Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article focuses on beneficiaries who don’t fall under the standard 10-year payout of the SECURE Act. Read on to learn more. … [Read more...] about Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
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Is Life Insurance Part of Your Estate Plan?
There are people that do not have estate plans because they have limited resources, and they don’t think that it is worth the trouble. If you do not have anyone depending on you financially, this may make sense on the surface, but there are other reasons to have a basic plan in place. However, if you are married, the situation is different. The responsibility you have to your family is even greater if you have a child or multiple children. You can’t create money out of thin air to make … [Read more...] about Is Life Insurance Part of Your Estate Plan?
2021 Estate Planning Survey Reveals Interesting Trend
They say that death and taxes are the two certainties of life, and people definitely prepare for the latter one of these two eventualities. However, when it comes to the other one, a surprising percentage of people are remiss. 2021 Survey Results Caring.com has been conducting studies on an annual basis to get a feel for the estate planning preparedness of American adults. They gather their numbers shortly after we enter a new year, and they have recently released their figures for … [Read more...] about 2021 Estate Planning Survey Reveals Interesting Trend
Can Someone Challenge a Living Trust?
People often harbor misconceptions about trusts, and one of them is the idea that you cannot challenge the terms of a trust in court. This stems from a misunderstanding of a basic truth about revocable living trusts. Living Trusts, Probate, and Will Challenges One of the major benefits that a living trust will provide over a simple will is the avoidance of probate. A will would be admitted to probate, which is a court supervised legal process. It is time consuming and expensive, so probate … [Read more...] about Can Someone Challenge a Living Trust?
Dynasty Trusts
What’s a “Dynasty Trust?” Such a trust is one that continues for the maximum term possible. There can be estate tax advantages to such a trust. Read on to learn more. … [Read more...] about Dynasty Trusts
Is There a State Estate Tax in California?
If you receive a direct inheritance through the terms of a will, you would not be required to report it as income on your state or federal tax returns. Distributions of portions of the principal in a living trust are not taxed, but distributions of the earnings would be subject to taxation. Though income taxes are not a source of concern, there are 12 states in the union that have state-level estate taxes. Fortunately for residents of California, there is no estate tax in the Golden … [Read more...] about Is There a State Estate Tax in California?
What Happens to Assets Left Out of My Living Trust?
A living trust is the ideal estate planning tool for many people, and when you understand the benefits, you can see why they are so popular. We will provide a rundown here, and we will address the matter of assets that may have been left out of your living trust. Efficient Estate Administration If you use a simple will to serve as your asset transfer vehicle, you would name an executor in the document, and it would be admitted to probate after your death. This is a time-consuming legal process … [Read more...] about What Happens to Assets Left Out of My Living Trust?
You Need These Four Estate Planning Documents
When you plan your estate, you should cover all your bases, and this will require the execution of multiple documents. The optimal combination will depend on the circumstances, but there are four core components that should be part of every estate plan. Asset Transfer Vehicle Monetary asset transfers will come to mind first when you think about the estate planning process. Your estate plan will include a simple will or some type of trust to facilitate distributions to your heirs. A lot of … [Read more...] about You Need These Four Estate Planning Documents
Medi-Cal Assisted Living Waiver Can Facilitate Aging in Place
When you are going on an adventurous journey, you try to anticipate the challenges you may face, and you prepare accordingly. The same dynamic can be applied to aging, and when you think pragmatically, you can adapt as the years pass. Aging in Place The term “aging in place” has gained a lot of traction over recent years, and it is a simple phrase that is largely self-explanatory. Most senior citizens will need some type of help with their activities of daily living, and this is simply a fact … [Read more...] about Medi-Cal Assisted Living Waiver Can Facilitate Aging in Place
Can You Dissolve a Trust If Circumstances Change?
Some people do not even consider the possibility of using a trust as an estate planning tool because they harbor a misconception. They think that you permanently surrender control of assets that you convey into a trust. On the one hand, this is false, and on the other hand, it’s true. We will provide some clarity in this post. Irrevocable Trusts There is a legal concept called “incidents of ownership.” In layman’s terms, when you relinquish incidents of ownership, the assets are no longer … [Read more...] about Can You Dissolve a Trust If Circumstances Change?
