In recent years, the amount that can be left to loved ones without having to pay the so-called "death tax" has risen to levels most Americans will never reach. For example, in 2018, the estate tax, which is often referred to as the "death tax" does not apply to persons who die this year with less than $11.18 million dollars. For married couples, effective planning can double that amount. This rise in the estate tax exemption has led many to wrongly conclude that estate planning is no longer … [Read more...]
Newlyweds and Estate Planning
Did you just tie the knot? Congratulations to you both. Once you and your spouse are finally married, you probably want to relax and enjoy each other’s company. This is especially true after dealing with months of wedding planning. This is an exciting time in your life, but there are important issues that you should handle. As newlyweds, you need to begin to put an estate plan into place. It can be stressful and upsetting having to think about disability or death, but it is important … [Read more...]
Asset Protection Planning for Your Family Members
If you’re like most people, you would love to wrap your lifetime gifts or inheritance for your children in the protective cloth of asset protection. Just like the Kennedys and Rockefellers, you can protect the assets you worked so hard for from your child’s divorcing spouse, bankruptcy, business failure, medical crisis, auto accident lawsuit, a slip and fall on his or her property, and other liability exposures. This is asset protection you can’t get for yourself without technical and … [Read more...]
How Hospice Services Help Families (part 2 of 2)
If you have a loved one who has a terminal illness and is approaching the end of his or her life, hospice care service is an option to consider. With hospice, your loved one is able to get the support needed while also making sure that he or she is as comfortable and pain-free as possible. It can also be a great way for you and your family to cope as your loved one’s illness progresses. Take a look at some of the information below, to better understand this helpful service. If you have any … [Read more...]
How Hospice Services Help Families (part 1 of 2)
If you have a family member who is slowly approaching the end of life, you may be considering the use of hospice care services. It can be extremely upsetting and stressful as your loved one’s disease continues to take over. In addition, it can also be painful and scary for your loved one as well. Hospice care has many benefits and can help both the patient and his or her family. Take a look at some of the information below, to better understand the use of this service. If you have any … [Read more...]
Why Do I Need a Trust? Some Basic Answers
When most people wonder, “Why do I need a trust?” they are typically referring to a revocable living trust. Revocable Living Trusts are used as centerpieces in estate plans and are appropriate for most people. Should I have a trust now? Yes, consult with a qualified, experienced estate planning attorney to set up a trust now. Your revocable living trust covers three possible time periods: While you are alive and well While you are alive, but disabled After your death What … [Read more...]
Proposed Regulations Address “Clawback” Issue
The Tax Cuts and Jobs Act temporarily doubled the amount which can be given free of tax. However, that amount reverts to the permanent, undoubled amount in 2026. The estate tax ordinarily includes prior taxable gifts and then applies the exclusion to the total. However, in 2026 or later, this could result in a tax on amounts which weren’t taxable when gifted. This issue is the “clawback.” New Proposed Regulations resolve this issue. Read on to learn more from my friend and colleague Steve … [Read more...]
Providing For Your Pet After You Die
Do you treat your pet like family? You may be wondering if there is a way for you to care for your pet, even when you die. The good news is you can incorporate your furry friends into your estate planning. If you want to learn more about estate planning for your pet, read on. 1. Choose a new pet owner. Make sure that you choose someone who is able to care for you pet. Discuss this with him or her ahead of time. Include provisions for new pet ownership in your will or trust. … [Read more...]
BEING THANKFUL FOR CAREGIVERS
Thanksgiving is a time to reflect on the persons and things we should appreciate and be thankful for. Among those are the caregivers who assist loved ones on a daily basis. It is appropriate that November is National Long-term Care Awareness Month. The number of professional caregivers and care-giving services has increased along with our growing elderly population. However, the majority of caregivers in the United States still are family members or friends. If that is true in your family, … [Read more...]
KEEPING YOUR IMPORTANT DOCUMENTS SAFE FROM A DISASTER
The recent horrific firestorms suffered by our neighbors in nearby Paradise and the fires in the Wine Country not long ago have touched us all. To help them with their recovery, there are several organizations providing much needed assistance. They can all use our helping hand. See our Charity list in this newsletter for more information. Natural disasters are part of life, from hurricanes and floods to earthquakes and tornadoes. For us Northern Californians, the forecast is for more … [Read more...]
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