Bay Area Estates and Tax Law Blog

Let’s state the obvious regarding the current COVID-19 global health pandemic: It is a dangerous and persistent nemesis that has materially altered the lives of Californians and people spanning the globe.

We have stressed that point periodically on our website at the long-established Bay Area estate planning Law Offices of Connie Yi. We noted in our April 28 blog post, for example, that the viral challenge has “disrupted the customary way of doing things.”

Parents want to protect their children and provide for them as much as possible. The chances are good that you've ensured that your children have the best standard of life possible right now. They are accustomed to this and probably think that it will continue.

Because you know what your children expect and what they're used to, you need to ensure that your estate plan is set up to help this happen. How you set things up can have a big impact on how your children are raised if something happens to you.

Here’s an initial point to note concerning today’s above-posed blog headline: You unquestionably do need to spotlight all foreign financial holdings you control and ensure legal compliance with Internal Revenue Service mandates.

If you don’t, there will literally be a heavy price to pay. The IRS is thorough in its tax probes and uncompromising in the penalties it levies on alleged wrongdoers.

You certainly merit a shout out and congratulations if you’ve taken the proactive step to work with proven legal counsel and execute tailored estate planning documents.

Like many individuals, you perhaps had some trepidation when beginning that exercise, wondering what it would essentially entail. Some people even question whether they need an estate plan to begin with.