If you have an elderly loved one, it is important to provide care and support in a number of ways. As scams against the elderly continue to grow, it is important to make sure that your elderly loved one is not taken advantage of! Take note of the following scams! Mail fraud A lot of junk mail is aimed at taking advantage of the elderly Many mail scams involve convincing the elderly to enter various sweepstakes Telemarketing Many telemarketers speak with vulnerable people … [Read more...]
Do You Need Life Insurance?
Periodically, sit down and reevaluate your need for life insurance. It’s often an essential part of an estate plan. Life insurance can be used to: Replace income Fund a business buy – sell agreement Create an estate Pay federal estate taxes Equalize an estate Provide an inheritance for a child not in the family business General life insurance tips: Only pay premiums that won’t take food off your table. If you are insurance poor, you’ll end up dropping it. Term … [Read more...]
Common Estate Planning Myths (part 3 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling 7 estate planning myths in this three part article. 5. I don’t need a trust because I have a will. Myth!!! Most people would benefit from having a revocable living trust in addition to a pour-over-will. While your will is necessary, it is only effective after you’re dead. … [Read more...]
Do I Need A Separate Tax ID Number For My Trust?
A common question we get from clients is: What is the Tax ID number for my trust? The question is often prompted when our clients attempt to open an account under the name of their trust. For most of our clients, the type of trust we create is known as a grantor trust which is amendable and revocable. These are commonly referred to as “living trusts”. You can determine whether you have such a trust by reading Article One of your trust document. In such cases, the Tax ID number for the … [Read more...]
Common Estate Planning Myths (part 2 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling common estate planning myths in this three part article. 3. Joint ownership, commonly called joint tenancy, is an inexpensive and easy way to avoid probate. It’s cheaper than using a fully funded revocable living trust. Myth!!! Joint ownership means that you could lose your … [Read more...]
Common Estate Planning Myths (part 1 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling 7 estate planning myths in this three part article. 1. Estate planning is only for the rich. Myth!!! Estate planning is really for anyone who cares about someone else. If you want to take the burden off your loved ones’ shoulders, keeping expenses, hassle, and time delay to a … [Read more...]
Answers To Your Living Trust Questions (3 of 3)
Trusts have been around for hundreds of years; specifically, the living trust gained popularity in the 1970s as a probate avoidance technique. Today, living trusts are often used as a foundational document in estate plans. We've found that many folks have both questions and misconceptions about the living trust; so, in this three part series, we answer your living trust questions. Does everyone need a living trust? Most folks would likely benefit from having a living trust; however, if … [Read more...]
Don’t Cross Over the Line Between Tax Avoidance and Tax Evasion
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...]
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