Q. My wife and I were wondering about tax and cost-of-living increases that we will see in 2025. Do you have any information on that? A. Yes. Here are some of the increases that you will see in 2025: Annual Exclusion Amount Gifts (“AEA”): Presently, you can make individual gifts in the amount of $18,000… Read More »
Posts Categorized: Estate Planning
Do I Need a Will If I Have a Trust?
Q: I have a Living Trust, prepared some time ago. I recently heard that it was a good idea to also have a Will. However, I thought the Trust took the place of a Will. Can you clarify this? A. Sure. Attorneys who prepare trusts generally also prepare a backup Will to coordinate with the… Read More »
As POA for Dad, Can I Make Gifts On His Behalf?
Q. My father signed a Power Of Attorney some years ago, naming me as his agent. The POA is effective upon Dad’s incapacity, which I believe has arrived . Some family members could use some financial help. Would it be legal for me to make gifts to them from his assets using the POA? Can… Read More »
Understanding the Difference Between a Will and a Trust
Q. What is the difference between a will and a trust? Some of my friends seem to use the terms to mean the same thing? A. Yes, many people do use the terms interchangeably, but in reality they are quite different, although they often work together to form a complete estate plan. A will is… Read More »
Powers of Attorney Come in Many Forms
Q: My friends and I were recently discussing our estate plans, and the subject of Powers of Attorney came up. It seems that we have different understandings as to what they look like and how they can be used. Can you provide me with a short lesson which I can share with my friends? A. … Read More »
Does Your Older Trust Need An Update?
Q. My wife and I had our Living Trust prepared back in the year 2001. I hear there have been changes in tax law since then which might affect us. Is it time to have our trust reviewed? A. Yes, Indeed!. When you created your own trust, the estate tax exemption was much smaller than… Read More »
The Reading of the Will
Q. My brother-in-law just died, and I expected the entire family to be invited to a formal reading of his will. So far, nothing has been set up. Does that sound right? A. Actually, yes it does. You have probably seen a number of old movies where, after a person’s death, his next of kin… Read More »
What Is a Life Estate Deed & When Might I Use One?
Q. My primary asset is my home, which I purchased about 35 years ago and now own free and clear. I would like to leave it to my son, but in a way that avoids the fuss of a probate or trust administration when I die. Is there some way to do this? A. Yes,… Read More »
Can Beneficiaries Be Changed After Death?
Q. My mother just died, and her will leaves her estate equally to us three children. I am fairly well-off, but my two brothers are not quite as fortunate. Is there a way that I can redirect some or all of my share to them in a tax efficient way? A. The answer may very… Read More »
New Medi-Cal Rules Make It Easier To Qualify for Financial Assistance
Q. My mother will need care in a Nursing Home, but the cost is beyond our reach. I understand that Medi-Cal can help subsidize that cost if she were eligible for that financial assistance. I also heard that there are new rules now in place that may make it easier for her to qualify. Can… Read More »