Planning is important when providing for your children or grandchildren. But planning for their education has special importance and may have special advantages. This article by my friend and colleague Steve Hartnett, an estate planning expert, looks at how 529 plans may have tax advantages when providing for education. Further, the article looks at how such a plan may provide asset protection in bankruptcy, as well.529 Plans: Planning for Education with a Tax and Asset Protection Bonus … [Read more...]
Do I Really Need a Trust?
We get a lot of questions about revocable living trusts and some prospective clients wonder whether they really need a trust. They say, “After all, I’m not a Warren Buffet or a Kennedy. Do I really need a trust?”Whether you need a trust (or not) depends upon your assets and your goals; mainly your goals. You do not need to be wealthy to benefit from a trust.You Need to Consider a Revocable Living Trust if you…Want to avoid probate Want to avoid court interference, through the … [Read more...]
Five Estate Planning Don’ts
Some people take the time to begin their estate planning, while others never even get around to it. If you want to be prepared throughout your lifetime and after your death, it’s important to have an estate plan in place. Take a look at the following estate planning don’ts for advice on what not to do when creating your estate planDon’t put off your planning! Many people put off planning because they are fearful of the process, they think they don’t need planning, or they are busy and … [Read more...]
Trustors, Trustees and Beneficiaries – The Same Person?
A trust creates a special relationship between people and property that the trust owns. The person who created the trust, called the trustor, transfers ownership of his or her property to the trust as the new owner. Trustors are also sometimes referred to as settlors and trust makers. The trustor also states who shall receive the benefit of that property, a person known as a beneficiary, and who shall manage the property for the trust, known as the trustee. But can a trustor also be a … [Read more...]
How Much is Too Much?
This article by my friend and colleague Steve Hartnett, an estate planning expert, looks at the question of how much is too much to leave your children. Many people have pledged to give the majority of their wealth to charity. If you won’t leave all your assets to your children, the article provides resources for vetting worthwhile charities.How Much is Too Much? … [Read more...]
The Importance of Communicating Your Plans
Each of us will die eventually. This article by my friend and colleague Steve Hartnett, an estate planning expert, looks at how planning can make your passing easier for those whom you leave behind. Specifically, this article will look at the importance of communicating your plans with your loved ones to avoid disputes after your death.The Importance of Communicating Your Plans … [Read more...]
Do I Need an Estate Plan? I’m Not That Old
We are often asked by prospective clients: “Do I need an estate plan?” This is particularly the case for folks under 40 or 50, who just can’t imagine themselves dead or incapacitated. We are also often asked about planning by our clients who have adult children with assets and children of their own. As we all know, we can't and don’t know the future. Should a premature death or disability occur due to an unexpected injury or illness, having an appropriate plan in place will reduce needless … [Read more...]
An Update On ABLE Accounts
We have previously wrote about the long-awaited arrival in California of the so-called ABLE accounts. Formally, known as an Achieving a Better Life Experience (ABLE) account, they are a low-cost, easy-to-access plan established by federal law that began rolling out in 2016 and is now available in California. Modeled after the so-called “529 accounts”, an educational savings program offered by individual states, ABLE accounts let children or adults with disabilities incurred before age 26 … [Read more...]
Disinheritance
Each of us will die eventually. This article looks at how planning can make your passing easier for those whom you leave behind. Specifically, this article by my friend and colleague Steve Hartnett, an estate planning expert, will look at how you can disinherit someone with the least disruption to the family.Disinheritance … [Read more...]
Your Planning Can Help Your Loved Ones
Each of us will die eventually. This article looks at how planning can make your passing easier for your loved ones. Specifically, this article by my friend and colleague Steve Hartnett, an estate planning expert, will look at the importance of the manner in which assets are left for your loved ones.Your Planning Can Help Your Loved Ones … [Read more...]
