We are often asked by prospective clients: “Do I need an estate plan?” This is particularly the case for folks under 40 or 50, who just can’t imagine themselves dead or incapacitated. We are also often asked about planning by our clients who have adult children with assets and children of their own. As we all know, we can't and don’t know the future. Should a premature death or disability occur due to an unexpected injury or illness, having an appropriate plan in place will reduce needless … [Read more...]
Kiddie Tax is Worse Than Ever
The Kiddie Tax can apply to the unearned income of children. Read this blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax.Kiddie Tax is Worse Than Ever … [Read more...]
Your Proof of Identity and Your Estate Plan: What’s the Connection? Also Your Driver’s License My Restrict Your Travel Plans
An essential part of creating a comprehensive estate plan is the execution, that is, signing, of the plan documents. While the execution of some documents, such as Wills, must be witnessed by two witnesses, most documents must be notarized. These include Trusts, Powers of Attorney, certain Assignment forms and Deeds.What does notarization entail? It means signing the documents before a Notary Public commissioned by the State of California. We have such notaries on our … [Read more...]
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read the following blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more.Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [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...]
How Are Trusts Taxed?
Trusts are useful vehicles both during life and after death. This article by my friend and colleague Steve Hartnett, an estate planning expert, examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more.How Are Trusts Taxed? … [Read more...]
Why Do I Need a Trust? Some Basic Answers
When most people wonder, “Why do I need a trust?” they are typically referring to a revocable living trust. Revocable Living Trusts are used as centerpieces in estate plans and are appropriate for most people.Should I have a trust now?Yes, consult with a qualified, experienced estate planning attorney to set up a trust now. Your revocable living trust covers three possible time periods:While you are alive and well While you are alive, but disabled After your deathWhat … [Read more...]
Trusts for Privacy
Trusts have many uses. Perhaps the most important is that they can provide privacy at death. Garry Shandling is thought to have used a trust to provide privacy for those he left behind. See the following article by my friend and colleague Steve Hartnett, an estate planning expert.Trusts for Privacy … [Read more...]
Estate Planning is Too Important to Procrastinate
Only 44% of Americans have even a simple Will. We procrastinate for several reasons. Learn those reasons and how to push past them. My friend and colleague Steve Hartnett, an expert in estate planning, explaing why planning is important.Estate Planning is Too Important to Procrastinate … [Read more...]
ABLE Acccounts: A Special Option for Special Kids
When planning for children with special needs, it takes special care to preserve their eligibility for public benefits. An ABLE account is a new way to preserve eligibility while gaining tax advantages. Read this article by my friend and colleague Steve Hartnett to learn more about this new tool in planning for those who were disabled by age 26. As of this date, California' ABLE account program has not been fully implemented. However, it is expected to be fully operational sometime during … [Read more...]
