Other attorneys treat estate planning as something secondary to their primary field. Experience with administering and litigating trusts is invaluable when it comes to drafting them. Will the attorney be around to answer questions and serve you in the future? Look for an attorney or firm that you can develop a long term relationship with. While you don’t want an attorney who is young and inexperienced, you also need to be aware that an attorney significantly older than yourself will almost certainly not be around to assist your family when the time comes.

Estate Planning 101: Power of Attorney

Fri, 11 Oct 2019 21:13:21 GMT

What Is A Power of Attorney?

A Power of Attorney authorizes another person to make legal and financial decisions on your behalf, during your lifetime. Don’t worry, it actually has nothing to do with attorneys.

What should I be aware of when drafting a Power of Attorney?

Your Power of Attorney allows you specify how broad or limited your agent’s authority will be. It is critical that you be aware of the implications of the powers you are granting, and when those powers become effective. The power to make gifts, for example, is one that could easily be abused, but is critical to allow your agent to qualify you for public assistance such as veteran’s benefits. Other powers include the ability to buy and sell real property, invest, engage in tax planning, or even to plan for benefits you might be eligible to receive from the government. It is important to speak with a knowledgeable attorney to ensure that your power of attorney is appropriate.

Who should I name as my agent?

Ideally, your agent should meet three criteria. First, he should be familiar with your affairs, second, they should be geographically close, and third, they should be competent. Your agent will be paying your bills and making other decisions in the event that you are unable, so it is important to keep them reasonable apprised of your affairs. And it can be a real pain if your agent lives out of state. But most importantly, your agent must be able to manage money well and make informed decisions with your best interests at heart. Select your agent wisely!

Other considerations.

A Power of Attorney is no substitute for a comprehensive estate plan. A power of attorney terminates at death, making it critical to coordinate it with a will and living trust. For those who are reluctant to grant full authority so long as they are able to make their own decisions, I recommend a springing power of attorney, which only becomes effective upon the occurrence of a particular event, such as incapacity.

Preparing an effective Power of Attorney is client specific, and one size does not fit all. You need an experienced professional to help evaluate your needs and create a plan to accomplish your goals. Contact us today.

Five Tips To Keep Your Business Out Of Hot Water

Sat, 17 Aug 2019 00:28:44 GMT

Benjamin Franklin famously said that the only two sure things in life were death and taxes. Right behind though would be that at some point, no matter how hard you try, your small business will face legal challenges. There are several modern factors that have made this even more likely than in the past. Rising safety and disability standards have created a lucrative market for unscrupulous lawyers to shake down small businesses. The internet has shrunk the distance between business owners and customers (for better or worse). Many new businesses are started by immigrants, whose grasp of legal standards and even English can complicate simple conflicts.

Here are five tips that will make legal complications less likely than otherwise.

1)    Put contracts into writing. Before you enter an agreement or contract, at least memorialize the details in writing—then date and sign it. This serves as a reference point for later and helps clarify the understanding of the parties. When you put something in writing, make sure that it is written in a language and style that is easily understood. Even if you don’t run the agreement past your attorney, at least having it reviewed by a third party can expose obvious errors or ambiguities.

2)   Keep employees legal. Don’t take shortcuts with your employees. While the cost of workman’s comp continues to rise, the consequences of skirting the law outweigh the benefits.

3)    Be genuine.   When you make a mistake, own up to it. Many issues can be avoided by simply addressing the matter up front. It’s easy to focus on the initial customer service experience, and then forget about proper follow up.

4)    Be Insured. Insurance is expensive, but worth it. The right policy will not only help cover your liabilities, but also pay for an attorney to defend you.

5)    Incorporate. When all else fails, having your business incorporated will contain the damage to the corporation and protect your personal assets. A corollary to this is that the type of corporation must be appropriate for your business, and corporate formalities must be observed for the corporation to be effective.

The Law Office of Quinton J. Miller is a general practice law firm with an emphasis on Estate Planning and serves clients throughout Sacramento and Northern California. We assist clients with estate and long term care planning, and small businesses with transition planning, litigation, and general business needs. For more information or to schedule a consultation, please contact us at (916) 714-1717 or visit our website at www.QuintonLaw.com .

When Is The Best Time To Consult An Attorney?

Fri, 21 Jun 2019 20:33:34 GMT

Years ago I interned with a local judge who gave me an invaluable piece of advice. Every small business owner, he told me, needs a good attorney and a good accountant. And those are the two relationships that small business owners are most likely to ignore.

Many of the problems I encounter could have been avoided early on by running it past their attorney. Whether it’s a poorly drafted contract, an agreement that was never put in writing, or an inappropriate estate plan, a quick visit to your attorney early on can pay huge dividends later. As I like to tell my clients, people think that attorneys are expensive, but they’re not. They’re actually quite cheap, if you hire them before the problem arises. Its only after the fact that attorneys are expensive.

An old adage says that the man who represents himself has a fool for an attorney. At the same time, visiting an attorney to review your every signature is a fast way to go broke. So when is it time to bring your attorney into the loop?

Estate Planning . If you’re young, broke, and have no dependents, the forms you find at Staples will probably suffice. John Grisham’s novel “The Testament” is a fascinating if lurid tale of a holographic will, which is another DIY alternative. But for everyone who isn’t young, broke, and free, the risks of self-help far outweigh the savings. Do yourself and your family a favor and get competent representation.

Contracts. I’ve seen a lot of deals go south because clients tried to write their own contracts. Having said that, a good rule of thumb is to consult an attorney if the value of the contract exceeds what you can sue for in small claims court. In Sacramento County, that amount is $10,000.00. Of course, there may be good reasons to consult your attorney even if the amount of the contract is less, but keep the small claims cap in mind when you’re trying to decide whether to pick up the phone.

Business Formation. Even if you don’t retain an attorney to do everything, you should at least consult with both an attorney and a CPA knowledgeable with business formation. From selecting the type of business entity to developing an exit strategy, experienced legal and tax advice is critical. An attorney can also help craft a buy-sell agreement that will minimize conflicts if one of the owners passes away or has an emergency, as well as coordinating your business with your estate plan.

Joint Tenancy… Not A Tool For Estate Planning

Fri, 17 May 2019 20:33:35 GMT

In California Joint Tenancy is an extremely popular method for couples to co-own property largely because it has a built in “Right of Survivorship”. On the surface this may seem like a great idea because if one owner dies the other has the property automatically passes to the survivor. There is typically no requirement or need for Probate or for a lot of attention or the cost of an attorney. At least this is how it appears on the surface.

However good or bad the idea of Joint Tenancy, it is not a substitute for a well thought out and legally drafted Estate Plan. In the absence of an Estate Plan if one of the owners die, any property they have in joint tenancy will pass in total to the survivor. It gets even worse if both owners die with property in Joint tenancy. In those situations the property could be subject to the states rules of Intestacy. Are you comfortable knowing that the state could ultimately decide what happens to the assets you have spent your life working for?

Holding property in Joint Tenancy can also be exceptionally risky for married couples due to tax, health and divorce concerns. If one of the owners die, the survivor may be subject to what is known as step-up-basis capital gains tax which may result in them not being able to remain in the property. In the case of a mental condition like dementia the court may decide that the property could not be sold as long as one or both are incapacitated. The problems that can rise up during a divorce include one party refusing to sign off on the property and even worse when one party dies during the proceedings. No matter what your situation is Joint Tenancy is frequently the worst method to hold title and does not eliminate your need for a well thought out and executed estate plan.

Six Reasons To Update Any Estate Plan

Tue, 09 Apr 2019 21:01:24 GMT

A trust is a tool, not a talisman, and tools need regular maintenance and attention. Here are six common life events that can make it critical to update your Estate Plan.

1.    Change in your marital status. If marriage is on your horizon—Congratulations! Also, when can we meet? Marriage is one of the most important legal relationships you will ever experience. It has profound implications for your estate plan, particularly if two families are coming together. It is vital to ensure that your estate plan is updated to reflect your wishes. If either one of you has children or assets from a previous marriage, you may want to consider a prenuptial agreement keep things separate.

2.    Change in status of a beneficiary. This could be a birth, death, adoption, marriage, or divorce of one of your beneficiaries. These are critical life events that may influence how you want to distribute your estate. You may want to include a new arrival (or exclude a black sheep)! Alternatively, one of the objects of your affection may develop an illness or handicap, requiring a special needs trust to protect his assets. The sooner you act, the better.

3.    Death or incapacity of a spouse. Did you know that it is a fact that either you or your spouse will die first? When you’re finished laughing, call us. Many trusts are designed to divide into two or more trusts upon the death of one of the settlors. This type of trust is known as an A/B Trust, and is commonly used, among other things, to avoid estate taxes, protect the interests of blended families, and to minimize the effects of fraud and undue influence. Depending upon the trust and your situation, legal action may be needed to protect the surviving spouse and other heirs.

4.    Trustee, executor or other agent needs to be changed. It is critical that the individuals who will manage your trust and estate be competent and appropriate for the task. Just because someone was appropriate 20 years ago doesn’t mean they’re appropriate today. If you’re in your 60’s you really should not appoint your parents to be in charge of anything. This will change with time, and needs to be reviewed on a regular basis.

5.    Minor beneficiary comes of age. When a minor comes of age it can mean that they’re able to get anything you leave for them as soon as they want it and that may or may not be in line with your wishes. We can look at that and we can help!

6.    Big change in net worth. As I write this the stock market is undergoing wild swings. Dramatic changes in your net worth can make previously sound distribution decisions unrealistic. Particularly if your net worth is headed north, you should review the impact that estate taxes can have, and strategies for avoiding them.

Trusts are client specific and one size does not fit all. Just like any other tool, you should review it regularly with an experienced professional to ensure it still does what its supposed to. At the Law Offices of Quinton J. Miller, we have the experience and expertise you should demand when it comes to your estate plan. We know the questions to ask to accomplish the goals you seek.

Do You Need An Irrevocable Trust?

Fri, 15 Mar 2019 21:01:22 GMT

I’m a big fan of Irrevocable Trusts… in the right circumstances and for the right clients. When it comes to trusts, one size does not fit all, and competent legal advice is critical to avoid complications and headaches. As I like to put it, a trust is a tool but it lacks magical powers.

Traditionally, Irrevocable Trusts were used to avoid estate taxes. This is less common now that the estate tax exemption is over five million per person. Today, Irrevocable Trusts are more often used to provide for beneficiaries with special needs, or to protect assets while qualifying for public assistance such as Medi-Cal.

It is important to understand that the creator of an Irrevocable Trust has limited control, if any, over the trust assets. In a traditional Revocable Living Trust, assets placed in the trust remain under your control and for your benefit. You can amend or revoke your Revocable Living Trust at will. By contrast, an asset placed into an Irrevocable Trust largely passes beyond your control. The asset will be governed by the terms of the trust, which by definition cannot be changed or revoked.

For this reason, you need to make sure that an irrevocable trust is appropriate for your needs and situation before moving forward. An inappropriate irrevocable trust can require a court order to amend or undo.

Trust formation and creation is client specific, and one size does not fit all. For this reason you need an experienced professional to help you evaluate your needs and then create a plan to accomplish that goal. The professionals at the Law Offices of Quinton J. Miller have the experience and expertise you need when it comes to your estate plan. We know the questions to ask and can help you accomplish your goals. Connect with us today.

Business Bankruptcies Finally Dropping

Fri, 01 Feb 2019 22:13:20 GMT

After reaching levels that didn’t seem possible in 2008 and 2009, business bankruptcies are on their way down. This is very good news for both businesses and consumers. For the business owner it means that the customer has finally returned to buying as a result of their improved financial situation. For the consumer, it means better job prospects and rising home values.

Business bankruptcy filings are at their lowest point since 2006, part of a broad trend that is both local and nationwide. This shift in fortunes means that people get hired, taxes get paid, construction resumes, and manufacturing improves. All of this is good news and we hope for this to continue.

While this is some of the best news we have seen in almost a decade, there are still storm clouds on the horizon. Smaller firms remain much more likely to file bankruptcy than they have been in the past. Issues like abuses of sick leave, soaring workers compensation costs, a decreased labor force, and the perennial demand from certain sectors to raise the minimum wage to unsustainable levels are very real concerns.

That said, bankruptcy should not be feared, but at times even embraced. As Donald Trump can tell you, bankruptcy can be very lucrative! For some businesses bankruptcy can be a wise move, depending on the situation. As always, it’s important to appreciate both the short term and long term ramifications before moving forward.