Giving gifts to your children or grandchildren every year can be very important to you. Like many financial decisions, gift giving comes with tax consequences. However, understanding how the gift tax works, as well as the exemptions that are available, can save you money. If you plan it right, you can give your children $10,000 or more each year, without paying taxes. The IRS imposes a gift tax on “any transfer to an individual, either directly or indirectly, where full consideration is not … [Read more...] about Can I Give My Child $10,000 Every Year?
A power of attorney is a very common estate planning tool, that can easily be customized to fit a client’s specific needs. The value of a power of attorney is that it allows you to give someone you choose, the authority to manage your affairs if you become unable to do so. This authority is set out by the express terms of the power of attorney document. This means that agents give gifts on your behalf, only if the terms of your power of attorney allow them to do so. How much power should my … [Read more...] about Can Agents Give Gifts Through My Power of Attorney?
When assets are transferred to a revocable trust, the purpose is generally to avoid the time and expense of the probate process. The total of your assets, all that you own in your name upon your death, are typically required to go through the probate process. The objective of the trust is to transfer ownership of your assets into the trust, so that they can escape the probate process. But, when transferring property into trust, how do you decide which property should be transferred? Which … [Read more...] about Transferring Property into Trust
Having an appropriate, well thought out legacy wealth plan can help you preserve your financial independence and the independence of your family. Learn more about legacy wealth planning in California in this presentation. Topics covered in this report include: What is a Legacy Wealth Plan? Protecting your Assets Planning for Estate Taxes Charitable Donations Revisit your Plan Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Legacy Wealth Planning in California
How to Preserve Your Wealth for Generations in California from Scott Schomer Legacy wealth planning is a way to help preserve your financial wealth using estate planning tools such as wills, powers of attorney, living trusts and living wills. Learn more about legacy wealth planning in California in this presentation. … [Read more...] about How to Preserve Your Wealth for Generations in California
Now that medical professionals are better equipped to save and extend the lives of seriously ill or injured individuals, issues regarding prolonged suffering or delays in the dying process have become more prominent. Learn more about advance health care directives in California in this presentation. Topics covered in this report include: What is an Advance Directive? What Rights do I have to Decide My Own Medical Care? What is the Advance Health Care Directive (AHCD)? Choosing a … [Read more...] about Free Report: Advance Health Care Directives in California
The term “incapacity” has different meanings depending on the context in which it is being used. During legal proceedings, “incapacity” usually refers to an individual’s ability to comprehend the nature and consequences of those proceedings. Topics covered in this report include: Legal Incapacity Mental Incapacity Temporary Incapacity How is incapacity defined in California? Why is determining incapacity so important? Who makes the determination of incapacity? Can a … [Read more...] about Free Report: Incapacity in California
Guide to Personal Representative in California from Scott Schomer A personal representative is the individual responsible for supervising the administration of the estate through the probate court. To learn more about personal representative in this presentation. … [Read more...] about Guide to Personal Representative in California
Preparing for the unexpected is one of the main purposes of estate planning. If the time ever comes when you are unable to manage your property or assets yourself, a trust is a great way to prepare for the future management of your property, by someone you trust. Just as incapacity is not always permanent, the period that a trust is effective can also terminate. When does a revocable trust end? That depends on the terms of the trust and the circumstances. What is a … [Read more...] about When Does a Revocable Trust End?
Intestate Succession in California from Scott Schomer Although a will is one of the most common estate planning tools, not everyone has when they die. Learn more about intestate succession in California in this presentation. … [Read more...] about Intestate Succession in California