This is part of a series of articles on updating your plan now that we are emerging from the Covid pandemic. This article examines the importance of updating your primary estate planning document, such as your trust or will. Together, these documents form the core of even the most basic estate plan and it’s important to keep them up-to-date. Every state has laws controlling what happens to your assets if you die owning them in your name and don’t leave instructions indicating what you want to … [Read more...] about Post-Pandemic Updating: Your Trust or Will
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Post-Pandemic Updating: Powers of Attorney
This is part of a series of articles on updating your plan now that we are emerging from the Covid pandemic. This article examines the importance of updating Powers of Attorney, both Financial and Medical. The second part of the series looks at the importance of updating your primary estate planning documents, such as your Trust or Will. Together, these documents are the keystone in even the most basic estate plan and it’s important to keep them up-to-date. First, what’s a Power of Attorney? … [Read more...] about Post-Pandemic Updating: Powers of Attorney
Estate Planning Conference Discusses “For the 99.5% Act,” SECURE, and More
The Heckerling conference, the largest conference for Estate Planning in the country, occurred recently. Many of the thought leaders in Estate Planning and Elder Law got together and discussed recent developments and new strategies. My friend and colleague Steve Hartnett, an estate planning expert, attended the conference and has provided his thoughts. Read on to learn more. … [Read more...] about Estate Planning Conference Discusses “For the 99.5% Act,” SECURE, and More
Can a Spouse Contest a Will?
When a spouse passes away there are also several practical and legal matters that must be addressed shortly thereafter. One of those legalities involves locating and reading the decedent’s Last Will and Testament. If you have concerns about the Will after you read it, can you do anything about it? Let's explore if and when a spouse can contest a Will in California. Probate Basics A decedent’s estate is required to go through the legal process known as probate. If a Will is located, the … [Read more...] about Can a Spouse Contest a Will?
Using Disclaimers to Achieve Your Planning Goals
Disclaimers can be a good way of getting assets where you want them to go. If the disclaimer is a “qualified disclaimer,” the client isn’t treated as having made a taxable gift. This can be a great result for the client in the right circumstances. Attached is commentary on this subject by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about Using Disclaimers to Achieve Your Planning Goals
How to Dispose of “Stuff”
Clients are often most concerned about how to dispose of their tangible personal property, i.e., their “stuff.” Often even wealthy clients are most concerned with the things around them rather than their financial accounts. What’s the best way to handle the “stuff”? Attached is commentary on this subject by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about How to Dispose of “Stuff”
What Does a Trustee Do?
In recent years, trusts have become a commonplace addition to even the simplest estate plan. Unfortunately, the creator of a trust does not always discuss the appointment of a Trustee with the intended Trustee. If you recently learned that you were appointed as a Trustee and never served as a Trustee, you probably do not know where to begin in your trust administration duties. Let's explore what a Trustee does. Trust Basics A trust is a relationship whereby property is held by one … [Read more...] about What Does a Trustee Do?
Use It Before It’s Gone
The amount you can pass free from estate tax is at a record high of $11.7 million per person. There’s pending legislation which could lower the exclusion to $3.5 million per person. Married people can take advantage of the current exemption. Attached is commentary by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about Use It Before It’s Gone
CRT: Best Tool for Proposed Tax Changes?
Pending tax proposals could increase capital gains rates, among other things. These proposed changes could make a Charitable Remainder Trust look even better. A Charitable Remainder Trust can earn the donor an income tax deduction upfront and defer gains on its sale of assets. Attached is commentary on this subject by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about CRT: Best Tool for Proposed Tax Changes?
Tax Proposals Could Alter Estate Planning Landscape
Senators Sanders and Whitehouse have introduced legislation in the Senate which could significantly alter the Estate Planning landscape. It would dramatically change the tools we use to plan for our clients. Attached is commentary on this subject by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more. … [Read more...] about Tax Proposals Could Alter Estate Planning Landscape
