Newsletters

New Laws May Severely Limit Asset Protection and Estate Planning Tools

Both a new House of Representatives bill and a recent court case could result in some of the more sophisticated asset protection and estate planning tools losing their effectiveness.

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The Roth IRA Versus The Traditional IRA: Which One Is Right For You?

Deciding whether to choose a Roth IRA or a Traditional IRA is an important decision and can have major financial consequences.

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Did You Know...Americans Did Not Always Pay A Personal Income Tax

As we enter the 2010 tax season, however unwillingly and with gritted teeth, you might be interested to know that Americans did not always pay personal income taxes.

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How To Choose The Right Guardian For Your Children

Who should raise your children if for some reason you and your spouse are unable to do so? It’s not an easy question to answer, but if you have young children, it is a topic you most certainly should address in your estate plan.

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When Is Probate Necessary And What Is Involved?

If we were to make a list of topics our clients ask us about most often, probate would be near the top. In particular, many of you want to know when a probate is necessary, and what steps are involved.

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What To Do When A Loved One Passes Away

Anybody who has ever lost a close friend or family member knows how difficult it can be to focus on the many small details and crucial tasks to be considered after a death. At a time when you are bombarded by as many emotional demands as you are mundane demands, how can you know what to do first?

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A Closer Look At the Kennedy Trusts - And How They Can Benefit YOUR Family

The Kennedy trusts are famous in estate planning circles as some of the longest lasting and most useful trusts of our time, but it s not just in the estate planning world that these trusts are known and followed.

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Talking to Aging Parents About the Future

Anyone who has had to watch as their parents age knows the truth of Shakespeare’s quote about old age being a "second childhood". And just as difficult as watching your parents age can be talking to them about it. Parents don’t want to show weakness in front of their children, or admit that they need help;

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Three Proposed Policy Changes That Could Impact Your Estate Plan

Noises have been made in Washington this past month about policy changes that would impact families with sophisticated estate planning techniques. As the Obama administration looks for ways to pay for its health-care-overhaul the proposed solution is not a straightforward tax increase, but rather a tightening of the reins on existing tax-minimizing strategies:

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News Item: Creditors Prey on Relatives of the Deceased

A disturbing trend has been seen in recent months among creditors: that of calling in debts from the newly deceased - or rather, from relatives of the deceased. Improved technology has made it easier for creditors to keep abreast of when estates are opened and file claims against them; but with the current state of the economy, there is often nothing to file a claim against. This does not stop the debt collectors, however, who have started calling relatives of the deceased when there is no viable estate.

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Estate Tax Update

If you have been reading this newsletter for a while you are aware that the federal estate tax is in a state of flux, with the estate tax scheduled to disappear completely for a year in 2010, and then to return to Clinton era rates and personal exclusion amounts ($1 million). There seems to be a growing consensus that Congressional Democrats are not going to let the estate tax disappear in 2010 and will act this year to prevent that. On January 9, 2009, Representative Earl Pomeroy (D-N.D.) introduced House Bill 436, which retains the personal exemption at this year's level, $3.5 million, permanently.

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New Tax Information For 2009

Many of us are watching for Congress to pass some kind of estate tax legislation before the estate tax disappears for a year in 2010, but there is still no news to report on that front.

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Transmuted Property is Transmuted Property

In a recent California Court of Appeal case, Marriage of Holtemann, the court held that a husband’s transmutation of his separate property to community property in connection with his estate planning was binding on him at the time of divorce.

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Estate Taxes And The Upcoming Election

As I write this we are in the midst of the political conventions and focused on the two major party candidates, John McCain and Barack Obama. These candidates have expressed their views on estate taxes, but remember, it is the Congress that is driving the estate tax bus.

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Absence Of Advance Health Care Directive Can Cause Anguish For Your Family

You may recall the case of Terry Schiavo, the comatose Florida woman whose husband and parents could not agree whether Terry should be disconnected from life support. The case gained national attention a few years ago when the courts and even the United States Congress got involved in the dispute. A similar case is now making its way through the court system in the Fresno area.

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Estate Planning For NonCitizen Spouses

Noncitizens who reside in the U.S. (sometimes referred to as “resident aliens”) have some—but not all—of the gift and estate tax exemptions available to U.S. citizens. The exclusion amounts available to U.S. citizens are the same for noncitizens making transfers, For example, noncitizens who live in the U.S. do have the full applicable credit amount against U.S. estate tax and generation-skipping transfer (“GST”) tax, which is currently $2 million per person.

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Estate And Gift Tax Reform Proposals Explored In Congress

As you are probably aware, the federal estate and gift tax rules are in a state of flux. Under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), several changes in the estate and gift tax laws have occurred and more will continue to occur over the course of ten years, from 2001 to 2011.

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Planning For A Special Needs Child

We have all been hearing about the alarming increase in the rate of autism diagnosis in our country. Beneficiaries who are autistic or suffer from other developmental or medical conditions that render them unable to support themselves or to live without assistance from a parent or care provider require special attention in the estate planning process.

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Be Vigilant In Protecting Loved Ones From Elder Financial Abuse

The financial abuse of elders in California and throughout the country is a growing problem. These wrongful acts, which are actionable both civilly and criminally in our state, are very often committed by family members or care providers.

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Pet Trust Bill Passed

The California Senate recently approved legislation aimed at protecting animals after the deaths of their owners. Senate Bill 685 was unanimously approved and will now move to the State Assembly for consideration.

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New Year Estate Planning Checkup

New Year’s is a time when many of us resolve to do things we know we should do but for various reasons haven’t done (yet). Estate planning tends to fall into this category for many of us, but you can change that! And even for those who have done some estate planning, you can resolve to give your estate plan a check-up to make sure it still meets your needs.

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Business Succession Planning

What will happen to your business if you become disabled or die? Your goal is a smooth transfer that enhances the likelihood your business can continue on in the next generation and provide security for your survivors. As a business owner, you need to decide who you want to own and operate your business and implement a succession plan that accomplishes your goals.

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Five Pitfalls You Can Avoid By Planning

Recently a listserv colleague solicited ideas for a presentation that he was giving on the most common estate planning mistakes. By far the most frequently mentioned was the failure to make an estate plan. The essential components of a complete estate plan are a durable power of attorney, an advance health care directive, a will and in most cases a trust. In this article I will discuss some undesirable consequences that can be avoided by making a good estate plan.

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What To Do When Someone Dies

When a family member dies leaving assets, I recommend that you consult with a probate attorney, preferably me, of course, to determine what legal steps must be taken to pay all obligations of the decedent and his estate, to transfer the decedent’s assets and to pay taxes, if any. There are many “nonlawyer” tasks that must be taken care of soon after the death, as well. In this article I will be discussing those.

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Four Points You Need to Discuss With Your Advance Health Care Agent

Last month I wrote briefly about three tools that are part of every complete estate plan and are designed, at least in part, to plan for incapacity. This month I will be focusing more closely on one of these, the Advance Health Care Directive (AHCD).

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How Do I Plan for Incapacity?

If you have compared the relative costs of life insurance and disability insurance lately chances are you have figured out that, unless you are quite old or sick, in any given year you are much more likely to become disabled than to die. Now, of course not every disability rises to the level of incapacity. However, your estate plan should not only plan what will happen to your assets when you die. It should also plan for what will happen to your assets and you if you become incapacitated.

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Gift Tax and the Annual Exclusion Amount

It’s great to be able to do something nice for a family member, but you must be careful not to trigger the gift tax, either by giving too much or by “giving” something you didn’t know the IRS considered a gift.

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How Do I Select a Guardian For My Children?

If you die without a will, your property will go to your heirs according to the default estate plan in the California Probate Code. There is no similar default plan for your children.

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