You work hard to provide for your family, pay for your child's college tuition, and ensure your family lives a good life. Wouldn't you want to make sure that still happens when you're no longer there? A well-thought-out estate plan can help accomplish that goal. Estate planning seems like a huge undertaking, but it's quite manageable if you seek the help of professionals who have experience in … [Read more...]
Challenges Facing Aging Family Members
As our senior population grows older, they face unique and complex challenges. Fear of losing control and doubt concerning the ability to pay for assistance with common daily needs can result in dangerous isolation for our seniors. It can also leave family members scrambling to provide help without any clear idea of the type of help needed, or awareness about resources that can be brought to … [Read more...]
What is Reasonable Compensation for a Trustee to Settle a Trust Estate?
In most cases the language in a Trust simply states that the Trustee shall be entitled to "Reasonable Compensation" without stating a specific dollar or percentage. All of the following factors shall be considered in determining reasonableness of compensation: The degree of difficulty and novelty of the tasks required of the Trustee. The responsibilities and risks involved. The amount … [Read more...]
Advanced Estate Planning Information For Caregivers And Surviving Spouses
Only you and your spouse typically know where information about all your banking, bills, accounts, doctors, debts, etc. is located. By listing the details of your life, such as property, personal information and finances on one document, you can greatly assist those who may end up taking care of you in the event of illness, or taking care of your estate in the event of your death. A good … [Read more...]
Creating a Trust for the Benefit of Children from a Second Marriage
If you are in a second marriage, did you have children from your first marriage? What happens when your spouse has children that you have grown fond of? How do you treat children from a prior marriage versus the children in a current marriage? The best solution is to create Trust(s) for the benefit of all those you want as beneficiaries. Once you have your Trust(s) established, you should … [Read more...]
10 Simple (and Fun) Ways to Cut Taxes This Summer
It's already starting to feel like summer in many parts of the country. But the forecast for Washington remains unclear as officials continue to discuss various tax-related issues. No matter what happens in Washington, don't get stuck in a holding pattern yourself. Give some attention to business and personal tax planning this summer. Here are 10 ideas that combine tax planning with … [Read more...]
Consider Taxes before Converting Your Home to a Rental Property
Have you ever thought about becoming a landlord? This option may be tempting if your local real estate market is surging and rental rates are strong, especially if you're already planning to relocate or downsize to a smaller home. Ideally, you'll be able to shelter most or all of the rental income with tax deductions and eventually sell the property for a higher price than you originally … [Read more...]
Qualified Domestic Trusts (QDOT)
The basic idea of a Qualified Domestic Trust or QDOT (normally built into most revocable living trusts) is to avoid the forced payment of estate taxes on the death of the first spouse with a large estate, where the intended recipient is a surviving spouse who is a non-U.S. citizen. Keep in mind that the following persons still enjoy an exemption from estate taxes on the first $5.54M in assets … [Read more...]
Estate Planning for Baby Boomers
The boomers are coming! That's the gist of the many reports and news stories that have been published in the last few years. It seems that every week there are at least a few new stories which predict the great changes that are coming as 5 million boomers turn 65 every year for the next 15 years. Many of the changes predicted are ones that will affect the economy, social structure, residential … [Read more...]
How Much Does It Cost To Set Up a Living Trust?
The most common choice you have when setting up an estate plan is the choice between a Will and a Living Trust. A Will is always a one-way ticket to probate, unless your estate falls below a minimum threshold of value. In many states the minimum threshold is about $50,000. In California, that threshold is $150,000, except that if real estate is part of your estate, the threshold falls to … [Read more...]
