Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the estate. But, there are two potential traps in this. Read on to learn more … [Read more...] about Removing Life Insurance from the Taxable Estate
Estate Planning
The Basics: Financial Power of Attorney
Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. Read on to learn more … [Read more...] about The Basics: Financial Power of Attorney
The Basics: Powers of Attorney for Healthcare
Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. This article concerns the Healthcare Powers of Attorney and Advance Directives. Read on to learn more … [Read more...] about The Basics: Powers of Attorney for Healthcare
A Heggstad Petition Can Provide a Solution
Before we explain what a Heggstad petition is and why you may want to use one, we have to provide some background information about living trusts. This is because the petition could be useful if you use a revocable living trust as the centerpiece of your estate plan. Living Trust Benefits Many people think that a last will is the right choice as a sole asset transfer device based on some misconceptions. One of them is the notion that your assets would be distributed very quickly and … [Read more...] about A Heggstad Petition Can Provide a Solution
Steer Clear of These Estate Planning Traps
Many people procrastinate when it comes to estate planning because they think that it is a huge task to undertake. They know that they should take care of this responsibility, so they embrace certain notions that can be described as “traps” because they can yield negative consequences. We will look at a few of them here to provide some clarity so you know why you should probably avoid overly simplistic estate planning solutions. Do-It-Yourself Estate Planning There are a number of websites … [Read more...] about Steer Clear of These Estate Planning Traps
Gift Tax Closes Window of Opportunity
As you go through life, you pay taxes at every turn. There are income taxes on the federal level, and if you live in California where we practice law, you have to contend with a state-level income tax. Property taxes, capital gains taxes, and sales tax will enter the picture as well, and there are other taxes that fly under the radar, like gasoline and hotel taxes. Since you are required to hand over all these different slices of your personal pie, it would seem as though your death should … [Read more...] about Gift Tax Closes Window of Opportunity
Avoiding Family Chaos in the Coronavirus Age
In this era of coronavirus, planning is more important than ever. This article includes a brief story about a couple who didn’t plan and the family discord it enabled. Read on to learn more. … [Read more...] about Avoiding Family Chaos in the Coronavirus Age
Estate Planning: Where Do You Begin?
Far too many are completely unprepared from an estate planning perspective, and there are many reasons for this phenomenon. One of them is confusion-based procrastination. There are those that know that they should put an estate plan in place, but they simply do not know where to begin. Let’s look at the basic core components that should be included in any well-constructed estate plan. Asset Transfer Vehicle The first step is to decide on the optimal asset transfer vehicle. A lot of folks … [Read more...] about Estate Planning: Where Do You Begin?
Simplify the Estate Administration Process
When you think about estate planning, it can seem like the entire endeavor revolves around stating your wishes about the way that you want your assets to be distributed. This is certainly at the core, but you should also consider the administration process that will be initiated after your passing. Yes, you want to get assets into the hands of your loved ones in accordance with your wishes. At the same time, the way that this is done can vary depending on the choices that you make during the … [Read more...] about Simplify the Estate Administration Process
Why Would You Use an Irrevocable Trust?
People often harbor misconceptions about trusts. The first one is the idea that they are only useful for very wealthy individuals. This is true, but you have to take out the word “only.” There are a number of different trusts that can be utilized, and they serve varying purposes. Generally speaking, they are broken down into two broad categories: revocable and irrevocable trusts. Let’s look at the differences and why someone may want to use either type of trust. Irrevocable Trusts As the … [Read more...] about Why Would You Use an Irrevocable Trust?
