Effective estate planning can include asset protection for professionals and business owners, because wealth preservation is part of the equation. In this post, we will look at the family limited partnership (FLP), which can be a very effective asset protection structure. Control Without Ownership As the name would indicate, the participants in an FLP must be members of the same family. If you establish a partnership, you would be the general partner, and family members that you add would be … [Read more...] about A Family Limited Partnership Can Provide Asset Protection
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How Do You Include a Minor in Your Estate Plan?
There are some inheritance planning situations that can appear to be challenging on the surface, but if you speak with an attorney, you will inevitably find a solution. Providing for a minor child would fit into this category, and we will look at two potential courses of action in this post. Testamentary Trust A testamentary trust can be simply defined as a trust that is embedded within a will. If you want to provide for a minor child in your estate plan, you could include a testamentary trust … [Read more...] about How Do You Include a Minor in Your Estate Plan?
An Overview of Long-Term Care Insurance
We are going to look at long-term care insurance in this post, but many people are not interested in the subject because they harbor certain misconceptions. Before we share information about the coverage, we will provide clarity so you know why the matter is relevant. Most Seniors Need Living Assistance It’s hard to imagine a time when you will not be able to handle all of your own day-to-day needs, but the statistics paint a compelling picture. The average lifespan for someone that is in … [Read more...] about An Overview of Long-Term Care Insurance
Step-Up in Basis May Be Targeted
There can be changes to tax laws that have an impact on your estate plan, and they often come about when a new presidential administration takes office. We are going to look at two matters that fit into this category, and we will start with capital gains taxes on inherited assets. Stepped-Up Basis Reform When numerous different candidates were vying for the Democratic presidential nomination, we heard a lot of different platform positions. Some of the candidates were in favor of the enactment … [Read more...] about Step-Up in Basis May Be Targeted
Five Things You Should Know About Probate
A lot of people think that the estate administration procedure is very simple and straightforward when a will is used, and they assume that trust administration is much more complicated. In reality, this is a misconception. The executor acts as the estate administrator when a will is utilized, and the executor cannot act independently after the passing of the testator. Under the laws of the state of California, the will would be admitted to probate, and the court would provide supervision … [Read more...] about Five Things You Should Know About Probate
Updating Your Plan: Powers of Attorney
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including Powers of Attorney. Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. It’s important to consider whether you need to update either of these powers. Read on to learn more. … [Read more...] about Updating Your Plan: Powers of Attorney
Updating Your Plan: Your Trust or Will
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including your primary vehicle, such as a trust or will. Read on to learn more. … [Read more...] about Updating Your Plan: Your Trust or Will
Tax Planning for 2021
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2021 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2021
Updating Your Plan: Beneficiary Designations
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including beneficiary designations. Beneficiary designations may control a large part of your assets and it’s important to be sure your plan is coordinated to consider these. Read on to learn more. … [Read more...] about Updating Your Plan: Beneficiary Designations
It’s Better to Give, Especially This Year
Normally, you must itemize your deductions in order to benefit from them. In 2020, the standard deduction amount is $12,400 for individuals and $24,800 for married couples filing jointly. But this year, you can get a charitable deduction even if you don’t itemize. Read on to learn more. … [Read more...] about It’s Better to Give, Especially This Year
