The tax bills passed by the House and Senate would eliminate deductibility of state income tax and nearly double the standard deduction, dramatically reducing the number of people who would benefit from itemizing their deductions. As a result, most people would get no tax benefit from their charitable contributions. This article by my friend and colleague Steve Hartness examines how a Donor Advised Fund could allow donors to make a contribution this year, getting a tax benefit, and then release … [Read more...] about No Charitable Deduction in 2018?
BLOG
Quick Look at the new Tax Law
Congress passed a new tax law just before leaving for the holidays. The new law temporarily doubles the estate, gift, and GST exemption. The law increases the standard deduction and limits deductions for state and local taxes. Read the article from my friend and colleague Steve Hartnett, an expert in estate planning and tax related matters, to find out more about the new law and how it may impact you. This new law will be the subject of free client workshops being held later in January … [Read more...] about Quick Look at the new Tax Law
What Questions Should I Ask My Elder Law Attorney?
There are a variety of specialty fields in the area of law. Elder law is an important area that focuses on the legal concerns of seniors. As and experienced elder law firm, we understand the complex financial and social issues that our senior population often experience. We have knowledge and awareness that their clients can benefit from as they navigate through life. Questions you may want to ask before your first appointment One of the first questions you should ask at your first appointment … [Read more...] about What Questions Should I Ask My Elder Law Attorney?
How Can I Terminate My Living Trust?
For many clients, creating a living trust is a way to avoid the time and cost of probate. Each state has its own probate laws establishing the requirements for probate administration. If you are considering a living trust as part of your estate plan, it is important to understand not only how a living trust works, but also how it can be terminated, should you choose to do so. Our living trust attorneys are here to explain how. First, what is a living trust? A "living trust" is a particular … [Read more...] about How Can I Terminate My Living Trust?
Updating Your Estate Plan is Important, Especially in 2019
In the past several years there have been some significant fluctuations in estate planning and estate tax laws. In the beginning of 2018, Congress and the president came to an agreement that included terms that increased the estate and gift tax exemptions. Because of this, it’s very important for you to take a good look at your estate plan in 2019, especially if it has been several years since you updated or revised it. Individual Exclusions The new estate tax agreement allows each … [Read more...] about Updating Your Estate Plan is Important, Especially in 2019
Useful Strategies for Avoiding Conservatorships
Occasionally, families find that they can take care of their loved ones themselves without any type of formal arrangement. However, the more common situation is that more official control or management is required in order to have legal access your parent’s finances and assist them in their affairs. Also, having a formal arrangement can be useful in preventing exploitation. For different reasons, a conservatorship may be necessary. Conservatorships are not the simplest or least expensive … [Read more...] about Useful Strategies for Avoiding Conservatorships
Using Trusts for Nursing Home Planning
It is a common misconception that any type of living trust can protect your assets from nursing home expenses. While there are various types of trusts, not all of them offer asset protection. Those that do are subject to certain requirements or limitations. However, if you engage in proper nursing home planning, including the use of an appropriate trust, you may be able to avoid exhausting your assets just to pay for nursing home costs. We can help. Revocable Living Trusts A revocable … [Read more...] about Using Trusts for Nursing Home Planning
Estate Planning: Community Property vs. Separate Property
In some states, including California, property that was acquired during the marriage is generally considered part of the “community” and is typically divided equally between the spouses. Issues with regard to community property can arise in divorce and after the death of a spouse. We understands how it works and can help you create the appropriate estate plan. Why the distinction is important After the death of a spouse or even divorce, spouses are often left with the overwhelming task of … [Read more...] about Estate Planning: Community Property vs. Separate Property
Trust Administration: Quick Tips for Trustees
Being a trustee for a loved one’s estate is a very important job with serious responsibility. The role of trustee is an essential element of successful trust administration. The trustee is responsible for guaranteeing that the provisions of the trust document are followed. A trustee is ultimately responsible for managing the trust property and keeping accurate records of all transactions. Because this is such an awesome responsibility, we want to share these tips for trustees. Be sure to honor … [Read more...] about Trust Administration: Quick Tips for Trustees
Tackling Common Misconceptions About Planning Needs
It’s no secret that there are many misconceptions out there regarding elder law and estate planning in general. We have encountered numerous clients with questions that stem from their lack of understanding about how elder law and estate planning works. This blog will try to clear up some of those misconceptions, but if you still have questions, call us. We are here to help. Spouses cannot automatically take over the affairs of their partners It is a common misconception that spouses can … [Read more...] about Tackling Common Misconceptions About Planning Needs
