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    Category Archives: Insurance

    Have You Made Plans for Your Art in Newport Beach?

    …[she] estimated that the premium value of
    insured art globally was somewhere between $500 million and $1 billion. If
    those estimates are right, there’s a lot of uninsured art out there.

    Michelangelo statue of DavidSo, what are your favorite and
    most valuable assets? Aside from your loved ones, you may turn to your stock
    portfolio, your business, or your real property. For some, however, their
    favorite and most valuable assets may be hanging on their walls.

    If your art collection is
    important to you and your heirs, and truly valuable in and of itself, then it’s
    important to make proper plans to protect it.

    In life we tend to limit our
    risks through various forms of insurance. Accordingly, when it comes to your
    art, this issue was addressed in a recent Forbes
    article titled “Should Your Art Be Insured?” This is
    not an easy question to resolve in every instance.

    A previous article in Forbes explored another angle on
    personally-owned art. The article, titled “Is Art An Asset Or An Investment?,”
    added another take on the world of such art. Remember: the value of your “art”
    is really whatever someone would be willing to pay for it.

    As a review of these two
    articles will reveal, when it comes to your art, there is more to it than meets
    the eye.

    Contact your Newport Beach
    estate planning attorneys at Meier Law Firm to discuss all of your estate
    planning needs

    Reference: Forbes
    (October 31, 2012) “Should Your Art Be Insured?

    Forbes (October 5, 2012) “Is Art An Asset Or An Investment?

    Estate Planning for the Family Farm

    Farmers and ranchers are typically strapped for cash so when one of them dies leaving an estate large enough to be exposed to the federal estate tax the family can expect to have to sell something to cover the tax. That does not have to be the case. The estate tax has been described as a “voluntary” tax. Voluntary, that is, if you are willing and able to take advantage of the planning opportunities that are in the law. If not, life insurance can be a very appealing alternative to having to sell the family farm.

    Living and working on a farm oftentimes means taking a different position toward land itself. If you also own the land, then it means you need to take a different stance toward your assets and your family wealth.

    Farmers are in need of a proper and exhaustive estate plan more than anyone else. Fortunately, Hoosier Ag Today provided some helpful pointers in an article titled “Estate Planning for Family Farms and Ranches.”

    While there are consistently bumper harvests, the land keeps on giving. Unfortunately, the land also is an incredibly valuable thing due to this potential giving. As a result, that value makes it fall prey to estate taxes if you try to pass it on to the next generation.

    To truly own and understand the ownership of your land, it is necessary for a farm owner to make proper estate plans and to prepare for succession of the farm. For small farms that might be a simpler process, even modest planning can help preserve the family and the farm alike.

    In the end, many farms will need far more than modest planning. The key is to select and implement the appropriate strategies for your unique circumstances. I recommend reading the original article, even if you aren’t a Hoosier (or don't even own a farm as the same issues hold true for most businesses).

    Contact Meier Law Firm to discussion the bussiness succession options you can implement in your business.

    Reference: Hoosier Ag Today (June 4, 2012) “Estate Planning for Family Farms and Ranches

    Umbrella Insurance Coverage – Worth A Look

    [The Wealthy] are more likely to be sued, but excess personal liability insurance doesn't have to cost a fortune.

    It’s safe to say that, if there’s a risk out there, there’s also an insurance underwriter somewhere dying to write a policy for it. However, if you are especially affluent or risk-prone, excess personal liability insurance (“umbrella insurance coverage”) can be a helpful safeguard.

    Any trial attorney will confirm one unshakeable truth – money attracts unwanted attention. Unfortunately, in our litigious society, all it takes is one particularly obstinate person out to “get the rich” to team up with a less-than-scrupulous attorney and make it their mission to ruin your life with a frivolous lawsuit. This was the subject of a recent article in Financial Planning titled “Covering Up.”

    Not only will you pay for your defense, but juries can also be unfair. In an era of class envy, you may get a jury that wants to help one of its own a “lawsuit lottery” at your expense. To help mitigate the risk of a lawsuit judgment, consider taking out umbrella insurance coverage just in case.

    Contact Meier Law Firm for additional information on asset protection.

    Reference: Financial Planning (April 1, 2012) “Covering Up

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