On the surface, an irrevocable trust speaks for itself: it is a trust that you cannot revoke or dissolve after it has been created. For the most part, this is true, and you may not feel very comfortable about the prospect of surrendering control over your assets. At the same time, irrevocable trusts can be used to satisfy some important estate planning objectives. For example, there is the matter of taxation. There is a federal estate tax that can be a source of asset erosion for people … [Read more...] about The Value of Irrevocable Trusts
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A Durable Power of Attorney Can Prevent a Conservatorship
A power of attorney is a legally binding device that is used across the legal field for multiple different purposes. You would utilize a power of attorney to give someone else the power to act on your behalf in a legally binding fashion. The person who is creating the power of attorney is called the principal or the grantor of the device. The grantor names an agent or attorney-in-fact. This person is given the power to act on behalf of the grantor. There are different types of powers of … [Read more...] about A Durable Power of Attorney Can Prevent a Conservatorship
Sacramento Nursing Home Costs Are Among the Highest in the Country
Our firm practices law in Sacramento, California, and we also have an office in Roseville. Anyone who lives in our area knows that there are countless advantages, and it is truly a great place to live. We have everything that big cities have to offer, but we also have fantastic nature all around us. Whether you want to indulge in fine dining, the arts, culture, or hiking, fishing and camping, you have easy access if you live in our area. It is no secret that northern California is a desirable … [Read more...] about Sacramento Nursing Home Costs Are Among the Highest in the Country
A Probate Attorney Can Help With Estate Administration
You should be aware of the multifaceted nature of a properly constructed estate plan. It is wise to take a 360 degree approach so that you can leave behind a workable situation for your loved ones after you are gone. A last will is a commonly used asset transfer vehicle. If you utilize a last will to state your final wishes, you have to take the estate administration process into account. The person who would handle the tasks that must be completed during this process is the executor or … [Read more...] about A Probate Attorney Can Help With Estate Administration
Free Report: Is Incapacity Planning in Northern California Really Important
When you are going through life as a relatively healthy adult, the prospect of incapacity can seem alien to you. Of course we all recognize the fact that elders sometimes become unable to handle all their own affairs, but it can seem like this only happens to a small minority. Topics covered in this report include: Advance Directives for Health Care Financial Matters Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Is Incapacity Planning in Northern California Really Important
The History of the Federal Estate Tax
There are many people who have ideological difficulties with the fairness of the federal estate tax. Where does this idea come from? Throughout your life, you pay taxes on your income, and this includes investment income, even though you make investments with assets that you have left over after paying income taxes. Of course, there are also property taxes, sales tax on your purchases, and somewhat hidden taxes on things like energy, communication, hospitality, gasoline, alcohol, tobacco, … [Read more...] about The History of the Federal Estate Tax
There Is More to Estate Planning Than Wills and Trusts
Procrastination is a big problem when it comes to estate planning, and this is really rather hard to understand. Even when you are a young adult who is somewhat immature, when an older person starts to explain financial realities, you can't help but take notice. People find it easy to recognize the need to position their assets wisely throughout their lives, but the same people tend to place estate planning into another category. These are not necessarily people who are extremely selfish; … [Read more...] about There Is More to Estate Planning Than Wills and Trusts
Why Do I Need an Estate Planning Attorney?
We live in very different times than we lived in decades ago. These days, you can simply ask your smart phone any question, and it will provide you with an answer instantly. The Internet has changed everything as well. There are many different do-it-yourself resources that you can access online, and boilerplate legal documents can be purchased and downloaded. This can make you wonder why you would ever need an estate planning attorney to devise your plan. Before you decide that you can … [Read more...] about Why Do I Need an Estate Planning Attorney?
Will My Assets Be Taken If Medi-Cal Pays My Nursing Home Expenses?
The Medi-Cal program is a government health insurance program that is intended for financially needy individuals. If you have been on solid financial footing throughout your life, you may feel as though Medi-Cal will never be important to you. In reality, Medi-Cal is quite relevant to a significant percentage of senior citizens, because the program will pick up the tab for custodial care. This is the form of care that you would receive if you ever reside in a nursing home or assisted living … [Read more...] about Will My Assets Be Taken If Medi-Cal Pays My Nursing Home Expenses?
Is There a Federal Inheritance Tax in the United States?
There are terms that are used in the field of estate planning that can sound interchangeable, and this can lead people to misguided beliefs. This dynamic enters the equation when it comes to death taxes. You may assume that an inheritance tax and an estate tax are identical. The idea is that these are just two different terms that can be used to describe the same thing. If you are not an estate planning professional, this assumption may make sense, because they do sound quite similar. In … [Read more...] about Is There a Federal Inheritance Tax in the United States?
