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Westminster Law Blog

Safeguarding a business with proper estate planning

It's especially important for small business owners to consider what will happen to their businesses when they're no longer around. With that in mind, estate planning for business owners in California is crucial and doesn't have to be overwhelming when knowing what steps to take. Essentially, the starting point is to fashion a basic estate plan from which other issues can be addressed, such as taxation and insurance.

Having estate planning documents that pertain to the business ensures that the wishes of the owner will be carried out as he or she intended. Thirty percent of all business owners don't have an estate plan in place that speaks to their businesses, despite working hard to see they're successful. Dying or becoming incapacitated is something no one really wants to think about, but business owners have to bite the bullet and do so if they want their businesses to thrive when they're no longer at the helm.

Reducing stress during divorce process is possible

The idea of getting divorced can feel both freeing and unsettling. However, taking certain steps can help divorcing individuals to make this stage of life a little smoother in California. Here are a couple of things that spouses can start doing to reduce their stress levels as they go through the divorce process.

For starters, divorcing individuals would be wise to lean on their support systems. These support systems may be filled with friends and family members, for example. Having a dependable support system in place can help a person who is going through divorce to express his or her sadness, anger and hurt freely during the process.

Divorce considerations are important for protecting finances

Getting divorced essentially involves dissolving a marriage. However, the divorce process can easily become a war over a couple's valuable assets. This is particularly true for individuals with high-net-worth assets. Here are some important considerations for those who are embarking on the asset division process during a divorce proceeding in California.

For starters, it is imperative that people who are getting divorced realize that different financial account types and assets come with varying tax obligations. As an example, unlike some accounts, an IRA account and a 401(k) plan will end up being taxed at the ordinary tax rates for income when distributions take place during retirement. It is essential to take into consideration the tax obligations associated with various assets when determining how to divide them.

Divorce tips may help with making financial future secure

Dealing with the emotional part of a marital breakup can no doubt be challenging. However, figuring out the financial aspect of divorce can be just as mind boggling. Because divorce can throw a curveball in people's finances in California, here are a couple of tips for protecting one's financial future following divorce.

For starters, it is important that people who are going through divorce establish or replace insurance to help them to secure their financial futures. This insurance may range from life insurance to disability or health insurance. In addition, for divorcing individuals who have shared children, it is important that they determine whose medical insurance will cover them.

How can you help your nail salon be a success?

Many people in California dream of owning their own business. For you, the idea of opening a nail salon may have been on your mind for a long time. Now, you feel ready to make serious efforts to bring that dream into reality. Of course, you have a lot to consider.

You undoubtedly do not want anything to get in the way of running a successful business, but you also know that many small businesses do not survive. As a result, you want to do whatever it takes to give yourself an advantage and better ensure that your nail salon will bring repeat clients for years to come.

Managing stress amid divorce

No couple gets married with the intention of one day ending the marriage. However, this is what happens to nearly half of all marriages in California and across the United States. Without question, divorce can be an emotional and stressful experience. Here are a few tips to help manage the stress that is common during a divorce.

Exercise is one of the best ways to reduce stress, depression and anxiety. In times of high stress, it is imperative to stay active and maintain a consistent exercise routine. Feel-good chemicals known as endorphins are generated during exercise and will help to promote positive feelings and combat stress. Finding new hobbies can lift spirits and take the mind off of the divorce. Engaging in hobbies is also a great way to meet people and build self esteem.

Car accidents are a major cause of injury and death in California

Due to significant population growth, major cities in the state of California have become notorious for crowded and congested roadways. These days, motorists are also forced to deal with greater numbers of distracted, impaired or reckless drivers. Coincidentally, serious and fatal car accidents are happening more and more across the state. A recent four-vehicle crash in San Diego killed one man and left two people with serious injuries.

The accident happened during the afternoon hours at the intersection of Genessee Avenue and Marlesta Drive. According to reports, a white car was was traveling south on Genessee when the driver crossed the center line and slammed into an oncoming sedan. The violent impact pushed the sedan into a northbound SUV, which was then forced into a guardrail, reports said. Footage from the scene showed another vehicle with damage to the rear.

Excessive speed a common factor in fatal car accidents

Police report that a young woman recently lost her life in a tragic car crash, and her passing serves as a reminder that dangerous driving often has disastrous consequences. Drivers who choose to drive while intoxicated or distracted can seriously harm themselves and/or others. Driving in a reckless manner is also unsafe, as speeding or committing other traffic violations can increase the chance of a crash. California police say that this recent collision is just one of many car accidents that could be due to speeding.

Authorities say that this crash happened on a recent late evening, just after midnight. A sports car was heading north on local roads approaching an intersection when it allegedly crossed over the centerline for reasons unknown. Police say that the vehicle struck a light pole, resulting in several injuries. First responders say they found five people in the car and three of them had to be rushed to a nearby hospital, including the driver. One passenger was treated on scene and did not require further intervention, but the fifth passenger, a 23-year-old woman, was badly hurt and died at the scene.

3 reasons estate planning is critical for business owners

Writing wills and making future plans is a good idea for any adult. But, for business owners, the stakes are even higher. California individuals who own all or part of a business should consider these important ways that estate planning can protect their loved one's interests and prevent litigation down the line.

The first way that estate planning can be beneficial is to clarify the buy-sell agreement in businesses where there are multiple owners. In almost every business where there are partners, one will die before the other. In these cases, it helps to have a buy-sell agreement that sets parameters around who can buy out the part of the business belonging to the party who passed. When someone buys out a share in a business, it can impact that business' outlook, so this is an important consideration.

You must have a legal reason to contest a will

No matter how hard a California resident tries, the odds are that he or she will not be able to please everyone when it comes to an estate plan. While a potential heir or beneficiary cannot contest a will just because he or she isn't happy with the terms of the will, there are reasons why it might be necessary to contest it.

In order to contest a will, there must be a legal reason to do so. Understanding what these reasons are could help you decide whether pursuing probate litigation would be worthwhile.

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