When planning for children with special needs, it takes special care to preserve their eligibility for public benefits. An ABLE account is a new way to preserve eligibility while gaining tax advantages. Read this article by my friend and colleague Steve Hartnett to learn more about this new tool in planning for those who were disabled by age 26. As of this date, California' ABLE account program has not been fully implemented. However, it is expected to be fully operational sometime during … [Read more...] about ABLE Acccounts: A Special Option for Special Kids
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Would You Prefer a Charitable Deduction This Year?
Perhaps you would prefer to take a charitable deduction this year. Maybe you have higher income this year, or the reduced ability to take a deduction next year. A donor advised fund may make sense for you. A donor advised fund allows a deduction this year, even though distributions will be made to public charities in future years. Read on to learn more about a donor advised fund. Would You Prefer a Charitable Deduction This Year? … [Read more...] about Would You Prefer a Charitable Deduction This Year?
Tips From a Sacramento Probate Attorney
As all probate attorneys recognize, the California Probate Code is an expansive set of statutes that sets for the numerous procedures that may arise in a California probate case. The probate code is huge with significant details pertaining to even the most obscure situations. Experienced and qualified probate attorneys are familiar with these myriad procedures. But first, the basics on probate proceedings in California must be understood. Why Someone Involved in a Probate Proceeding Needs to … [Read more...] about Tips From a Sacramento Probate Attorney
New Tax Law May Affect State Income Tax, Too!
The new tax law has many impacts on state income taxes in 2018. The law limits the deductibility of state income taxes for federal purposes. It also raises the federal standard deduction amount. However, taxpayers should consider the impact on their state income tax of the decisions they make to minimize their federal taxes. This guest blog by my friend and collegue Steve Hartnett, an estate planning expert, examines why. New Tax Law May Affect State Income Tax, Too! … [Read more...] about New Tax Law May Affect State Income Tax, Too!
Donor Advised Funds: IRS Issues New Ruling
A new ruling addresses whether a donor advised fund may satisfy charitable pledges by the donor/advisor. It now may do so, as long as certain requirements are met. Read the guest blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about how donor advised funds are a great tool for charitable giving. Donor Advised Funds: IRS Issues New Ruling … [Read more...] about Donor Advised Funds: IRS Issues New Ruling
Sager Family Shows Perils of Blended Families
Blended families require special planning. Communication of those plans is key to keep frictions to a minimum. This story examines the controversy in the family of sports reporter Craig Sager, who died in December 2016. Sager Family Shows Perils of Blended Families … [Read more...] about Sager Family Shows Perils of Blended Families
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
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...] about Types of Trusts to Consider for Your Special Needs Planning
Basics of Estate Planning: Choosing a Roth or Traditional IRA (or 401k)
Please enjoy the following blog of my friend and colleague Steve Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. In this blog, we’ll look at the differences between a Roth and a traditional IRA (or 401k). We’ll also look at considerations in choosing between them. With a traditional IRA (or 401k), you make a contribution and that amount is not included in your taxable income for the year. Contributions are limited to $5,500 (plus … [Read more...] about Basics of Estate Planning: Choosing a Roth or Traditional IRA (or 401k)
What Happens If I Don’t Need My Medi-Cal Trust?
We often recommend Medi-Cal planning as an important component of estate planning. They also suggest including a Medi-Cal trust as well because they help to protect your eligibility for Medi-Cal benefits. But one question many clients ask is what happens if you never actually need your Medi-Cal trust? Do you get your assets back? The answer is no and here is why. The benefits of Medi-Cal planning The purpose of Medi-Cal benefits is to assist low-income California residents in paying for … [Read more...] about What Happens If I Don’t Need My Medi-Cal Trust?
