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Federal and California income taxes are pay-as-you-go, meaning taxpayers need to pay most of their tax during the year as income is earned or received. For those taxpayers who are employed by someone else, taxes are normally paid throughout the year by withholding tax from paychecks. However, for taxpayers who earn or receive income that…
A shareholders’ agreement is a contract among the shareholders of a corporation (with typically the corporation also as a party) setting forth the rules by with the shareholders are to act in relation to one another and the corporation. The agreement can document key issues such as how shares can be sold, what happens if…
“I’m getting divorced. What happens to my estate plan?” Someone asked me that question just recently, so I wanted to take this opportunity to highlight a few items to consider: 1. Revocation of Existing Joint Trust You may need to revoke your existing joint Trust with your soon-to-be or now ex-spouse. Some family law attorneys…
Estate planning is not only for wealthy persons. Although it is commonly believed that an estate plan is only advantageous for those who have numerous assets, it really is beneficial for anyone who wants to prepare for the future. A properly drafted and funded estate plan can save your loved ones time and money in…
The outbreak of COVID-19 in the U.S., the state and local governments’ responses to it, and the resulting impact on the general public, have significantly affected nonprofit organizations. Charitable organizations that provide food and other basic necessities and services, including those that support medical and mental health needs of the public, are facing increased demand.…