At long last, California has rolled out its ABLE accounts. Authorized by a federal law entitled the Achieving a Better Life Experience (or ABLE) Act, it is designed to make available additional funds to persons with disabilities who receive public benefits. The ABLE Act is administered at the state level and California finally began formally recognizing ABLE accounts in late December. ABLE accounts are like Section 529 plans. But, while 529 plans are for education expenses, ABLE accounts … [Read more...] about California Finally Approves ABLE Accounts
Asset Protection Planning
Answers To Your Living Trust Questions (3 of 3)
Trusts have been around for hundreds of years; specifically, the living trust gained popularity in the 1970s as a probate avoidance technique. Today, living trusts are often used as a foundational document in estate plans. We've found that many folks have both questions and misconceptions about the living trust; so, in this three part series, we answer your living trust questions. Does everyone need a living trust? Most folks would likely benefit from having a living trust; however, if … [Read more...] about Answers To Your Living Trust Questions (3 of 3)
13 Disturbing Estate Planning Problems
Each of these 13 disturbing estate planning facts is true; but, each situation can be avoided with a strong, individualized, comprehensive, and up-to-date estate plan. If you don’t name a guardian in your will, your minor children could end up with persons you either don't like or don't know. If you don’t provide for your pet in your estate plan, your pet may be euthanized when you die. If you put assets in joint tenancy with a second spouse, your children may be disinherited. If … [Read more...] about 13 Disturbing Estate Planning Problems
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...] about Asset Protection Planning for Your Family Members
How Can An Irrevocable Trust Be Revoked?
Given how popular trusts have become over the past several decades, there is a very good chance that you will include a trust in your own estate plan and/or that you will be a beneficiary of a trust established by someone else. Whether you are the Settlor of a beneficiary of the trust, you may wish to revoke, or terminate, the trust at some point down the road. If the trust is an irrevocable trust, however, you may believe (understandably) that the trust cannot be revoked. As explained below, it … [Read more...] about How Can An Irrevocable Trust Be Revoked?
Estate Planning Q and A: Part II of III
One of the best parts of an estate planning attorney’s job is answering client questions. It’s an essential part of the estate planning process so we’ve outlined some of your questions below. This is part II in our three part estate planning question series. Do I have to leave my children an inheritance? No, even minor children are not legally entitled to an inheritance. Many would argue that there is a moral obligation to leave funds for the care of minor children. If you choose not … [Read more...] about Estate Planning Q and A: Part II of III
How Can Estate Taxes Threaten Your Assets?
One of the primary reasons for creating an estate plan is to ensure that the assets you accumulate over the course of your lifetime are distributed according to your wishes after you are gone. To have assets left to pass down, however, you must protect against any threats to your assets. As we will discuss below, you should know how estate taxes can threaten your assets. The Federal Gift and Estate Tax The federal gift and estate tax is effectively a tax on the transfer of wealth that is … [Read more...] about How Can Estate Taxes Threaten Your Assets?
Concerns about Beneficiaries Can be Addressed in Estate Plans
As life unfolds, our loved ones change and have evolving needs; and, new loved ones are born or join our family through marriage and adoption. When creating your estate plan, consider your beneficiaries’ potential needs. Special Needs and Governmental Assistance At some point, one or more of your beneficiaries may be receiving governmental assistance because of a special need. It may be Grandma Allison in a nursing home or Grandson Jeremy with autism. You don’t need to disinherit family … [Read more...] about Concerns about Beneficiaries Can be Addressed in Estate Plans
Hidden Threats to Your Assets
Are your hard-earned assets safe? You may think they are; however, once you recognize some of the numerous hidden threats to you assets you might not be as certain that yours are safe. In an effort to encourage everyone to protect their assets through comprehensive estate planning, we at the Northern California Center for Estate Planning & Elder Law will point out several common, yet less obvious, threats to your assets. Nursing home/long-term care expenses – nursing home/LTC expenses … [Read more...] about Hidden Threats to Your Assets
Asset Protection Attorney Recommends Using Trusts
Asset protection can be a very big concern for some Californians, especially those who own businesses or commercial property. The potential for legal claims and the existence of creditors make it even more important to have an asset protection plan so that you don't run the risk of losing everything through some unexpected turn of events. There are different ways to legally protect your assets, including irrevocable trusts. Not every type of trust can accomplish proper asset protection. Let … [Read more...] about Asset Protection Attorney Recommends Using Trusts
