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 these types of trusts, … [Read more...] about Types of Trusts You Can Use for Special Needs
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The Difference Between a Durable Power of Attorney Different and a Living Trust
When it comes to estate planning, there are so many useful options, depending on what your planning goals happen to be. A durable power of attorney is a common tool. So is a living trust. So, what is the difference and how do you know which one you need for your estate planning. What is the definition of a Durable Power of Attorney? A general power of attorney is a flexible estate planning tool that allows you to choose someone who will handle all or part of your personal affairs, including … [Read more...] about The Difference Between a Durable Power of Attorney Different and a Living Trust
California Trust Administration
Trust attorneys will tell you that a trust is a very beneficial estate planning tool. They can be useful in minimizing estate taxes and in avoiding the expense of probate. There are actually many benefits to creating a California trust. When it comes to trust administration, though, it is equally important to understand what is involved and to choose the right person to serve as your trustee so our trust will be administered appropriately. What is the definition of a trust? Trusts are actually … [Read more...] about California Trust Administration
Sacramento Medi-Cal attorney Explains Medi-Cal Fraud
Medi-Cal fraud and abuse has become an unfortunate reality for many. Fraud and abuse of this important government benefits costs the country billions of dollars each year, as a result of diverted funds that should have been used for valid medical services. Due to this abuse, the cost of Medi-Cal has continuously increased for many. Fraud and abuse also leads to an unnecessary risk of harm to patients when they are being unnecessarily subjected to medical procedures for the benefit of … [Read more...] about Sacramento Medi-Cal attorney Explains Medi-Cal Fraud
Do I Need an Inheritance Tax Planning Trust?
A primary concern for many clients, with regard to estate planning, is inheritance taxes. Indeed, for most people the primary goal of estate planning is to reduce or eliminate taxes as much as possible. California inheritance taxes, also referred to as estate taxes, are no longer imposed. However, in 2016, the federal government still imposes estate taxes at a tune of 40%. The good news is, there are tax exemptions that exclude most people's estates from paying inheritance taxes. So, the … [Read more...] about Do I Need an Inheritance Tax Planning Trust?
What is a Discretionary Trust?
A discretionary trust is a very specific type of trust with a very specific purpose. Basically, the trustee of a discretionary trust, as the name implies, has a great deal of discretion regarding how the trust assets are handled. Unlike a fixed trust, beneficiaries and potential beneficiaries only receive distributions or allocations from the trust if the trustee exercises his or her discretion to do so. If you are considering including a discretionary trust in your estate plan, here are a … [Read more...] about What is a Discretionary Trust?
Do I Need a Beneficiary Defective Irrevocable Trust?
There are several advantages to including 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. Here is what you need to know. The basics of a trust A trust is essentially a fiduciary agreement … [Read more...] about Do I Need a Beneficiary Defective Irrevocable Trust?
Ways to Avoid California Probate Court
Although most people request an estate plan that helps avoid the lengthy probate process, not everyone actually understands what that means. Avoiding California probate court does not mean avoiding estate taxes. If you are looking to avoid California probate court, here are four ways to accomplish that. First, understand the purpose of probate Basically, probate is a legal procedure conducted by the California probate court in order to transfer ownership of assets to beneficiaries after … [Read more...] about Ways to Avoid California Probate Court
What Does Dying Intestate Mean?
One of the purposes of estate planning is to obtain control over the disposition of our worldly positions after our passing. By doing so, we can avoid the laws of intestate succession. These laws determine who gets what if you die without a will or trust. In general terms, dying intestate in California means your assets will go to your closest relatives. Here is what intestate succession means for your estate. Basics of California's intestate succession laws If you die with surviving … [Read more...] about What Does Dying Intestate Mean?
What Can I Do to Avoid California Inheritance Tax?
Receiving an inheritance can be good news, but not necessarily for everyone. There are many questions that arise when individuals get word that they are about to inherit from a loved one. The most common question is: will I have to pay an inheritance tax? Luckily, if you live in Sacramento, there is no California inheritance tax, but that is not true in every state. Here is what you need to know. What is inheritance tax? An inheritance tax, as the name implies, is a tax imposed by the … [Read more...] about What Can I Do to Avoid California Inheritance Tax?
