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...]
California Finally Approves ABLE Accounts
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...]
Probate Avoidance Made Easy (part 2 of 2)
Probate can be an extremely costly, lengthy, and public process. Many people take the time to carefully plan their estate in order to avoid probate.If you’re looking to avoid probate, you will need to utilize the right techniques. Take a look at some more great ways to avoid probate. If you have any questions or if you’re ready to discuss your probate avoidance needs, meet with an experienced, qualified estate planning attorney.Gift during your lifetime. If you’re able and willing … [Read more...]
Probate Avoidance Made Easy (part 1 of 2)
Are you looking to avoid probate? Luckily, there are steps that you can take to ensure that your assets avoid the probate process. Avoiding probate will allow your loved ones to get their inheritances quickly. Avoiding probate can also save time, money, and keeps your affairs private.Take a look at the information below to learn more about some of the probate avoidance options. If you have any questions or if you’d like to discuss a probate avoidance plan, meet with an experienced, … [Read more...]
If You’re in a Second Marriage, It is Important to Plan to Protect Your Children
If you’re in a blended family, such as a second marriage with children from a previous relationship, you can do much to keep the peace in your family with your estate plan. One way to keep the peace, using your estate plan, is to specifically consider and plan for your children. This could include not making your children wait until your second spouse dies before they will inherit. Waiting and putting the children second may cause hurt feelings and a breakdown of relationships that you’ve … [Read more...]
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...]
Special Needs Planning Offers Critical Protections
If you have a loved one with special needs and you want to include him or her in your planning, you need to take advantage of special needs planning tools. Such planning allows you to leave assets for the care of your loved one, without disqualifying him from receiving vital governmental assistance. Take a look at how a special needs trust can fit in with your overall estate plan. Another alternative may be the use of what is commonly called a "pooled trust". If you have any questions, or if … [Read more...]
How Does a Special Needs Trust Work?
Planning for the future takes on a heightened importance if you are the parent of a child with special needs. As a parent, you undoubtedly want to provide for your child, both while you are here and after you are gone. Careful planning is required, however, to accomplish this goal when your child has special needs to ensure your child’s continued eligibility for state and federal assistance programs. The key to ensuring that your child will benefit from both your assets and the assistance of … [Read more...]
Types of Trusts to Consider for Your Special Needs Planning
Trusts are very valuable estate planning tools that provide a way to hold and manage assets for the benefit of your loved ones. You have the opportunity to include your own instructions as to how the property should be distributed and under what circumstances. A trust is an especially valuable tool if you have a loved one with special needs. California special needs trusts are a particular type of trust used just for this purpose. If you are considering whether you need this type of trust … [Read more...]
Using a Third-Party Trust for Special Needs Planning
For Sacramento area residents who have special needs or a loved one who does, a special needs trust can be an important part of their special needs planning. Special needs trusts are typically used as a method for providing resources for those with special needs in the event their caregiver is no longer able to continue providing the support and care they need. A third-party trust is one type of trust to consider. How basic trusts operate The primary purpose of a trust is to protect the … [Read more...]
