Estate Planning for Domestic Partners and Unmarried Couples
Even though same-sex marriage is legal in California, not every couple, whether same-sex or opposite-sex, will choose to get married.
Postnuptial Agreement
A postnuptial agreement is a written agreement executed after a couple gets married, or have entered a civil union, to settle the couple’s affairs and assets in the event of a separation or divorce.If you are already married, and you and your spouse would like to create a written contract that establishes each person’s property rights and financial responsibilities during and after the marriage, you may want to consider having a postnuptial agreement created.And if you are not married, but are registered domestic partners or [...]
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 [...]
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.
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 [...]