This is another in a series of blogs on the basics of estate planning. Perhaps the most common mistake in estate planning is a lack of coordination. This is not where the client, attorney, or advisor cannot walk and chew gum at the same time. This is a failure to consider all the different aspects of a plan and how they may (or may not) work together. An ever-increasing share of an individual’s wealth is controlled by beneficiary designation. These may take the form of: Real estate … [Read more...] about Basics of Estate Planning: Lack of Coordination
BLOG
Five Issues to Consider with Domestic Asset Protection Trusts
Domestic Asset Protection Trusts protect assets from creditors, are seen by some as a better alternative than certain business entities that have a similar purpose. A Domestic Asset Protection Trust (DAPT) is a special type of irrevocable trust. It allows the grantor to also be a discretionary beneficiary of the trust, while still providing important asset protection from creditors. A Domestic Asset Protection Trust may come with certain benefits, but some asset protection attorneys recommend … [Read more...] about Five Issues to Consider with Domestic Asset Protection Trusts
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...] about Using a Third-Party Trust for Special Needs Planning
Basics of Estate Planning: Getting the Most out of Charitable Gifts
This is another in a series of blogs on the basics of estate planning. Often, an individual wants to make a gift to charity. They don’t want something complicated, but they want to get the most bang for their buck. Estate planning attorneys and other financial professionals know the client could just contribute cash to the charity. Certainly, that would be fine with the charity. But, there are ways which would be just as good for the charity, and would give a better result to the … [Read more...] about Basics of Estate Planning: Getting the Most out of Charitable Gifts
How Tax Reform Could Impact Various Families
Learn how the Republican blueprint for tax reform would impact different families from an estate planning perspective. Read on to learn more. … [Read more...] about How Tax Reform Could Impact Various Families
Basics of Estate Planning: Two Common Mistakes with Trusts
This is another in a series of blogs on the basics of estate planning. Trusts are incredibly useful tools. But, like other useful tools, they do not fit every circumstance. They must be used appropriately. For example, a hammer is an exceptional tool to use when looking to drive a nail into a wall. But, if you hit the nail with a glancing blow, the nail will bend and you’ll end up with a difficult situation. Here are a couple common errors with the use of trusts, and how they could be … [Read more...] about Basics of Estate Planning: Two Common Mistakes with Trusts
Trust Administration Lawyers Explain Beneficiary Defective Irrevocable Trusts
There are many advantages to using a trust as part of your estate plan. Trusts are very useful because they can provide a means for avoiding probate. Depending on the type of trust you choose, they can provide asset protection, as well. There is a special type of irrevocable trust, the beneficiary defective irrevocable trust, which could provide special advantages to your beneficiary. Lets look at what they are and how they work The basics of a trust A trust is essentially a fiduciary … [Read more...] about Trust Administration Lawyers Explain Beneficiary Defective Irrevocable Trusts
Basics of Estate Planning: Advising Clients on Selecting Fiduciaries
Set forth below is a very informative blog, by my friend and colleague, Steve Hartnett. Steve is an expert in estate planning and is the Director of Education, American Academy of Estate Planning Attorneys, Inc. Often, one of the most difficult choices for a client to make is the selection of people to make decisions for them. These fiduciaries may have great control over the client’s affairs, typically at times when the client would be most vulnerable or already gone. Let’s take … [Read more...] about Basics of Estate Planning: Advising Clients on Selecting Fiduciaries
What are the Differences between Wills and Trusts?
While you might be quite familiar with wills and trusts, you may not be so familiar with the actual differences between these two common estate planning tools. Wills and trusts serve very different purposes when it comes to estate planning. Nevertheless, despite their differences both can work together to establish a comprehensive estate plan. Wills and trusts are great strategies for estate planning Regardless of age or the size of your potential estate, it is important to be prepared and to … [Read more...] about What are the Differences between Wills and Trusts?
California Bill Limits Medi-Cal Recovery Against Probate Estates
It is generally understood that California’s Medicaid program, known as Medi-Cal, has the ability to seek reimbursement of the medical costs paid out during an individual’s lifetime from that person’s probate estate after their death. In fact, this is a big concern for most people considering whether to apply for Medi-Cal to cover their nursing home expenses. However, we are aware of the new bill recently passed in California that limits Medi-Cal’s recovery against your probate … [Read more...] about California Bill Limits Medi-Cal Recovery Against Probate Estates
