Trusts are frequently used in estate planning because of their flexibility and because of the numerous and varied estate planning goals that can be served using a trust. The Trustee of a trust is responsible for administering the trust as well as managing and investing trust assets. If you recently learned that you were appointed to be the Trustee of a trust, you may not know where to begin with administering the trust. To help get you started, let's examine five important trust administration … [Read more...] about Key Trust Administration Steps for the First-Time Trustee
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The Role of the Estate Planning Attorney
Clients often come to an Estate Planning attorney with specific ideas in their minds. The attorney’s role is to counsel them regarding their plan, not just to draw up documents to accomplish it. 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 The Role of the Estate Planning Attorney
Pandemic Relief for Employers
The pandemic has been difficult for many of us, including many small businesses. Sometimes it’s difficult to follow all the news. But, there’s little-known pandemic relief for employers struggling from the pandemic. My friend and colleague Steve Hartnett, an estate planning expert explores this important issue. Read on to learn more. … [Read more...] about Pandemic Relief for Employers
Using Disclaimers to Achieve Your Goals: Double Disclaimers
Disclaimers can be a good way of getting assets where you want them to go. If the disclaimer is a “qualified disclaimer,” you aren't treated as having made a taxable gift. Sometimes a “double disclaimer” is necessary to achieve the desired outcome. My friend and colleague Steve Harnett, explores this useful planning technique. Read on to learn more. … [Read more...] about Using Disclaimers to Achieve Your Goals: Double Disclaimers
“Last Will and Testament” Origin
Why do you have a “Last Will and Testament.” Even Estate Planning attorneys are unlikely to know the etymology of the term. It was the subject of a recent question on “Jeopardy.” To learn more, see the following blog by my friend and colleague Steve Hartnett, an estate planning specialist. Read on to learn more. … [Read more...] about “Last Will and Testament” Origin
California Gets Poor Marks for Protecting the Elderly
As the population of older Americans continues to increase, we have also experienced an increased awareness of issues that impact them, including the prevalence of elder abuse, neglect, and financial exploitation. States across the nation are scrambling to try and prevent, or at least combat, the problem of elder abuse, with varying success. According to a recently released study by Wallet Hub, California gets poor marks for protecting the elderly. The Baby Boomers Reach Retirement Experts … [Read more...] about California Gets Poor Marks for Protecting the Elderly
Does California Impose an Inheritance Tax?
Along with making decisions regarding the distribution of your estate assets, your estate plan calls for other important decisions to be made. For example, the impact taxes will have on your plan should also be taken into consideration. Specifically, you need to know if your beneficiaries will owe taxes on the assets they inherit. Let's look into California's laws regarding inheritance taxes. The Federal Gift and Estate Tax The federal gift and estate tax is a tax that is imposed by the … [Read more...] about Does California Impose an Inheritance Tax?
5 Most Important Roles in Your Estate Plan
Some of the most influential decisions you will make within your estate plan are often the ones people spend very little time making. These are decisions related to fiduciary roles within your plan. Choosing people for the fiduciary roles within your estate plan should be done with great care because appointing or nominating the wrong person can have a detrimental effect on the overall success of your plan. Let's explore the five most important roles within your estate plan. What Does It Mean … [Read more...] about 5 Most Important Roles in Your Estate Plan
How Do I Prove Undue Influence in a Will Contest?
If you recently lost someone close to you, the grieving process is likely still a big part of your life. At some point, you will learn the contents of the Last Will and Testament executed by your loved one. What do you do if something about that Will does not sound right? What do you do if you believe the Will does not reflect your loved one’s wishes? More specifically, what if you think someone else influenced your loved one during the execution of that Will? Let's explore the concept of undue … [Read more...] about How Do I Prove Undue Influence in a Will Contest?
What Is an AB Trust?
For many people, tax avoidance is a primary estate planning goal. If you are among them, and you are married, you may wish to consider incorporating an AB trust into your estate plan. For those who are unfamiliar with the concept, a Sacramento trust attorney at the Northern California Center for Estate Planning & Elder Law explains the basic fundamentals of an AB trust. Why Tax Avoidance Is an Important Estate Planning Goal Historically, an AB trust was used as an estate planning tool … [Read more...] about What Is an AB Trust?
