We have a federal estate tax in the United States, and it carries a 40 percent maximum rate. Given this hefty rate, the estate tax can significantly erode the wealth that you are passing on to your heirs. Topics covered in this whitepaper include: Federal Estate Tax Marital Deduction Estate Planning for Non-Citizens Spouses Estate Tax Exclusion Gift Tax Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What Is Northern California Federal Estate Tax Marital Deduction
BLOG
What Is Included in My Estate Plan?
Estate planning is a multifaceted endeavor, and there is no one universal plan that is perfect for every person. Different people have different estate planning objectives, and the right way to proceed will depend upon the circumstances. Though there are different ways to proceed, there are two major issues to consider when you are devising your estate plan. Asset Transfers When you plan your estate, you facilitate postmortem asset transfers. There are different legal devices that can … [Read more...] about What Is Included in My Estate Plan?
Intestacy in Northern California: Part1
Intestacy in Northern California: Part1 from Timothy Murphy A probate court will supervise the process through which your property is distributed to new owners The person responsible for actually taking control of your property and giving it out is called an executor, estate administrator or personal representative. Learn more about Intestacy in Northern California in this presentation. … [Read more...] about Intestacy in Northern California: Part1
Basics of Asset Protection – Part 4 of 4 Parts
Rule number 4: Create a Comprehensive Estate Plan In addition to following Rules 1 through 3, discussed in prior blogs, the creation of a high quality, comprehensive estate plan with the assistance of an experienced and qualified estate planning attorney is essential. Except for those with very modest estates, the best way to start such a plan is with a living trust-based estate plan. Through such planning, you can include such asset planning strategies as income tax savings, property tax … [Read more...] about Basics of Asset Protection – Part 4 of 4 Parts
Basics of Asset Protection – Part 3 of 4 Parts
Rule number 3: Consider insurance - the right kinds of insurance. Many liability claims arise out a claim of negligence against an alleged wrongdoer, such as an auto accident, dog bite or perhaps professional malpractice. Most insurance is designed to cover losses caused by someone's negligence. A question that is sometimes asked is whether or not a particular kind of insurance is a good investment. That is the wrong question. Insurance is not an investment, but instead a risk management … [Read more...] about Basics of Asset Protection – Part 3 of 4 Parts
Basics of Asset Protection – Part 2 of 4 Parts
Some form of asset protection should be included in every comprehensive estate plan. Regrettably, however, many folks foolishly opt for the cheapest estate plan they can find, whether it be a do-it-yourself plan or some form downloaded off the Internet. Others rely upon non-attorneys such as paralegals or financial advisers. Even some attorneys are guilty of poor planning work. They are usually lawyers who practice in several different areas of law, such as divorces, criminal, personal … [Read more...] about Basics of Asset Protection – Part 2 of 4 Parts
Your Northern California Will: What You Need to Know and What They Do
Your Northern California Will: What You Need to Know and What They Do from Timothy Murphy Everyone who makes a will gets to decide how they want to leave their property after they die In general, you cannot “disinherit” a spouse, but you are under no other legal obligation to leave property to anyone else, including your children. Learn more about Your Northern California Will in this presentation. … [Read more...] about Your Northern California Will: What You Need to Know and What They Do
Basics of Asset Protection – Part 1 of 4 Parts
The term asset protection is heard a lot in planning circles. However, it has no definitive definition and its role depends on the context in which it is used. One aspect of asset protection is to protect the owner of those assets. Sometimes it refers to protecting those assets from possible seizure after a finding of liability, e.g., in a lawsuit. Other times it refers to legally minimizing or avoiding (not evading) certain tax liabilities such as the estate and gift taxes. Still other … [Read more...] about Basics of Asset Protection – Part 1 of 4 Parts
Free Report: Why Do I Need a Northern California Durable Power of Attorney
Everyone should have an incapacity plan in place. If you are ready to take action, contact an estate planning attorney in your area to set up an appointment. When you think about the process of estate planning, financial matters are probably going to come to your mind. Without question, you do facilitate postmortem asset transfers when you plan your estate. There are various different ways of going about it, and the optimal course of action will depend upon the circumstances. At the same … [Read more...] about Free Report: Why Do I Need a Northern California Durable Power of Attorney
What Is an Irrevocable Trust?
There are different types of trusts used in the field of estate planning. Some trusts are revocable, and there are also irrevocable trusts that you cannot dissolve or revoke. Let's look at some of the reasons why you may want to use an irrevocable trust. Estate Tax Efficiency The federal estate tax can have a major impact if you have been particularly successful from a financial standpoint. You can transfer unlimited assets to your spouse tax-free as long as your spouse is an American … [Read more...] about What Is an Irrevocable Trust?
