What is tax avoidance? It is the employment of lawful tactics to legally avoid or lower taxes. This includes various estate planning strategies, legitimate charitable deductions and charitable trusts or foundations, accelerating tax deductions, deferring income, and creating legal entities, to name a few. What is tax evasion? It is any plan to reduce taxes through illegal means. The IRS often refers to them as abusive tax shelters. There is a long history of hucksters and grifters who … [Read more...]
NEW CALIFORNIA LAW HELPS PERSONS WHO ESTABLISHED EDUCATION SAVINGS ACCOUNTS AND THEN NEED MEDI-CAL LONG TERM CARE ASSISTANCE
Parents, grandparents and other family members seeking to assist other family members (often children and grandchildren) with the high cost of college education will commonly turn to Education Savings Accounts to put away money for this purpose. These accounts are often referred to as “529 accounts”, which is a reference to the section of the Internal Revenue Code that authorizes these tax-advantaged accounts. When properly established, 529 accounts grow on a tax-deferred basis (like an … [Read more...]
13 Disturbing Estate Planning Problems
Each of these 13 disturbing estate planning facts is true; but, each situation can be avoided with a strong, individualized, comprehensive, and up-to-date estate plan. If you don’t name a guardian in your will, your minor children could end up with persons you either don't like or don't know. If you don’t provide for your pet in your estate plan, your pet may be euthanized when you die. If you put assets in joint tenancy with a second spouse, your children may be disinherited. If … [Read more...]
Estate Planning for Adult Children Suffering from Alcoholism
Estate planning can extend your loving support and guidance to your children even after you are gone. If you have a child with an addiction problem such as alcoholism or other substance abuse issue, you can put your best efforts forward in ensuring that the inheritance you leave for him won’t be used to fuel the addiction or even kill him. Perhaps, this is one of the most important benefits of estate planning for adult children. Alcoholism runs rampant and often does not rear its ugly head … [Read more...]
Making Estate Planning Easier
If you are intending to create or update your estate plan in 2019, congratulations. Unfortunately, for too many, procrastination causes delays in creating much needed plans. one reason for the delay is that estate planning can seem overwhelming and stressful because it’s a whole new “thing” with new lingo and big decisions to be made. As if that weren’t enough, estate planning involves talking about our health, death, incapacity, interpersonal relations, and finances. At this point, you … [Read more...]
Estate Planning Considerations Entering the New Year (part 2 of 2)
When considering creating or updating your estate plan in 2019, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...]
Estate Planning Considerations Entering the New Year (part 1 of 2)
As we approach the New Year, many folks include among their resolutions creating or updating their estate plans. What is often not appreciated are the number of issues that should be considered and addressed in one's estate plan. It’s important to take time to handle these issues so that you’re protected throughout your lifetime as well as after you die. Many people don’t take the time to fully think about their individual estate planning needs. Take a look at the information below to … [Read more...]
Estate Planning Considerations Besides Death Taxes
In recent years, the amount that can be left to loved ones without having to pay the so-called "death tax" has risen to levels most Americans will never reach. For example, in 2018, the estate tax, which is often referred to as the "death tax" does not apply to persons who die this year with less than $11.18 million dollars. For married couples, effective planning can double that amount. This rise in the estate tax exemption has led many to wrongly conclude that estate planning is no longer … [Read more...]
Newlyweds and Estate Planning
Did you just tie the knot? Congratulations to you both. Once you and your spouse are finally married, you probably want to relax and enjoy each other’s company. This is especially true after dealing with months of wedding planning. This is an exciting time in your life, but there are important issues that you should handle. As newlyweds, you need to begin to put an estate plan into place. It can be stressful and upsetting having to think about disability or death, but it is important … [Read more...]
Asset Protection Planning for Your Family Members
If you’re like most people, you would love to wrap your lifetime gifts or inheritance for your children in the protective cloth of asset protection. Just like the Kennedys and Rockefellers, you can protect the assets you worked so hard for from your child’s divorcing spouse, bankruptcy, business failure, medical crisis, auto accident lawsuit, a slip and fall on his or her property, and other liability exposures. This is asset protection you can’t get for yourself without technical and … [Read more...]
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