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Corliss Law Groups

Corliss Law Groups


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  • Timeshares_177_

    While timeshares may help the timeshare owner to enjoy a certain amount of leisure each year, they are a headache for estate planning purposes.

    Even though a deeded timeshare is an interest in real property, it is really more of a recurring luxury expense than it is an asset.

    Let us consider some issues raised by timeshares: Ongoing maintenance and property tax expenses; hard to sell; sometimes undesired as an inheritance; and how they are transferred at death.

    The owner, or the deceased owner’s estate, is liable for all timeshare maintenance fees and real property taxes. These continue after death and can pile up if unpaid; regardless of whether anyone uses the timeshare, your estate remains obligated to pay these expenses. A decedent’s estate will often wish to sell its timeshares.

    Unfortunately, timeshares are very difficult to sell. Perhaps the best place to start is with the timeshare company itself.

    Sometimes, for a large fee or commission, they can assist in selling an existing timeshare. Otherwise, other possible avenues are to lease the timeshare, cancel the timeshare, or sell the timeshare through a timeshare market.

    Aside from leasing, the other options all involve losses. So essentially, the timeshare is more of a luxury expense than an asset.

    Timeshares, if they are deeded (as opposed to leased) are real property interests. Accordingly, once the owner dies, just like owning real property, the laws of the state where the timeshare is located control.

  • Image_132_

    To give is divine. To err while giving is human.

    For many donors eager to nail down tax deductions, contributing to charity can be as simple as writing a check. But tax laws often can be surprisingly tricky. While there are many tax-smart ways to donate, it can also be easy to make costly mistakes.

    The mistakes run the gamut. Many thorny problems, for instance, stem from uncertainty over how to value gifts. Other donors stumble because they don't pay attention to the fine print on such long-cherished techniques as giving stock to charity. And still others trip over paperwork issues, such as getting proper acknowledgment for gifts on a timely basis.

    Many generous donors "have learned their lessons the hard and expensive way," says Victoria Bjorklund, a charitable-giving consultant and a retired partner at the law firm Simpson Thacher & Bartlett LLP.

    How can donors avoid these traps? It may help to keep in mind the following (seemingly) simple ideas—as well as a few common errors to avoid:

    Give Away Your Winners

    This is an especially good year to consider giving securities that are worth far more than you paid for them. Stock prices this year have surged, and 2013 brought higher taxes for many investors.

    This "could be a great strategy," says Justin T. Miller, national wealth strategist at BNY Mellon Wealth Management's office in San Francisco.

    In a typical case, you give a qualified charity shares of publicly traded stock that have risen sharp...

  • The answer and the reasons are not what you probably think, mainly because there is a misconception by many that estate planning is about death, you know transferring property when we die. It does involve that, but it is much, much more.

    A good estate plan helps you to organize your life around the things that are the most important to you. It is about protecting your assets, providing security for your family and helping you to accumulate wealth toward your retirement. It is about providing for your children when they are young and beyond, providing for you and your spouse during health, in retirement and during any years that you may need care. Those are things we all need, even if we don’t yet have a lot of property.

    So the answer to the Question of “Who Really Needs An Estate Plan?” is Everyone!

    Wills. A simple estate plan might involve just a simple Will. A Will is a legal document that tells those you leave behind who you want to take care of your children, who you want to be your conservator if you become unable to take care of yourself and who you want to receive your property on death.

    Probate. In general most people know that Probate is public and expensive, and something to be avoided. Many have the misconception that if they have a Will, they can avoid probate. That is not true. In fact a Will only becomes effective on death and it has to be probated to be effective. So if a will doesn’t avoid probate what does?

    Trusts. A Trust avoids probate s...

  • Counselor Newsletters

    01/08 Planning For Pets 02/08 Buy Sell Planning 03/08 Zero Bracket 04/08 Planning For Unmarried Couples 05/08 Planning for Long-Term Care 06/08 Income Tax Planning 07/08 Non-Qualified Compensation 08/08 1035 Insurance Policy Exchanges 09/08 Captive Insurance Companies
    10/08 Final Expense Trust 11/08 New FIDIC Rules 12/08 Year End Planning 01/09 Employer Recovery Act 02/09 Safe Retirement Withdrawal Rates 03/09 Creative Trust Planning 04/09 Benefits Stimulas Act 05/09 Educational Savings Vehicles 06/09 IRS Dirty Dozen

    Wealth Advisor Newsletters

    01/01 New Law Exciting Planning Opportunities 02/01 Planning for Disability 03/01 Understanding Trusts 01/02 Planning for Pets 02/02 Zero Bracket Need for Life Insurance
    03/02 Portability 04/02 New FIDIC Rules 01/03 Planning You Should Consider 02/03 Understanding the New Economic Stimulus Law


  • Exit Strategies and Implementation

    What will ultimately become of your business? How will you transition out of it? Will you sell it? Pass it on? Simply retire? If you don't know the answer to these questions, we can help.

    The ideal transition is the sale of the business for maximum value, with a minimal income tax burden. Even if the sale of the business is to beloved family members, value must be preserved, for you and for those you love.

    Only one method ensures an ideal transition — creating the proper plan with an effective exit strategy.

    Our Family Business Succession will help you and your business advisors implement that strategy. Even if you have not done the most comprehensive planning and maintenance, we can help you design an exit strategy that will provide you the maximum possible benefit. Our process will give you a seven-step plan to create, preserve and transition the value of your business.

    We help you make the value of the business "all about the business" instead of "all about you."

    Corliss, A Law Corporation, can help your business achieve various goals, including:

    • Setting exit objectives • Determining value/price • Preserving, protecting and promoting the value • Converting business value to cash • Selling the business for a note • Structuring contingency planning for the business • Arranging non-compete agreements for owners or key managers leaving the business • Drafting wealth preservation planning

  • Formal Business Maintenance and Update Program

    Should the business be passed on to a family member or key employee? How do I minimize the tax consequences and protect the proceeds of any sale? In business, as in life, nothing ever stays the same. Change represents renewal and growth, but also stress and danger. Operating conditions, personnel concerns, organizational considerations and management methodologies all shift with distressing frequency. Industry and market conditions, customers, competition and state-of-the-art continuously evolve! Legal and compliance issues, which represent a critical danger, need frequent monitoring and reporting.

    As with all of our planning, we offer you and your business a scheduled process to ensure the necessary updating and maintenance. Together, we will schedule a customized process for the immediate and long-term future.

    Corliss, A Law Corporation, offers a simple solution to these business concerns. The Family Business Maintenance and Update Program helps entrepreneurs and family business owners stay on top of change — instead of being steamrolled by it. We offer periodic, usually annual, updates to the family business consisting of:

    The Family Business Maintenance Program includes:

    • Hosting periodic board meetings • Hosting periodic ownership meetings • Documenting minutes and reports of meetings held • Documenting "Restatement of Information" reports as needed • Business compliance reviews • Employment agreements for ...

  • The world we live in is growing in complexity and risk. There were around 16 Million lawsuits in the United States in the year 2002 alone. Divorce is a fact of life, especially in California. Even some of the people you love the most may need protection from themselves, such as those who suffer from drug or alcohol dependency, or who lack the maturity to handle a large inheritance on their own. Jury damage awards seem to be steadily rising. Business failures are common in normal times but growing and quite unexpected in times of recession. Taxes, regulation and compliance are becoming an increasing cost of doing business. Asset protection and the minimization of risk should be one of the cornerstones in every business plan and in every life plan. Asset protection is not only about shielding your assets from outside attack, it is or should be about reducing your exposure to the type of events from which liabilities often arise.

    It is planning our way around the landmines that constantly appear in our paths, choosing the better path and learning to identify and see pitfalls before they become a problem –i.e. when we are in the air on the way to the bottom. We have developed a detailed Risk Audit Assessment process which can be applied at any stage to identify areas of concern and heightened risk and we then work with you to develop a strategy to minimize or avoid the risk you are likely to face.

    While it may never be possible to completely eliminate risk, it can usuall...

  • Formal Updating and Maintenance Many people do not understand how an estate plan works and provides them value. Frequently we see customers who have had an estate plan done for them 20 or more years ago and it has sat on the shelf for all that time and never been touched or fully funded. Estate planning and the Estate Plan is a very dynamic process and it is an investment in your family’s future. Your Estate Plan can be impacted by many things: • Change in your personal, family or financial situation • Change in the tax or non-tax legal structure • The development of new wealth preservation structures and strategies Given this continuous process of change, your estate plan will not accomplish its purpose if it is never updated. The costs of failing to update are typically far greater than keeping your plan current. A good Estate Plan changes along with you and adapts to your changing circumstances; it meets your changing goals and keeps you in control of the process and the results. It is not about documents — It's about results! The key to proper estate planning is clear, comprehensive, customized instructions for your own care and that of your loved ones. We find that most of our clients are served with a properly drafted estate plan backed up by our three step strategy: • Work with counseling oriented advisors • Establish and maintain a formal updating program • Assure fully disclosed and controlled To help you make sure your plan is always current, Corliss, A Law...
  • Gathering the Estate

    During our first phone call we try to gain a basic understanding of your particular situation and concerns. We'll explain our planning process and set a specific time to meet with you. We'll send you our Confidential Information Packet, which includes:

    • A confirmation letter confirming the date and time of our meeting • Directions to our firm’s offices • An explanation of the planning process ahead • Basic information about our firm • A checklist of the documents we would like you to bring to our meeting

    Initial Visit and Evaluation

    During our initial visit we ask you to share some of your background and history so we can get a good understanding of where you are right now and what’s most important to you and we will talk to you about your concerns and goals. During this discussion we come to a deeper understanding of your family dynamics, your unique needs, and your desires. We will take the time to answer all of your questions regarding the particulars of the law as it relates to your family and estate. Based on what we learn in these conversations, we will outline our recommendations and process, including our price to do this work and both your and our responsibilities.

    If you decide you would like to proceed with our process and engage us, we will then take you through a step-by-step preliminary plan design process. We will discuss with you the tasks that will be necessary to complete your plan, including the additional informatio...

Corliss Law is dedicated to serving the unique planning needs of the business owner and their families through thorough, carefully designed.

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