If you are a veteran, or a surviving spouse of one, you are entitled to a number of important benefits from the United States government. One benefits program that you may not know about is the Veterans Aid and Attendance program (VA&A). The VA&A program is intended to provide additional monetary assistance, above and beyond that provided by other VA programs such as the VA pension program. The additional assistance is intended to help cover the cost of someone to help you with daily … [Read more...]
What Is a Reverse Mortgage?
For seniors living on a fixed income, the opportunity to access an additional income source may sound like a dream come true. A reverse mortgage offers just that; however, it is crucial that you understand how a reverse mortgage works and how taking one out might affect your estate plan before you decide to sign on the dotted line. Toward that end, we will explain the basics of a reverse mortgage. What Is a Reverse Mortgage? For seniors who have equity in a home, a reverse mortgage allows them … [Read more...]
Tips for Choosing Fiduciary Roles in Your Estate Plan
Creating a comprehensive estate plan requires you to make numerous important decisions. Although many of those decisions are directly related to the distribution of your estate assets after you are gone, not all of them are. In fact, some of the most influential decisions you will make within your estate plan are often the ones people spend very little time making. These are decisions related to fiduciary roles within your plan. Choosing people for the fiduciary roles within your estate plan … [Read more...]
Kiddie Tax is Worse Than Ever
The Kiddie Tax can apply to the unearned income of children. Read this blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax. Kiddie Tax is Worse Than Ever … [Read more...]
What is a GST Trust?
A Generation-Skipping or “GST” trust can be a good way to keep assets out of the taxable estate of a beneficiary and yet still allow them to be used for the beneficiary’s benefit during life. Read this blog, by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about this type of trust and whether it might make sense for you. What is a GST Trust? … [Read more...]
What Is Family and Business Succession Planning?
For many Americans, owning and operating a family business is part and parcel of the American Dream. If you count yourself among those people, you have undoubtedly invested a significant portion of your life and your savings into your business. Failure is not an option. With that in mind, you probably go to great lengths to protect your business from things such as theft, natural disasters, and even market slow-downs. What you may not have in place, however, is a plan to protect your business in … [Read more...]
What is a POLST and Do I Need One?
In every estate plan we prepare in our office, we include an Advance Health Care Directive (AHCD) and a form that authorizes disclosure of medical information to designated individuals you have appointed to positions in your estate plan. This latter form is done to comply with the so-called HIPAA law. An advance health care directive is a legal document you use to provide guidance about what types of treatments you may want to receive in case of a future, unknown medical emergency. It also … [Read more...]
Your Proof of Identity and Your Estate Plan: What’s the Connection? Also Your Driver’s License My Restrict Your Travel Plans
An essential part of creating a comprehensive estate plan is the execution, that is, signing, of the plan documents. While the execution of some documents, such as Wills, must be witnessed by two witnesses, most documents must be notarized. These include Trusts, Powers of Attorney, certain Assignment forms and Deeds. What does notarization entail? It means signing the documents before a Notary Public commissioned by the State of California. We have such notaries on our … [Read more...]
New Tax Proposal re: Retirement Savings
There are new tax proposals working their way through the House and Senate. These proposals, if passed, would change retirement savings significantly. Read the following blog, by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about these proposals and whether they might impact you or your clients. New Tax Proposal re: Retirement Savings … [Read more...]
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. California is the latest state to consider adding a state estate tax. Read this post by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. When and Where You Die Matters … [Read more...]
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