People often harbor misconceptions about the nuances of estate planning, and this can lead to bad decisions that yield negative consequences. One of them is the idea that you would never want to use a trust unless you are extremely wealthy. Folks that are under this impression assume that a last will is the only logical choice if you are not a multimillionaire. There is a kernel of truth in this line of thinking. High net worth individuals do use trusts of various kinds to satisfy complex … [Read more...] about Don’t Make Assumptions About Trusts
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Benefits for Seniors: Key Facts and Figures
Our elder law attorneys assist clients that are looking ahead toward their senior years and the twilight period that will follow. When you are planning for retirement, it is important to have a thorough understanding of the benefits that you will be able to receive. In this post, we will provide some very useful information about Social Security and Medicare. Social Security Eligibility Age The eligibility age for a full Social Security benefit depends on the year of your birth. If you were … [Read more...] about Benefits for Seniors: Key Facts and Figures
Will My Heirs Pay an Inheritance Tax?
Taxation would logically enter your mind when you are contemplating your legacy, and most of the news is surprisingly good when it comes to taxes on inheritances. First, an inheritor does not have to report a bequest as taxable income, and appreciated assets that are inherited get a step-up in basis. What is a step-up in basis, you ask? The best way to explain is by way of a simple example. Let’s say that your grandfather bought some stock that cost him a total of $10,000, and he leaves you … [Read more...] about Will My Heirs Pay an Inheritance Tax?
529 Plans: Planning for Education with a Tax and Asset Protection Bonus
Planning is important when providing for your children or grandchildren. But planning for their education has special importance and may have special advantages. This article looks at how 529 plans may have tax advantages when providing for education. Further, the article looks at how such a plan may provide asset protection in bankruptcy, as well. 529 Plans: Planning for Education with a Tax and Asset Protection Bonus … [Read more...] about 529 Plans: Planning for Education with a Tax and Asset Protection Bonus
Planning for the Unexpected
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about the prevalence of unexpected deaths and an example of what can happen without planning. Planning for the Unexpected … [Read more...] about Planning for the Unexpected
Planning for Education Expenses
Planning is important when providing for your children or grandchildren. But planning for their education has special importance and may have special advantages. This article looks at how a trust can be used to provide for your child or grandchild’s education. The article looks at how a trust can protect those funds. Planning for Education Expenses … [Read more...] about Planning for Education Expenses
Planning for Special Needs Children
Planning is important when providing for any of your children. But planning is even more important for special needs children. Without proper planning, an inheritance can jeopardize a special needs child’s needs-based benefits, such as SSI or Medicaid. Read on to learn more about planning for special needs children. Planning for Special Needs Children … [Read more...] about Planning for Special Needs Children
Californians Get Favorable Medi-Cal Parameters
Before we dig deeply into the details with regard to the advantages that Californians enjoy, we should explain why Medi-Cal should be on your radar in the first place. The vast majority of seniors will someday need living assistance, and about 35% will eventually reside in nursing homes. These facilities are extremely expensive. At the time of this writing in 2019, here in the greater Los Angeles area, you are looking at over a hundred thousand dollars per year, and it could be much more … [Read more...] about Californians Get Favorable Medi-Cal Parameters
Incapacity Planning Can Prevent Conflicts
It takes a comprehensive approach to construct an estate plan that covers all of your bases. Yes, you have to take the right steps to get financial assets into the hands of your loved ones in the appropriate manner. This being stated, you should also consider the events that may enter the picture before you pass away. Aging Takes Its Toll There is no way you can truly wrap your head around the way that it will feel to go through life as an octogenarian. This can seem like a feat of longevity … [Read more...] about Incapacity Planning Can Prevent Conflicts
Two Trusts That Provide Advanced Solutions
People often reduce estate planning to the creation of a last will, but in reality, there are many different legal tools in the toolkit that estate planning lawyers can utilize. The proper course of action will depend upon the circumstances. This is why we place an emphasis on personalized attention when we work with clients. We gain an understanding of your unique situation and your estate planning goals, and we provide the appropriate solutions. Let’s look at a couple of the scenarios that … [Read more...] about Two Trusts That Provide Advanced Solutions
