If you’re like most people, you haven’t heard of qualified personal residence trusts. They are abbreviated “QPRT” for short; and, pronounced “Q – Pert.” They are irrevocable (can’t change them) split interest (you benefit and your children benefit) trusts. You benefit by living in your home rent free for a period of years. Your children benefit because federal estate taxes are eliminated and they get the house. QPRTs have a role in California planning where the high value of real estate … [Read more...] about What is a Qualified Personal Residence Trust?
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Don’t Forget Beneficiary Designations When Creating Your Estate Plan
When handling your estate planning affairs, it can be easy to forget to check your beneficiary designations. You may have designated beneficiaries for your retirement account and life insurance policies a long time ago. Do you know who will be getting these assets after your death? Take a look at the following information to better understand this planning need. If you have any questions, or if you’d like to review your beneficiary designations, contact an estate planning attorney. When … [Read more...] about Don’t Forget Beneficiary Designations When Creating Your Estate Plan
What Assets Count for Medi-Cal Eligibility?
At some point during your retirement years, there is a chance that you may need to qualify for Medi-Cal to help cover the high cost of long-term care. It is for this reason that including Medi-Cal planning in your overall estate plan is commonly recommended to ensure that your assets are protected when you apply for Medi-Cal. Creating a successful Medi-Cal plan requires an understanding of which assets count for Medi-Cal eligibility and which assets are exempt. In this blog, we offer an overview … [Read more...] about What Assets Count for Medi-Cal Eligibility?
So, You are Looking at Hiring an Estate Planning Attorney
If you’re beginning to think about your estate planning needs, you’re probably considering hiring an estate planning attorney. You’re on the right track; hiring an experienced and qualified estate planning is highly recommended and will pay off handsomely. However, you may have some confusion as to what exactly an estate planning attorney does or how he or she can help you. Take a look at the following information. If you have any questions, or if you’d like to begin your estate planning, … [Read more...] about So, You are Looking at Hiring an Estate Planning Attorney
Estate Planning: It’s Not Just About the Estate Taxes
The recent tax law has temporarily doubled the estate tax exemption. That doesn’t mean there’s no need for estate planning. Estate plans consider many important aspects, not just estate taxes. This article by my friend and colleague Steve Hartnett, an estate planning expert, examines some of the many considerations besides estate taxes. Estate Planning: It’s Not Just About the Estate Taxes … [Read more...] about Estate Planning: It’s Not Just About the Estate Taxes
You Never Know: Planning for the Unexpected
This article by my friend and colleague Steve Hartnett, an estate planning expert, examines the deaths of two people who died from doing very typical things. You never know what risks might be around the corner, even in seemingly safe endeavors, so you should be prepared. The article looks at the elements of a basic plan. You Never Know: Planning for the Unexpected … [Read more...] about You Never Know: Planning for the Unexpected
Planning for Frequent Flyer Miles
This article by my friend and colleague Steve Hartnett, an estate planning expert, examines the transfer of frequent flyer mile accounts to beneficiaries. It looks at Anthony Bourdain’s will and its disposition of his miles. The article points out that these are contractual rights and you may or may not be able to transfer them at death. Planning for Frequent Flyer Miles … [Read more...] about Planning for Frequent Flyer Miles
Incapacity Planning
Nobody wants incapacity, not for yourself and not for your loved ones. But planning for that possibility can avoid complications and increase options. The article by my colleague and friend Steve Hartnett, an estate planning expert, discusses the elements of incapacity planning and the need for flexibility to do Medi-Cal planning which he refers to as Medicaid. It discusses how a trust with Medi-Cal triggers can allow that. All trusts prepared by our firm contain such triggers. Incapacity … [Read more...] about Incapacity Planning
Why Estate Planning for Family Farmers Is So Important
There was a time in the United States when family owned and operated farms supplied the majority of the food we ate. By the middle of the 20th century, however, massive conglomerates had taken over most of the farming and ranching operations in the U.S., all but putting an end to family run farms. In the first two decades of the 21st century though, family farms have made a significant comeback across America. If you own a family farm, comprehensive and thorough estate planning will play an … [Read more...] about Why Estate Planning for Family Farmers Is So Important
How Does a Special Needs Trust Work?
Planning for the future takes on a heightened importance if you are the parent of a child with special needs. As a parent, you undoubtedly want to provide for your child, both while you are here and after you are gone. Careful planning is required, however, to accomplish this goal when your child has special needs to ensure your child’s continued eligibility for state and federal assistance programs. The key to ensuring that your child will benefit from both your assets and the assistance of … [Read more...] about How Does a Special Needs Trust Work?
