The new federal tax law commonly known as the Tax Cuts and Jobs Act (TCJA) has affected many areas, including retirement plans.  Here are some of the key impacts on retirement planning: No changes to stretch IRAs or elimination of traditional tax-deferred IRAs. Let’s start with some anticipated change that were not included in the […]

You have likely heard the old adage “The only sure things in life are death and taxes.” In the United States, the adage certainly applies. Not surprisingly, some Americans also like to find creative ways to reduce their tax burden. Using legitimate tax reduction strategies is perfectly legal; however, in the endless search for a […]

Thanks to advances in medicine and science, as well as an overall better quality of life, Americans at the beginning of the 21st century have an average life expectancy of almost double what they had at the beginning of the previous century. Despite this, the natural aging process has not changed significantly during the last […]

  The primary focus of the so-called Tax Cuts and Jobs Act of 2017 (the New Act) is to reduce individual and corporate income tax rates, to eliminate many deductions and credits, as well as to enhance other existing tax breaks. One thing the New Act has not done is to repeal the longstanding federal […]

NOTE: The implications, complications and planning opportunities under the new tax law will be discussed in our upcoming workshops coming in January. For more information, click HERE. President Trump has signed the long promised tax cut act into law. It cuts the corporate tax rate from 35 percent to 21 percent and drops the highest individual tax rate to […]

You have probably received written reminders from your favorite (and not-so-favorite) charities in recent weeks as the annual end-of-year plea for donations by charities is underway.  If you are so moved to donate, here are some tips to help you get a proper deduction for your good acts.  The 2017 federal tax law has now […]

Everyone wants to save money.  A good way to keep an eye on your bottom line is through coupons.  Online coupons are very popular, but watch out for the too-good-to-be-true coupon offers that will lead you to a malicious website asking you for your credit card information and other personal data. A lot of these […]

The men and women who have served in the Armed Forces, along with their families, are owed a debt of gratitude that can never truly be repaid. Each and every one of them has sacrificed so that all Americans can enjoy the freedom and safety that comes with living in the United States. Although it […]

When you started planning your estate, you had to answer many questions about the distribution of assets after your death.  There were many “technical” questions, such as will vs. trust, whom to name as executor or trustee, do you want a living will, etc.  But you also had to consider the people who will be […]

President Trump and Republican lawmakers recently unveiled a blueprint for tax reform which calls for many things, including a reduction in and compression of income tax rates, a doubling of the standard deduction for income taxes, an elimination of most tax deductions other than the mortgage interest and charitable deductions. The blueprint also calls for […]

Because many people do not have a need for the benefits offered by Medicare and/or Medi-Cal until they reach retirement age, there is a good deal of confusion about the two programs. In fact, Medicare and Medi-Cal are often used interchangeably when discussing the programs despite the fact that they are completely different programs with […]

When someone passes on, his or her assets are typically left behind to a beneficiary. If you find yourself the recipient of money, you may have a big question on your mind: will I have to pay taxes? Before we go any further, remember this: it is a good idea to speak with an experienced […]

Estate planning involves more than simply deciding how your estate assets will be distributed upon your death. In fact, a well thought out estate plan should also protect, and help grow, those assets while you are alive and ensure that they are used to provide for your loved ones when you are gone. To do […]

An experienced and qualified estate planning attorney can provide you with invaluable assistance in protecting your wealth. You work hard for you assets and you do not want to put your money or property in danger of being lost. Understanding the risks that you face and using the right legal tools- like trusts- is vital […]

  If you have a dog, cat or other pet, you know that the unconditional love and affection our pets devote to us improve the quality of our lives in ways nothing else can. This is why they deserve our respect and dedication even after we pass away or become incapacitated. Unfortunately, if a pet […]

Since the economic meltdown of 2008, many of our clients have been justifiably concerned about the safety of their bank accounts. But there’s also good news. With proper planning you can protect your assets – even if you have considerable assets. The Federal Deposit Insurance Corporation, or FDIC, insures bank accounts. Each individual is covered […]

Note: This is the first of a multi-part series on planning for the various generations of families. Are you part of the growing “sandwich generation” which is the term often used to describe those boomers who often feel stuck in the middle between the competing needs of their aging parents and growing children. This is […]

As our population ages, so does the need for care services for the elderly.  There are numerous organizations, many for profit, that offer in-home care.  In addition, there also are long term care facilities that offer housing and other living arrangements for seniors ranging from assisted living to skilled nursing. Often the need to find […]

We sometimes get calls from persons, even our own clients, about initiating a conservatorship over another person. Conservatorship occurs when a person is not legally able to manage his own affairs. A person may require a Conservator if that individual is physically or mentally incapacitated. In situations where someone is made incapacitated by illness or […]

As of this newsletter, we are still awaiting the promised tax reform bill from President Trump.  While the details of the unfinished tax bill are still unknown, what is known from the one page summary that has been released is that it will seek, among many other changes, to permanently repeal the so-called “death tax.” […]

Once upon a time not so long ago, retirement planning depended heavily on an employer sponsored defined benefit pension (monthly pension check) and Social Security retirement benefits. The concept of lifetime employment with a single employer, however, is largely a thing of the past, which also makes old style pensions a thing of the past. […]

Are you prepared to cover the expenses of long-term health care (LTC) if you need nursing home, assisted living or regular at home care down the road? If you are like some, you may turn to Medi-Cal for help with your LTC costs. While Medi-Cal will cover LTC expenses, getting approved can be challenging. The […]

The sale of a life insurance policy to a third party is not a particularly modern concept, but the viatical settlement sector only began organizing as an industry in the mid 1980s. A small handful of funding firms, backed by sizable loans and credit lines, recognized that a rising number of AIDS patients were cash […]

A frequent tax question that arises concerns the capital gains tax. The capital gains tax is an income tax that can be levied when you realize a gain. A gain is realized when the assets that have appreciated in value are sold and you take possession of the liquidity.  Accordingly, capital gains taxes are not […]

Simply because you are healthy at the moment, that does not mean you won’t eventually need long-term care in the future.  This is a common misconception shared by many.  You may not have health issues right now, but how can you predict how healthy you will be in 30 years?  In fact, an unexpected injury […]

To be able to take advantage of the most effective Medi-Cal planning strategies, you may need to make plans to get covered by Medi-Cal at least thirty months before you actually need to get nursing home care. Medi-Cal currently has a 30 month lookback rule which results in your temporary disqualification from coverage if you […]

As of this writing in mid-February 2017, President Trump has not yet announced his tax reform plan.  When he does, it is expected to address, among many other things, the estate tax, otherwise commonly referred to as the “death tax.” As has been well publicized, Mr. Trump has issued numerous executive orders which are actions […]

February may be the month of hearts and flowers, but it’s also prime time for financial cons.  Today’s focus: The “Sweetheart Scam.” The reasons for the seasonal lift in these scams are simple enough. Many people, still keeping with their New Year’s resolutions, are looking for love and are especially vulnerable to scammers. Others are […]

We have previously written about the emerging issue of access to a person’s digital assets after his or her incapacity or death.  We noted the absence of any solid legal guidelines and the problems that it has caused.  The phrase “digital assets” covers the very diverse world of information that exists online including, but not […]

First off, Happy New Year!  Let’s start off the year with a hearty congratulation! Why? By creating your estate plan, you have done something that will protect you and your loved ones now and in the future. However, like regular medical checkups, conducting periodic reviews of your plan as well as updating the plan when life […]

Gift cards are a fantastic way to give to those that are especially hard to buy for or those in your family that just seem to have everything already. Gift cards, however, are not cash. In a new stream of scams, callers are asking you to pay for large ticket items like cars, televisions, or […]

‘Tis the season for giving, but unfortunately it’s also a time in which fraudsters take advantage of consumers. It’s no secret we all make more transactions this time of year than any other season, whether it be for shopping or donating. One of the biggest scams hitting right now is fake delivery notifications to your […]

One of the privileges of our practice is that we often assist multiple generations of a family with their planning needs. Sometimes it proceeds chronologically with planning for parents, then their children and then their grandchildren. However, sometimes our work starts with a middle generation, the so-called sandwich generation who have concerns not only about […]

If you have money in an Individual Retirement Account (IRA), you know you can’t take out distributions without paying taxes on the money you withdraw. For many older people with large portions of their personal wealth tied up in IRAs and other tax-advantaged retirement accounts, the tax implications of taking money out of an IRA […]

New on our scam alert watchlist this month is the nefarious “tech-support” scam.  According to Microsoft, in 2015 an estimated 3.3 million people — many of them seniors — were victimized by a tech-support con, at a total cost of $1.5 billion. That’s one American duped out of an average $454 nearly every 10 seconds. […]

We often get inquiries from our clients about how much they can give to their loved ones without incurring tax consequences. The good news is few Americans will ever have to worry about the federal gift tax. The reason is simple: Federal gift taxes are owed only on very large gifts you make. The lifetime […]

Thanks to advances in medicine and science, as well as an overall better quality of life, Americans at the beginning of the 21st century have an average life expectancy of almost double what they had at the beginning of the previous century. Despite this, the natural aging process has not changed significantly during the last […]

The FBI scams and safety page (www.fbi.gov) offers the following Tips for Avoiding Funeral and Cemetery Fraud: Be an informed consumer. Take time to call and shop around before making a purchase. Take a friend with you who may offer some perspective to help make difficult decisions. Funeral homes are required to provide detailed general […]

Note: This is the first of two installments on a new tax planning strategy for married couples.. In recent years, a new estate tax planning strategy has become available for married couples.  Known as “Portability”, it was first added by the federal tax law that became effective in 2011 that, among other things, extended the […]

Basic Options for Long Term Care Planning The past few decades have been marked by the “graying of America”.  Americans are living far longer than their predecessors and the trend is expected to continue.  While this increased longevity has many obvious benefits (especially as compared to the alternative!), it has not come without consequence.  We […]

There is a new planning option that allows families to provide greater financial security for disabled family members who receive needs-based public benefits such as Supplemental Security Income (SSI) and Medi-Cal.  It has been created by a federal law titled the Stephen Beck Jr., Achieving a Better Life Experience Act of 2014 or the ABLE […]

Effective June 9, 2016, a new California law permits terminally ill but competent patients age 18 and older to decide to be prescribed an aid-in-dying medication.  The End of Life Option Act makes California the fifth state to enact an aid-in-dying law. There are avid supporters and opponents of this new law who have raised numerous ethical, […]

The prevalence of scams targeting the elderly is growing every year. These scams are so popular; in fact, these scammers have been giving their own nickname: Granny Scammers.  One of the latest tricks Granny Scammers have up their sleeves is using social media to gather information about your family. The scammers use the Internet to […]

The creation of a comprehensive living trust-based estate plan is the best step you can take to assist your family and loved ones in addressing the future.  When properly used, the legal documents in your plan will allow your designated trustee to act on your behalf when you are no longer able or willing to […]

Asset Protection: A Primer The term asset protection is heard a lot in planning circles.  However, it has no definitive meaning and its role depends on the context in which it is used.  In this two part report, we will explore some basic concepts One aspect of asset protection is to protect the owner of those […]

One of our staff members recently received an automated phone message from someone claiming to represent the IRS.  The message instructed her to call back regarding a claim that had been filed against her.   She returned the call. The “agent” that answered her call gave her lots of different, professional sounding credentials: agent number, […]

In a 2010 survey of seniors, the non-profit Investor Protection Trust projected that 1 in 5 seniors had been taken advantage of financially.  Unfortunately, seniors are often targets of phishing schemes, and can cost you everything. Phishing is a form of fraud in which the attacker tries to learn information such as login credentials or […]