When you create an incapacity plan you get to address these types of questions by appointing an agent under a durable financial power of attorney. A power of attorney is a document in which you can name an individual who will receive the legal ability to make decisions for you should you become incapacitated. The person you appoint will become known as your agent, or attorney in fact, and will be able to look after your affairs when you can no longer do so. Topics covered in this report … [Read more...] about Free Report: Preparing for California Incapacity: Part 2 of 2
BLOG
What Is a QDOT Trust?
A QDOT trust can be utilized if you are exposed to the estate tax as someone who is married to a citizen of another country. Before we look at the specifics, we should explain the estate tax parameters so that you can determine whether or not you are facing exposure. Credit or Exclusion There is a federal estate tax exclusion or credit. This is the amount that you can transfer before the estate tax would become applicable. The tax would be applied on the portion of the estate that exceeds the … [Read more...] about What Is a QDOT Trust?
Free Report: Estate Planning in California: Specific Issues
Incapacity planning includes specific tools such as durable powers of attorney. A durable power of attorney gives you the ability to mange someone, an agent, who will have the legal ability to begin managing your affairs immediately upon your incapacitation. Should you regain your ability to make choices, you can then relieve your agent of his or her responsibilities. Topics covered in this report include: Making Inheritance Choices Addressing Incapacity Trusting in Trusts … [Read more...] about Free Report: Estate Planning in California: Specific Issues
Can I Give Tax-Free Gifts to My Children?
The concept of "tax-free gifts" can sound counterintuitive. Of course you have to pay sales tax when you buy a gift, and you paid taxes on the income that you used to purchase the gift, but beyond that, why would there be a tax? This is a good question, but there is in fact a gift tax in the United States. This tax is in place to stop people from giving gifts in an effort to avoid the federal estate tax. These two taxes are unified, and they both carry a 40 percent top rate at the present … [Read more...] about Can I Give Tax-Free Gifts to My Children?
Free Report: Estate Planning in California
Estate planning, on the other hand, involves making choices that will apply after you die. For example, if you should die tomorrow, do you know who would receive inheritances from you? Your estate plan will allow you to answer this questions, as well as others like it. Topics covered in this report include: Your Estate, Your Life, and Your Death Estate Planning Estate Planning Choices Getting Started Guidance and Advice Click here to read the whole article or download the … [Read more...] about Free Report: Estate Planning in California
What Is a Family Wealth Trust?
You have to preserve your family wealth for the benefit of succeeding generations if you are planning your estate as a very successful individual. The estate tax presents a looming threat to your financial legacy. There is no state-level estate tax in California, and we are fortunate because some states do impose death taxes on the state level. However, you do have to be concerned about the federal estate tax as a California resident. This tax can have a considerable impact on the financial … [Read more...] about What Is a Family Wealth Trust?
What Is the Nomination of a Guardian?
Some people look at estate planning as something that is only relevant to senior citizens. In fact, it could be argued that estate planning is more important for younger adults, especially parents with dependent children. If you are a young parent, what would happen to your children if both parents were to pass away together in an accident? This question is even more profound if you are single. This possible scenario is one reason why estate planning is important for younger adults. To account … [Read more...] about What Is the Nomination of a Guardian?
What Is a Northern California Living Will
What Is a Northern California Living Will from Timothy Murphy If you don't have a living will, your closest relative would be forced to make this life or death decision on your behalf. Learn more about Northern California Living Will in this presentation. … [Read more...] about What Is a Northern California Living Will
Free Report: California Medi-Cal Planning: What Can the Healthy Spouse Keep?
If you need living assistance, this is considered to be custodial care. Medicare will pay for up to 100 days of convalescent care after surgery, but it will not pick up the tab for custodial care. Topics covered in this report include: The Medi-Cal Solution Rights of Healthy Spouse Click here to read the whole article or download the PDF. … [Read more...] about Free Report: California Medi-Cal Planning: What Can the Healthy Spouse Keep?
What Is Northern California Estate Planning
What Is Northern California Estate Planning from Timothy Murphy Every responsible adult should have an estate plan in place. Learn more about Estate Planning in Northern California in this presentation. … [Read more...] about What Is Northern California Estate Planning
