A revocable trust is treated the same as the individual for most purposes. But for some narrow purposes it can be treated differently. My friend and colleague Steve Hartnett, an estate planning expert, has written an informative blog on the subject. Read on to learn more. … [Read more...] about Revocable Trusts Are Not Always Treated the Same as an Individual
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It’s Important to Have a Coordinated Estate Plan
There are many parts to an Estate Plan. The Revocable Trust is just one part. It’s important to coordinate the various parts of the Estate Plan. My friend and colleague Steve Hartnett, an estate planning expert, has written an informative blog on the subject Read on to learn more. … [Read more...] about It’s Important to Have a Coordinated Estate Plan
Roth IRAs Can Be a Great Planning Strategy: Advanced
This is the second in a two-part series on Roth IRAs by my friend and colleague Steve Hartnett, an estate planning expert. The first part reviewed the basics of Roth IRAs. Read on to learn more. … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Advanced
Roth IRAs Can Be a Great Planning Strategy: Basics
Roth IRAs can be a great planning strategy. They can save taxes and help in many ways. My friend and colleague Steve Hartnett, an estate planning expert, has written an informative blog on the subject. Read on to learn more. … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Basics
How to Handle Disagreements Regarding a Parent’s Care
If you find yourself in a situation where you and your siblings appear unable to agree on medical treatment or an overall care plan for your parent, what can you do? Are there any practical options that might help? What legal options do you have if a resolution becomes impossible? To help answer some of these questions, let's look at how to handle disagreements regarding a parent’s medical care. The Aging Process and Reversing Roles Throughout your childhood, your parents cared for, … [Read more...] about How to Handle Disagreements Regarding a Parent’s Care
When Should I Retire?
Social Security retirement benefits play a significant role in budgeting for retirement for many people. If you are one of those, you may be wondering at what age you should retire and start accepting your benefits. Because it does matter, let's see how the age at which you begin accepting Social Security retirement benefits impacts your benefit amount. The Social Security Retirement System Throughout your working years you accumulate credits based on your earnings. The Social Security … [Read more...] about When Should I Retire?
Can a Beneficiary Also Be a Trustee of an Irrevocable Life Insurance Trust?
Trusts are often found in the average estate plan. In fact, trusts have evolved to the point where there are a variety of highly specialized trusts that serve specific purposes. One such trust is an irrevocable life insurance trust, or ILIT. Let's look into whether a beneficiary can also serve as the Trustee of your Irrevocable Life Insurance Trust. How Does a Trust Work? A trust is a fiduciary legal arrangement that allows a third party, referred to as a Trustee, to hold assets on behalf … [Read more...] about Can a Beneficiary Also Be a Trustee of an Irrevocable Life Insurance Trust?
What Are the Spousal Impoverishment Rules?
If you are currently enjoying your retirement years, or will be soon, there is a good chance that you will face the need for long-term care (LTC) for you, or a spouse, at some point down the road. If that time does come to pass, covering the cost of LTC may involve qualifying for Medi-Cal benefits. Medi-Cal is California's version of the federal Medicaid program. Like many people, you may have heard stories about impoverished spouses that have you concerned about relying on Medi-Cal for help … [Read more...] about What Are the Spousal Impoverishment Rules?
Do I Need an Advance Directive?
You are likely accustomed to making healthcare related decisions for yourself and you probably assume you will always be able to make those decisions. What happens, however, if you are in a position where you are unable to make your own healthcare decisions? Is there someone specific you would want to make decisions for you? You may also have strong opinions about end-of-life medical treatment that you want honored by healthcare personnel at the end of your own life. Once again though, what … [Read more...] about Do I Need an Advance Directive?
Will My Estate Pay Taxes?
If you have a moderate to large estate, one of your estate planning goals should be to limit the amount of gift and estate taxes your estate owes after you are gone. Failing to plan for the impact estate taxes could have can result in the loss of a significant portion of your estate. To help you better understand, let's explore how to limit your estate’s exposure to estate taxes. Federal Gift and Estate Tax Basics Every estate is potentially subject to federal gift and estate taxes. The … [Read more...] about Will My Estate Pay Taxes?
