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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Tips on How to Retain your Social Security, Medical, and Retirement Benefits After Your Spouse Has PassedYour spouse dies, and after the initial grief, you find your prescription that never cost a cent before is suddenly priced at $195. Whoa! You go home grumbling to yourself — what do they mean?! Are the benefits that came through your spouse gone? If you've been receiving health insurance...
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Tips on How to Incorporate Your Digital Property into Your Estate PlanThanks to the Internet, most companies provide you with the option to receive electronic statements, set up auto payments or pay your bills online. Many businesses are in favor of these methods and support online account management and paperless billing. It’s less expensive, more convenient and more environmentally friendly for...
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Planning Opportunities to Consider If You or Your Loved Ones Are in Need of Special Needs PlanningEstate planning may be more complex for parents whose heirs have mental disabilities or other impairments that limit their ability to take care of themselves. The unique requirements of special needs children constitute a large and growing niche. The U.S. Census Bureau reports that 10 percent of American families have...
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Worried About Estate Tax? Information on Who May Be Subject to Federal and State Estate TaxesYou may be subject to state and federal estate taxes if you've gotten a windfall — but it has to be a lot. These thresholds, which are indexed for inflation, are currently over $5 million for individuals and $10 million for couples. The IRS taxes only the portion of the...
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Overview of the Different Types of Trusts Available and How You Can Use a Trust to Manage Your Family's WealthTrusts are easy to understand: they basically establish a legal entity that will hold funds or assets for the person who created the trust—called the "grantor" or "donor." The grantor will appoint an entity that will manage the trust, such as a bank or trust department, and a beneficiary—the person...
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Learn How a Life Insurance Trust Can Help Minimize Your Estate TaxA life insurance trust is a form of irrevocable trust that invests the proceeds of a life insurance policy into a trust with designated beneficiaries. Most life insurance policies are owned by the insured. The money is paid when the insured dies, but the payment made to the beneficiaries is...
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Why It Is Important to Start Planning for Your Estate EarlyThe sooner you plan, the more prepared you'll be for life's unexpected twists and turns. You can start now, regardless of your net worth. You might still be paying off student loans or credit cards for the foreseeable future. Surprisingly, your net worth is not the deciding factor in getting...
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In the News: John Goralka Authors Born2Invest.com Article “Digital Assets and Your Estate Plan”. Learn How You Can Protect Your Digital Assets in Your Estate PlanIn today's digital world, most of our financial transactions and communications occur online. Photographs, websites and internet profiles are now almost expected for all of us. Without specific provisions in your estate plan and careful planning, access to this critical information can become difficult for your family or loved ones....
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The Goralka Law Firm Partnered With Alliance Title and Estate Planning Source to Host the Estate Planning and Trust AcademyOn April 11th, 2017 the Goralka Law Firm hosted the Estate Planning and Trust Academy. This full-day, educational event included presentations from John Goralka as well as Marty Jensen of Alliance Title and Geri McHam of the Estate Planning Source. Topics included the basics of comprehensive estate planning, how to...
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Guidance on California's End of Life Option Act: John Goralka and Kiran Dhillon Author Los Angeles Lawyer ArticleAfter a number of delays, California's End of Life Option Act (the Act) became effective in June 2016.1 Only a few states have either legislatively or judicially approved an end of life or death with dignity option: Oregon, Washington, Vermont, Montana,2 and California. The Act is not without controversy. Some...
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In the News: 10 Ways to Prevent a Family Dispute Over InheritanceA complete estate plan does not simply provide for moving assets from one generation to the next. A complete estate plan will focus on the enlightened dreams that you have for the next generations and the people that you wish them to be even if you are not here to...
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Estate Planning: Learn How the 'Step-Up Basis' Tax Rules Work and Reduce Taxes on Capital GainsWhen planning your estate, it's important to understand the "cost" or "basis" for tax purposes that an individual gets in property he or she inherits. This is an area that's often overlooked when families start to put their affairs in order. Traditionally, estate planning has focused on reduction of estate...