The terms of a decedent’s Last Will and Testament (if one was left behind) are used to determine how the decedent’s estate assets are distributed during the probate process. Sometimes, however, the validity of a Will is challenged in what is known as a Will contest. One of the grounds that may be alleged to challenge a Will is “lack of testamentary capacity.” What, exactly, does that mean though? Whether you are considering a challenge to a Will or you are an Executor with a duty to defend a … [Read more...] about Contesting a Will Based on Lack of Testamentary Capacity
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Changing “Irrevocable” Trusts Through Use of a Trust Protector
Advisors often include irrevocable trusts as part of a comprehensive estate plan to achieve both tax and non-tax goals. The use of irrevocable trusts can cause apprehension because of the perception that irrevocable trusts are inflexible in changing circumstances. This article, by my friend and colleague Tereina Stidd, explores how the use of a trust protector may provide flexibility in an irrevocable trust to address these concerns. Read on to learn more. … [Read more...] about Changing “Irrevocable” Trusts Through Use of a Trust Protector
How to Recognize the Signs of Nursing Home Abuse
The increase in the senior population in recent years has caused a corresponding increase in issues that impact the elderly, including nursing home abuse. Fortunately, there are nursing homes that provide competent, caring, and compassionate care to patients; however, you must remain vigilant and on alert for signs of abuse or neglect if you have a loved one in a nursing home. To help ensure that you know what to look for, lets discuss the signs of elder abuse and what to do if you spot … [Read more...] about How to Recognize the Signs of Nursing Home Abuse
How Can an Intentionally Defective Grantor Trust Help Me?
If your estate consists of significant assets, one of your primary considerations within your estate plan should be the impact federal gift and estate taxes will have on your estate after you are gone. One estate planning tool you may decide to use is an Intentionally Defective Grantor Trusts (“IDGT”). Let's explore why you might want to create an Intentionally Defective Grantor Trust. Intentionally Defective Grantor Trust Basics An IDGT is a specialized type of irrevocable trust. … [Read more...] about How Can an Intentionally Defective Grantor Trust Help Me?
10 Types of Trusts Explained
One of the most common tools used when creating a comprehensive estate plan is a trust agreement. Most people are familiar with the concept of a trust; however, the details can be a bit murky. If you are considering the use of a trust in your estate plan, deciding on which type of trust is best for your needs and goals is the first step toward incorporating a trust into your plan. Let's take a look at ten types of trusts. Testamentary Trusts A testamentary trust is a trust that does not … [Read more...] about 10 Types of Trusts Explained
Changing “Irrevocable” Trusts Through Decanting
Irrevocable Trusts are often included as part of a comprehensive estate plan and are usually established many years before they pay out or terminate. These trusts didn’t change with changes in beneficiary circumstances or with evolving legislation, but now they can. My friend and colleague Steve Hartnett, an estate planning expert, has some good insights on the decanting procss. This article explores how. … [Read more...] about Changing “Irrevocable” Trusts Through Decanting
Conservation Easements Can Be a Good Solution
Often, a client wants to keep land in the family. Sometimes they want to discourage further development and get tax benefits for doing so. A conservation easement can help achieve both objectives. My friend and colleague Steve Hartnett, an estate planning expert, has some good insights on this valuable planning strategy. Read on to learn more. … [Read more...] about Conservation Easements Can Be a Good Solution
Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modification
Irrevocable Trusts have long been an effective, albeit static, estate planning tool. These trusts didn’t always change with circumstance, but now they can. My friend and colleague Steve Hartnett, an estate planning expert, explains how. This article explores how. … [Read more...] about Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modification
Donor Advised Funds: Too Good to Be True?
There’s a way to make a charitable gift and yet be able to influence where it goes and how it’s invested. This can be very handy if you want to time your charitable giving for income tax reasons. My friend and colleague Steve Hartnett, an estate planning expert, has some good insights on this valuable planning strategy. Read on to learn more. … [Read more...] about Donor Advised Funds: Too Good to Be True?
How to Apply for Medi-Cal in California
There may come a time when you need help paying for health care expenses that are not covered by Medicare. Fortunately, Medi-Cal may be able to help. Medi-Cal is the name of California’s Medicaid program. Here's an overview how to apply for Medicaid (Medi-Cal) in California. Will You Qualify for Medi-Cal? Medicaid (referred to as “Medi-Cal” in California) is intended to help low-income families, pregnant women, children, the disabled and the aged with healthcare costs. Because Medicaid is … [Read more...] about How to Apply for Medi-Cal in California
