A death tax is associated with any tax imposed on someone’s property after they pass away. This is a colloquial term that got popular in the 1990s to describe inheritance and estate taxes. In estate taxes the estate belonging to the deceased will pay the tax before the assets are transferred to the beneficiary. However,… Read More »
Blog Posts Page 5
Assisted Living Costs And How To Discuss Them With Parents
Most aging parents don’t want to think about the possibility of needing assisted living. There may come a time, however, when nursing home care is not required, but the needs of your parents exceed what you and other family members are willing or able to offer. Approximately 70% of people over age 65 will need… Read More »
What Is The Fiduciary Relationship Between A Trustee And Beneficiary?
A trustee is appointed to handle the administration of a trust either while the creator of the trust is still alive, during the time the creator of the trust is incapacitated, or after the trust owner passes away. There are many different scenarios that determine when a trustee must act and there are rules in… Read More »
Who Should Have an Asset Protection Plan?
What happens if someone sues you? Whether it’s for personal reasons like a slip and fall injury on your property or a claim against a business forced as as sole proprietorship, a suit like this can have serious consequences for your future. Taking action only once someone has lodged a suit limits what you can… Read More »
Family Business Succession Planning: Selling or Gifting?
Many family business owners have a vested stake in passing on their company to the next generation within their family. This can be accomplished in two different ways: selling ownership or gifting ownership. A family transition gives the seller of the business liquidity but also can create a taxable event. Gifting the family business, however,… Read More »
Four Ways of Planning for Incapacity
Most people recognize the importance of creating a comprehensive estate plan, but have you thought about incapacity? If you don’t have a plan for what happens to your care if you become unable to manage it on your own, this will fall to the courts and could add stress and delays for your family members…. Read More »
Contemplating Business Succession Planning Ownership Changes
One of the most important steps you need to take in protecting your business is to create a team of trusted advisors. This should be done well in advance of any actual ownership change in your business. You need to contemplate the process of what it looks like to move forward and need outside professionals… Read More »
What Is Crisis Planning in The Estate Planning World?
Estate planning typically requires advanced preparation and thinking about what you might need and what people you might need to help you make decisions in the future. However, there are some circumstances where a crisis emerges and family members spring into action in an attempt to help a loved one or address an urgent issue…. Read More »
What Are the Basic Estate Planning Documents For 18 Year Olds In California?
Whether getting ready to go to college, joining the military, or undertaking a different venture altogether, everyone in California needs an estate plan. Once a child reaches age 18, their parents do not have legal eligibility to make decisions for them anymore. This means that if you have an 18 year old child or a… Read More »
Estate Tax Portability: What to Know
High net worth married couples who may owe federal estate taxes when the second spouse passes away, could tap into a strategy known as portability, which was recently improved on behalf of couples by the IRS. Even though a spouse could inherit all of their partner’s assets tax free, estate taxes could potentially be owed… Read More »
How Much Will I Spend In Retirement?
Your estate plan and your retirement intentions are likely linked, especially if you’re not sure how much money you’ll really need in retirement. This can be a difficult question to answer, especially in light of inflation and the uncertainty around whether you might need to tap into retirement savings for healthcare needs in the future…. Read More »
New Study Connects Financial Discipline to Better Sleep and Greater Happiness
How often do you stay in touch with your financial planning and decisions? It can be difficult to buckle down and get on top of your finances, but it can also prove extremely fruitful, according to the results found in a new study. The Harris Poll identified a sample of nearly 2,500 people finding that… Read More »
Should You Create A Power Of Attorney For General Everyday Use?
A power of attorney formally appoints another individual to make important decisions on your behalf. The legal system will recognize these choices as lawful when invoked, and when your chosen agent is acting under the appropriate authority. You can decide whether or not you want your chosen agent to have broad decision making authority or… Read More »
Clients Near Retirement Should Meet with Estate Lawyers
When is the last time you made sure your retirement plan and your estate plan are aligned and ready to work together? If it’s been a while, you might need to meet with an estate planning attorney. Many individuals who are at or near retirement enjoyed decades of rising and relatively stable markets, with increasing… Read More »
Business Owners: Don’t Neglect Your Largest Asset
A recent survey conducted of US small business owners found that very few understood their business valuation, or had stepped into the process of appropriately planning for the company’s future. It is vital to understand the valuation of your company to plan for a sale, for estate and tax planning purposes, or to identify next… Read More »
What Happens If a Trustee Wants to Resign?
If you intend to use a trust for estate planning reasons in California, you must carefully choose who you’ll appoint as trustee. Failing to take proper care in doing this could mean that your trustee decides to resign. Some people appointed as trustee don’t realize all the work that goes into it or the level… Read More »
Updating Your Will? Don’t Forget the Rest of Your Plan
There are many reasons why you might need to update your last will and testament or a revocable trust. Perhaps you’ve recently gotten divorced or adopted a new child and need to make appropriate accommodations in your estate plan. No matter the reason prompting your estate plan update, you must be ready to consider any… Read More »
What Happens If My Loved Ones Cannot Find My Estate Planning Documents?
All of the extra work that you put into organizing your estate planning could be derailed if your loved ones are unable to find these documents. Documents such as a last will and testament, an irrevocable trust, life insurance and retirement beneficiary forms should all be stored in a location where your executor or personal… Read More »
Be Careful Appointing Executors, Trustees, and Power Of Attorney Agents
Many people recognize the possibilities associated with appointing a trustee, power of attorney agent or an executor in your estate plan. You may want to appoint your agents by profession or age instead of considering who is best to serve, or you might think it’s a good idea to appoint all of your children together…. Read More »
What Heirs Need to Know About Deadlines to Empty Inherited IRAs
If you’re completing your own estate planning, there’s a chance that an IRA is one of the biggest assets in your estate. When you pass this on to your loved ones, you should always be clear about how this will influence their immediate financial situation. Previous strategies for stretching out IRA inheritances no longer work,… Read More »
