There is an emerging demographic that has been dubbed the “sandwich generation.” These are people that are simultaneously caring for their children and their aging parents, and they are typically in their late 30s and 40s. Their ranks are growing because the baby boomers are attaining senior citizen status, and they face challenges because they have to juggle many responsibilities. Take Care of Yourself Experts that have studied this phenomenon emphasize several key points to keep in mind. … [Read more...] about Sandwich Generation Members Face Challenges
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What’s the Difference Between Per Stirpes and Per Capita Beneficiaries?
There are some Latin terms used in the legal profession to successfully describe certain processes, and this will apply to wills and trusts. You may see the terms “per stirpes” and “per capita” utilized, and we will provide an explanation of these terms in this post. Beneficiary Succession When you draw up a will or trust, you are obviously going to name beneficiaries to inherit the resources after you are gone. This is usually a rather simple and straightforward matter, but what happens if a … [Read more...] about What’s the Difference Between Per Stirpes and Per Capita Beneficiaries?
Roth IRAs Can Be a Great Planning Strategy: Advanced
This is the second in a two-part series on Roth IRAs. The first part reviewed the basics of Roth IRAs. Read on to learn more. … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Advanced
It’s Important to Have a Coordinated Estate Plan
There are many parts to an Estate Plan. The Revocable Trust is just one part. It’s important to coordinate the various parts of the Estate Plan. Read on to learn more. … [Read more...] about It’s Important to Have a Coordinated Estate Plan
Revocable Trusts Are Not Always Treated the Same as an Individual
A revocable trust is treated the same as the individual for most purposes. But for some narrow purposes it can be treated differently. Read on to learn more. … [Read more...] about Revocable Trusts Are Not Always Treated the Same as an Individual
Roth IRAs Can Be a Great Planning Strategy: Basics
Roth IRAs can be a great planning strategy. They can save taxes and help in many ways. Read on to learn more. … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Basics
Trust Distribution Standards May Be Very Broad
Trustee distribution standards could be very broad. “Health, education, maintenance, and support” is such a standard, which has its origin in tax regulations. Read on to learn more. … [Read more...] about Trust Distribution Standards May Be Very Broad
Soaring L.A. Real Estate Values Can Lead to Estate Tax Liability
It’s no secret that the value of real estate in Southern California is through the roof. This trend has been ongoing for some time, and in April, prices went up by over 20 percent year-over-year according to the L.A. Times. Watching the numbers go up is satisfying, but from an estate planning perspective, there is an inherent threat that goes along with the accumulation of wealth. Federal Estate and Gift Tax Inheritances are not subject to regular income taxes because it would be double … [Read more...] about Soaring L.A. Real Estate Values Can Lead to Estate Tax Liability
What Is the Medi-Cal Asset Limit in 2021?
The Medi-Cal program may not be on your radar if you have health insurance and you know you will qualify for Medicare when you are 65. This is understandable on the surface, but there is a good reason why you should keep Medi-Cal in mind. Long-Term Care Costs Why is Medi-Cal relevant? The program will pay for a stay in a nursing home, and Medicare does not cover the custodial care that nursing facilities provide. You can expect to pay over $100,000 per year for a private room in a Los … [Read more...] about What Is the Medi-Cal Asset Limit in 2021?
When Is a Trust Better Than a Will?
One of the most widely embraced misconceptions about estate planning is the idea that a will is almost always going to be the best asset transfer device. In fact, there are circumstances that can call for the utilization of some type of trust, and we will look at some of them here. Efficient Asset Transfers There is a foundational drawback that comes along with the utilization of a will as your asset transfer vehicle. You probably want your loved ones to receive their inheritances in a timely … [Read more...] about When Is a Trust Better Than a Will?
