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.
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 [...]
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.
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 [...]
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 [...]
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 [...]
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 [...]
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. [...]
Pet Trusts in California
Pet Estate PlanningDo you love your pet? Do you consider your pet to be part of your family? Are you concerned about what will happen to Fluffy or Fido if anything happens to you? If your answer to any of these questions is "yes," please read this blog and learn more about how you can create a pet trust to insure that the people you want will care for your pet when you can no longer do so.What is a pet trust?It is a legally [...]
Estate Planning for Same Sex Couples
Learn more about Estate Planning for Same Sex Couple and why it is important to have an estate plan in place.Proper estate planning by same sex couples will ensure their assets will go to whom they want, their estate will be managed by who they want, and in the event they are incapacitated, their medical decision and financial matters will be handled by the person they want. It is very important that every member of the LGBTQ community, whether registered domestic partners or not, creates [...]