Far too many people make assumptions about estate planning. The one that is at the top of the list is the idea that a last will is the right choice as an asset transfer vehicle. In fact, for most people with a reasonably significant store of resources, a revocable living trust is a better choice for a number of different reasons. Consolidation of Assets If you were to use a last will as the centerpiece of your estate plan, the executor that you name in the document would have to identify and … [Read more...] about Top Five Benefits of a Living Trust
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Modifying an Irrevocable Trust
Irrevocable trusts often can be modified. They can be modified under the Uniform Trust Code or a state law decanting. Read on to learn more about how a modification of a trust can help. Modifying an Irrevocable Trust … [Read more...] about Modifying an Irrevocable Trust
Trust Protectors Add Flexibility
Trusts can be drafted to be quite flexible. This article examines how Trust Protectors can add flexibility to your trust. This added flexibility can increase the usefulness of your trust. Trust Protectors Add Flexibility … [Read more...] about Trust Protectors Add Flexibility
Making Trusts More Flexible
Trusts can be drafted to be quite flexible. This article examines several ways you can add flexibility to your trust. This added flexibility will increase the usefulness of your trust. Making Trusts More Flexible … [Read more...] about Making Trusts More Flexible
When and Where You Die Matters
Where you die matters. While you’ll pay the same federal estate tax no matter where you die, 1/3 of the states have a separate estate or inheritance tax. The most populous state, California, is the latest state to consider adding a state estate tax. Read on to learn more. When and Where You Die Matters … [Read more...] about When and Where You Die Matters
Planning is Critical
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 a heart-breaking story of someone who didn’t plan and the consequences. Planning is Critical … [Read more...] about Planning is Critical
Can You Give Gifts to Avoid the Estate Tax?
Before we address the question that serves as the title of this blog post, we should explain some basic facts about the estate tax. First, it is important to note that there are some states in the union that have state-level estate taxes. Here in California, there is no state estate tax, but of course we are subject to the federal tax. This tax carries a 40% maximum rate, so it can significantly erode your legacy if you are exposed and you take no action to mitigate the damage. The good news … [Read more...] about Can You Give Gifts to Avoid the Estate Tax?
Are All Asset Transfers Subject to Probate?
If you use a last will as your primary vehicle of asset transfer, it would be admitted to probate, and the court would supervise the administration process. The probate court would also be involved if you passed away without any estate planning documents at all. This being stated, there are certain types of asset transfers that are not subject to the probate process. Plus, here in California, there are some probate shortcuts that can sometimes be utilized, and we will share some of the … [Read more...] about Are All Asset Transfers Subject to Probate?
Study: Most Los Angeles Residents Do Not Have Wills
They say that the only certainties in life are death and taxes. Without question, people are always well aware of the looming April 15th tax day, and most folks plan ahead appropriately. When it comes to the other inevitability, things are entirely different, and this is a disturbing phenomenon. Studies are conducted periodically that are intended to put a finger on the pulse of the estate planning preparedness of American adults. They consistently find that the vast majority of people in Los … [Read more...] about Study: Most Los Angeles Residents Do Not Have Wills
What’s the Difference Between a Medi-Cal Trust and a Living Trust?
All trusts are not created equal. Different types of trusts are utilized to satisfy varying objectives. In this post, we will look at revocable living trusts and Medi-Cal trusts, and we will explain the major difference between them. Revocable Living Trusts and the Medi-Cal Program A revocable living trust is a trust that you can revoke or rescind. If you choose to do so, you can dissolve the trust, and it would no longer exist. You can also act as the trustee and the beneficiary while you are … [Read more...] about What’s the Difference Between a Medi-Cal Trust and a Living Trust?
