Estate Planning

What estate planning documents are essential to protect my heirs?

The topic of estate planning often elicits much confusion and uncertainty.  Some of us have likely come to believe that only the elderly or the ultra-wealthy need an estate plan.  Others recognize the importance of an estate plan, but may find themselves nonetheless putting off the task of creating one year after year.  Failing to create an estate plan can leave your heirs in a vulnerable position.  With no estate plan in place, the courts would be forced to divide your assets per state law, which may leave some loved ones out and will cost your heirs in taxes and fees.
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No one likes thinking about becoming incapacitated. The sad fact is, many people do find themselves unable to make their own medical decisions. Without proper incapacity planning, including an up-to-date HIPAA authorization, it can be impossible for your loved ones to get access to your medical records and get you the treatments that you need. As

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One of the advantages afforded to taxpayers in the Tax Cuts and Jobs Act (TCJA) is the increase in the federal estate tax exemption. The TCJA increased the federal estate tax exemption. It also indexed it for future inflation. In 2019, the federal estate tax exemption for individuals is $11.4 million ($22.

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Are AB trusts still a solid estate planning tool for married couples?

An AB trust is a joint trust created by a married couple with the goal of minimizing estate taxes.  AB trusts are unique in that the trust will divide into two when the first spouse passes away.  Assets from both spouses will be placed into the trust and the trust will name a beneficiary, or multiple beneficiaries, who can be anyone besides the other spouse.  Trust A is known as the survivor’s trust or Marital Trust, while Trust B is the decedent’s trust or Bypass Trust.  AB trusts have become less common in recent years due to some changing estate tax laws, but under some circumstances, they still hold an important purpose in

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Why is it important to update my estate plan every few years?

The New Year offers a fresh start for all of us. It represents a clean slate, and for many the start of the new year is the time to create goals.  By outlining a few resolutions for 2019, you can work to ensure this new year becomes everything you want it to be.  People of all ages should consider incorporating estate planning into their New Year’s resolutions.  Whether you are retired or just starting off in the working world, you could benefit from making or updating your estate plan.
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What life changes might require a change to your estate plan?

Fewer than half of all Americans have an estate plan in place.  If you are among the half that has taken the time to create an estate plan, then this information is relevant to you. While making an estate plan is a critical step towards protecting your future, your plans for the future cannot end there. Your estate plan will at times need to be updated and revised. Our Read more . . .

How can I bring up the topic of estate planning to my loved ones?

You’ve taken the vital step of creating an estate plan, but now it is time to talk to your family about your last wishes.  Broaching the subject of estate planning with your loved ones can be daunting. After all, estate planning involves delicate subjects like who will receive what assets and with whom you have entrusted the care of your minor children.  Below is a look at some tips on how you can approach the discussion of Read more . . .

Anyone can contest a Medical Power of Attorney, but the question is whether the person would succeed in contesting your wishes. Everyone has the right to make decisions related to their future medical care, including appointing a trusted person to act as their agent if they are unable to make decisions or enforce prior decisions for themselves. Therefore, if your Medical Power of Attorney meets all state laws, including the California Health Care Decisions Law, your spouse should not be able to contest your decisions.

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One of the goals of an effective estate plan is to decrease or eliminate taxes for your heirs. When Congress passed the new Tax Cuts and Jobs Act (TCJA), there was a lot of discussion about various elements of the TCJA and how it impacted the average worker.  However, there was not as much discussion about whether the TCJA impacted estate planning. As with any new law related to taxes, it is important to review your tax savings plan with your Read more . . .

What properties are eligible for a tax-free transfer in California?

California currently boasts several tax laws that could greatly benefit children who inherit property from their parents. State laws are protecting children from tax increases on inherited homes, which is thought to be impacting the availability of housing in the state. The California tax break, which was passed in 1986, allows parents to transfer their primary residence to their children. The transferred home will not need to be reassessed for property tax reasons. This law, particularly in the state of California where so many houses are held in families for generations, could save children potentially tens of thousands of dollars.

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More people are beginning to work with a California estate-planning lawyer to develop an estate plan earlier in life. Our clients have expressed the desire to have a plan that protects their family and their property in case of their death. However, what happens if a person is diagnosed with a terminal illness before the individual has an estate plan? Is it too late to meet with a...

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