Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. This week, we’ll take a look at asset protection. Much depends upon whose assets you are looking to protect. If the assets are those that are coming to you, the debtor, then typically, those can be protected completely. The debtor could protect their own assets in three general ways: 1) … [Read more...] about Basics of Estate Planning: Asset Protection
Basics of Estate Planning: Selecting Fiduciaries
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. Often, one of the most difficult choices for a person to make is the selection of people to make decisions for them. These fiduciaries may have great control over your affairs, typically at times when you would be most vulnerable or already gone. Let’s take a look at the various fiduciaries a … [Read more...] about Basics of Estate Planning: Selecting Fiduciaries
Basics of Estate Planning: Estate Planning for Major Life Events
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. Estate planning attorneys do many things. We help people structure their affairs for the various stages of their lives. When the client is starting out, we may help them establish a basic plan. This might include: A Financial General Durable Power of Attorney. This would allow someone to … [Read more...] about Basics of Estate Planning: Estate Planning for Major Life Events
How an Elder Care Law Firm Can Help
Elder Care Law Firms specialize in the issues that affect seniors. They are equipped to address the legal, healthcare, social and psychological needs of seniors and to develop a plan to meet those needs in an economical fashion that protects and preserves the income and assets of the elder to the greatest extent possible. How Can an Elder Care Law Firm Help You? If you are facing legal issues that include planning for Medi-Cal qualification, incapacity planning or end-of-life planning, an … [Read more...] about How an Elder Care Law Firm Can Help
Special Needs Trusts: Two Words to Say Fairness
By: Matthew M. Shafae, Attorney Litherland, Kennedy & Associates, APC, Attorneys at Law Special Needs Trusts (also called Supplemental Needs Trusts) are specific types of trusts that allow a disabled person to be the beneficiary of a trust while not interrupting his/her eligibility to receive government assistance. Without a Special Needs Trust, persons with disabilities risk losing government benefits if they receive an inheritance, a personal injury award, or receive other funds. In 1993, … [Read more...] about Special Needs Trusts: Two Words to Say Fairness
Advantages of the Clayton Trust
By: Justin M. Kennedy, Attorney Litherland, Kennedy & Associates, APC, Attorneys at Law Prior to 2014, for married clients with estates valued at over one million dollar ($1,000,000), our office often recommended ABC Trusts. This trust structure was used to preserve the Deceased Spouse’s estate tax exemption. For much of that time, there was a one million dollar ($1,000,000) estate tax exemption. Utilizing the ABC Trust structure allowed you to double that, to be able to pass two … [Read more...] about Advantages of the Clayton Trust
Transfer on Death Deeds
By: Justin M. Kennedy, Attorney Litherland, Kennedy & Associates, APC, Attorneys at Law In 2016, the State of California introduced a new Transfer on Death Deed (TOD Deed). When the TOD Deed was first announced, we advised our clients against using it. One of the many reasons against using the TOD Deed is that the property could be subject to a Medi-Cal Estate Recovery claim upon the owner’s death. As of January 01, 2017, so long as the TOD Deed has at least one living beneficiary upon the … [Read more...] about Transfer on Death Deeds
Portability and Second Marriages
by Matthew M. Shafae and Justin M. Kennedy, AttorneysLitherland, Kennedy & Associates, APC, Attorneys at Law A lot of estate planning hypothetical situations involve the spouse dying, and the survivor getting hitched with some nefarious predator who is only after the survivor’s wealth. All of our attention is paid toward preserving the estate and protecting the kids. But what about a second marriage that actually benefits the kids, and helps preserve the estate? We recently had precisely … [Read more...] about Portability and Second Marriages
Join Us for Our Last Two Free Living Trust Seminars of 2016
If you do not have an estate plan – or if your estate plan consists only of a basic will – you may not be adequately protecting your family against probate and estate taxes. Without proper planning, your family could lose a large portion of your estate to probate fees and estate taxes, even if you have a will… Setting Up a Living Trust is One of the Most Important Things You Can Do for Yourself and for Your Family During Your Lifetime A Living Trust will transfer your estate to your … [Read more...] about Join Us for Our Last Two Free Living Trust Seminars of 2016
Are All Trusts Asset-Protecting Trusts?
By: Matthew M. Shafae, Attorney Litherland, Kennedy & Associates, APC, Attorneys at Law The living trust is the bedrock foundation upon which our estate plans are built. It’s right there in the word: trust. It sounds safe and secure; it’s warm peace of mind. If you’ve been to one of our seminars or workshops, you’ve probably heard us tout the benefits of an asset-protection trust, and how our clients typically take advantage of this estate planning enhancement to leave property to loved ones … [Read more...] about Are All Trusts Asset-Protecting Trusts?
