Northern California Center for Estate Planning

Parents of adult children often don't give much thought to the manner in which their children receive their inheritances. They decide how to divide their assets and then distribute their estates directly to their children - end of story. If you want to make sure your children enjoy flexibility in accessing and using their inheritances while minimizing the impact of taxes, divorce, lawsuits, and other threats, it might be better to leave their inheritances in a Trust. Flexibility and … [Read more...] about Why a Trust Makes Sense – Even If Your Child Is Not a Child

What would you think about your next-door neighbor or your nosy sister-in-law thumbing through the pages of your Will or perusing your financial records? The mere idea probably shocks and outrages you. Maybe it even embarrasses you a little. Would you be surprised to find out that after you pass away, your Will is filed with your local probate court, and your probate file is open to the public? Anyone who is curious can walk into the courthouse, ask to see your file, and peruse the pages of … [Read more...] about Planning Your Estate With Privacy in Mind

We all want to do our very best to provide for our families, both during our lifetimes and after we're gone. That is why we work hard, manage our finances carefully, and take estate planning seriously. The estate planning landscape has changed significantly in just a few years, and the opportunities are better than ever for those of us who want to leave a true legacy for our loved ones. A generation or two ago, the best most people could do was to leave behind a good, solid Will. This allowed … [Read more...] about Your Family Deserves More Than an Estate Plan

As you look back over your life, you realize just how much your parents' support has meant to you. They were there as you took your first faltering baby steps, they supported you with advice and encouragement as you navigated adolescence, and, even as you ventured into adulthood, you knew your parents would be there to help you face life's unending questions and challenges. Years later, the roles are reversing. You watch your parents' steps become unsteady, and you realize that they need help … [Read more...] about Helping Your Parents Age Gracefully

Who hasn't daydreamed about what they'd do with an inheritance? We imagine a sudden windfall from a long-lost relative and think about the new car we'd buy, the long vacation we'd take, or the beautiful new home we'd move into. In reality, inheriting money can be a little more complicated, and it can give rise to unanticipated questions and concerns. Here are answers to four common concerns about inheritances. There May be Emotional Strings. An inheritance often results from the death … [Read more...] about What to Expect When You’re Inheriting

Estate planning. It's on everyone's "should do" list, but it rarely seems to make it to the top of the "to do" list. Maybe that's because estate planning is surrounded by myths and misconceptions. People think it's only for the wealthy, or only for the elderly. The truth is, everyone needs some form of estate planning, because estate planning is life planning. Let's do away with five common estate planning myths: Estate Planning is Only for the Elderly. Physicist Niels Bohr said, … [Read more...] about Five Estate Planning Myths

Since Congress introduced the Roth IRA in 1997, certain retirement account owners have been able to choose between two kinds of accounts with very different features. Whether a Roth is the right option for you depends on a number of factors, including your income and your savings goals. Traditional IRA A traditional IRA is a tax-deferred account. Contributions to the account are made with pre-tax dollars, meaning that you get a tax deduction for money you put into your account, and you … [Read more...] about Does a Roth Make Sense for You?

According to the Center on Budget and Policy Priorities, only the wealthiest one out of every 400 estates owed an estate tax in 2009. For those who may be subject to estate tax, a properly-drafted estate plan can help reduce or eliminate estate taxes. It can also help to minimize capital gains and income taxes. But estate planning is about more than reducing taxes - it's about planning for life. When you focus on life planning, you can use estate planning tools to your benefit today, and your … [Read more...] about The Estate Tax Is Not the Only Consideration in Estate Planning

Americans are givers. In 2010, we gave more than $290 billion to our favorite causes, with the vast majority of charitable giving, $212 billion, donated by individuals or household donors. Federal tax laws regarding cash gifts to individuals support this generosity and can have a big impact on your estate taxes. A taxpayer can give as much as $13,000 per year to separate individuals, gift and estate tax-free. If the taxpayer is married, the couple can make gifts of up to $26,000 to any … [Read more...] about Getting Value Out of Giving with Charitable Trust

No day is typical on a ranch. Things always seem to come up that force you to change your priorities, whether it's a cow in trouble as she gives birth, an implement that needs repairs, or harvesting a crop before the weather turns. Ranching is not an easy life, but if it's your life, there's probably no other way you'd rather make a living. You've paid your dues, and you gladly cope with the ups and downs of being a rancher. Virtually every day, you tackle adversities and take measures to … [Read more...] about Leaving a Ranching Legacy