by Dedra Jize, OT, CSAGeriatric Care Manager, Law Offices of Roy W. LitherlandWith summer approaching, you may be thinking of planning a summer vacation. There has been a shift to making these trips intergenerational; the grandchildren, parents and grandparents all go together. This can have advantages when there are young grandchildren who may need to ‘sit out’ on some of the experiences or need someone to watch them so their parents can have a night out, and can also be a great bonding … [Read more...]
Basis is Important in Estate Planning
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.When considering different estate planning strategies and which direction to take, it’s important to consider the impact on basis. “Basis” is the benchmark used for income taxation.What does income tax basis have to do with estate planning? Lots! Property included in your taxable estate at your death gets a “step-up” in basis to its value at your death. (Certain … [Read more...]
Estate Planning: Simple is not Always Better
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Estate planning contemplates two different general time periods: During life and after your death. Estate planning needs also vary based on the goals you are trying to achieve. For example, after death, do you simply wish to transmit your assets, or do you wish to provide your loved ones with asset protection, tax protection, divorce protection, or other … [Read more...]
Estate Planning: The Simplest Plan is Usually Not the Best
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Estate planning contemplates two different general time periods: During life and after your death. Estate planning needs also vary based on the goals you are trying to achieve. For example, after death, do you simply wish to transmit your assets, or do you wish to provide your loved ones with asset protection, tax protection, divorce protection, or other … [Read more...]
Planning for Retirement Plans and IRAs: Asset Protection
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.As I discussed in last week’s blog, retirement assets, including 401(k)s, IRAs, etc., comprise a large portion of the average American’s wealth. Planning for these assets is critical, not just due to their value, but also due to their special nature.Traditional IRAs and 401(k)s and the earnings on them are tax-deferred. Roth IRAs and 401(k)s are tax-free. However, … [Read more...]
Planning for Retirement Plans and IRAs: Beneficiary Designation
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.Retirement assets, including 401(k)s, IRAs, etc., comprise a large portion of the average American’s wealth. Planning for these assets is critical, not just due to their value, but also due to their special nature.Retirement plan assets may be tax-deferred (like a traditional IRA or 401(k)) or tax-free (like a Roth IRA or Roth 401(k)). But, there may be very good … [Read more...]
Caregiver Burnout
Caregiver Burnout by Dedra Jize, OT, CSA Geriatric Care Manager, Law Offices of Roy W. LitherlandIn California, there are over 4 million ‘informal’ caregivers that provide care for their parents or friends. There are a wide range of responsibilities that caregivers provide. It may be that the older adult wants to remain in their own home and needs occasional assistance, or the caregiving is long distance which can be logistically and emotionally difficult. Perhaps you are providing live-in … [Read more...]
Benefits of a Revocable Living Trust
Living Trusts are an excellent vehicle of asset transfer. They assist you in avoiding probate and legal quagmires, and protect your privacy. It’s important to receive solid estate planning guidance before making final decisions regarding what estate planning documents are appropriate for you, and to carefully weigh the benefits and potential drawbacks. To assist you in learning more about revocable living trusts, we invite you to attend one of our free living trust seminars. Click here to view … [Read more...]
What is Division of Assets? (An Elder Law Today Blog)
Division of Assets is the name commonly used for the Spousal Impoverishment provisions of the Medicare Catastrophic Act of 1988. It applies only to married couples. The intent of the law was to change the eligibility requirements for Medi-Cal in situations where one spouse needs nursing home care while the other spouse remains in the community (i.e. at home or in an assisted living facility). The law, in effect, recognizes that it makes little sense to impoverish both spouses when only one needs … [Read more...]
Donor Advised Funds: IRS Issues New Ruling
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education,American Academy of Estate Planning Attorneys, Inc.In prior blogs, I explained how a donor advised fund works in detail. Basically, you make a contribution to the fund now and take a deduction in the year you make the contribution. In future years, you, as the adviser, can direct distributions to the public charity of your choice. A donor advised fund may be useful to aggregate charitable gifts into one year to enable … [Read more...]
