Moving to a new state might bring new opportunities. In fact, you might have moved to relocate for your career or to change the existing dynamic with your family or to be closer to loved ones. When you move, however, there is additional things to consider beyond making sure everything gets in the boxes and… Read More »
Blog Posts Page 7
Don’t Forget Tax Planning at The Conclusion Of 2021
Year-end planning presents an opportunity to review some of the most important issues facing you and your existing strategies. With a new year can also bring legislative changes and new considerations for how to optimize your estate and tax planning. This makes it even more important to establish a relationship with financial professionals including estate… Read More »
What You Need to Know About Annual Exclusion Amounts with Gift Taxes
You are not limited to gifting assets or cash to your loved ones or friends only when you pass away. There are many ways to leverage annual gifting to remove assets from your estate and still accomplish your personal goals. One of the best annual planning strategies is to consider your opportunities for gifting during… Read More »
What You Need to Know About the Build Back Better Plan Surtaxes
On October 28, 2021, the president announced a new framework for tax system changes to raise the revenue for the expenses associated with the Build Back Better Plan. Increased income taxes will impact fiduciary income taxes for those tax years starting on or after December 31st, 2021. The first of these is an additional 3%… Read More »
Can I Determine What Happens to My Vacation Property Through Multiple Generations?
If you own a vacation home, the estate planning process is extremely important. There are many unique considerations to weave into your estate planning strategy and these should all be done under the guidance of a knowledgeable estate planning lawyer. Many people who own a vacation home anticipate that it will at least pass on… Read More »
How Important Are Social Security Considerations in Retirement Planning?
When looking ahead to the future when crafting your retirement plan, it is crucial to think about the different benefits and timelines for social security claiming. One of the earliest decisions that you’ll need to make in the retirement process is when and how to claim Social Security. It’s beneficial to have experienced professionals to… Read More »
Are You Prepared for The Potential Long Term Care Crisis?
Studies indicate that the vast majority of people in the United States will need long term care services after turning age 65. Approximately 25% of them will need extensive care likely that it comes from an assistive living facility or a nursing home. But even though the numbers indicate that more people will need this… Read More »
What Does It Mean to Become Trustee?
An essential component of estate planning for those people who have developed a trust is to name a person who steps in as the trustee. Depending on the structure of the trust, the trustee might begin his or her responsibilities immediately or may only become activated after the creator of the trust has passed away…. Read More »
How Should We Handle the Family Vacation Home?
It can be difficult to determine what happens to the family vacation home or second property after you pass away. You might assume that all of your children are on the same page about this and that it will easily and successfully transfer to the next generation with no drama or conflict. But what happens… Read More »
What Will Medi-Cal Pay For?
If you or a family member has recently been diagnosed with a condition that calls for nursing home support, you’re probably thinking about paying for this care. It’s important to have a basic understanding of what it takes to apply for this coverage so that you can take action steps in advance. While it would… Read More »
What’s At Stake with the Build Back Better Plan?
Most of the talk around tax law changes has been evolving over the past year with concerns about shifts in the estate tax exemption limit. If those changes do get adopted, you might need to make adjustments to your existing estate planning strategy. There are many different tax changes proposed in President Biden’s Build Back… Read More »
How Do Generational Differences Impact Business Succession Planning?
Planning for the future of your business is just as important as completing your personal estate planning. Many people overlook the impacts of business succession planning and expose their company and their loved ones to unnecessary risks. A new study found that upcoming leadership and retiring leadership have key differences in terms of their attitude… Read More »
What Happens If You Don’t Name a Beneficiary in Your Life Insurance Policy?
Your life insurance proceeds do not transfer as part of your probate estate. It’s on you as the policyholder to maintain payments on the policy and to update the beneficiary designation forms if there are changes in your personal plans. Do not count on the insurance carrier to keep you informed about annual updates to… Read More »
Study Finds That Family Members Feel Less Guilt When a Loved One Moves to Assisted Living
Especially if your loved one doesn’t yet qualify for Medi-Cal for nursing home expenses, the decision to get your family member some needed help can be a difficult one. If you are concerned about making the transition with a loved one to assisted living or a nursing home, you are not alone. Many family members… Read More »
Does an Unmarried Couple Need Estate Planning?
It is a common question for estate planning lawyers about whether or not an unmarried couple can benefit from estate planning. Unmarried couples without children might assume that there are relatively few benefits for them to meet with an estate planning lawyer and taking this important next step. However, it is just as important for… Read More »
If the Pandemic Disrupted Your Business, You Need a Business Succession Plan
Deciding to sell your business is a difficult proposition and it’s one far too many business owners don’t think about until it’s too late. External forces could cause you to make swift and unexpected changes and the pandemic showed many people just how unprepared they were to make quick shifts in their business. A recent… Read More »
High Earners: Prepare for Tax Changes Ahead
Those who will have a lot of money set aside in tax deferred retirement accounts or who expect to earn and extremely high income for many years should be prepared for how their money is taxed now and how it will be taxed later. This is important for making a comprehensive plan for your retirement… Read More »
What to Know About Selling Your Home If It’s in a Revocable Trust
An irrevocable trust is an estate planning tool you can use in California to help shield some of your assets from the public eye and to create your own transfer plan for them. Since a trust is managed outside of probate, it does not become a matter of public record when trust distributions occur. When… Read More »
These Estate Planning Mistakes Impact Physicians
Like everyone physicians need a comprehensive estate plan that protects their interests and ensures that they have taken care of their own concerns as well as their property after they pass away. Making mistakes when it comes to physician estate planning can be catastrophic for your family and your legacy. Read on to learn more… Read More »
What If My Spouse Refuses to Participate in Estate Planning?
In the best case scenario, both you and your spouse are on the same page about the importance of estate planning and the strategies and people involved in that process. It’s not always the case that both people, however, are on that same page. Married couples and single individuals should all have comprehensive estate plans… Read More »
