Estate Planning Blog | Palm Springs Estate Planning Insights

Transfer on Death Deed

California passed a new law, effective in January 2016, which allows the owner of real property to designate a beneficiary to receive their real property when the owner passes away. This new real property transfer device is called a transfer of death deed (“TODD”). A transfer of death deed can be a very good way for the owner of real property to transfer the property to another individual without the need of a last will or living trust. It is also an easy and inexpensive [...]

January 28th, 2019|Estate Planning, Real Estate|

Guardianships and Conservatorships

When someone you love and care about is helpless due to a disability or illness, legal protection can be put in place to keep them safe. Guardianships and conservatorships are legal devices that specify a court-appointed caretaker to administer the affairs of someone who has become unable to protect or care for themselves.

January 22nd, 2019|Estate Planning|

Estate Tax Planning

A big part of estate tax planning is reducing inheritance. There are a number of devices you can put into place to reduce or avoid the inheritance taxes.

January 18th, 2019|Estate Planning|

Advanced Estate Planning

There are many types of trusts that can be part of a comprehensive estate plan. These trusts can offer significant benefits, including tax benefits, to your beneficiaries and to you. The following trusts may be of great value with your advanced estate planning and your overall estate plan:Educational Trusts:Educational trusts can be created to help beneficiaries pay for college or other schooling. However, there are now many tax-advantaged educational accounts to pay tuition and other school-related costs for young people that do not require an [...]

January 9th, 2019|Estate Planning|

Special Needs Trusts

Special Needs Trusts allow assets to be held in trust for the care of someone who is disabled or suffering from a physical or mental illness. When a special needs trust is properly prepared by an experienced estate planning attorney, the assets in the trust will not be counted when applying for government benefits such as Supplemental Security Income (SSI), Medicaid, and housing benefits.

December 17th, 2018|Estate Planning|

Estate Planning for Same-Sex Couples After DOMA

On June 26, 2013, the US Supreme Court in a 5-4 decision in United States v. Windsor declared unconstitutional Section III of the Federal Defense of Marriage Act (DOMA) which defined marriage solely as a legal union between a man and a woman. This landmark decision has far-reaching implications that significantly expand estate planning and tax-planning opportunities for same-sex married couples. Under the Supreme Court’s ruling, same-sex couples who are legally married now enjoy marital recognition at both the federal and state level. This ruling [...]

December 11th, 2018|LGBTQ Estate Planning|

Charitable Trusts

If you want to make a gift to a charity, especially a substantial gift, using a charitable trust allows you to do it in a way that gives you significant tax benefits.Charitable Trust ServicesThere are several charitable trusts to choose from that offer real financial advantages. Besides offering you estate and income tax advantages, charitable trusts allow you to be generous while ensuring retirement income at the same time. Speak to an Estate Planning Attorney About Setting Up A Charitable TrustIf you would like to [...]

December 4th, 2018|Estate Planning|

Irrevocable Trusts Vs. Revocable Trusts

Irrevocable Trust Vs. Revocable Trust - What is the Difference?There are two types of living trusts: Revocable trusts and irrevocable trusts.Revocable TrustA revocable trust, by its nature, offers a lot of flexibility. The trustor (the person who creates the trust) keeps control of the assets, and has the ability to revoke or amend the trust at any time during his or her lifetime and while they have legal capacity. The trustor still owns and controls the property in the trust and when the trustor passes [...]

March 25th, 2018|Estate Planning|

LGBT Estate Planning 101

Estate Planning for the LGBT CommunityOne of the biggest mistakes members of the LGBT Community can make is failing to properly set up an estate plan – the results of which can be devastating.If you do not have an estate plan and rely upon just holding property in joint tenancy as your estate plan, is the equivalent to giving up control of one's estate, as well as giving up management of one's health, finances and well-being in times of incapacity.The need for an estate plan [...]

June 30th, 2017|Estate Planning, LGBTQ Estate Planning|

Protect Your Loved Ones with a Revocable Living Trust

Back in 2014 I met with Sam Jones (name changed to protect client’s confidentiality) at a local senior center where I volunteer once a month. Sam’s wife recently passed away and Sam was concerned about what would happen to his assets after he passed away. Sam has four children, Sally, Sandy, Scott, and Sam Jr. Sam’s biggest concern was that when he passed away the family home that he and his wife had worked so hard to pay off would have to go through probate. [...]

April 19th, 2017|Estate Administration, Estate Planning, Resources|