Estate Planning & Business Law Articles by Matthew Murillo

The SECURE Act’s Impact On Estate and Retirement Planning—Part 1

by Matthew Murillo | Jan 17, 2020 | Business, Estate Planning, NLBM

On January 1, 2020, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) went into effect, and it represents the most significant retirement-planning legislation in decades. Indeed, the changes ushered in by the SECURE Act have dramatic...

4 Estate Planning Documents No Entrepreneur Should Be Without

by Matthew Murillo | Jan 17, 2020 | Business, Estate Planning, NLBM

Though most entrepreneurs understand the value of effective business planning, fewer are aware of the critical role estate planning plays in their company’s success. Yet considering what would happen to your business upon your death or in the event of your incapacity...

Make Sure You Actually Own The Work You Pay Contractors To Produce

by Matthew Murillo | Jan 10, 2020 | Business, Estate Planning, NLBM

While hiring independent contractors (ICs) offers a range of valuable benefits in terms of cost savings and convenience, it also opens your business up to some unique legal and financial complications. This is particularly true when it comes to your company’s...

The Tax Cut & Jobs Act Drastically Alters the Tax Consequences of Divorce

by Matthew Murillo | Jan 10, 2020 | Business, Estate Planning, NLBM

The Tax Cuts & Jobs Act (TCJA) made sweeping changes to exemptions, deductions, and credits for your family’s federal income taxes. But one major change that you might not have noticed is the way the law altered the potential tax consequences of divorce. Unlike...

FAQs About Independent Contractors and 1099s

by Matthew Murillo | Mar 21, 2019 | Business, CBL, NLBM

With the rise of the “gig economy” and so many people now working as independent contractors (ICs), as opposed to full-time employees, you should be well-familiar with the rules and requirements for the tax form known as a 1099. A 1099 is designed to document and...

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Understanding Estate Planning: Key Concepts and Strategies

Estate planning is a crucial process that involves preparing for the management and distribution of an individual's assets after their death. It encompasses various legal tools and strategies, ensuring that your wishes are honored and your loved ones are protected. By understanding the fundamentals of estate planning, individuals can make informed decisions about their financial future.

Key components of estate planning include wills, trusts, powers of attorney, and healthcare directives. Each of these tools serves a specific purpose: wills outline how assets should be distributed, trusts can help manage assets during one's lifetime and after death, and powers of attorney designate someone to make financial or healthcare decisions on your behalf. Understanding these components is essential for creating a comprehensive estate plan that reflects your unique circumstances.

The Importance of Business Law in California

Business law encompasses a wide range of legal issues that entrepreneurs and business owners face in California. Understanding these laws is vital for successfully navigating the complexities of starting, operating, and growing a business. From contract negotiations to compliance with state regulations, knowledge of business law can help mitigate risks and protect your interests.

California's business laws cover various areas, including formation of business entities, employment law, intellectual property rights, and taxation. For instance, knowing the differences between LLCs, corporations, and partnerships can significantly impact liability and tax obligations. Additionally, compliance with California's labor laws is essential for maintaining a fair workplace and avoiding legal disputes.

Common Estate Planning Mistakes to Avoid

Many individuals make critical mistakes when it comes to estate planning, which can lead to unintended consequences for their heirs. Failing to update your estate plan after major life events, such as marriage, divorce, or the birth of a child, is one of the most common errors. It's essential to review and revise your plan regularly to ensure it aligns with your current wishes and circumstances.

Another frequent mistake is underestimating the importance of having a comprehensive plan. Some individuals may believe that a simple will is sufficient, but without proper asset allocation and management strategies, their estate may face unnecessary taxes or disputes. Consulting with an estate planning attorney can help identify potential pitfalls and create a robust plan that safeguards your legacy.

How to Choose the Right Legal Structure for Your Business

Selecting the appropriate legal structure for your business is a fundamental decision that can affect your liability, taxes, and operational flexibility. Entrepreneurs must evaluate various options, including sole proprietorships, partnerships, LLCs, and corporations, each with its own advantages and drawbacks. Understanding these differences is crucial for making an informed choice that aligns with your business goals.

For example, LLCs offer limited liability protection while allowing for pass-through taxation, making them an attractive option for many small business owners. Conversely, corporations may provide more robust protection and easier access to capital but come with stricter regulatory requirements. Assessing your business's needs and consulting with a legal professional can help you determine the best structure for your enterprise.