The pandemic has been difficult for many of us, including many small businesses. Sometimes it’s difficult to follow all the news. But, there’s little-known pandemic relief for employers struggling from the pandemic. My friend and colleague Steve Hartnett, an estate planning expert explores this important issue. Read on to learn more. … [Read more...] about Pandemic Relief for Employers
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Using Disclaimers to Achieve Your Goals: Double Disclaimers
Disclaimers can be a good way of getting assets where you want them to go. If the disclaimer is a “qualified disclaimer,” you aren't treated as having made a taxable gift. Sometimes a “double disclaimer” is necessary to achieve the desired outcome. My friend and colleague Steve Harnett, explores this useful planning technique. Read on to learn more. … [Read more...] about Using Disclaimers to Achieve Your Goals: Double Disclaimers
“Last Will and Testament” Origin
Why do you have a “Last Will and Testament.” Even Estate Planning attorneys are unlikely to know the etymology of the term. It was the subject of a recent question on “Jeopardy.” To learn more, see the following blog by my friend and colleague Steve Hartnett, an estate planning specialist. Read on to learn more. … [Read more...] about “Last Will and Testament” Origin
California Gets Poor Marks for Protecting the Elderly
As the population of older Americans continues to increase, we have also experienced an increased awareness of issues that impact them, including the prevalence of elder abuse, neglect, and financial exploitation. States across the nation are scrambling to try and prevent, or at least combat, the problem of elder abuse, with varying success. According to a recently released study by Wallet Hub, California gets poor marks for protecting the elderly. The Baby Boomers Reach Retirement Experts … [Read more...] about California Gets Poor Marks for Protecting the Elderly
Does California Impose an Inheritance Tax?
Along with making decisions regarding the distribution of your estate assets, your estate plan calls for other important decisions to be made. For example, the impact taxes will have on your plan should also be taken into consideration. Specifically, you need to know if your beneficiaries will owe taxes on the assets they inherit. Let's look into California's laws regarding inheritance taxes. The Federal Gift and Estate Tax The federal gift and estate tax is a tax that is imposed by the … [Read more...] about Does California Impose an Inheritance Tax?
How Do I Prove Undue Influence in a Will Contest?
If you recently lost someone close to you, the grieving process is likely still a big part of your life. At some point, you will learn the contents of the Last Will and Testament executed by your loved one. What do you do if something about that Will does not sound right? What do you do if you believe the Will does not reflect your loved one’s wishes? More specifically, what if you think someone else influenced your loved one during the execution of that Will? Let's explore the concept of undue … [Read more...] about How Do I Prove Undue Influence in a Will Contest?
What Is an AB Trust?
For many people, tax avoidance is a primary estate planning goal. If you are among them, and you are married, you may wish to consider incorporating an AB trust into your estate plan. For those who are unfamiliar with the concept, a Sacramento trust attorney at the Northern California Center for Estate Planning & Elder Law explains the basic fundamentals of an AB trust. Why Tax Avoidance Is an Important Estate Planning Goal Historically, an AB trust was used as an estate planning tool … [Read more...] about What Is an AB Trust?
Preparing for the Unexpected…and the Eventual
The world is an unusual place. Things you’d never expect to happen sometimes actually do happen. There are natural disasters and unusual phenomenon. It’s important to prepare, not just for the unexpected but the eventual, as well. Read on to learn more. My friend and colleague Steve Hartnett, an estate planning expert, shares his thoughts. … [Read more...] about Preparing for the Unexpected…and the Eventual
What Is Testamentary Capacity?
The terms of a decedent’s Last Will and Testament (if one was left behind) are used to determine how the decedent’s estate assets are distributed during the probate process. Sometimes, however, the validity of a Will is challenged in what is known as a Will contest. One of the grounds that may be alleged to challenge a Will is “lack of testamentary capacity.” What, exactly, does that mean though? Whether you are considering a challenge to a Will or you are an Executor with a duty to defend a … [Read more...] about What Is Testamentary Capacity?
The New Trustee’s Trust Administration Checklist
Not all that long ago, trusts were used almost exclusively by wealthy families as a tool to pass down the family wealth while maintaining a certain degree of control over how that wealth is used by future generations. Trust have evolved, however, to the point where it is now common to find a trust in even a relatively simple estate plan. When a trust is created, the trust creator must appoint a Trustee to administer the trust. If you recently learned that you were appointed to be the Trustee of … [Read more...] about The New Trustee’s Trust Administration Checklist
