PACE Presents Entrepreneur Training Program

(PACE) — PACE will present an Entrepreneur Training Program on Saturdays, July 31 through Aug. 28, from 9 a.m. to 2:30 p.m.

The program will be held at the PACE Business Development Center, 1055 Wilshire Blvd., suite 900B. This is a 25-hour business startup course for entrepreneurs that want to start a new business but don’t know where to begin.

Over the past 34 years, PACE has provided assistance to more than 600,000 low-income, ethnic minority residents of the Los Angeles area. Today, its scope of services includes work force development, business development, financial education and asset building and more.

Admission is $75.

Additional information about PACE: www.pacelabdc.org.

Free Money Matters Workshops Slated

(FamilySource) — FamilySource - Southeast II will host free Money Matters workshops for South Los Angeles residents with low to moderate incomes Aug. 3, 10 and 17, from 6:30 to 7:30 p.m., at 9219 S. Broadway, Los Angeles.

The workshops are being held to help the community learn how to keep their money during hard times.

The FamilySource Center - Southeast II is a one-stop community resource hub offering free services and programs for Los Angeles city residents to help improve family and individual income and youth academic success. Enrollment in FamilySource is required to attend the workshops. 

Provide proof of address, income and photo identification.

Information: (323) 777-3120.

Center Invites Public to Join Its Entrepreneurial Training Program

(VSBEC) — The Vermont Slauson Business Enterprise Center invites the public to join its Entrepreneurial Training Program.

The free program is designed for those who are emerging entrepreneurs contemplating their next innovative business idea or established business owners on their way to the Fortune 500.

Introductory three-week and comprehensive eight-week classes will be offered covering topics such as market research, feasibility studies, and the components of a sound business plan. New classes start Aug. 5 and 7 at 6109 S. Western Ave., Los Angeles.

To enroll, e-mail ichambeshi@vsedc.org or call (323) 789-4515.

Black Employees Say SoCal Edison Discriminates

(AP) — Eleven former and current black employees have filed a discrimination lawsuit against Southern California Edison.

The July 20 Los Angeles Superior Court suit claims there’s a “racially hostile” work environment in which few blacks are in senior management at the utility. They also allege unequal pay and job assignments.

Plaintiffs attorney Charles T. Mathews says blacks are second-class citizens at Edison.

Utility spokeswoman Vanessa McGrady said the company doesn’t comment on pending litigation.

Rosemead-based Southern California Edison has 17,000 employees. The utility serves more than 14 million people in a 50,000 square-mile area of central, coastal and Southern California.

Information from: Inland Valley Daily Bulletin, www.dailybulletin.com.

Forecasters Say SoCal Economy Gaining Strength

(AP) — Forecasters say rising tourism, a thriving entertainment industry, and a jump in international trade projections will help strengthen Southern California’s economy.

The Los Angeles County Economic Development Corp. says in its forecast released July 21 that there are positive signs after years of recession.

But researchers say the economy remains weak because of lingering high unemployment, tight credit and a struggling housing and construction industries.

Chief economist Nancy Sidhu says researchers believe that, rather than a relapse, the economy will grow.

Brown and CalPERS Launch Probe Into Excessive Local Government Salaries

(Office of the Attorney General) — Spurred by the outrageously high salaries paid to public officials in the city of Bell, Attorney General Edmund G. Brown Jr. July 22 launched a joint investigation with CalPERS into the compensation paid by Bell and other local governments throughout the state.

Brown’s probe will examine records to determine whether any illegality, self-dealing or other improper activity occurred in Bell or other cities and counties in the state.

The attorney general’s investigation was launched after recent Los Angeles Times articles reported that Robert Rizzo, the Bell city manager, is paid nearly $800,000 a year, making him the highest-paid city manager in the state. Police Chief Randy Adams is paid $457,000 and Assistant City Manager Angela Spaccia is paid $376,288 a year. Most city council members are paid nearly $100,000 for their part-time jobs.

Bell, in southeast Los Angeles County, has a population of 40,000 that includes a high percentage of low-income residents.

BY ATTY. WILLIAM HAYES

Estate planning is the process of making sure that you as an individual, or you as a family member, have a plan for how your assets are going to be managed and distributed in the event of death or disability.

This is the gift that you can give to your friends and/or family or your favorite charity or cause. Planning your estate makes sure that not only is there a plan of action in the event of disability or death, but that it’s done in the way that will have maximum benefit from a tax and management perspective.

When our hypothetical couple Devon and Cherish met with their estate planning lawyer, they discussed their vision for their family’s future and how they could best help each member of the family. They discussed any and all of their concerns, including what could be done to benefit their church, their favorite charity, and the family pets. Together they created an estate plan designed to achieve their goals by the use of a living trust.

In addition to the living trust, they also created a property power of attorney, a health care power of attorney, an agreement regarding community property and medical authorization forms. Once those documents were prepared and signed, Devon and Cherish assumed that there was nothing further to do. Were they right?

Cherish and Devon thought that was all they had to do to complete their estate plan. But, when Devon became disabled and later died, Cherish found out how wrong they were.

A trust does not control your assets unless you actually change the ownership title on the assets. This is known as “funding the trust.”

When Devon passed away, it was discovered that the trust was still unfunded. This meant some assets were held in joint tenancy and passed to the surviving joint tenant, Cherish, while other assets passed by beneficiary designation to a named person.

Still other assets may have been separate property, and they became embroiled in a dispute between Cherish and Devon’s children from a prior marriage. Devon had still more assets in his own name. Those assets unfortunately had to go through the very public, costly and long-term court process known as probate.

Funding is the process of transferring title of assets into your trust. Cherish learned that planning is not enough — funding is also critical to an estate plan. An unfunded trust is the equivalent of a treasure chest without any gold in it.

Ownership of most assets should be transferred into your trust. Possible exceptions might be:

• Retirement accounts where the beneficiary is already named, such as IRAs, 401(k)s, 403(b)s, etc. In some circumstances you may want to change the beneficiary designation of these accounts to your trust. You must take these designated accounts into consideration when determining how your overall estate is managed and later distributed.

• Life insurance. However, sometimes it is advisable to put this in a special irrevocable trust in order to reduce estate taxes.

• Custodial accounts, such as UTMA and UGMA accounts or accounts which are otherwise payable on death.

• Checking account. Sometimes people want to leave a small amount in a checking account for day-to-day transactions, especially if they want to protect their privacy and not disclose the existence of the trust.

• Motor vehicles. Sometimes it may be better to leave these outside of the trust.

Many mortgage lenders require you to remove your home from your trust before refinancing. If this becomes necessary, your estate planning attorney can prepare a deed from your trust to you as an individual. If you remove the home from the trust, after the loan closes remember that you must put it back into the trust immediately.

If you remember nothing else from this article, please remember that it is essential that your primary assets be titled in the name of your trust or you may find yourself with more problems than benefits from your trust. The living trust is a fantastic device for estate planning but only when it is used properly.

I have reviewed many trusts where the clients thought that their estate planning was complete and they were often surprised to find that their assets might still be subject to probate. This is particularly so with older trusts prepared before certain changes in the law. Make sure that yours gets the job done.

William K. Hayes is a member of the American Academy of Estate Planning Attorneys. To contact Hayes, call (626) 403-2292. You can visit the Hayes Law Firm website at LosAngelesTrustLaw.com.