While summer gives us pools, barbecues, and a break from the usual grind, it also provides an opportunity to undertake some necessary Estate Planning, especially for young adults heading off to college. Continue reading to learn more. … [Read more...] about Graduation . . . What’s Next?
6 Common Estate Planning Mistakes That Could Cost Your Heirs a Bundle
Estate planning protects your family’s financial future, but even small mistakes can cause expensive problems for your heirs. Many people believe they’ve covered everything—only to later realize they’ve overlooked key details. In our Campbell community, families often face avoidable delays and costs due to common estate planning errors. Let’s look at six costly mistakes that can burden your loved ones and diminish your legacy. Mistake #1: Failing to Update Beneficiary … [Read more...] about 6 Common Estate Planning Mistakes That Could Cost Your Heirs a Bundle
In Loving Memory of All the Pets Who Have Crossed the Rainbow Bridge
The grief of putting my dog down got me wondering about how animals process grief and how much harder it may be for them since they lack the ability to put their feelings into words the way that humans can. Thus, the idea for this blog focusing on options for pets upon the death of their owners was born. Read on to learn more. … [Read more...] about In Loving Memory of All the Pets Who Have Crossed the Rainbow Bridge
The Big Lesson from Tony Bennett’s Embattled Estate and Troubled Trust
When one child occupies a position of trust with a parent to the exclusion of other siblings, that causes friction. Extending that position of power after death exacerbates that friction and may cause irreparable harm. It seems that happened upon the death of beloved singer, Tony Bennett. His daughters have sued their brother on two different occasions leveling some unflattering allegations. Read on to learn more. … [Read more...] about The Big Lesson from Tony Bennett’s Embattled Estate and Troubled Trust
Do I Have to Report Living Trust Income to the IRS?
Many people assume a will is the best way to pass on their assets—but in many cases, a revocable living trust offers greater flexibility, control, and protection. In this article, we’ll answer a common question: Do beneficiaries have to report living trust income to the IRS? But first, we'll explain how these trusts work and the broader benefits they offer. Total Control and Flexibility One common misconception is that creating a trust means giving up control of your assets. That concern … [Read more...] about Do I Have to Report Living Trust Income to the IRS?
Everything You Need to Know About Taxes on Inheritances
You may have heard conflicting information about taxes on inheritances. Some claim you can inherit assets tax-free, while others warn of significant tax burdens. The truth is more nuanced. While most heirs do not pay direct taxes on what they receive, certain tax obligations can arise depending on the type of asset and how you handle it. Understanding these rules can help you avoid financial surprises. Inheritance Tax vs. Estate Tax: What’s the Difference? One of the biggest … [Read more...] about Everything You Need to Know About Taxes on Inheritances
Are Irrevocable Trusts Really Irrevocable – Part III
Estate Planning attorneys include irrevocable trusts as part of a comprehensive Estate Plan to achieve both tax and non-tax goals. As the use of Irrevocable Trusts has evolved, so have the ideas about changing them. Irrevocable Trusts have long been an effective, albeit static, estate planning tool, with the ability to alter irrevocable trusts, they provide more flexibility and opportunity than ever. Read on to learn more. … [Read more...] about Are Irrevocable Trusts Really Irrevocable – Part III
A Message from the Murdochs – Part II
Art often imitates life and the latest chapter unfolding for Rupert Murdoch demonstrates that. Most of the time, when an individual creates an irrevocable trust, they part with dominion and control over the assets, and it is difficult to change the terms. Not long ago, the probate commissioner issued his order in response to Rupert Murdoch’s petition to amend the 1999 trust that controls his empire. It didn’t go the way Rupert hoped. Read on to learn more. … [Read more...] about A Message from the Murdochs – Part II
Estate Planning and Baseball
Every state that recognizes trusts as legal entities imposes fiduciary duties upon the Trustee of such trusts. These duties may have different names in different jurisdictions, but ultimately a breach of fiduciary duties means that the Trustee failed to fulfill their duties as expressed in the trust instrument and under local law. This article examines a case ripped from the headlines that demonstrates the importance of choosing the right individuals to serve as fiduciaries. Read on to learn … [Read more...] about Estate Planning and Baseball
Pet Ownership for Seniors and Providing for Your Pet in Your Living Trust Estate Plan
The golden years often bring a desire for relaxation and peace, but they can also usher in feelings of loneliness or boredom. Pet ownership can fill this void in numerous ways, adding both joy and health benefits to the lives of seniors. Let's delve into the multiple advantages that come with owning a pet in your later years and the trust solution that can make it happen. Boosts Mental Well-Being Owning a pet requires you to engage mentally, whether you're teaching your dog new tricks or … [Read more...] about Pet Ownership for Seniors and Providing for Your Pet in Your Living Trust Estate Plan
