Northern California Center for Estate Planning

A comprehensive estate plan should accomplish a number of estate planning goals and take into account various estate planning objectives. For example, planning for the possibility you will one day need to pay for long-term care (LTC), referred to as “Medi-Cal planning,” is a common estate planning goal. The overall objective of Medi-Cal planning is to reduce your “countable resources” so you will be eligible for Medicaid should you need it. While it may not be something you previously … [Read more...] about The Role of Compensation in Estate and Medi-Cal Planning

People lend money to family members for a variety of reasons. For example, lending your son money to buy his first home, or lending your daughter money to start a new business. At some point, you may find yourself in a similar situation. Therefore, it is important to know how this will impact you from a tax standpoint. Are you charging the borrower interest on the loan? If so, you must pay income tax on the interest you collect. If you lend money, despite the fact that a family member is the … [Read more...] about Loaning Family Money – What You Need To Know

You might not realize it, but you already have an estate plan. Even if you’ve  never created a Will, never set foot inside an estate planning attorney’s office, and never given estate planning a second thought. Here’s why: each state provides every citizen with a default estate plan. This estate plan comes in the form of intestacy law – a set of basic, one-size-fits-all rules for what happens to property after upon death. For same-sex couples, particularly in states that do not recognize … [Read more...] about Estate Planning is Essential for Same-Sex Couples

Your first meeting with an estate planning attorney may seem a little daunting, especially if you’ve never consulted an attorney before. There’s no need to worry, however. This meeting is just a conversation in which your attorney will find out about you, your family, and your goals. After you’ve shared this information, your attorney will be able to recommend a range of estate planning tools, helping you tailor a plan that meets your needs.  Getting to Know You At the start of your … [Read more...] about What to Expect at Your First Estate Planning Consultation

Not long ago, wives were “silent partners” when it came to estate planning. Husbands were the ones in charge of long-term planning and major financial decisions. In fact, estate planning attorneys often advised wealthy men to leave their assets in trust for their wives, so that a trustee other than their wife could manage and preserve the family fortune. It was assumed that a widow would not have the skill or the experience necessary to responsibly manage the money she inherited from her … [Read more...] about Five Things Every Woman Should Know About Estate Planning

One of the biggest myths about estate planning is that it is something only wealthy people need because the only reason for having an estate plan is to minimize estate taxes. The truth is, estate taxes are only a tiny piece of the estate planning puzzle – and every adult needs an estate plan. Here are just a few non-tax reasons to plan: Put the Appropriate People in Charge. An estate plan allows you to choose people who can be given authority to make financial and medical decisions on … [Read more...] about Five Non-Tax Reasons You Need an Estate Plan

Estate Planning. To many people, it sounds complicated and foreign, something only the wealthy or the elderly need to worry about. It is often not at the top of the priority list for single people or for young couples. Even parents with young children, who know they should at least have a Will, tend to think of estate planning as somehow beyond their reach. In truth, regardless of your age, your situation in life, or your level of wealth, estate planning accomplishes certain universal … [Read more...] about Why Everyone Needs an Estate Plan

We all know that low interest rates can create excellent opportunities to buy or refinance real estate. But did you know that a low interest rate environment can have an impact on your estate planning options as well? The four corners of a solid, basic estate plan remain the same no matter the economic climate. Interest rates do not determine the effectiveness of a Living Trust, Pourover Will, General Durable Power of Attorney, or a Healthcare Power of Attorney. Interest rates can, however, … [Read more...] about How Low Interest Rates Can Influence Your Estate Plan

Estate planning is one of those things that’s easy to put off. We don’t like to think about death – particularly our own – so we put it out of our minds. “What’s the worst that can happen?” we ask ourselves. We’d like to think that the answer to that question is that, even if we didn’t create an estate plan, we’d be off the hook. We’d be gone, so we wouldn’t have to deal with the consequences. This answer is partially true. When you die without an estate plan, you hurt those you love by causing … [Read more...] about Planning for the Worst-Case Scenario

We all want to make sure our children are financially secure after we’re gone. But accomplishing this means more than just deciding what portion of your estate each child will inherit. It also means determining how and when each child will receive their inheritance. When you have a child with special needs – particularly when that child depends on government benefits like Medicaid or Supplemental Security Income (SSI) - how you pass on an inheritance becomes an absolutely critical … [Read more...] about How to Leave an Inheritance for Your Special Needs Child