If you set up a trust or other investment vehicle for your child, that child could incur taxes at a rate much higher than anticipated. The Kiddie Tax was enacted to prevent parents from transferring investments to the name of their child or children to take advantage of that child’s lower tax rate. My friend and colleague Tereina Stidd, an estate planning expert, has commented on this tax. Read on to learn more. … [Read more...] about The Kiddie Tax is No Child’s Game
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If I Am Using a Family Wealth Trust Do I Still Need a Pour-Over Will?
Like many people you may choose to establish a Family Wealth Trust to use as your primary method of distributing your estate. One mistake you do not want to make, however, is eliminating a Will completely from your overall estate plan. Let's see why you should include a Pour-Over Will in your estate plan even if your plan relies on a Family Wealth Trust to distribute the bulk of your estate. Your Last Will and Testament A Last Will and Testament is a legally binding testament, usually in … [Read more...] about If I Am Using a Family Wealth Trust Do I Still Need a Pour-Over Will?
Estate Planning for Blended Families
In the United States, the divorce rate is around 50 percent for a first-marriage with a significant percentage of those divorces resulting in a remarriage. Consequently, blended families are fairly common in the U.S. If you are part of a blended family, you know the hard work it takes to successfully blend two existing families into one harmonious new family. One thing you don’t want to overlook when creating a blended family is the heightened importance of having a comprehensive estate plan in … [Read more...] about Estate Planning for Blended Families
Medi-Cal Planning — Start Now
As we age, the cost of medical care almost universally increases. Even in good health, we simply need more care as a rule. If our health is not good, medical care can cost a small fortune. If you, or a loved one, requires nursing home care, the monthly cost can easily exceed $10,000. This often leaves people between the proverbial rock and a hard place. If you have a multi-million dollar estate then you may be able to pay for costs such as this out of pocket. If you are living below the poverty … [Read more...] about Medi-Cal Planning — Start Now
How Estate Planning Documents Help Prevent Elder Abuse
As loved ones and parents age, they become more vulnerable to fraudulent schemes. This article by my friend and colleague Tereina Stidd, an estate planning expert, explores how a solid estate plan can help protect the elderly from becoming victims. Read on to learn more. … [Read more...] about How Estate Planning Documents Help Prevent Elder Abuse
Special Planning Considerations for Non-Citizen Spouses
Married couples in which one of the spouses is not a U.S. citizen must include special provisions in their estate plans or face potentially onerous tax consequences. That special planning is a qualified domestic trust, commonly abbreviated as a QDOT trust. QDOT trusts are used when an American citizen wants to transfer assets to his or her non-citizen spouse. Assets passed in a QDOT have the benefit of the unlimited marital deduction so a citizen spouse can pass as much as he or she wants … [Read more...] about Special Planning Considerations for Non-Citizen Spouses
Our Available Services During COVID-19/Coronavirus Pandemic
The health and safety of our clients, staff, and friends of the law firm are top of mind amid concerns about the spread of the Coronavirus (COVID-19). As estate planning and elder law attorneys, our practice is dedicated to serving our most vulnerable citizens, including seniors, those who are ill, disabled, experiencing mental health challenges and children with special needs. The uncertainty around the pandemic has many people with immune system challenges concerned about exposure to the … [Read more...] about Our Available Services During COVID-19/Coronavirus Pandemic
Special Needs Children Need Special Planning
Think about all the details you know about your child and his or her life. As the parent of a child with special needs, there are some things that only you know. And, if you weren’t there, that information would be lost. What impact would that have on your child’s life? A care plan can ensure that all the important information about your child, down to the smallest detail, is communicated to his or her guardian or trustee. Often done in the form of a Letter of Intent, a care plan is simply … [Read more...] about Special Needs Children Need Special Planning
Things to Consider Before Deciding To Do Your Estate Plan on Your Own
Many folks have joined the “Do it Yourself” (“DIY”) movement. The thinking is why pay someone to do something that can just as easily be done on your own? For some tasks, like painting your home or adding a deck, with a little education and the right tools, you may be able to do a decent job and save a few bucks. Even if you mess up, in many cases, you may be able to fix the problem, or, if beyond your skill level bring in an expert to fix the problem. In any event, you will typically be … [Read more...] about Things to Consider Before Deciding To Do Your Estate Plan on Your Own
MYTH: Most People Have a Will and that’s All They Need
Both parts of the title to this article are a myth. First, most people don’t have a will. In fact, it’s estimated that only about half of all Americans have a will; even though, all need one. Second, a will is not all that anyone needs. A will only handles a few matters and is only effective when you’re dead. There’s much more to estate planning than that. For example, a will almost guarantees probate, except for modest estates. Probate is expensive, especially in California. Probate … [Read more...] about MYTH: Most People Have a Will and that’s All They Need
