By: Matthew M. Shafae, AttorneyLitherland, Kennedy & Associates, APC, Attorneys at Law The “T-word” usually makes our eyes glaze over and we picture an overworked accountant wearing a green eyeshade crunching a bunch of numbers for us every April. Well, unfortunately, I can’t make them go away, but I can attempt to explain how taxes may impact your estate planning. Within the context of your estate plan, there are typically three main taxes that are relevant: the estate tax, … [Read more...] about Sorting Through the Taxes That May Impact Your Estate Plan
What Happens to a Living Trust when a Spouse Passes Away?
In this blog article, we will address the issue of living trusts as they apply to married couples and what happens to the trust upon the passing of the first spouse. First, we will review the value of living trusts in general. Many people assume that a last will is the best choice when they are planning their estates. They believe that trusts are only useful for those who are very wealthy. However, this is not entirely true. While there are trusts that are utilized to meet the objectives … [Read more...] about What Happens to a Living Trust when a Spouse Passes Away?
Three Benefits of a Living Trust
There are a number of legal devices that are used in the field of estate planning. Depending on your unique circumstances, various different courses of action may be appropriate. Many people assume that they should use a last will to direct future asset transfers, but in fact a revocable living trust may be a better alternative. You may have heard about the numerous benefits of living trusts. In this blog post, we will address three of those benefits. Avoiding Probate One of the … [Read more...] about Three Benefits of a Living Trust
Avoiding Probate (An Elder Law Today Blog)
When an individual dies owning property solely in his or her name without a beneficiary designation, a formal procedure ("probate") is usually needed to determine to whom the property should pass. If there is a valid Will, the probate court will oversee that property passes according to the terms of the Will. If there is no Will, the property will pass to the individual's heirs at law through the probate system. However, it is possible to legally pass property to another person without going … [Read more...] about Avoiding Probate (An Elder Law Today Blog)
Why is Estate Planning Important in 2016?
Studies show that a majority of American adults do not have a complete and cogent estate plan in place. Failing to plan ahead for death and the likelihood of incapacity in our later years can be costly, both emotionally and financially. Many people do not have an estate plan because they don't understand the importance of estate planning. We will highlight some of the key reasons why estate planning is essential in this blog. Avoiding Intestacy If you pass away without any estate … [Read more...] about Why is Estate Planning Important in 2016?
Free Living Trust Seminars in January
Helping to keep our community informed is important to us. We regularly get out into the community to provide helpful information to people here in the greater San Jose area. To this end, we present an ongoing series of informational workshops covering various elder care and estate planning topics. Our workshops and seminars are free of charge and open to the general public. During the month of January, we will be offering seminars that focus on the subject of living trusts. Why Consider … [Read more...] about Free Living Trust Seminars in January
Do Assets in a Living Trust Get a Step-Up in Basis?
To be able to understand what a step-up in basis is all about, you need to have an understanding of the lay of the land when it comes to capital gains taxes. The capital gains tax can come into play if you are in possession of assets that appreciated after you originally acquired them. You are not required to pay the tax on an ongoing basis as the assets appreciate. The capital gains tax is only applicable when you realize a gain. A gain is realized when you sell an appreciated asset and take … [Read more...] about Do Assets in a Living Trust Get a Step-Up in Basis?
Free Living Trust Seminars in September
Helping to keep our community informed is important to us. We get out into the community on an ongoing basis to provide helpful information to people here in the greater San Jose area. To this end, we present an ongoing series of informational workshops covering various elder care and estate planning topics. Our workshops and seminars are free of charge and open to the general public. During the month of September, we will be offering seminars that focus on the subject of living trusts. Why … [Read more...] about Free Living Trust Seminars in September
Who Is Competent to Make a Will?
Just about everyone has heard of the estate planning document called a last will or last will and testament. If you create a will, you are called the testator. In order for a will to be valid in the state of California, the testator must be a mentally competent adult who is not being intimidated or coerced in any way. The testator must sign the will in front of two witnesses, and the witnesses must also sign the will. After the passing of the testator, the will is admitted to probate. During … [Read more...] about Who Is Competent to Make a Will?
Who Administers My Living Trust When I Die?
The process of estate planning involves exploring your options. You do not want to make any assumptions without knowledge of all the facts, and people often do harbor misconceptions about trusts. One of the misconceptions is the idea that you cannot handle assets that you convey into any type of trust. This is not the case when it comes to a revocable living trust. When you create and fund this type of trust, you can act as the trustee while you are alive. If you create a joint living trust … [Read more...] about Who Administers My Living Trust When I Die?
