In estate planning involving spouses there may be issues surrounding how to deal with separate property acquired prior to marriage or as a result of inheritance. As part of your estate planning consultations with your attorney, you may be asked whether you wish any particular property or financial assets you currently consider to be your sole and separate property to remain your sole and … [Read more...] about Deciding Whether to Convert Separate Property to Community Property
There is always a temptation to just sell off assets that you've accumulated and take the cash. But that generally results in a tax bill. There may be a way to profit more from those assets by giving them away. By setting up a charitable remainder trust (CRT), you might be able to transform a tax liability into a tax break, receive a steady source of income for the rest of your life, and … [Read more...] about Is This Your Situation: Worried about Taxes on an Asset Sale?
Planning for Long-Term Care and Asset Protection The Risks of Failing to Plan You can't avoid it forever. The truth is, most of us are going to face unthinkable hardships as we age. Perhaps the most feared adversity seniors face is dementia. A disorder that degrades brain function one piece at a time and robs you of the life you know. The most common form of dementia is Alzheimer's. In the … [Read more...] about Legal Strategies and Planning for Long-Term Care and Asset Protection