HMS News Archive

As you do your estate planning, it's important to understand the "income tax basis" that your heirs receive when they inherit property.

Many vehicles exist for charitable giving, but one of the simplest and fastest-growing methods is the donor advised fund. A donor advised fund allows the donor an immediate tax benefit as well as the opportunity for continuing involvement in the charitable giving process, including the opportunit...

If youre reading this article, theres a good chance you already know what a mechanics lien is. But just in case, lets cover the basics.A mechanics lien is a tool provided by California law that contractors, material suppliers, and some others can use to secure payment against property when t...

Companies are more likely to succeed when their attorneys and accountants work in tandem.  Professional services are more effective and efficient, and financial and legal interests are best protected. Enhanced Professional Services Attorneys and accountants have several characteristics in com...

Irrevocable trusts are powerful tools.  In addition to their estate planning benefits, they can help meet other family goals, such as providing for those left behind and reducing tax liabilities.  One potential drawback to irrevocable trusts, however, is that they can be difficult to change. W...

It would certainly be easier if the world operated on a handshake and a promise, but as we all know, people sometimes change their minds, and you never know what might happen over time. For those reasons and more, the business world is deeply reliant on the written legal contract. Discussing matt...

A revocable living trust allows the grantor of the trust (the person who establishes the trust) to control trust assets during his or her lifetime and names subsequent beneficiaries of trust assets upon the grantors death. A revocable living trust is commonly used to help avoid the probate proce...

Its a bird, its a plane … wait … its a drone! In todays modern age of hi-tech technological advancements, drones — also referred to as unmanned aerial vehicles (UAV) or unmanned aircrafts (UA) — are becoming increasingly commonplace. What was once a creation used only by the National Aeron...

When operating a business, owners and investors often choose to form a corporation due to the liability protection and tax planning opportunities available after incorporation.  While incorporation is a very important step in that process, there are many requirements after the initial filing, ado...

Powers of attorney are strong, legal documents that authorize another individual or group of individuals to act in your place and make decisions on your behalf. Commonly, people execute powers of attorney regarding their financial affairs; for their health, medical and personal welfare; and for o...

Every business needs to create certainty about how it will obtain inputs and how it will produce outputs for clients. Lack of certainty about either of these things creates a risk to the business. In the world of construction, small project deals are often forged by word and sealed by a handshake...

THE PURPOSE OF A SPECIAL NEEDS TRUST Special needs trusts (“SNT”s) allow a beneficiary to remain eligible for needs-based government benefits without having to completely forego their inheritance or other gifts from loved ones and, in some cases, settlement proceeds from lawsuits. Special needs ...

CLASSIFYING WORKERS A business typically has two types of workers: independent contractors and employees. Every business must classify its workers in order to determine whether to withhold taxes and extend benefits or allow an independent contractor to handle taxes and benefits on their own. Alt...

Many decisions made during an acquisition will have tax implications for the entities on both sides of the transaction. One of most important decisions is which basic deal structure to use-an asset purchase or a stock purchase. In an asset purchase, all or nearly all of the assets and liabilities...

In California, the probate process has become nothing short of a drawn-out public battle that costs a great deal of time and money. However, there are ways to avoid probate altogether and help ensure that family members avoid unnecessary stress and expenses following the loss of a loved one. W...

A key component of survival and profitability in the construction industry is managing project risk. Risk management, broadly speaking, touches all areas of a business and includes activities from supervision on the job site to structuring and negotiating contracts. A well-drafted construction co...

A construction contractor is naturally familiar with tools and methods of construction. When evaluating a potential job, it follows that a contractor tends to focus on what is going to be built, how long the job will take, and how much the job pays. These basic terms, if satisfactory, might seem ...

After the announcement of unprecedented enforcement action by the Federal Trade Commission and all 50 states targeting four non-profit organizations, leaders of non profits have come to realize that they are operating in an environment of increased scrutiny from authorities. While it has always b...

We often hear from people who would like to disinherit a family member from their estate plan, for one reason or another. While the motivation behind the disinheritance may vary, the ultimate goal is typically the same: to ensure that a specific family member does not receive any substantial dist...

The downtown Sacramento skyline is changing. As we watch the arena construction from our office window, its clear that the real estate market is on an upswing, leading many construction-based businesses to reconsider their legal structure. Over three years has passed since California began allow...

The end of each years tax season results in silent celebrations across the nation. If you found little cause to celebrate the end of this years tax season you might need to consider whether or not you are taking full advantage of opportunities to give to charity. You might find yourself recalli...

Do you have a Facebook account? Have you considered what would happen to it if you were to pass away unexpectedly? How many other online accounts do you have that would need some type of action? Have you considered how to include all these digital assets in your estate plan? Concerns about online...

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Charitable giving, especially during the holidays, can be personally rewarding, but it can also fit well with your financial goals by providing valuable deductions from income, gift, or estate taxes. There are many available options when you choose to give, including making cash gifts to an exist...

By D. Ken Brock – In California, it is now well established that non-competition covenants are generally void and unenforceable under Business amp; Professions Code §16600.  While there are very few exceptions to this general rule, courts have recognized that such agreements may be enforceable ...