Reprint from the Trusts and Estates Quarterly – California Lawyer’s Association – Spring 2022 by Chris Toews, Esq. Click here to read the article or download the PDF.
One of the important differences between a public charity and a private foundation is the 5% rule which requires the foundation to spend at least 5% annually of non-charitable use assets acquired during the previous year. The reason for this requirement is to guarantee that private foundations distribute money for their charitable purposes. The payouts… Continue Reading Toews Law Group, Inc. explains the 5% rule for private foundations
When an individual dies in California without a will, they are said to die “intestate”, which is a legal term meaning they died without a will. If your parents die intestate, their assets will be subject to probate and will be distributed according to state law, regardless of what your parents wished. Probate is the… Continue Reading San Luis Obispo Probate Attorneys Answer the Question, ‘What Happens if My Parents Die Without a Will?’
The occurrence of a major life event, is a good time to assess whether your trust, will and estate plan needs to be updated. The estate planning attorneys from San Luis Obispo’s Toews Law Group, Inc. have prepared a list of important life events that might mean it’s time to update the terms of your… Continue Reading When to update your trust and will – tips from San Luis Obispo estate planning attorneys
Managing a nonprofit’s assets means more than keeping track of capital assets such as equipment, tools, real property, income and expenditures. It also means managing assets in a way that creates a sustainable financial future and making sure the organization’s mission continues to be served. The attorneys for nonprofits from San Luis Obispo’s Toews Law… Continue Reading Top tips for managing a nonprofit’s assets from the San Luis Obispo attorneys for nonprofits
The occurrence of a major life event, is a good time to assess whether your trust, will and estate plan needs to be updated. The estate planning attorneys from San Luis Obispo’s Toews Law Group, Inc. have prepared a list of important life events that might mean it’s time to update the terms of your… Continue Reading When to update your trust and will— tips from San Luis Obispo estate planning attorneys
“Should I put my new home in a trust?” is a frequent question posed to estate planning attorneys, and there’s more than one answer depending on whether the home is your residence or a rental property. The estate planning attorneys at San Luis Obispo’s Toews Law Group, Inc. recently released a report summarizing the options… Continue Reading San Luis Obispo estate planning attorneys release the report ‘Estate planning options for new homeowners’
Probate is a legal process during which a court determines the heirs, value, debts, and distribution of a deceased person’s estate. In a probate matter, the court appoints and supervises an executor or administrator to marshal the assets, pay the debts and liabilities, and distribute the remaining assets to the beneficiaries of the decedent. Typically,… Continue Reading San Luis Obispo Probate Attorneys Answer Common Questions about Probate in California
As concerns regarding COVID-19 ease, the economy appears primed to grow quickly business owners may be tempted to expand their business to states other than California. Some states are more friendly to new businesses, and opening a new office or plant in one of those states is tempting, but the San Luis Obispo corporate law… Continue Reading San Luis Obispo Corporate Law Attorneys Announce Considerations for Expanding Business to Other States
As Californians look forward to the lifting of COVID-19 restrictions on June 15, businesses are revamping and reorganizing in preparation. The attorneys from San Luis Obispo Toews Law Group, Inc. have preorganized some strategies that can help businesses return to business as usual. These strategies include: Knowing what June 15 means for California businesses Applying… Continue Reading San Luis Obispo Attorneys Summarize Strategies for Business Recovery After COVID-19
-Estate Planning is often associated with something to be done later in life, once the kids have gone off to college or when parents start preparing for retirement. However, a well-constructed estate plan is important regardless of age and the estate planning attorneys from San Luis Obispo’s Toews Law Group, Inc. have some estate planning… Continue Reading San Luis Obispo Estate Planning Attorneys Announce ‘Estate Planning Strategies for New Parents’
-While nonprofits can legally merge, the process is different than the merger of a for-profit corporation; in fact, the merger requirements vary depending on the type of nonprofit that is intending to merge and these provisions are set forth in various sections of the California Corporations Code. To help make things less confusing, the nonprofit… Continue Reading San Luis Obispo Attorneys for Nonprofits Take the Mystery Out of Merging Nonprofits
Effective January 1, 2021, California law temporarily exempts limited liability companies, limited partnerships, and limited liability partnerships from paying California’s $800 minimum franchise tax for their first year of operation. The corporate attorneys from San Luis Obispo’s Toews Law Group, Inc., report that this exemption significantly reduces the start-up costs associated with creating certain business… Continue Reading State of California provides franchise tax relief for new businesses ventures
-On March 11, after weeks of debate, President Biden signed the American Rescue Plan Act of 2021 into law, which among other assistance, provides significant benefits to small businesses and qualifying nonprofits. The business attorneys from Toews Law Group, Inc. have summarized what these benefits mean to small businesses on the California Central Coast. In… Continue Reading Small business assistance available from the American Rescue Plan Act
Although churches may receive maintain tax-exempt status through the IRS, this does not mean they are exempt from all taxes. The attorneys for nonprofits at San Luis Obispo’s Toews Law Group, Inc. have highlighted certain compliance concerns that most churches must follow. Churches and most religious organizations may be classified as tax-exempt organizations under Internal… Continue Reading San Luis Obispo Attorneys for Nonprofits Highlight Exemptions for California Nonprofit Religious Organizations
“Tax planning” is not the same thing as “avoiding taxes”. Tax planning is a legal estate planning tool that allows individuals to protect earnings and assets during your lifetime, for future generations, and for your estate. Tax planning can be applied to a number of types of taxes including: income tax, property taxes, capital gain… Continue Reading San Luis Obispo estate planning attorneys on the importance of tax planning
Starting off unprepared is one of the leading causes for business failure. Regardless of how small the business it still needs a solid foundation upon which to grow. The business law attorneys at San Luis Obispo’s Toews Law Group, Inc. have a few considerations and tips for new business owners to consider, to avoid common… Continue Reading Legal considerations for business startups: Tips from the San Luis Obispo business law attorneys
-Giving to favorite causes, churches, colleges, or other qualified charitable organizations is very meaningful to many. Including charitable giving in an estate plan helps assure that chosen causes or institutions are going to continue to benefit when you pass on or become incapacitated and the San Luis Obispo estate planning attorneys at Toews Law Group,… Continue Reading San Luis Obispo Estate Planning Firm Announces Strategies for Including Charitable Giving In Estate Plans
-A living will, or Advanced Health Care Directive (AHCD), is an important document for every adult, regardless of the value of the estate. The attorneys at Toews Law Group, Inc., providing counsel about living wills in San Luis Obispo have released a report to help you realize the important role an AHCD plays in your… Continue Reading San Luis Obispo Attorneys Release ‘Why Every Adult Needs a Living Will’
-Ideally, partnership agreements are reviewed at set times, such as annually or bi-annually, as defined in the original agreement. There are also other events that meant it’s time review the partnership agreements and the business attorneys from San Luis Obispo’s Toews Law Group, Inc. have recently released some tips to help business partners conduct productive… Continue Reading San Luis Obispo Attorneys Release the Report ‘Is it Time to Review Your Partnership Agreement?’
The San Luis Obispo business attorneys from Toews Law Group, Inc. have extensive experience with helping new and established businesses navigate a variety of business issues. There can come a time when a business needs to raise extra capital. Those times can include: Start-up funding Capital for expansion such as acquiring new equipment, growing a… Continue Reading Raising capital with the least risk
Charities and other nonprofits face an ongoing job of raising funds to finance their mission and operations. The more potential donors an organization reaches, the more potential there is for meeting the budget and raising money for special projects. Fundraising is hard work, sending solicitation letters, planning and staging fundraising events, keeping in touch with… Continue Reading San Luis Obispo attorneys for nonprofits summarize the pros and cons of using professional fundraisers for your nonprofit
Corporations offer limited liability protection, so shareholders (owners) are typically not personally responsible for business debts and liabilities. This is true whether it is taxed as a C corporation or an S corporation. Deciding between an S or a C corporation is not always a simple matter. The San Luis Obispo corporate law attorneys from… Continue Reading San Luis Obispo corporate law attorney explains the differences between S and C corporations?
At some point, when starting a new business, you need to decide on a business structure, or an entity type. The key considerations are which structure is going to give your business the best legal protection and the best tax benefits. The two most common legal entities are a corporation and a Limited Liability Corporation… Continue Reading What are the differences between a corporation and an LLC?
We understand there is a lot to think about right now. The Novel Coronavirus (COVID-19) has disrupted our everyday lives in a major way. It has created great concern over what the future holds and even though there is much uncertainty in the world right now, we want you to know that we are here… Continue Reading The Novel Coronavirus (COVID-19)
Business can be interrupted for any reason from a temporary power outage from a storm, to major damage by a natural disaster, an economic downturn or, as in recent months, a pandemic. As a rule, business interruptions are unexpected but some can be predicted. Economic downturns can often be predicted and living in earthquake country… Continue Reading Advantages of a business continuation plan
Whether your Advanced Health Care Directive (AHCD—also known as a “living will”) is part of your estate plan or a the only estate planning document you have in place, it needs to be reviewed on a regular basis. The estate planning and trust attorneys at San Luis Obispo’s Toews Law Group, Inc., recommend reviewing your… Continue Reading How often should you review your Advanced Health Care Directive?
A well written agreement between you and your business partners is critical in protecting your business, yourself and your family, and your partners and their families. The business and tax attorneys at San Luis Obispo’s Toews Law Group, Inc. have vast knowledge and experience in drafting well written partnership agreements. No matter how much you… Continue Reading What to include in a partnership agreement
Are you thinking about selling your business? It does not happen overnight and the first thing you must do is discuss the steps required in embarking on this transition. It may take time to sell so don’t start packing your suitcases for that tropical island just yet. Toews Law Group, Inc., the business and tax… Continue Reading Making the best preparations for selling your business
Success runs on ideas that you have worked hard to turn into reality. Most entrepreneurs are driven by ideas for making business better, and often come up with ideas for a new service or product that is completely different from their current business. Fortunately, there’s no limit on the number of business ventures you can… Continue Reading San Luis Obispo business attorney answers ‘What is the best structure for multiple businesses?’
Certain activities that are authorized, or overlooked, by a Board of Directors, no matter how innocently, can jeopardize an organization and subject it to legal threats. The Board of Directors is ultimately responsible for the business of the nonprofit, even when troublesome activities are the result of an employee’s or a volunteer’s actions. Certain actions… Continue Reading Understanding legal threats to nonprofits
A family foundation, also known as a private family foundation, is a type of private foundation that is set up by a family, funded with family assets, and usually has family members on the Board of Directors. Family members also participate in the foundation’s charitable grantmaking. In California, a foundation is set up either as… Continue Reading Setting up a family foundation
Fundraising is critical for most nonprofits to be able to carry out their missions and reaching out to donor populations can be challenging. Even though a nonprofit is incorporated in one state, there are legal ways to expand a donor base by conducting fundraising and operations in other states and the San Luis Obispo attorneys… Continue Reading ‘How can a California nonprofit legally conduct business in another state?’ a report from San Luis Obispo nonprofit attorneys
Any number of reasons can lead to a decision to dissolve a corporation, the most common being that the business of the corporation is ending due to: Retirement Death of a principle and there is no one to continue the business Business failure or bankruptcy Legal issues or any other reason making staying in business… Continue Reading San Luis Obispo attorney reports ‘How to dissolve a California corporation’
Even with a will, certain assets might be subject to probate in California. Consulting with an attorney is the best way to be assured that your wishes are carried out and that your heirs avoid the processes and delays associated with probate. The San Luis Obispo attorneys at Toews Law Group, Inc. can help make… Continue Reading Assets that may be subject to probate in California
A Power of Attorney (POA) is a legal document authorizing someone to act on your behalf in legal matters. Giving someone, even limited power, over any segment of your life is an important action and should not to be taken lightly. The San Luis Obispo attorneys at Toews Law Group, Inc. believe that the more… Continue Reading What is ‘Power of Attorney’ and why is it important?
There are two ways in which a deceased person’s estate is addressed in California: The terms set forth in a will Probate court if there is no will, the will contains errors, or the will is contested Probate is the legal process during which the court distributes assets according to the terms of the will… Continue Reading What everyone needs to know about California probate laws
Certain changes to a corporation require that the State of California be notified of those changes. The San Luis Obispo corporate law attorneys at Toews Law Group, Inc. can help you file the necessary amendments when they are needed. While not every change to how a corporation does business requires that the state be notified,… Continue Reading Leading reasons to review your Articles of Incorporation
There are risks to operating a business that can’t be foreseen, such as a natural disaster that interrupts a supply chain, or the illness or unexpected death of a key player. Most businesses manage to regroup after such emergencies and get back on track. Even some legal risks can be unforeseen, but most legal risks… Continue Reading Identifying business legal risks
Life insurance is a well-accepted means for protecting families in the event of the insured’s death. A life insurance policy provides the ability to help pay off debts, pay the mortgage and other living expenses, pay for college for children, grandchildren, nieces and nephews and helps replace the income that is lost. Many people don’t… Continue Reading How insurance and estate plans work together
–Litigation can happen for a wide variety of reasons, whether a business owner feels the need to sue over an unresolved business matter, or the business is being sued. The San Luis Obispo corporate law attorneys from Toews Law Group, Inc. have prepared a list of important considerations that might help resolve business conflicts and… Continue Reading San Luis Obispo Corporate Law Attorneys, Toews Law Group, Inc., Releases The Report About The Top Considerations Before Filing A Lawsuit
–Avoiding bankruptcy requires strong fundamental business planning and practices especially at the beginning to establish a strong business foundation. The business attorneys from San Luis Obispo’s Toews Law Group, Inc., have prepared a list of tips to help business owners avoid some of the leading pitfalls that can lead to bankruptcy. The top mistakes that… Continue Reading San Luis Obispo Business Attorneys from Toews Law Group, Inc. Release Tips To Help Avoid Bankruptcy
A nonprofit’s success often depends on the board of directors who oversee the organization’s finances, fundraising activities, and operations. Building an effective board of directors sets the direction of an organization for its initial formation and into the future. This makes defining the structure of the board and recruiting board members critical for the organization’s… Continue Reading Building a board of directors for a nonprofit
The San Luis Obispo business attorneys at Toews Law Group, Inc. believe that having as much information as possible before committing to a new business works in the buyer’s best interest. Acquiring a business is an investment in the future. It’s important to make sure the business you are considering is on solid ground financially… Continue Reading What to look for when buying a business
Oh, you’re getting married – did you sign a prenup? Not a very romantic topic, however, a topic that couples should strongly consider tackling before saying “I do”. The San Luis Obispo attorneys at Towes Law Group, Inc. are releasing information that describes how a prenuptial agreement, integrated with a well-designed estate plan, can protect… Continue Reading The Importance of Prenuptial Agreements in Estate Planning
Although a handshake remains a gesture of good faith about an agreement or a promise, not formalizing such an agreement in writing may become a huge mistake. Handshake agreements often lend themselves to uncertainty and misunderstanding. What one person may remember the terms of an agreement to be another may remember differently. The San Luis… Continue Reading San Luis Obispo Attorneys From Toews Law Group, Inc. Release The Report, ‘Why A Contract Is Better Than A Handshake’
Charitable affiliates are often formed by businesses as a means for conducting charitable activities that support the founding organization’s community and social causes. Toews Law Group, Inc., attorneys for nonprofits in San Luis Obispo, CA, are well versed and experienced in helping businesses organize charitable affiliates. In California, the term “charities” applies to tax-exempt, nonprofit… Continue Reading San Luis Obispo Attorneys For Nonprofits, Toews Law Group, Inc., Helps Businesses Organize Charitable Affiliates
There are many different reasons why you may want to establish a trust – probate avoidance; preserving assets for beneficiaries; creditor protection; legally minimizing estate tax obligations, etc., however, the most often cited reason for establishing a trust is peace of mind. There are several different types of estate planning tools, including many different types… Continue Reading Are there different kinds of trusts and which is right for me?
When setting up an estate plan, the first thing you need to determine is how will your assets be managed and distributed to your beneficiaries if you have no will or only a will on the date you die and whether you are satisfied with what will happen in that case. Many people are surprised… Continue Reading How can I make sure my will is enforced?
If you are over the age of 18 and of “sound” mind you can and should consider an estate plan. A well drafted and thoughtful estate plan makes sure that your property is distributed as you wish upon your death, establishes who you would prefer to be named the guardian(s) of your children and defines… Continue Reading Am I too young for an estate plan?