Did you recently learn that someone appointed you to be the Trustee of a trust they created? If this also the first time you have ever served as a Trustee? If so, you probably don’t know what to expect or where to begin. Although the administration of every trust is unique, the Roseville trust administration attorneys as the Northern California Center for Estate Planning & Elder Law offer five important things to remember if you are a Trustee. Trust Administration Basics The overall job of … [Read more...]
Learn More about Medi-Cal Planning during Older Americans Month
If you are a senior yourself, or will be in the near future, the month of May should hold particular significance for you. Each May we celebrate Older Americans Month in the United States. This year, if you do not already have a Medi-Cal planning component in your estate plan, Older Americans Month is an excellent time to learn more about the benefits of Medi-Cal planning. The Historic Increase in the Older American Population Over the last several decades, the population of older Americans … [Read more...]
California Finally Approves ABLE Accounts
At long last, California has rolled out its ABLE accounts. Authorized by a federal law entitled the Achieving a Better Life Experience (or ABLE) Act, it is designed to make available additional funds to persons with disabilities who receive public benefits. The ABLE Act is administered at the state level and California finally began formally recognizing ABLE accounts in late December. ABLE accounts are like Section 529 plans. But, while 529 plans are for education expenses, ABLE accounts … [Read more...]
You May Still Face Probate After Creating Your Living Trust
Many folks create living trusts to, among other reasons, avoid the high costs of a California probate proceeding. Regrettably, some may think they’re saving money even more with do-it-yourself kits, Internet trusts, or by working with a paralegal or a general practitioner. If you go those routes, you increase your chances that your living trust may not avoid probate. Even with a high quality trust, failing to follow through with the “funding” process could trigger a probate. Why Won’t my … [Read more...]
What Are 529 Plans and What Are Their Advantages?
What are 529 plans? Can they be held in trusts? Read this blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about these plans and why to consider them. What Are 529 Plans and What Are Their Advantages? … [Read more...]
ABLE Accounts
An ABLE account is a great strategy for someone who became disabled by age 26. An ABLE account may be income tax-free. It has other unique benefits for a disabled person. Read this blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about the ABLE account and how it can help. ABLE Accounts … [Read more...]
Will My Father Qualify for Medi-Cal?
In recent years, more and more adult children are taking on the role of caregiver to an aging parent in the United States. As the population of older Americans continues to increase, healthcare for seniors has become a hot topic as well. If you have a parent whose health is deteriorating, now is the time to start worrying about the high cost of long-term care (LTC), if you have not already done so. At an average cost of almost $10,000 a month in California, may seniors must rely on Medi-Cal to … [Read more...]
New Estate Tax Proposal
A new estate tax proposal would lower the amount passing free from tax to $3.5 million and increase the rates of taxation. It would also eliminate some tried and true strategies for reducing estate taxation. Read this blog by my friend and colleague, Steve Hartnett, an expert planning expert, to learn more about this proposal and its prospects. New Estate Tax Proposal … [Read more...]
What are UGMA and UTMA Accounts?
What are UTMA and UGMA accounts? Are there better alternatives? Read this blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about these accounts, their drawbacks, and better alternatives. What are UGMA and UTMA Accounts? … [Read more...]
What Can an Estate Plan Do for You?
Have you put off creating an estate plan? If so, have you listened to countless family members, and maybe even well-meaning friends, tell you how important it is to have an estate plan in place? While their prodding is undoubtedly well-intentioned, their time and energy might be better spent explaining to you exactly what an estate plan can do for you. Understanding the benefits of having an estate plan in place, after all, will be far more likely to prompt you to finally get started on your … [Read more...]
