Studies are conducted on an ongoing basis that are intended to evaluate the inheritance planning preparedness of American adults. They consistently find that the vast majority of people in the United States are going forward with no estate planning documents at all. As you might imagine, younger adults are quite remiss, but a surprising number of people in their 50s and 60s have not taken any action.Because it is so difficult to get people into gear in the first place, once they have an … [Read more...]
Estate Planning: A Glossary of Relevant Terms
If you reached this website because you are looking for information about how to protect your family from an estate planning perspective, you are making a very prudent move. This being stated, there are a lot of terms tossed around that the average layperson would not be familiar with, and this is understandable.In this blog post, we will provide a partial glossary of relevant terms. It is going to be “partial,” because there are so many of them, and we will look at some others in a future … [Read more...]
Estate Tax Exposure and Affluence in Los Angeles
We have a diverse economic landscape in Southern California, but at the higher end of the spectrum, there are positions that pay exorbitant salaries. There are countless major corporations, and this is the home of the entertainment industry, so there is some big money being made every day in the television, music, and motion picture sector.It is also a major hub of professional sports, so we have more than our fair share of elites that have tens of millions of dollars at minimum living in … [Read more...]
What is a GST Trust?
A Generation-Skipping or “GST” trust can be a good way to keep assets out of the taxable estate of a beneficiary and yet still allow them to be used for the beneficiary’s benefit during life. Read on to learn more about this type of trust and whether it might make sense for you.What is a GST Trust? … [Read more...]
Kiddie Tax is Worse Than Ever
The Kiddie Tax can apply to the unearned income of children. Read on to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax.Kiddie Tax is Worse Than Ever … [Read more...]
Staying Current on Estate Planning
It’s important for estate planning attorneys to stay up on the latest developments and techniques. The American Academy of Estate Planning Attorney held its semi-annual conference in Atlanta last week. Read on to learn more about the topics discussed at that cutting-edge conference.Staying Current on Estate Planning … [Read more...]
New Tax Proposal re: Retirement Savings
There are new tax proposals working their way through the House and Senate. These proposals, if passed, would change retirement savings significantly. Read on to learn more about these proposals and whether they might impact you or your clients.New Tax Proposal re: Retirement Savings … [Read more...]
Don’t Assume–Creative Estate Planning Solutions Exist
The Long Beach estate planning attorneys at our firm always emphasize the importance of personalized attention for a number of different reasons. First, there is no one-size-fits-all estate plan that is right for everyone, so your plan should be custom crafted to suit your needs.Secondly, you may be under the assumption that you have some type of unusual situation that you want to address, but there is no appropriate tool in the estate planning toolkit. In fact, this is usually not the case. … [Read more...]
Last Wills vs. Living Trusts: Weighing the Pros and Cons
The two most commonly used asset transfer vehicles in the field of estate planning are the last will and the living trust. Far too many people assume that a last will is the only logical choice unless you are orbiting in the financial stratosphere, but this is not the case at all. When you understand the facts, you may come to the conclusion that a living trust is a better choice, even if you are not extraordinarily wealthy.Hassles and LimitationsIf you were to use a will to state your final … [Read more...]
Estate Planning Procrastination Had Devastating Impact on LA Legend Morrison
Most people would probably assume that the majority of Americans have executed at least a basic estate plan. After all, when you go through life without making any preparations for the future, you won’t be the one who suffers the consequences. It is your loved ones that will be left behind to pick up the pieces.A number of years ago, Forbes magazine highlighted a Harris interactive survey that was conducted to find out just how many people do in fact have estate plans in place. A total of … [Read more...]
