Given the wide variety of estate planning goals that can be furthered using a trust, there is a very good chance that you will choose to include a trust agreement in your estate plan at some point. With that in mind, the staff at the Northern California Center for Estate Planning & Elder Law discuss what to consider when creating a trust. Creating a Trust Have a clearly defined trust purpose. Because trusts have evolved so much, there is now a specialized trust to help meet almost any … [Read more...] about What to Consider When Creating a Trust
Families Gather in Novel Ways in Pandemic
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. The disruptions from the social distancing required to fight the virus have been felt by people around the world. As we mark passing holidays, we reflect on the importance of family. Learn how to share time with family during this pandemic and tackle tasks such as Estate Planning. See the attached posting by my friend and colleague Steve Hartness, an estate planning specialist. Families Gather in … [Read more...] about Families Gather in Novel Ways in Pandemic
Why You Should Consider a Professional Trustee
A trust can be a beneficial addition to your estate plan for a number of reasons. Not only can a trust help your estate avoid probate, but it can also help protect your assets, plan for your incapacity, or even protect your minor child’s inheritance. If you decide to incorporate a trust into your estate plan, you will need to appoint a Trustee to administer the trust. With that in mind, lets explore why you should consider a professional Trustee. What Is a Trust? A trust is a legal … [Read more...] about Why You Should Consider a Professional Trustee
Is a Family Limited Partnership Right for Me?
If you are one of the millions of people for whom owning a family business is part of the American dream, and you are planning to make that dream a reality, you have a number of difficult decision ahead of you before your business can officially get off the ground. One of the most important of those decisions is the type of legal entity you want for your company. If you are certain you wish to keep the business in the family, a Family Limited Partnership might be right for you. We will explain … [Read more...] about Is a Family Limited Partnership Right for Me?
How Joint Ownership Can Help Avoid Probate
A thorough and comprehensive estate plan will make use of a wide range of estate planning tools and strategies in order to meet the needs of the plan’s creator. For example, if your goal is to pass your assets to loved ones as quickly and simply as possible after your death, probate avoidance tools and strategies should be incorporated into your estate plan. One of those strategies focuses on how you title property. We'll explain how joint ownership can help avoid probate. Joint Ownership in … [Read more...] about How Joint Ownership Can Help Avoid Probate
Shrunken Asset Values Open Estate Planning Opportunities
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. Not only has COVID-19 been challenging healthcare systems, but the social distancing required to combat the virus has also rocked financial markets. However, there may be an opportunity for those wishing to do certain types of Estate Planning. In this timely post by my friend and colleague Steve Hartnett, an estate planning specialist, he addresses some current planning options. Read on to learn more. … [Read more...] about Shrunken Asset Values Open Estate Planning Opportunities
Living Trusts and Incapacity Planning
If you are working on an incapacity plan, you may wish to consider the use of a revocable living trust. Like its counterpart, the irrevocable living trust, a revocable living trust takes effect during your lifetime. Although a revocable living trust does not offer the same asset protection or estate tax benefits as certain irrevocable trusts, it does allow you the benefit of being able to make changes to the trust. A revocable living trust can also be an extremely attractive incapacity planning … [Read more...] about Living Trusts and Incapacity Planning
Estate Planning and Charitable Giving — Key Points
If you have been fortunate enough to be in a position during your lifetime to donate to charitable causes, then you may wish to continue doing so long after your death. Just as you make plans to provide for your family members and loved ones after your death, you can include charitable giving in your estate plan as well. A thorough consultation with an experienced and qualified estate planning attorney is, of course, necessary in order to incorporate your charity into your estate plan; however, … [Read more...] about Estate Planning and Charitable Giving — Key Points
Over-Funding Your Retirement Plan: A Potential Estate Planning Problem
If you are like most Americans, you started saving for your retirement about the same time you started your career. The idea of saving for our golden years is firmly ingrained in the American psyche. While putting away money for retirement is certainly wise, putting away too much can result in over-funding of a retirement account. Unless one plans ahead, the excess funds in a retirement account could be taxed as both income and for estate tax purposes at the time of death. The end result of this … [Read more...] about Over-Funding Your Retirement Plan: A Potential Estate Planning Problem
Best Places to Retire: State Taxation
You owe federal income tax wherever you live. But your overall tax burden can vary dramatically depending on where you live. Read the linked article by my friend and colleague Steve Hartnett, an estate planning expert, to learn more. Best Places to Retire: State Taxation … [Read more...] about Best Places to Retire: State Taxation
