The Role of Life Insurance in Providing Tax-Free Inheritance
Life insurance and estate planning—two topics that people are rarely ever eager to talk about. But if you want to protect your estate from tax burdens as much as possible, it’s smart to wrap your mind around them because one of the most effective tools for transferring wealth without tax burdens is...
Understanding the Tax Implications of Transferring Wealth to Non-U.S. Citizens
Transferring wealth can be a meaningful way to provide for loved ones, secure a legacy, or support someone’s future. However, when your beneficiaries include non-U.S. citizens, the process often comes with unique tax considerations. Without proper planning, even the most generous intentions can lead to unintended financial burdens. By understanding how tax...
How to Leverage the Generation-Skipping Transfer Tax Exemption
Preserving wealth across generations is a goal many families share, but doing so can come with complex tax challenges. The Generation-Skipping Transfer (GST) Tax Exemption provides a unique opportunity to safeguard assets for your grandchildren or other beneficiaries while minimizing unnecessary tax burdens. With thoughtful planning, you can create a lasting financial...
Maximizing the Tax Benefits of Irrevocable Life Insurance Trusts (ILITs)
Life insurance plays a significant role in protecting your loved ones and securing their financial future. However, when these policies are included in your taxable estate, their proceeds may be subject to hefty estate taxes. By using an Irrevocable Life Insurance Trust (ILIT), you can shield these funds from unnecessary tax burdens...
How to Plan for Estate Taxes When Your Estate Includes Illiquid Assets
Real estate, valuable collectibles, retirement accounts and other similar assets can be tricky when planning for estate taxes because they are illiquid, meaning they are hard to quickly convert into cash. Getting a handle on estate taxes on these assets is crucial so as to prevent any financial burdens on your heirs.
The Future of Asset Protection: Trends and Emerging Strategies
Asset protection is one of the goals of an effective estate plan. We use a variety of strategies and estate planning tools to legally shield your assets from taxes, legal judgments, creditor claims, seizure, and unwanted heirs. In other words, asset protection through estate planning allows you to preserve your legacy for...
Common Mistakes in Asset Protection Planning and How to Avoid Them
When considering asset protection, you may think about lawsuits, judgments, liens, taxes, creditors, and seizures. However, how do you protect your estate and assets from medical costs and long-term care? The chances you will need long-term care are high. It is estimated that 70% of people over 65 years old will need some...
The Consequences of Failing to Plan: When Conservatorship Becomes Necessary
Imagine for a moment that suddenly a complete stranger was in charge of your financial and healthcare decisions. How do you think that would feel?
That is what happens when a conservator is appointed to you by the courts.
If it doesn’t sit well, you may...
Using Special Needs Trusts to Avoid Conservatorship for Disabled Beneficiaries
Planning for the long-term care of a disabled loved one is a complex process, and one of the most important considerations is ensuring they have the resources they need without sacrificing their independence.
A Special Needs Trust (SNT) is a powerful tool that can help disabled beneficiaries maintain their...
How to Prepare for Incapacity Without Resorting to Conservatorship
Incapacity can occur at any time in life. If you have not started estate planning, now is the time to do so. In particular, it is in your interest to begin preparing for incapacity with tools that empower you to avoid a conservatorship.
Our California estate planning attorney is...