This is Part 1 in a two-part series about Transfer Taxes. In Part 2, I discuss what is the generation skipping transfer tax. Understanding the Estate and Gift Tax There are two types of federal taxes. The first, and more well-known one, is called income tax. The second type of tax is known as transfer taxes. …
This is Part 1 in a two-part series about LLCs. In Part 2, I cover how to setup an LLC to maximize asset protection. Why do People Create LLCs? If you own a rental property, it is strongly advised that you create an LLC. I’m going to give you 3 reasons why, but before that…
Why are some estate plans more expensive than others? If this is your first time doing an estate plan, one question you are probably asking yourself is, “How much is a trust going to cost?” This is a reasonable question to ask. But it should not be the only question you ask. Instead, you should…
PROP 19: REDUCE PROPERTY TAXES BEFORE FEBRUARY 16TH! Proposition 19 will affect each and every person who owns a property, whether it’s a primary residence, a vacation home, a rental property, or a commercial property. According to the new law, we have a limited window to take action in order to lock in our property taxes under the old…
Bridge Law LLP partner, Simon Khinda, has been following The CARES Act carefully since new information is being made available daily and every few hours. This video explains the latest updates on the Payment Protection Program as of April 3rd, 2020
Bridge Law LLP partner, Simon Khinda, explains The CARES Act regarding SBA Loans and Loan Forgiveness.
Many concerned businesses, contractors and consumers have contacted us regarding their rights and obligations including cancelling contracts, and specifically with regards to Force Majeure in light of COVID-19.
Bridge Law LLP partner, Simon Khinda, explains how COVID-19 affects rental obligations and the eviction process.
Important Update for Landlords and Tenants In light of the Coronavirus (COVID-19) pandemic cities, and counties are taking steps to minimize the impact on tenants, including placing moratoriums on evictions, holds on shutting off utilities due to nonpayment, and prohibiting late rent fees. The federal government has suspended evictions and foreclosures in public housing until…
A New Era of Estate Planning in the Age of Covid-19 The spread of Covid-19 has caused a huge spike in the number of people looking to get their estate planning done immediately. This is not surprising given the number of people who have not done their estate plans yet. But what may be spreading…
‘It isn’t possible to love and part.’ In my last personal note from May 2019, I spoke of the Big Bad Wolf: “Here’s the thing. We don’t know when the Big Bad Wolf will come to our doorstep, but we all know that he will come one day. And when he does, we also know…
Business owners face many challenges today and as a result, are always looking for ways to cut down and control as many costs as possible. However, when it comes to making decisions concerning employees, it can be tempting to make risky choices about how you should classify your workers. Whether in regard to a new…
A trustee is a party responsible for the management, investment, and distribution of the property or assets within a trust. This will involve the oversight of trust administration, accounting, taxes, serving beneficiaries, and so on – in a manner that is impartial and transparent. It is encouraged to all our clients to select a professional…
The Super Lawyers publication has selected Bridge Law partner, Lalit Kundani, as a 2019 Southern California Super Lawyer. The annual list recognizes outstanding lawyers who have attained a high-degree of peer recognition and professional achievement. Lalit began his legal career in 2005 after graduating from UC Berkeley School of Law, one of the nation’s top…
A Checklist for Passing on Assets to Beneficiaries Maybe because it isn’t pleasant to consider our own mortality, it is oftentimes too easy to delay the creation and maintenance of our estate plans. Nevertheless, establishing your final wishes and intentions in a clearly stated and understood way through the legal documentation found in an estate…
On May 23, 2019, the U.S. House of Representatives passed important retirement legislation called the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The Senate is likely to pass the bill and the President expected to sign as well. Under HR 1994, there are 3 important issues for estate planners and financial advisors to…
The best part of my days are the nights I get to come home in time and see my girls off to bed. Jiya, now 4 ½-going-on-14, has graduated from songs and has moved over to stories, and the girls and I have been addressing all the popular ones recently. I’m sure it’s because their dad…
For start-ups and developing organizations alike, signing a lease for a commercial space is often assumed to be just like renting a home or apartment i.e. a lessee pays a specified amount of money to a lessor per month. When in reality there are several different types of commercial leases and basic structures that represent…
A trust, simply put, is a fiduciary arrangement intended to help you manage your wealth and assets in accordance with your wishes in the event of your death or incapacitation. A trust allows a third party, or trustee, the legal authority to manage, maintain, and distribute assets directed by the contents of the trust or…
Too often, businesses equate a corporate law attorney to that of an auto mechanic or firefighter, as in they only call them when there is a problem. What many entrepreneurs fail to understand is just how beneficial a business attorney can be to the longevity and success of their endeavor. Legal assistance and advocacy are…
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