There are essentially five ways an individual can transfer property to their loved ones upon their death. Depending on the age of the persons who will be receiving property or the dynamics among family members who are receiving the property, it is important to choose your method of transfer very carefully. Leave Property Titled Solely in Your Name (i.e. do nothing to plan for property after your death) - If you do absolutely nothing to pre-plan for the transfer of your assets and your property … [Read more...] about Transferring Property Upon Death (An Elder Law Today Blog)
Is Retirement Planning Really Important?
As you are going through life working and paying taxes, you may not concern yourself with retirement planning. After all, you are paying into the Social Security program, so you will have a source of income as a senior citizen. You may also be contributing into the 401(k) plan that your employer offers, so you will have a retirement nest egg accumulated by the time you reach your sixties. When it comes to health care insurance, you will qualify for Medicare at the age of 65, so you won't have … [Read more...] about Is Retirement Planning Really Important?
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?
Can a Trust Provide Estate Tax Efficiency?
Estate tax efficiency is an important consideration for high net worth individuals. There are a number of states in the union that impose estate taxes on the state level. We practice law in California, and we get a break here, because there is no California state estate tax. However, we do have to be concerned about the federal estate tax. You may hear people say that the estate tax is only a factor for people who are very wealthy. Depending on your definition of "very wealthy," this may not be … [Read more...] about Can a Trust Provide Estate Tax Efficiency?
Can I Protect My Injury Settlement With a Special Needs Trust?
Supplemental Security Income or SSI is a government program that is in place to provide disabled people with a basic source of ongoing financial support. However, it is not automatically afforded to you if you are disabled. To qualify for Supplemental Security Income, you must be able to prove that you have financial need. In addition, the eligibility is not necessarily permanent. An improvement in financial status could result in a loss of eligibility. A similar situation exists with regard to … [Read more...] about Can I Protect My Injury Settlement With a Special Needs Trust?
Can My Living Trust Protect a Spendthrift Heir?
Revocable living trusts provide a number of different benefits. In this blog post, we will emphasize the ability for a living trust to allow you to protect a spendthrift heir (a spendthrift is a person who spends money in an extravagant or irresponsible way). Specific Instructions When you have a revocable living trust, you as the grantor can act as the trustee and the beneficiary while you are alive and well. You name a successor trustee when you draw up the trust declaration, and you also … [Read more...] about Can My Living Trust Protect a Spendthrift Heir?
Beware of Prescription Discount Card Scams
One of our office team members recently received a notice by National Prescription Savings Network and we felt it was important to share these consumer alerts regarding Prescription Card Scams and tips on saving money on prescriptions: Better Business Bureau: RX: Can free discount cards offer savings? http://web.extension.illinois.edu/aca/eb336/entry_8383/. Federal Trade Commission - Consumer Information … [Read more...] about Beware of Prescription Discount Card Scams
What Are the Gift Tax Exclusions?
There is a tax on gift giving in the United States, but many people do not pay the gift tax because there are exclusions. You should understand the lay of the land when you are planning your estate, because the gift tax is unified with the estate tax. Annual Gift Tax Exclusion There is an annual gift tax exclusion. This allows you to give as much as $14,000 to any number of individuals within a calendar year without incurring any gift tax liability. We should point out the fact that you do … [Read more...] about What Are the Gift Tax Exclusions?
