Blended families require special planning. Communication of those plans is key to keep frictions to a minimum. This story examines the controversy in the family of sports reporter Craig Sager, who died in December 2016. Sager Family Shows Perils of Blended Families … [Read more...] about Sager Family Shows Perils of Blended Families
Estate Planning
Estate Planning Attorneys Give Advice to Newlyweds and Young Families
Newlyweds present unique challenges in the area of estate planning. As they start their new lives together they will face many changes, including the addition of new families. As most estate planning attorneys know, it is a very wise decision for newlyweds and young families to put their estate planning strategies in place as soon as possible. The sooner you start, the better chance you and your spouse will be on the same page with regard to family issues such as guardianship of your minor … [Read more...] about Estate Planning Attorneys Give Advice to Newlyweds and Young Families
Preserving Your Wealth for Generations
How many of the country’s wealthiest families are second and third generation millionaires or billionaires? According to some reports, two-thirds are first generation, only 20% are second generation, and less than 10% are third generation. What does this mean? It seems that most wealthy families have not quite mastered the art of preserving their wealth for generations to come. However, even those with more modest wealth can benefit from useful strategies to make their fortune go further. … [Read more...] about Preserving Your Wealth for Generations
When Do You Need a Special Needs Trust?
Trusts are very useful estate planning tools that provide a way to save money and other property for a chosen beneficiary. As our estate planning lawyers can explain, certain trusts have a particular purpose such as providing future support for a loved one with special needs. Your chosen trustee will hold and manage the property, making that person responsible for seeing that the terms of the trust are fulfilled. Defining "Special Needs" “Special needs” is a broad term that includes … [Read more...] about When Do You Need a Special Needs Trust?
Irrevocable Trusts: What Are They and Why Do I Need One?
Irrevocable trusts are very useful estate planning devices that are often used for long-term management of assets. There are various types of irrevocable trusts that can be used for different purposes in estate planning. When you transfer assets to your trust, they are permanently removed from your estate and the transfer of ownership to the trust cannot be revoked. Our Los Angeles estate planning attorneys can explain everything you need to know about irrevocable trusts. The many benefits of … [Read more...] about Irrevocable Trusts: What Are They and Why Do I Need One?
Would You Prefer a Charitable Deduction This Year?
Perhaps you would prefer to take a charitable deduction this year. Maybe you have higher income this year, or the reduced ability to take a deduction next year. A donor advised fund may make sense for you. A donor advised fund allows a deduction this year, even though distributions will be made to public charities in future years. Read on to learn more about a donor advised fund. Would You Prefer a Charitable Deduction This Year? … [Read more...] about Would You Prefer a Charitable Deduction This Year?
No Charitable Deduction in 2018?
The tax bills passed by the House and Senate would eliminate deductibility of state income tax and nearly double the standard deduction, dramatically reducing the number of people who would benefit from itemizing their deductions. As a result, most people would get no tax benefit from their charitable contributions. This article examines how a Donor Advised Fund could allow donors to make a contribution this year, getting a tax benefit, and then release the funds to charities in the … [Read more...] about No Charitable Deduction in 2018?
New Year’s Greetings
Congress passed a new tax law just before leaving for the holidays. The new law temporarily doubles the estate, gift, and GST exemption. The law increases the standard deduction and limits deductions for state and local taxes. Read the article to find out more about the new law and how it will impact you. New Year’s Greetings … [Read more...] about New Year’s Greetings
A Special Option for Special Kids
When planning for children with special needs, it takes special care to preserve their eligibility for public benefits. An ABLE account is a new way to preserve eligibility while gaining tax advantages. Read on to learn more about this new tool in planning for those who were disabled by age 26. A Special Option for Special Kids … [Read more...] about A Special Option for Special Kids
Basics of Estate Planning: Privacy and Estate Planning
Privacy is important, especially in today’s world. Learn how estate planning can enhance or reduce your privacy. Read on to find out more. Basics of Estate Planning: Privacy and Estate Planning … [Read more...] about Basics of Estate Planning: Privacy and Estate Planning
