Our blog includes posts about a wide range of estate planning topics, including trust-based estate plans, estate planning when you have a disabled adult child, planning as part of a blended family, and planning for charitable giving. To learn more, contact our office to discuss how we can help you create an estate plan that best fits your needs.
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Why and How to Refuse an Inheritance"Disclaimer" is the legal term for a refusal of an inheritance, and it's defined as an irrevocable and unqualified refusal to accept an interest in property. Let's look at the circumstances in which a disclaimer can be beneficial: To avoid or reduce estate, gift and income taxes. Some states have...
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How to Get Your Estate Plan Done While Under Coronavirus QuarantineIf you are quarantined or under a lockdown and can't get to a notary, how can you get your will, trust, and other documents executed? Don't give up. There are ways to get it done without leaving home.
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Estate Planning Tips for Those Under Coronavirus QuarantineThe coronavirus quarantine began in the California counties of Sacramento, Palm Springs, Los Angeles and Ventura, issuing unprecedented orders for all residents to remain in their homes except for certain essential activities. Then Gov. Gavin Newsom expanded the order to all residents in the state. Many other states, including Illinois,...
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The Coronavirus: a Unique Planning OpportunityThe Corona Virus is causing major economic impacts as can be seen with the declining stock market. This adverse impact and the uncertain prospects for the future is a source of concern and worry for us all. However, the hopeful temporary reductions in value, low interest rates, and an $11,500,000...
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Still Wondering Why You Need to Review an Estate Plan?An estate plan is the guide to how you want your personal and financial affairs to be handled, in the event of your incapacity or death. As life changes, your guide changes with it.
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When Estate Planning Takes Place in a CrisisMany of us have experienced the unexpected "telephone call" from a hospital or loved one that a sudden negative medical event has occurred, involving a member of your family.
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Is Your Estate Plan Truly Complete?For an estate plan to be truly effective and do more than simply move money and assets from one generation to the next, it must accomplish three basic goals: 1) ensure that you are actually leaving your assets to those you designate; 2) make certain those assets are received at...
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How to Protect Your Legacy After You're GoneMany estate planners believe that their job is done when the beneficiaries avoid probate and receive the inheritance. However, when beneficiaries receive their inheritance in their name outright that needlessly exposes the legacy you leave to the claims of creditors, lawsuits, divorce, the loss of governmental benefits they might otherwise...
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An Income Tax Time BombBypass trusts, or B trusts, have long been used as a strategy to help families avoid estate taxes. But with recent changes in income tax and estate tax rates, in many cases B trusts now trigger substantially higher capital gains taxes for beneficiaries or heirs without providing any estate tax...
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The Hybrid Bridge TrustA fully funded foreign or off-shore protection trust provides very significant asset protection particularly for assets such as cash investments, stocks and other intangibles. However, an off- shore protection trust is more expensive to form and to manage or operate. Additional income tax filings are also required. The Hybrid Bridge...
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What You Need to Know About BasisFor many years, the focus for estate planning was minimizing estate tax. The higher estate tax credits and the potential for estate tax repeal creates a need to now focus on income tax planning. Income tax requires an understanding of basis planning. First, let's start with what "basis" means. Your...
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The Money Side of DivorceWhile divorce may end a marriage, it doesn't end obligations to one another. In many relationships, one spouse is more financially well-off than the other. In a divorce, this earning discrepancy means that the poorer partner is entitled to receive spousal support, or alimony, to help him or her establish...