There was a time when estate planning lawyers strongly encouraged gay and lesbian couples to establish comprehensive estate plans because they were not allowed the same protections as heterosexual couples. But, with the groundbreaking Supreme Court decisions of recent years, the estate planning needs of gay seniors have changed. Nevertheless, estate planning is still important, particularly so for the gay seniors in our community.Overcoming bias against the LGBT communityUntil very … [Read more...]
Income Tax Basis in Estate Planning – Part 2
When choosing the direction to take in estate planning, it’s important to consider the impact of the proposed estate plan on income tax basis. Basis is often overlooked when estate planning strategies are considered. This article examines how common estate planning strategies impact income tax basis.Income Tax Basis in Estate Planning – Part 2 … [Read more...]
How Are You Planning for Long-Term Care (LTC) Expenses?
What’s the right direction for you in planning for future medical expenses? The odds are even that you’ll need long-term care (LTC) after age 65, at least for a while. Here are possible paths for covering those potential costs.How Are You Planning for Long-Term Care (LTC) Expenses? … [Read more...]
Treasury Releases New Inflation Adjustment
The new tax law doubled the estate tax exclusion through 2025. This article looks at the exact amount of the new exclusion (it’s not what you thought) and how it might be useful. The article also examines why there’s no reason not to take advantage of the newly-doubled exclusion.Treasury Releases New Inflation Adjustment … [Read more...]
Basis is Important in Estate Planning
When choosing the direction to take in estate planning, it’s important to consider the impact on income tax basis. This article examines the nature of basis and follows an example from acquisition of property to death and looks how basis is adjusted along the way. Since the property is included at death, the basis receives a step-up to the value of the property at death. Upcoming articles will examine how common estate planning strategies impact income tax basis.Basis is Important in Estate … [Read more...]
When Should I Revisit My Estate Plan?
Out of the millions of Americans who die every year, there are far too many who have not prepared for that eventuality by creating an estate plan. For those that have taken this important step in planning for their family’s future, they often ask when they need to revise their estate plans. Let our Los Angeles estate planning attorneys give you their recommendations.The essential estate planning toolsA will and a living trust are often considered to be the two most essential tools to include … [Read more...]
Estate Planning Attorneys Help Sole Proprietors With Their Business Plan
Sole proprietors need business estate planning, possibly more than other business entities. Sole proprietors need more protection because their personal assets are not actually separate from the business. That means, when you pass away your business cannot continue unless you have a business estate plan in place. Unless you provide a specific plan of action in place, your expectations for business succession may not be realized. Let our estate planning attorneys help.Why a business estate … [Read more...]
Age-Related Retirement Milestones
Retirement takes planning. This article includes milestone ages, such as when you must begin taking distributions from retirement plans. The article also includes links to resources which will be helpful in your retirement planning process.Age-Related Retirement Milestones … [Read more...]
Retirement is Complicated
Many factors go into retirement decisions. This article examines many of those factors, such as where to retire, access to healthcare, income taxation, estate taxation, property taxation, etc. This article includes many links to helpful lists.Retirement is Complicated … [Read more...]
Estate Planning: Simple is not Always Better
Clients often want the simplest estate planning solution possible. While keeping it simple is an understandable goal, the simplest solutions are not often the best. This article shows a couple simple solutions for estate planning and why, in most circumstances, a living trust is at the center of a more robust estate plan and more likely to provide the desired protections.Estate Planning: Simple is not Always Better … [Read more...]
