The loss of a loved one triggers a number of practical and legal steps that must be taken, starting with locating the decedent’s Last Will and Testament. If you are an heir or beneficiary of that Will, you should be notified when the Will is submitted for probate. What happens if you have doubts about the validity of the Will? Is it difficult to contest a Will in California? Because every potential Will contest involves a unique set of facts and circumstances, you should consult with an … [Read more...]
What Are the Rules of Intestacy in California?
When a loved one passes away, one of the first practical steps that should be taken is to search for the decedent’s Last Will and Testament. What happens though if you cannot find a Will? Surveys indicate that over half of all Americans do not have even a basic estate plan in place, making it equally likely that your loved one did not execute a Will prior to his/her death. If that is the case, it means that he/she died “intestate” which is a legal term meaning without a Will. When a decedent … [Read more...]
Estate Planning for Adult Children Suffering from Alcoholism
Estate planning can extend your loving support and guidance to your children even after you are gone. If you have a child with an addiction problem such as alcoholism or other substance abuse issue, you can put your best efforts forward in ensuring that the inheritance you leave for him won’t be used to fuel the addiction or even kill him. Perhaps, this is one of the most important benefits of estate planning for adult children. Alcoholism runs rampant and often does not rear its ugly head … [Read more...]
How Are Trusts Taxed?
Trusts are useful vehicles both during life and after death. This article by my friend and colleague Steve Hartnett, an estate planning expert, examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more. How Are Trusts Taxed? … [Read more...]
QDRO: Not Just for Divorce Anymore
Transferring an ERISA account, like a 401(k), from one spouse to another can have substantial tax benefits, by delaying Required Minimum Distributions or avoiding early withdrawal penalties. However, one cannot simply transfer an account from one spouse to another under most circumstances without triggering adverse tax consequences. A Qualified Domestic Relations Order or “QDRO” avoids those adverse consequences. While a QDRO is most commonly used in a divorce context, divorce is not a … [Read more...]
A Basic Guide to Trusts
If you’re thinking about your estate planning affairs, you may be considering the use of trusts. It’s important to understand how trusts work, so that you can make the best planning decisions; take a look at the following basic information to learn more. If you have any questions, or if you’d like to discuss how trusts can fit in with your estate plan, meet with an experienced, qualified estate planning attorney. Trustee Holds Legal Title to Trust Assets When you create a trust, you’re … [Read more...]
Making Estate Planning Easier
If you are intending to create or update your estate plan in 2019, congratulations. Unfortunately, for too many, procrastination causes delays in creating much needed plans. one reason for the delay is that estate planning can seem overwhelming and stressful because it’s a whole new “thing” with new lingo and big decisions to be made. As if that weren’t enough, estate planning involves talking about our health, death, incapacity, interpersonal relations, and finances. At this point, you … [Read more...]
Turning the Page on 2018 and Looking Forward to 2019
As we turn the page and bid farewell to 2018, we look forward to 2019. This article by my friend and colleague Steve Hartnett, an estate planning expert, summarizes the major changes for 2019, both in the tax area and in other areas. Read on to learn more. Turning the Page on 2018 and Looking Forward to 2019 … [Read more...]
Planning for Loved Ones: Education and Persons with Disabilities
This article by my friend and colleague Steve Hartnett, an estate planning expert, examines ways for giving effectively, both to loved ones or to charity. It examines the use of 529 plans and ABLE accounts for loved ones. It examines gifting of appreciated assets to charity and bunching charitable deductions for the most bang for the buck. Read on to learn more. Being Thankful and Sharing Your Blessings … [Read more...]
Estate Planning Considerations Entering the New Year (part 2 of 2)
When considering creating or updating your estate plan in 2019, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...]
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